难！净利润近亿申请挂牌新三板，受理后15个月还在问询中！

Core Viewpoint - Chongqing Guangdian Digital Media Co., Ltd. (Chongqing Guangshu) has faced significant challenges in its attempts to list on the New Third Board after two failed attempts at IPO on the ChiNext board, highlighting the difficulties in the regulatory approval process for companies in the media sector [1][14][19]. Group 1: Company Overview - The company is primarily engaged in IPTV business, operating under the exclusive authorization of its controlling shareholder, the Chongqing Broadcasting Television Group [2]. - The registered capital of the company is 45 million yuan, and it provides multi-terminal audiovisual content and application services nationwide, relying on internet and mobile internet technologies [2]. Group 2: Financial Performance - In 2022, the company achieved operating revenue of 277.16 million yuan and a net profit of 97.21 million yuan, with a decline in revenue to 207.81 million yuan in the first eight months of 2023 [9][10]. - The company's gross profit margin was 42.14% in the first eight months of 2023, with a weighted average return on net assets of 16.63% [10]. Group 3: Customer Concentration - The company has a high customer concentration, with the top five customers contributing 95.10% of total revenue in 2023, and Chongqing Telecom alone accounting for 76.57% of revenue [11][13]. - The company asserts that this high concentration does not pose a significant risk to its ongoing operations due to stable cooperation with Chongqing Telecom, a large state-owned enterprise [11]. Group 4: Regulatory Challenges - The company has faced scrutiny regarding its independence and reliance on its controlling shareholder, with previous IPO attempts being rejected due to concerns over these issues [14][21]. - The third round of inquiries from the New Third Board focused on the rationale and necessity for a significant increase in R&D expenses in 2024 [22][25].