文/梧桐数据中心 12月29日，沈阳广泰真空科技股份有限公司（874200）北交所IPO申请被暂缓审议。 | | 北交所 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 广泰真空 | 真空装备的研发、制造和销售 | 37,882.74 | 6,799.13 | 暂缓审议 | 中信证券/北京大成/容诚 | 沈阳广泰真空科技股份有限公司 专注于真空装备的研发、制造和销售。刘顺钢直接持有公司66.23%的股权，并通过广泰控股、广泰高科间接持有15.10%的股权、 间接控制公司19.30%的股权，合计持有公司81.33%的股权、合计控制公司85.53%的股权，为公司的控股股东及实际控制人。报告期内，公司营业收入分别为 28,053.05万元、31,151.93万元、37,882.74万元和34,194.20万元，扣非归母净利润分别为4,110.78万元、6,475.84万元、6,799.13万元和7,572.98万元。 一、基本信息 公司是一家专注于真空装备 ...

Core Viewpoint - The IPO application of Jiangsu Yongda Chemical Machinery Co., Ltd. has been postponed by the Beijing Stock Exchange, marking the first IPO project to face such a delay in 2023 [1] Financial Performance - Yongda's revenue from 2022 to 2024 was reported as 696 million, 712 million, and 819 million yuan respectively, while net profit attributable to shareholders was 112 million, 131 million, and 107 million yuan, indicating a "revenue increase without profit increase" trend in 2024 [1] - In the first three quarters of 2025, the company's revenue declined by 25.16% to 361 million yuan, and net profit decreased by 3.34% to approximately 70.42 million yuan, primarily due to project execution progress [1] Business Segments - The photovoltaic business showed significant volatility, with revenue proportions of 13.72%, 3.62%, 19.14%, and 1.98% from 2022 to the first half of 2025 [2] - The listing committee raised concerns regarding the future performance risks of the photovoltaic sector, emphasizing the need for the company to address industry cycle changes, policy impacts, and market demand fluctuations [2] Accounts Receivable - Yongda's accounts receivable at the end of each reporting period were valued at 239 million, 205 million, 264 million, and 253 million yuan, representing 34.44%, 28.73%, 32.24%, and 39.38% of revenue respectively [2] - The company faces potential bad debt risks from its largest customer, Hoshine Silicon Industry Co., Ltd., with accounts receivable and contract assets amounting to approximately 77.98 million yuan [3] Regulatory Scrutiny - The listing committee requested further verification of the company's internal control measures for photovoltaic project sales, the adequacy of revenue recognition criteria, and the recoverability of accounts receivable [3]

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (referred to as "Yongda") has had its IPO application on the Beijing Stock Exchange postponed, marking the first such instance for an IPO this year [1]. Group 1: Company Overview - Yongda specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [1]. - The company has developed a non-standard pressure vessel product system primarily consisting of reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels [1]. Group 2: IPO Details - Yongda's IPO was accepted on April 27, 2025, and it entered the inquiry stage on May 28, 2025 [1]. - The company aims to raise approximately 458 million yuan through this IPO [1]. Group 3: Regulatory Concerns - The listing committee has requested further verification from the sponsoring institution and the reporting accountant regarding the rationality and effectiveness of Yongda's internal control measures for photovoltaic project sales, the sufficiency of revenue recognition basis, and the recoverability of accounts receivable [1][2]. - The committee has also asked Yongda to explain the consistency of revenue recognition standards with the actual sales and production cycles, as well as the reasons for any discrepancies between production, energy consumption, and raw material procurement costs compared to revenue trends [2]. - Concerns regarding the sustainability of Yongda's operating performance have been raised, particularly in relation to industry cycle changes, policy impacts, market demand fluctuations, and potential risks in accounts receivable recovery from the photovoltaic sector [2].

Core Points - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda) faced a delay in its IPO review at the Beijing Stock Exchange, marking it as the first IPO project to be postponed this year [1] - The company specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining, petrochemicals, photovoltaics, and pharmaceuticals [1] - Yongda aims to raise approximately 458 million yuan through its IPO, which was accepted on April 27, 2025, and entered the inquiry stage on May 28, 2025 [1] Review Requirements - The listing committee requested further verification from the sponsoring institution and reporting accountants regarding the rationality and effectiveness of Yongda's internal control measures for photovoltaic project sales, the sufficiency of revenue recognition basis, and the recoverability of accounts receivable [2] - The committee also required Yongda to explain the sufficiency of revenue recognition based on the company's standards and the situation of acceptance documents received at the end of each reporting period [2] - Additionally, Yongda must address the stability of its operating performance in light of industry cycle changes, policy impacts, market demand fluctuations, competitiveness, existing orders, and risks associated with receivables in the photovoltaic sector [2]