Core Viewpoint - Shaanxi Ruike New Materials Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, but its revenue has been declining during the reporting period from 2022 to 2024 [1][3]. Financial Performance - The total revenue for Shaanxi Ruike from 2022 to 2024 is projected to decline from 1.184 billion yuan in 2022 to 1.052 billion yuan in 2024, with net profits decreasing from 111.49 million yuan to 69.03 million yuan [2][3]. - The company's gross profit margin has shown slight improvement, increasing from 11.12% in 2022 to 12.31% in 2024 [2]. Customer Dependency - The company's major client, WuXi AppTec, has seen a significant decrease in its revenue contribution, dropping from 192 million yuan in 2022 to 40 million yuan in 2024, with its share of total revenue falling from 16.23% to 3.77% [4][7]. - Shaanxi Ruike's business model includes sales of precious metal catalysts and processing services, with the processing revenue accounting for approximately 10% of total income during the reporting period [3]. Shareholder Changes - Eight new shareholders, including four institutional investors, acquired shares in Shaanxi Ruike within 12 months prior to the IPO application, primarily through share transfers [1][8]. - The underwriter for the IPO, Guosen Securities, indirectly holds 0.73% of the company's shares through two institutional shareholders, raising questions about compliance with regulations [8][11]. Agreements and Contracts - Previous agreements involving the company's actual controllers included clauses related to share repurchase in the event of IPO failure, which have been inherited by some of the new shareholders [9][10].