Core Viewpoint - The company, Guangge Technology, is focusing on the development and application of its distributed fiber optic sensing technology, particularly in the port transportation sector, which is expected to drive future revenue and profit growth. Group 1: Market Developments - The company has launched a port traffic asset monitoring and operation management system that utilizes self-developed distributed fiber optic sensing technology, achieving real-time monitoring of various parameters and enhancing operational efficiency [1]. - The system has received high recognition from clients and has become one of the company's core products, continuously generating orders [4]. Group 2: Investment Project Progress - The company is advancing its fundraising projects, including upgrades and mass production of the distributed fiber optic sensing system, and the development of a digital asset operation platform is proceeding as planned [2]. - A new research and development center has completed its main renovations and is expected to be operational by the end of the year, which will positively contribute to the company's long-term growth [2]. Group 3: Business Model and Sales Strategy - The company provides IoT system solutions that combine distributed fiber optic sensors, smart gateways, and digital operation management software, enhancing the intelligent and digital operation of user assets [2]. - Products are sold through bidding and commercial negotiations rather than through large retail websites, indicating a direct sales approach [2]. Group 4: Financial Performance and Improvements - In the first half of 2025, the company's cash received from sales increased by 38.23%, and accounts receivable decreased by 5.16%, indicating improved cash flow management [5]. - The company has achieved significant R&D advancements in high-resolution distributed fiber optic temperature and strain monitoring systems, enhancing its competitive edge in various sectors [5].

Core Viewpoint - The rapid decline of Guangge Technology's financial performance and stock price highlights the challenges faced by companies in emerging technology sectors, particularly in the context of government investment fluctuations and increasing competition [1][2][5]. Financial Performance - In its first year post-IPO, Guangge Technology reported a net profit of 46.95 million yuan, but by 2024, it faced a significant loss of 67.57 million yuan, marking a drastic turnaround in financial health [1][4]. - Revenue peaked at 304 million yuan in 2023 but plummeted by 40% to 182 million yuan in 2024 due to delayed project bids and local fiscal pressures affecting infrastructure investments [3][4]. - The company's gross margin has been on a downward trend, decreasing from 59.76% in 2021 to 53.86% in 2024, indicating a loss of competitive advantage in its core technology [3]. Cash Flow and Expenses - Operating cash flow has deteriorated significantly, with net cash flow turning negative at -39.6 million yuan in 2023 and worsening to -54.6 million yuan in 2024 [4]. - The company has seen a substantial increase in sales, management, and R&D expense ratios, with sales expenses rising from 18.42% to 31.09% and R&D expenses from 15.96% to 36.03% between 2023 and 2024 [4]. Market and Competitive Landscape - Guangge Technology operates in a niche market for distributed fiber optic sensing technology, which was valued at 2.94 billion yuan in 2021, but faces increasing competition as new entrants emerge [5]. - The company’s reliance on a limited number of clients and the slow payment cycle due to its credit policy has exacerbated cash flow issues, indicating vulnerability in its business model [5][6]. Shareholder Actions - Several major shareholders have begun to reduce their stakes in Guangge Technology, with significant share reductions reported in early 2024, reflecting a lack of confidence in the company's future prospects [6].

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创 板公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 苏州光格科技股份有限公司 Suzhou Agioe Technologies Co., Ltd. （苏州工业园区东平街270号澳洋顺昌大厦3C,3D） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 苏州光格科技股份有限公司 招股说明书（注册稿） 监管机构声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的 ...