IPO雷达丨广规科技回复首轮问询，主营业务收入近九成陷“岭南依赖”

Core Viewpoint - Guangdong Urban Planning and Design Institute Technology Group Co., Ltd. (referred to as "Guanggui Technology") is facing scrutiny regarding its business model and growth potential as it updates its listing application on the Beijing Stock Exchange, highlighting concerns over regional expansion and innovation capabilities [1][4]. Group 1: Business Operations - Guanggui Technology was established in October 2020, focusing on comprehensive planning design, diversified urban and rural development consulting, and integrated engineering design management [4]. - The company has a significant reliance on the Guangdong province for its revenue, with 2022-2024 projected revenue shares from the province at 84.73%, 88.62%, and 89.86% respectively, indicating a growing concentration in regional operations [4]. - The company claims a competitive advantage as the only provincial-level urban planning institution in Guangdong, actively participating in major planning projects within the Guangdong-Hong Kong-Macao Greater Bay Area [4]. Group 2: Innovation and Technology - Despite rebranding as a "technology group," the company faces questions about the actual technological innovation behind its growth, with the Beijing Stock Exchange inquiring whether growth is driven by non-innovative factors such as operational qualifications and labor-intensive inputs [5]. - The company asserts that the planning and design consulting industry is knowledge-intensive, requiring specialized skills and problem-solving capabilities, rather than merely repetitive labor [5]. Group 3: Financial Performance and Risks - Research and development expenditures for the company were reported as 42.48 million, 50.21 million, 59.96 million, and 22.31 million yuan for the respective years, constituting 6.55%, 6.33%, 6.51%, and 5.72% of total revenue [6]. - The company has a concentrated customer base primarily consisting of government departments and state-owned enterprises, with third-party payments accounting for 22.82%, 17.85%, and 31.36% of revenue in the respective years [7]. - The company indicated that third-party payments are typical due to government procurement practices, with a diverse range of clients involved, although it has faced issues with supplier confirmations leading to audit adjustments [8].