严格来说，IPO期间不能发生第三方回款的情况，但在江松科技却是一而再、再而三地持续发生，实在令人匪夷所思。 无锡江松科技股份有限公司（以下简称"江松科技"）是专业生产高效光伏电池智能自动化设备的企业，计划在创业板上 市，并于2025年6月14日被受理，6月29日接受监管函问询，2025年9月30日因招股书中记录的财务资料已过有效期，需要补 充提交而中止，是否能够重振旗鼓再次提交IPO申请，取决于如下核心问题是否得到妥善解决： 利润真实性待考 报告期内（2022年至2024年），江松科技三项费用率占比均较低，无论是从绝对占比（详见下表）还是相对占比即与同行 业上市企业相比较而言，都是偏低的，反映出江松科技在三项费率占比方面偏离正常值，从而让人对其利润真实性产生质 疑。 | 项目 | 2024 年度 | | 2023 年度 | | 2022 年度 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | | 销售费用 | 1,039.68 | 0.52% | 1,547.28 | 1.25% | 765.61 ...

Core Viewpoint - The company, Chengdu Yunyin World Co., Ltd., has received an inquiry letter from the Beijing Stock Exchange regarding its application for public stock issuance and listing, raising concerns about its business model, revenue authenticity, and compliance with regulations [1] Group 1: Business Model and Revenue - Yunyin World operates as a digital innovation-driven mother and baby chain enterprise, focusing on the sale of mother and baby products and providing services to upstream brand suppliers and downstream franchisees [2] - The company has achieved a significant scale in its franchise model, with over 80% of its total revenue coming from franchise sales and services [2] - The number of franchise stores has increased from over 1,300 in early 2022 to over 2,200 by the end of 2024, with terminal sales expected to exceed 3 billion yuan in 2024 [2][3] Group 2: Revenue Growth Amid Declining Birth Rates - Despite a declining birth rate in China, Yunyin World has reported substantial revenue growth, with main business revenues of 600 million yuan, 693 million yuan, and 999 million yuan in the reporting periods, reflecting year-on-year growth of 15.51% and 44.16% [4] - The company’s revenue growth contrasts with industry trends, as exemplified by competitor Kid King, which experienced fluctuating revenues and declining net profits over the same period [3][4] Group 3: Third-Party Payment Concerns - The Beijing Stock Exchange has raised concerns about the high proportion of third-party payments, which accounted for 41.37%, 33.44%, and 28.21% of total revenue in the reporting periods [6] - Yunyin World attributes the high third-party payment figures to the operational habits of its franchisees, who often use family members or associates for payment transactions [6][7] - The exchange has requested clarification on the relationships between payment parties and contract signers, as well as the necessity and reasonableness of these third-party payments [7] Group 4: Inventory and Compliance Issues - The company has been asked to explain its inventory valuation and the adequacy of its inventory impairment provisions, which are reportedly lower than industry averages [8] - Concerns have been raised regarding the company's accounting practices, including non-compliance with inventory management and documentation standards [8]