Core Viewpoint - Jiangsong Technology's IPO journey is under scrutiny due to significant risks highlighted by its financial performance and operational decisions amidst a supply-demand imbalance in the photovoltaic industry [1][2]. Financial Performance Concerns - Jiangsong Technology's revenue is projected to grow from 807 million to 2.019 billion from 2022 to 2024, with net profit increasing from 88 million to 187 million, indicating over 100% growth in both revenue and profit [2]. - However, the company faces a significant decline in orders, with its order backlog dropping from 3.613 billion at the end of 2024 to 2.491 billion in the first half of 2025, a decrease of 1.122 billion or over 31% [2][3]. - The company's profit forecast methodology has been criticized for lacking rationality, as it assumes a stable net profit margin despite a drastic reduction in orders, which could lead to a more significant profit decline than revenue drop [3]. Workforce Reduction - Jiangsong Technology plans to reduce its workforce from 1,976 employees in 2023 to 887 in 2024, a reduction of 1,089 employees or 55.1%, which is significantly higher than its peers [4][5]. - The company justifies this reduction as a cost-cutting measure due to decreased demand in the photovoltaic sector, but this approach raises concerns about losing key technical and business personnel [6]. Research and Development Investment - The company's R&D expenditure is projected to decrease by 11.35% in 2024, with an R&D expense ratio of only 2.86%, significantly lower than the industry average of 7.58% [7][8]. - This reduction in R&D investment raises concerns about the company's ability to maintain its competitive edge in a rapidly evolving technology landscape [7][8]. Accounts Receivable Issues - Jiangsong Technology's accounts receivable aging shows a declining trend in the proportion of receivables under one year, from 76.93% in 2023 to 65.83% in the first half of 2025, indicating potential cash flow issues [11][12]. - The company reported a significant increase in bad debt losses, amounting to 89.0053 million in 2024, which is 26 times that of 2023, suggesting serious risks in accounts receivable management [14]. Investment Project Viability - Jiangsong Technology plans to raise 1.053 billion for projects including a photovoltaic intelligent equipment production base, despite the current industry facing a supply-demand imbalance and reduced customer demand [1][20]. - The proposed investment in production capacity expansion raises questions about its feasibility, as the market for its core products is nearing saturation, and existing capacity is underutilized [18][19].