Group 1 - The core issue affecting companies' IPOs is the presence of competing businesses controlled by the founders, which can lead to significant challenges in the listing process [1] - The case of Meiai Technology illustrates that the actual controller, Jiang Li, held 82.75% voting rights before the IPO application, which raised concerns about potential competition [2][3] - Meiai Technology's main business is air purification products, with 2021 revenue of 1.15 billion yuan and a net profit of 100 million yuan, primarily serving the semiconductor and biopharmaceutical industries [3] Group 2 - The company faced scrutiny regarding its operations in Taiwan, where it established a sales entity before privatization, generating 10 million yuan in transactions in 2020, but was restricted from including this entity in the IPO due to strict investment regulations [4] - Despite assurances that the Taiwanese entity would not operate independently, the existence of this entity led to repeated inquiries about potential competition, ultimately resulting in the decision to dissolve it to facilitate the IPO [5][6] Group 3 - The case of Changyou Technology highlights the lengthy process of resolving competition issues, taking two years to dissolve a competing entity before successfully applying for an IPO [13][14] - The company faced multiple inquiries regarding the status of the dissolved entity and its impact on the IPO process, emphasizing the importance of addressing such issues promptly [16] Group 4 - The case of Fipeng Biotechnology demonstrates the risks of delayed action in addressing competition issues, leading to a failed IPO after two and a half years of attempts [18][23] - The actual controller's involvement in multiple companies raised concerns about potential competition, requiring extensive inquiries and ultimately resulting in the withdrawal of the IPO application due to declining performance [23] Group 5 - The relationship between Meiai Technology and Tianjia Group illustrates the complexities of overlapping customer and supplier relationships, which can impact the perceived independence of a company during the IPO process [24][25] - Meiai Technology's sales to Tianjia Group amounted to 25 million yuan, representing 3% of its total sales, raising questions about the fairness of related transactions and potential conflicts of interest [27][28] Group 6 - The issue of founders holding multiple positions in different companies can also complicate the IPO process, as seen in the case of Yirui Technology, where the actual controllers were involved in several other businesses [45][60] - The potential for conflicts of interest and the need for clear separation of business operations are critical factors in ensuring a successful IPO [44][60]

Company Performance - In Q2, the company reported revenue of 55.82 billion yuan, a year-on-year decrease of 12%, and a net profit attributable to shareholders of 8.51 billion yuan, down 10% year-on-year [1] - For the first half of the year, the company achieved total revenue of 97.33 billion yuan, a decline of 2% year-on-year, and a net profit attributable to shareholders of 14.41 billion yuan, an increase of 2% year-on-year [1] - The company's cash flow from operations improved significantly, reaching 28.3 billion yuan, a year-on-year increase of 453% [3] Industry Overview - The domestic household air conditioning industry saw total sales of 123 million units in the first half of 2025, a year-on-year increase of 8%, with domestic sales reaching 66.54 million units, up 9% [2] - The central air conditioning market in China experienced a decline of 15.90% year-on-year, primarily due to weak domestic demand and tightened project investments [2] - The company's revenue from consumer electronics business was 76.28 billion yuan, a decrease of 5% year-on-year, while revenue from industrial products and green energy increased by 17% to 9.59 billion yuan [2] Future Outlook - The company maintains a "buy" investment rating, with profit forecasts for 2025-2027 expected to reach 35.1 billion yuan, 38.6 billion yuan, and 41.7 billion yuan, representing year-on-year growth of 9%, 10%, and 8% respectively [3] - The overseas market revenue grew by 10%, with self-owned brands accounting for nearly 70% of this revenue [2]