Longi(SH:601012) 第一财经·2026-01-18 09:11Core Viewpoint - Jiangsu Yadian Technology Co., Ltd. has terminated its IPO review, becoming the first company to withdraw its IPO application in 2026, and currently the only one to do so this year [3]. Company Overview - Yadian Technology focuses on the research, production, and sales of wet cleaning equipment, which is a critical process in semiconductor wafer manufacturing [3]. - The company's wet cleaning equipment is primarily used in the semiconductor and photovoltaic manufacturing sectors [3]. Customer Concentration - The top five customers accounted for a significant portion of the company's revenue, with sales percentages of 74.80%, 76.59%, 76.25%, and 92.26% over the reporting periods [3]. - In the first half of 2025, sales to Longi Green Energy amounted to 137 million yuan, representing 51.91% of the company's main business revenue, indicating a high dependency on a single customer [3][4]. Financial Performance - The company reported revenues of 121 million yuan, 442 million yuan, 580 million yuan, and 267 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - Net profits (losses) for the same periods were -93.99 million yuan, 10.36 million yuan, 85.12 million yuan, and 11.06 million yuan [5]. Market Conditions - Longi Green Energy has forecasted a net loss of 6 to 6.5 billion yuan for 2025, citing severe competition and rising costs in the photovoltaic industry, which may impact Yadian Technology's performance due to their customer reliance [4][5]. Shareholder Dynamics - Qian Cheng, the controlling shareholder, holds 22.59% of the company directly and controls an additional 18.7% through partnerships, totaling 41.29% of voting rights [5]. - Following the IPO withdrawal, Qian Cheng may face significant buyback pressure due to previous agreements that could be reinstated if the IPO application is terminated [6].