执着上市！北斗院二度闯关IPO，应收账款走高

Core Viewpoint - Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd. (referred to as "Beidou Institute") is making a second attempt to go public on the Sci-Tech Innovation Board (STAR Market) after withdrawing its previous IPO application in September 2024. The company is facing ongoing issues, including a rising trend in accounts receivable, while also planning to raise funds for operational liquidity and other projects [1][4][9]. Group 1 - Beidou Institute's IPO was accepted on November 21 and entered the inquiry stage on December 11 [4]. - The company focuses on satellite navigation and aerospace measurement and control, with products including navigation signal simulators and drone control systems, serving various industries such as defense, commercial aerospace, and education [4][5]. - The company has changed its name from "Changsha Beidou Industry Safety Technology Research Institute Co., Ltd." to "Changsha Beidou Industry Safety Technology Research Institute Group Co., Ltd." and increased its fundraising target from 508 million yuan to 709 million yuan [4][5]. Group 2 - The funds raised will be allocated to product upgrades, industrialization projects, research center projects, information system construction, technology reserves, and working capital, with specific amounts designated for each area [5]. - As of the signing date of the prospectus, Hunan Guoke Defense Electronics Technology Co., Ltd. holds a 39.57% stake in Beidou Institute, making it the controlling shareholder [5]. Group 3 - In the first half of 2025, Beidou Institute distributed cash dividends of 16.4 million yuan while planning to use 8 million yuan from the IPO proceeds for liquidity [6]. - The company has shown consistent revenue growth, with reported revenues of approximately 243 million yuan, 285 million yuan, 325 million yuan, and 112 million yuan for the years 2022 to 2025 [6]. Group 4 - Beidou Institute's accounts receivable have been increasing, with values of approximately 135 million yuan, 191 million yuan, 241 million yuan, and 271 million yuan over the reporting periods, representing 25.07%, 30.12%, 32.83%, and 31.06% of current assets, respectively [9]. - The company attributes the slow collection of accounts receivable to lengthy payment approval processes and the "back-to-back" settlement method prevalent in the military industry [9]. Group 5 - The company's inventory values were approximately 67.09 million yuan, 77.36 million yuan, 77.22 million yuan, and 106 million yuan, accounting for 12.5%, 12.22%, 10.54%, and 12.14% of current assets, respectively [10]. - Research and development expenses were approximately 34.41 million yuan, 45.16 million yuan, 52.44 million yuan, and 21.57 million yuan, representing 14.17%, 15.84%, 16.12%, and 19.31% of revenue [10].