Zhuhai (SH:688175) IPO日报·2025-06-03 10:50Core Viewpoint - Zhuhai Gaoling Information Technology Co., Ltd. has announced the termination of its major asset restructuring plan, which involved acquiring 100% of Shanghai Xinnuo Communication Technology Co., Ltd. due to a lack of consensus among transaction parties [1][3]. Company Overview - Gaoling Information, listed on the Sci-Tech Innovation Board in March 2022, specializes in the R&D, production, and sales of special communication equipment, environmental IoT application products, and network security products, with military telecommunications equipment being its primary revenue source [3][4]. - The target company, Xinnuo Communication, is a high-tech enterprise focused on providing network communication and security solutions, primarily serving telecom operators and government enterprises [3]. Financial Performance - Before its IPO, Gaoling Information experienced rapid growth, with revenue increasing from 175 million yuan in 2018 to 495 million yuan in 2021, representing a compound annual growth rate (CAGR) of 46.3%. Net profit grew from 20 million yuan to 120 million yuan during the same period, with a CAGR of 189.7% [3]. - Post-IPO, Gaoling Information's performance declined significantly, with revenues of 517 million yuan in 2022, 356 million yuan in 2023, and 266 million yuan in 2024, while net profits dropped from 88.01 million yuan to a loss of 52.28 million yuan [4][5]. Reasons for Performance Decline - The company attributed its 2024 losses to insufficient demand in the military telecommunications equipment sector and increased accounts receivable due to delayed payments from clients. Additionally, losses from its wholly-owned subsidiary, Henan Xinda Wangyu Technology Co., Ltd., led to the reversal of deferred tax assets [5]. Implications of Termination - The termination of the acquisition raises questions about how Gaoling Information will address its declining performance and financial challenges [5]. - Xinnuo Communication, which had previously attempted to go public but withdrew its application, now faces its own difficulties following the failed acquisition [6][7]. Investment Considerations - Xinnuo Communication's financials showed significant growth from 220 million yuan in 2020 to 580 million yuan in 2022, but it also faced a decline in net profit in 2023 and 2024 [6]. - The company had previously engaged in capital increases and share transfers with various investors, which included performance-based clauses that may impact its future if it fails to go public by the end of 2024 [7].