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Co., Ltd., has faced challenges in its IPO attempts, with both its ChiNext and Sci-Tech Board applications being withdrawn after initial approvals, indicating potential underlying issues in its business model or market conditions [1][17][18]. 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]. - The company has a registered capital of 60 million yuan and was established in 2008, transitioning to a joint-stock company in 2014 [1]. Group 2: Financial Performance - The company's revenue for 2020, 2021, and 2022 was 47,531 million yuan, 49,165 million yuan, and 45,495 million yuan respectively, indicating stagnation in growth [7]. - The net profit for the same years was 6,727 million yuan, 6,360 million yuan, and 6,638 million yuan, showing minimal fluctuation [7]. - The company’s cash flow from operating activities has been volatile, with figures of 6,631 million yuan, -486 million yuan, and 4,514 million yuan for the respective years [8]. Group 3: Client Base and Revenue Sources - The top five clients in 2022 included major banks and educational institutions, with the largest client being Bank of China, contributing 5.20% of total revenue [6]. - The company’s revenue from software development has decreased slightly from 84.24% in 2020 to 81.33% in 2022 [3]. Group 4: Accounts Receivable and Financial Health - The company has a high proportion of accounts receivable, with balances of 25,304.07 million yuan, 33,996.33 million yuan, and 35,615.89 million yuan for 2020, 2021, and 2022, respectively, representing 53.24%, 69.15%, and 78.28% of total revenue [10][11]. - The company’s asset-liability ratio improved from 35.56% in 2020 to 24.87% in 2022, indicating better financial stability [8]. Group 5: Regulatory and Compliance Issues - The company’s "Today Campus" app faced regulatory scrutiny for improper collection and use of personal information, leading to required rectifications [12]. - The company has been questioned about its compliance and operational integrity, particularly regarding its revenue recognition and client relationships [13][15]. Group 6: IPO Attempts and Market Position - The company’s IPO on the Sci-Tech Board was approved in February 2021 but was withdrawn in December 2021 due to unresolved issues regarding its technological attributes and market positioning [17][18]. - The company’s recent IPO attempt on the ChiNext was also halted, reflecting ongoing challenges in meeting market expectations and regulatory requirements [1][9].