Core Viewpoint - The company Xinjiang Bosiran Intelligent Agricultural Machinery Co., Ltd. (referred to as "Bosiran") has faced significant delays in its IPO process, with both revenue and net profit declining in 2023, despite the addition of a major overseas client contributing over 60% of its revenue in the first three quarters of 2024 [1][5][6]. Financial Performance - In 2023, Bosiran's revenue and net profit both decreased, with reported figures of approximately 9.89 billion yuan in revenue and 1.84 billion yuan in net profit, down from 11.38 billion yuan and 2.38 billion yuan in 2022, respectively [5]. - The company's revenue for the years 2021 to 2024 (first three quarters) was approximately 7.27 billion yuan, 11.38 billion yuan, 9.89 billion yuan, and 8.27 billion yuan, while net profits were approximately 1.38 billion yuan, 2.38 billion yuan, 1.84 billion yuan, and 1.81 billion yuan [5]. Client Base and Market Expansion - In the first three quarters of 2024, Bosiran secured a new major overseas client, Tashkent Traktor Zavodi, which accounted for over 61% of its sales, generating approximately 5.08 billion yuan in revenue from the sale of 300 cotton harvesting machine components [6][7]. - Prior to this, the company had a relatively low customer concentration, with the top five clients accounting for approximately 14.3%, 14.02%, and 15.94% of total sales from 2021 to 2023 [8]. Funding and Financial Strategy - Bosiran plans to raise approximately 11.86 billion yuan through its IPO, with 2.6 billion yuan earmarked for working capital, while the remainder will be invested in high-end agricultural machinery R&D, production base construction, and service center development [9]. - Despite the planned fundraising, the company has maintained a healthy cash position, with cash reserves of approximately 2.1 billion yuan, 3.09 billion yuan, 2.22 billion yuan, and 4.03 billion yuan at the end of 2021, 2022, 2023, and the first three quarters of 2024, respectively [9][10].

制图：佘诗婕 星标 ★ IPO日报 精彩文章第一时间推送 近日，农机流通龙头吉峰三农科技服务股份有限公司（下称"吉峰科技"，300022.SZ）宣布，公司或迎来新的控股股东。 据最新公告，安徽澜石企业管理咨询有限公司（下称"安徽澜石"）将以14亿元入主吉峰科技，后者完成实控人变更。 年内涨幅达50% 4月10日晚间，吉峰科技公告，公司控股股东四川五月花拓展服务有限公司（下称"拓展公司"）筹划重大事项，该事项可能导致公司控股股东及实 际控制人发生变更。其股票自4月11日开市起已停牌，停牌时间不超过2个交易日，后停牌时间延期至4月17日。 截至4月10日收盘，吉峰科技股价报8.06元/股，总市值39.84亿元。 4月17日晚，公司公告称，通过股份转让、表决权委托，安徽澜石将成为上市公司的控股股东，安徽澜石实控人田刚印将成为上市公司实际控制 人。同时，安徽澜石拟认购上市公司发行的1.08亿股股票，进一步巩固控制权。认购单价为5.66元/股，安徽澜石认购全部拟发行的股份的价款为 6.12亿元。 具体来看，拓展公司与安徽澜石签署了《股份转让协议一》，约定将其持有的7236万股股份以每股8.06元的价格转让给安徽澜石，转 ...