对赌倒逼下吉宝股份“踩线”递交IPO申请：净利连续两年下滑，并购标的出现业绩变脸

Core Viewpoint - Zhejiang Jibao Intelligent Equipment Co., Ltd. (hereinafter referred to as Jibao) is striving for an IPO on the Beijing Stock Exchange, facing significant challenges including declining profits and internal issues related to acquisitions and business performance [2][11]. Group 1: IPO and Shareholder Dynamics - Jibao's actual controllers, Shen Jiangyong and Chen Qun, signed a bet agreement with institutions, triggering a buyback clause if the company fails to submit an IPO application by December 31, 2025 [2]. - In December 2023, institutional investors such as Wanlin International and Hainan Shenggang invested in Jibao, but Wanlin International planned to exit shortly after due to changes in the domestic capital market [5][8]. - The company submitted its IPO application on December 25, 2025, and received acceptance from the Beijing Stock Exchange on December 30, 2025 [8]. Group 2: Financial Performance - Jibao's revenue grew from 250 million yuan in 2022 to 356 million yuan in 2024, but net profit declined from approximately 46.79 million yuan in 2022 to about 38.90 million yuan in 2024, marking a decrease of 8.21% in 2023 [11][15]. - The company reported a goodwill impairment of approximately 14.85 million yuan in 2023 due to the underperformance of its acquired subsidiary, Qiaohong Machinery, which saw its net profit drop significantly [15][16]. - The gross margin for Jibao's main products has been declining, with the gross margin for machine tool auxiliary equipment dropping from 25.82% in 2022 to 15.50% in the first half of 2025 [19]. Group 3: Cost Control Measures - Jibao has been actively controlling costs, with R&D expenses consistently below the industry average, hovering around 4% to 5% [21]. - The company has employed a significant number of retired personnel, accounting for over 12% of its total workforce, which helps reduce costs in the short term [21].