上市7天跌去近四成！散户抄底反被抄家，4766万保荐费却稳入囊中，这新股怎么了？

Core Viewpoint - The stock of Yufan Technology experienced a dramatic rise on its debut, only to face significant declines in the following days, raising concerns about its financial health and the sustainability of its business model [1][3][12]. Company Overview - Yufan Technology specializes in the operation and maintenance services of urban underground water supply and drainage networks, claiming to be a leader in this niche market with operations across 32 provinces in China [3][5]. Financial Performance - The company reported a revenue increase from 513 million yuan in 2022 to 730 million yuan in 2024, with net profit rising from 73.37 million yuan to an expected 140 million yuan in 2025 [5][7]. - Despite revenue growth, the company has faced continuous negative cash flow from operating activities over the past three years, indicating a lack of real cash inflow [7][10]. Asset Structure - A significant portion of the company's assets, over 80%, consists of accounts receivable and contract assets, suggesting that much of its reported profit is not backed by actual cash [5][7]. Market Reaction - On the second trading day, the stock price fell by 13.72%, and by January 7, it had dropped nearly 40% from its peak, leading to substantial losses for investors who bought at the high [3][12]. - The initial trading frenzy saw a turnover rate exceeding 75%, indicating that most shares were sold on the first day, primarily by lucky lottery winners and institutions, leaving retail investors to bear the losses [10][12]. Underlying Issues - Analysts pointed out that despite a low initial price-to-earnings ratio, the stock's valuation soared above 40 times earnings after the first day, creating pressure for a valuation correction [12]. - The long-term nature of the company's business model, tied to urban infrastructure projects, means that immediate financial returns may not align with high stock price expectations [12].