Venture(US:VEMLY) Sou Hu Cai Jing·2026-02-10 01:44Core Viewpoint - The Shenzhen Stock Exchange has terminated the review of Wuxi Jiangsong Technology Co., Ltd.'s initial public offering (IPO) application due to the issuer and sponsor's voluntary withdrawal of the application [1][2]. Group 1: Company Overview - Jiangsong Technology is a leading manufacturer of high-end intelligent equipment, primarily engaged in the research, production, and sales of automated equipment for high-efficiency photovoltaic cells [3][10]. - The company reported revenues of 807 million yuan, 1.237 billion yuan, and 2.019 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 85.84 million yuan, 128 million yuan, and 187 million yuan during the same period [3][4]. Group 2: Market Conditions and Risks - The photovoltaic industry has faced overcapacity issues since 2023, leading to revenue declines and losses for some manufacturers, which has affected Jiangsong Technology's order volume and performance stability [5][8]. - The company anticipates a market size of 14.753 billion yuan for automated equipment over the next three years, but it has experienced a significant drop in new orders, with only 472 million yuan in 2024 compared to 4.986 billion yuan in 2023, a decline of over 90% [7][9]. Group 3: Financial Projections - Based on the assumption that 60% of the orders on hand will be recognized in 2025, the company estimates revenues of 19.512 billion yuan, 17.344 billion yuan, and 15.176 billion yuan under different cancellation scenarios [9][10]. - The projected net profits for 2025 under these scenarios are estimated to be 1.783 billion yuan, 1.585 billion yuan, and 1.389 billion yuan, respectively [9]. Group 4: Technological Competitiveness - Jiangsong Technology claims to have a leading position in technology and product efficiency, with its products being recognized as domestically leading and internationally advanced [10][13]. - The company has removed claims of being the market leader in terms of market share from its prospectus due to the lack of updated data for 2023 and 2024 [12][13]. Group 5: Investment Projects and Concerns - The company plans to raise 1.053 billion yuan for projects including the construction of a photovoltaic intelligent equipment production base and a research and development center [14][16]. - Concerns have been raised regarding the necessity and feasibility of these projects, especially in light of significant workforce reductions and production cuts in 2024 [15][18].