Chang Jiang Shang Bao·2025-12-15 02:00Core Viewpoint - Chongqing Yulong Optoelectronics Technology Co., Ltd. (Yulong Technology) is transitioning from the Shanghai Stock Exchange main board to the ChiNext board for its IPO, aiming to raise 1 billion yuan, which is 500 million yuan less than its previous attempt in 2023 [1][3] Group 1: IPO Details - Yulong Technology's IPO application has been accepted by the Shenzhen Stock Exchange, with a fundraising target of 1 billion yuan, primarily for projects in Hefei and Chongqing, and 300 million yuan for working capital [1][3] - The company previously attempted to list on the Shanghai main board in March 2023, seeking to raise 1.5 billion yuan but withdrew its application after three months [3] Group 2: Ownership Structure - Wang Yalong and Li Hongyan control 74.16% of Yulong Technology, with Wang Yalong also being the actual controller of the listed company Lite Optoelectronics [1][3] - If successful, this IPO would allow Wang Yalong to control two listed companies in the A-share market [1][3] Group 3: Customer Concentration - Yulong Technology has a high dependency on major customer BOE Technology Group Co., Ltd., with revenue from BOE accounting for 53.58% of its main business income in the first half of 2025 [1][4] - The top five customers contribute significantly to Yulong Technology's revenue, with their combined income accounting for 94.02% [1][4] Group 4: Financial Performance - The company's gross profit margin has decreased from 38.36% in 2019 to 22.56% in the first half of 2025, indicating a significant reduction in profitability [1][7] - Yulong Technology's revenue and net profit figures show fluctuations, with a notable decline in net profit by 42.3% in 2022 despite a slight increase in revenue [6][7] - Accounts receivable have risen to 443 million yuan, constituting 48.79% of the company's current assets, indicating potential liquidity pressures [2][8]