这公司IPO，实控人控制98%的股份，2025年经营活动产生的现金流量净额同比下降67%

Core Viewpoint - Zhejiang Oulun Electric Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on integrated business in environmental regulation equipment, with a strong emphasis on product development and sales [1] Financial Performance - In 2025, the company expects a revenue of approximately 2.03653 billion yuan, a year-on-year increase of 25.46%, and a net profit attributable to the parent company of about 0.23007 billion yuan, up 10.60% from the previous year [4][6] - The company reported a significant decline in net cash flow from operating activities, which fell by 66.81% to 0.07868 billion yuan in 2025, despite revenue and net profit growth [6][4] - The company achieved operating revenues of 0.9717 billion yuan, 1.2318 billion yuan, and 1.6233 billion yuan in 2022, 2023, and 2024 respectively, with net profits of 0.0917 billion yuan, 0.1418 billion yuan, and 0.2068 billion yuan [2] Shareholding Structure - The company's shareholding is highly concentrated, with the actual controllers, Chen Xianyong and Zhan Xiaoying, holding a combined 98.88% of the shares [7] Industry Comparison - Midea Group is identified as a comparable company in the industry and is also the largest supplier to Oulun Electric, accounting for 18.62%, 21.22%, 19.09%, and 11.66% of total procurement from 2022 to the first half of 2025 [8][11] International Revenue - The company has a significant international revenue share, exceeding 54%, with major sales regions including Europe, North America, and Asia [12]