Supezet(SH:688121) Chang Jiang Shang Bao·2025-12-23 00:04Core Viewpoint - Zhuoran Co., Ltd. has been subjected to administrative regulatory measures due to violations in the use of IPO fundraising, revealing significant internal control and corporate governance issues [1][4][5]. Group 1: Regulatory Actions - The Shanghai Securities Regulatory Commission has ordered Zhuoran Co. to rectify its violations regarding the disclosure of fundraising and the actual use of funds, with three former executives receiving warning letters [1][4]. - The China Securities Regulatory Commission has initiated a case against Zhuoran Co. and its actual controller, Zhang Jinhong, for suspected violations of information disclosure [2][4]. Group 2: Financial Performance - Zhuoran Co. experienced a decline in net profit for three consecutive years from 2022 to 2024, with net profits decreasing from 1.9 billion yuan in 2022 to 947.69 million yuan in 2024, representing a year-on-year decrease of 39.88%, 18.75%, and 38.46% respectively [6]. - In the first three quarters of 2025, the company reported a revenue of 1.565 billion yuan, a year-on-year decrease of 18.8%, and a net profit of 59.56 million yuan, a significant increase of 74.55% primarily due to the sale of a subsidiary [7][8]. Group 3: IPO and Fund Utilization - Zhuoran Co. raised 920 million yuan during its IPO in 2021, but regulatory findings indicated that part of the raised funds was improperly used, flowing into external funding pools controlled by related parties [2][4][5]. - As of June 2025, the company reported that most of the IPO funds had been invested, with significant amounts allocated to various projects, including 480 million yuan for petrochemical equipment production [5]. Group 4: Market Position and Challenges - Zhuoran Co. operates in the domestic refining and chemical equipment industry, providing integrated solutions for oil and gas sectors, but has faced challenges due to high customer concentration, with 89.22% of revenue coming from the top five customers [6][8]. - The company is under pressure from high debt levels, with a debt-to-asset ratio of 66.88% and accounts receivable reaching 2.531 billion yuan, complicating its operational and governance reform efforts [8].