IPO审2过2！又一“创转北”过会，业绩稳定性被重点关注

Core Viewpoint - Two companies successfully passed the IPO review on December 11, aiming to raise a total of 1.489 billion yuan [1] Group 1: Company Overview - Linping Development, based in Anhui, is in the paper and paper products industry, with a proposed fundraising amount of 120 million yuan and a net profit of approximately 15.29 million yuan in the last year [2] - Yuelong Technology, located in Shandong, is in the rubber and plastic products sector, with a proposed fundraising amount of 289 million yuan and a net profit of about 8.36 million yuan in the last year [2][3] Group 2: IPO Process and Regulatory Focus - Yuelong Technology's IPO application was accepted on May 26, 2025, and after two rounds of inquiries, it was approved on December 11, 2025 [3] - Regulatory scrutiny focused on Yuelong Technology's transactions with its affiliate Techfluid U.K. Ltd, the sustainability of its performance growth, and the authenticity of its sales [3][6][10] Group 3: Financial Performance - Yuelong Technology reported revenues of 189 million yuan, 219 million yuan, and 268 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of approximately 49.21 million yuan, 54.71 million yuan, and 77.74 million yuan [12][13] - The company’s revenue growth was driven by increased investment in the oil and gas sector and rising international oil prices [13] Group 4: Product and Market Dynamics - Yuelong Technology specializes in high-performance flexible pipelines for fluid transport, with products tailored for extreme conditions [11] - The company’s product sales are influenced by market demand in marine engineering and land oil and gas extraction, with a focus on high-end, differentiated competition [18][21] Group 5: Sales and Revenue Recognition - Yuelong Technology employs a dual sales model, with direct sales for domestic markets and non-direct sales through distributors for international markets [23] - The company confirmed that a significant portion of its sales revenue comes from Techfluid U.K. Ltd, which accounted for 80% of its distributor sales [23][25] Group 6: Regulatory Compliance and Audit Findings - The company faced inquiries regarding the authenticity of its sales and the adequacy of its revenue recognition practices, particularly concerning inventory levels at distributors [24][26] - Yuelong Technology's revenue recognition policy adheres to industry norms, and the company has implemented measures to ensure the accuracy of its sales reporting [26][28]