Core Viewpoint - Multiple companies planning to list on the Beijing Stock Exchange (BSE) have made progress in their listing journey, with a focus on the sustainability of performance growth, necessity of fundraising projects, and reasonableness of revenue recognition [1] Group 1: Performance Growth Sustainability - Among the eight companies planning to list on the BSE, seven have faced regulatory scrutiny regarding the sustainability of their performance growth, particularly concerning reliance on major clients and the stability of these partnerships [1] - For instance, Andar Co. has been questioned multiple times about the sustainability of its performance growth, especially regarding its major client, Shandong Altai, whose orders have shown a decline [2] - Similarly, Futaihe has been scrutinized for its high dependency on major clients, with sales from its top client Bosch accounting for a significant portion of its revenue over the years [3] Group 2: Necessity and Reasonableness of Fundraising Projects - The necessity and reasonableness of fundraising projects have become key points of inquiry from regulators for the eight companies updating their listing progress [4] - For example, Hengtong Technology plans to raise 651 million yuan for various projects, but the BSE has raised questions about the necessity of these investments given the company's fluctuating production capacity [5] - Zhengdao Technology's fundraising plans also face scrutiny regarding potential overcapacity risks and the alignment of new fixed asset investments with the company's development needs [6] Group 3: Revenue Recognition and Profit Margin Fluctuations - In addition to the sustainability of performance growth and the necessity of fundraising projects, regulators are also focusing on the accuracy of revenue recognition and the reasonableness of profit margin fluctuations among some companies [6]

Core Viewpoint - Several companies planning to list on the Beijing Stock Exchange (BSE) have made progress in their listing journey, with a focus on the sustainability of performance growth, the necessity of fundraising projects, and the rationality of revenue recognition [1] Group 1: Performance Growth Sustainability - Among the eight companies planning to list on the BSE, seven have faced regulatory scrutiny regarding the sustainability of their performance growth, particularly concerning their reliance on major clients and the stability of these partnerships [1] - For instance, Andar Co. has been questioned multiple times about the sustainability of its performance growth, especially regarding its major client, Shandong Altai, which significantly contributed to its revenue in 2022 [2] - The revenue figures for Andar Co. excluding Shandong Altai show a decline from 722 million yuan in 2022 to 755 million yuan in 2024, indicating a 5.15% year-on-year decrease [2] Group 2: Necessity and Rationality of Fundraising Projects - The necessity and rationality of fundraising projects have become key points of inquiry from regulators for the companies updating their listing progress [3] - For example, Hengtong Optic-Electric plans to raise 651 million yuan for various projects, including 210 million yuan for expanding its manufacturing base in Guilin, which has raised questions about the necessity of these investments given its fluctuating production capacity [4] - Zhengdao Technology, which aims to raise 245 million yuan for a new factory, has been asked to justify the scale of its fixed asset additions and the rationale behind its funding allocation [5] Group 3: Revenue Recognition and Profit Margin Fluctuations - In addition to the sustainability of performance growth and the necessity of fundraising projects, regulators are also focusing on the accuracy of revenue recognition and the reasonableness of profit margin fluctuations for some companies [5]