两名保代被罚！两次更换审计！还有安全事故！大鹏工业IPO能否过会？

Core Viewpoint - The article discusses the challenges faced by Dapeng Industrial in its IPO process on the Beijing Stock Exchange, highlighting issues related to regulatory penalties, management practices, and financial performance. Group 1: IPO Challenges - Dapeng Industrial is seeking to raise 15,390.66 million yuan through its IPO on the Beijing Stock Exchange, with a review meeting scheduled for August 15 [3] - The company has faced multiple regulatory issues, including penalties against its sponsoring representatives, Li Fangzhou and Lü Xiaobin, who are involved in the current IPO process [2][11] - Dapeng Industrial has experienced a tumultuous IPO journey, having previously withdrawn its application for the ChiNext board due to anticipated performance declines [8] Group 2: Financial Performance - The company's revenue has shown growth from 24,736.17 million yuan in 2022 to 26,468.66 million yuan in 2024, but net profit has fluctuated, with significant reliance on government subsidies [20][21] - Approximately 28% of the company's profits in recent years have come from government subsidies, indicating a potential vulnerability in its revenue model [21] - Dapeng Industrial's R&D expenditure has consistently been below the industry average, with rates of 3.74%, 4.06%, and 3.95% compared to an industry average of 5.52%, 6.16%, and 5.62% from 2022 to 2024 [23][25] Group 3: Operational Issues - The company has faced operational challenges, including a tragic workplace accident resulting in a worker's death, which reflects potential safety management issues [17][18] - Dapeng Industrial's accounts receivable turnover ratio has declined from 2.97 times in 2022 to 2.12 times in 2024, consistently falling below the industry average [27] - The company has seen a significant drop in revenue from its largest customer, BYD, with income decreasing from 12,356.70 million yuan in 2022 to 7,329.35 million yuan in 2024 [30] Group 4: Management Control - The actual controller, Li Pengtang, holds 94.13% of the voting rights, indicating a high concentration of control that may pose risks to corporate governance [40] - The company has undergone multiple changes in its auditing firms, which has contributed to delays in its IPO process [15][16] - Dapeng Industrial's management strategy has been characterized by a focus on marketing over research and development, which may hinder long-term growth [19][25]