惠康科技成深交所年内首家遭暂缓审议的IPO项目，曾因与两家成立时间较短供应商合作遭问询

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology) has had its IPO review postponed by the Shenzhen Stock Exchange, marking the first such case in 2023. The review committee has requested further clarification on various operational and financial aspects of the company [1][2]. Group 1: Company Overview - Huikang Technology, established in 2001, specializes in the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, and wine cabinets, primarily serving both residential and commercial markets. The company is recognized as a national high-tech enterprise [2][3]. - The company was previously listed on the Ningbo Equity Exchange in September 2018 but terminated its listing in March 2023 [2]. Group 2: Financial Performance - Financial projections indicate that Huikang Technology expects revenues of approximately CNY 19.3 billion, CNY 24.93 billion, CNY 32.03 billion, and CNY 13.89 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. The net profits are projected to be CNY 1.97 billion, CNY 3.38 billion, CNY 4.42 billion, and CNY 1.94 billion for the same periods [3]. - The company's gross profit margins for the same years are forecasted to be 21.15%, 24.55%, 22.54%, and 23.55% [3]. Group 3: Future Projections - For 2025, Huikang Technology anticipates a decline in both revenue and net profit, projecting revenues of CNY 27.74 billion, a decrease of 13.4% from 2024, and a net profit of CNY 4.13 billion, down 8.4% from 2024 [4]. - The average selling price of ice machines is expected to decrease from CNY 435.22 per unit in 2022 to CNY 365.76 per unit in the first half of 2025, indicating a downward trend [5]. Group 4: Supplier Relationships - The company’s largest supplier, Cixi Ruiyi Electronics Co., Ltd., accounted for CNY 173 million in purchases in 2025, representing 17.05% of total procurement [7]. - Both Ruiyi Electronics and Cixi Jiecheng Electronics Co., Ltd. were established shortly before starting their partnerships with Huikang Technology, raising questions about the legitimacy of these relationships. Huikang Technology has provided explanations regarding the historical supply relationships with these companies [7][8].