北斗院二次“冲A”17家机构突击入股 手握4.59亿现金募资7亿必要性存疑

Core Viewpoint - The IPO journey of Beidou Institute has faced multiple challenges, with its current status being "inquired" and a significant increase in fundraising to 709 million yuan, alongside new investment projects [2][5] Group 1: IPO Details - Beidou Institute's IPO fundraising scale has increased from 416 million yuan in 2023 to 709 million yuan in the current attempt, with additional investment projects included [2][5] - The company has introduced 17 new institutional shareholders, including its largest customer, China Electronics Technology Group Corporation [2][8] Group 2: Financial Performance - From 2020 to 2025, Beidou Institute's revenue has shown fluctuations, with figures of 93.5 million yuan, 144 million yuan, 243 million yuan, 285 million yuan, and 325 million yuan respectively, while net profit has also increased but with a decline in net profit excluding non-recurring gains [6] - The gross profit margin has decreased from 75.35% in 2020 to 58.82% in the first half of 2025, indicating a narrowing profit space [6] Group 3: Client Concentration - In the first half of 2025, sales revenue from the top five customers accounted for 72.64% of total revenue, with China Electronics Technology Group being the largest customer and supplier [3][8] - The company has a high customer concentration, with significant sales to major clients, particularly in the defense and aerospace sectors [8][9] Group 4: Financial Health - As of June 2025, Beidou Institute held cash and cash equivalents of 459 million yuan, representing 42.74% of total assets, with a low debt ratio of 3.91% [3][9] - The company has a substantial amount of accounts receivable, which has been increasing, indicating a longer collection cycle due to the nature of its client base [9]