IPO两次过会，均撤回终止！

Core Viewpoint - The company, Jiangsu Jinzhi Education Information Co., Ltd., has faced challenges in its IPO attempts, with both its ChiNext and Sci-Tech Innovation Board applications being withdrawn after initial approvals, indicating potential underlying issues in its business model or market conditions [1][14][15] Group 1: Business Overview - The company primarily serves higher education institutions and vocational schools, with software development accounting for over 80% of its revenue [2] - Major clients include banks, with significant revenue contributions from institutions like China Bank and Agricultural Bank of China [3][4] Group 2: Financial Performance - The company's revenue and net profit have shown stagnation over the reporting periods, with revenues of 47,531 million, 49,165 million, and 45,495 million for 2020, 2021, and 2022 respectively, and net profits of 6,727 million, 6,360 million, and 6,638 million [4][5] - The operating cash flow has been volatile, with figures of 6,631 million, -486 million, and 4,514 million for the same years [5] Group 3: Accounts Receivable and Cash Flow - The company has a high and increasing proportion of accounts receivable and contract assets relative to its revenue, with ratios of 53.24%, 69.15%, and 78.28% for 2020, 2021, and 2022 respectively [7][10] - The total accounts receivable and contract assets were 25,304.07 million, 33,996.33 million, and 35,615.89 million at the end of 2020, 2021, and 2022 [8] Group 4: Compliance and Regulatory Issues - The company faced regulatory scrutiny regarding its "Today Campus" app for improper collection and use of personal information, leading to rectification orders from authorities [9][12] - The company has been required to disclose details regarding these compliance issues in its prospectus [13] Group 5: IPO Attempts and Market Position - The company had previously applied for an IPO on the Sci-Tech Innovation Board in 2020, which was approved but later withdrawn due to unresolved issues related to its technological attributes and market positioning [14][15] - The company’s direct sales revenue has been declining, raising concerns about its market competitiveness and customer retention [11]