IPO雷达｜悦龙科技提交注册，应收账款高企，昔日大客户已成“亲儿子”

Core Viewpoint - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology) has submitted its registration to the Beijing Stock Exchange, showing steady growth in performance for the first half of 2025, but also experiencing a significant increase in accounts receivable, following the acquisition of its former largest customer [1][3]. Group 1: Company Overview - Yuelong Technology specializes in the research, production, and sales of flexible pipelines for fluid transportation, including marine engineering, land oil and gas pipelines, and industrial hoses [2]. - The company serves major clients such as CNOOC, CNPC, Sinopec, and others, with products sold globally [2]. Group 2: Financial Performance - Main business revenues for Yuelong Technology from 2022 to the first half of 2025 are reported as 189 million, 219 million, 262 million, and 153 million yuan, with net profits of approximately 47.92 million, 60.78 million, 84.14 million, and 53.02 million yuan respectively [3]. - For the first nine months of 2025, the company reported revenues of 226 million yuan, a year-on-year increase of 16.08%, and a net profit of approximately 77.13 million yuan, up 17.47% year-on-year, attributed to increased downstream demand [4]. Group 3: Accounts Receivable and International Sales - Accounts receivable have significantly increased, with balances of 57.80 million, 68.71 million, 91.70 million, and 119 million yuan, representing 30.59%, 31.43%, 34.28%, and 77.77% of revenue respectively [5]. - The proportion of overseas sales has risen, with international revenue accounting for 31.70%, 35.14%, 33.98%, and 41.23% of total revenue during the reporting period [5]. Group 4: Shareholding and Corporate Governance - The actual controller, Xu Jincheng, holds 73.79% of Yuelong Technology's shares and has significant influence over the company's operations [6][7]. - The company has conducted four rounds of dividend distributions totaling 78.57 million yuan, with Xu Jincheng receiving approximately 57.98 million yuan in cash dividends [7]. Group 5: Related Party Transactions - Yuelong Technology previously relied heavily on related party Techfluid U.K. Ltd. as its largest customer, contributing 15.72% and 19.36% of revenue in 2022 and 2023 respectively [9]. - To address regulatory concerns, Yuelong Technology acquired 85% of Techfluid U.K. prior to its registration submission, integrating it into its consolidated financial statements [9]. Group 6: Compliance and Regulatory Issues - The company has faced scrutiny for using personal accounts for business transactions, which has since been rectified [11]. - Yuelong Technology was penalized for product quality issues in 2022, resulting in a fine of 5,000 yuan, but has since completed the necessary rectifications [12].