刚刚！“小巨人”年净利8500万，IPO急撤回！

Group 1 - The core issue leading to the termination of Jiangsu Yadian Technology Co., Ltd.'s IPO is a sudden patent lawsuit initiated by Jiejia Weichuang, which claims infringement of intellectual property rights against Yadian Technology and its key customer, Longi Green Energy [2] - The lawsuit occurred during a critical period of the IPO review process, specifically from September to November 2025, and is seen as a strategic move to delay or obstruct the listing process [2] - Yadian Technology did not disclose this lawsuit in its prospectus, raising concerns about the completeness of its information disclosure, which could further impact its IPO progress [2] Group 2 - Yadian Technology's financial performance is heavily reliant on a single customer, Longi Green Energy, which accounted for 51.91% of its main business revenue in the first half of 2025 [3] - The company has triggered multiple financial risk warning indicators, such as discrepancies in gross profit margins compared to industry trends and lower accounts receivable and inventory turnover rates than industry averages [3] - As of June 30, 2025, Yadian Technology had total assets of 1,145.75 million yuan and a debt-to-asset ratio of 46.79% [8] Group 3 - The company has achieved a market share ranking of second among domestic brands for its slot-type wet cleaning equipment in the semiconductor industry [6] - Yadian Technology has a total of 225 authorized patents, including 113 invention patents, as of June 30, 2025 [5] - The company reported revenues of 1,269.26 million yuan for the first half of 2025, with a net profit of 115.02 million yuan after deducting non-recurring gains and losses [7] Group 4 - The company plans to use the raised funds for high-end semiconductor equipment industrialization and advanced process semiconductor technology research and development projects, totaling 957.55 million yuan [9] - As of June 30, 2025, the company employed 128 R&D personnel, representing 28.57% of its total workforce, indicating a strong focus on research and development [9] - The company faces risks related to the potential loss of key R&D personnel due to increasing competition for talent in the semiconductor wet cleaning equipment market [10][11]