今年北交所IPO最后一审沛城科技过会，审议意见聚焦业绩信披

Core Viewpoint - Beijing Stock Exchange (BSE) has approved Shenzhen Peicheng Technology Co., Ltd. for IPO, despite concerns regarding its financial performance and the rationale behind its fundraising plans [1][2]. Group 1: Company Performance - Peicheng Technology's revenue has been declining, with figures of 850 million yuan in 2022, 764 million yuan in 2023, and projected 733 million yuan in 2024, marking a cumulative decline of 13.8% over three years [2]. - The net profit for the same period shows fluctuations, with a decrease in 2024's non-recurring net profit by 20.13% [2]. - The company reported a cash dividend of 65.5 million yuan in 2022 and 12 million yuan in 2023, totaling 77.5 million yuan over two years [3]. Group 2: Fundraising and Financial Health - Peicheng Technology plans to raise 500 million yuan, with allocations of 294 million yuan for production capacity enhancement, 144 million yuan for R&D center construction, and 62 million yuan for working capital [2]. - Despite having a strong liquidity position with 280 million yuan in cash and no short-term debt as of June, the rationale for raising funds for working capital is questioned [3]. Group 3: IPO Review Process - The BSE has expedited its IPO review process, particularly towards the end of the year, influenced by financial report updates and a surge in IPO applications [4]. - The average time from acceptance to listing on the BSE is 339 days, making it an attractive option for companies initially targeting larger exchanges [4]. - The BSE maintains strict scrutiny over income recognition and performance stability, as evidenced by the recent deferral of two companies' IPO reviews due to compliance issues [5].