Company Overview - Guiyang Hongyao Space Time Technology Co., Ltd. was recently established with Ye Jianhua as the legal representative [1] - The company is wholly owned by Hangzhou Donghong Technology Co., Ltd. (688039) [1] Business Scope - The business scope includes research and development of intelligent robots, sales of intelligent robots, integrated circuit design, and manufacturing of virtual reality devices [1][2] - The company is registered with a capital of 5 million yuan [2] Registration Details - The company is located in Guanshanhu District, Guiyang, Guizhou Province [2] - It is classified as a limited liability company with no fixed business term [2] - The company has a registered address at the Enterprise Incubation Base in Zhujing Village, Dongjing Town, Guanshanhu District [2]

Core Viewpoint - The company, Jiangsu Jinzhi Education Information Co., Ltd., has faced challenges in its IPO attempts, with both its ChiNext and Sci-Tech Innovation Board applications being withdrawn after initial approvals, indicating potential underlying issues in its business model or market conditions [1][14][15] Group 1: Business Overview - The company primarily serves higher education institutions and vocational schools, with software development accounting for over 80% of its revenue [2] - Major clients include banks, with significant revenue contributions from institutions like China Bank and Agricultural Bank of China [3][4] Group 2: Financial Performance - The company's revenue and net profit have shown stagnation over the reporting periods, with revenues of 47,531 million, 49,165 million, and 45,495 million for 2020, 2021, and 2022 respectively, and net profits of 6,727 million, 6,360 million, and 6,638 million [4][5] - The operating cash flow has been volatile, with figures of 6,631 million, -486 million, and 4,514 million for the same years [5] Group 3: Accounts Receivable and Cash Flow - The company has a high and increasing proportion of accounts receivable and contract assets relative to its revenue, with ratios of 53.24%, 69.15%, and 78.28% for 2020, 2021, and 2022 respectively [7][10] - The total accounts receivable and contract assets were 25,304.07 million, 33,996.33 million, and 35,615.89 million at the end of 2020, 2021, and 2022 [8] Group 4: Compliance and Regulatory Issues - The company faced regulatory scrutiny regarding its "Today Campus" app for improper collection and use of personal information, leading to rectification orders from authorities [9][12] - The company has been required to disclose details regarding these compliance issues in its prospectus [13] Group 5: IPO Attempts and Market Position - The company had previously applied for an IPO on the Sci-Tech Innovation Board in 2020, which was approved but later withdrawn due to unresolved issues related to its technological attributes and market positioning [14][15] - The company’s direct sales revenue has been declining, raising concerns about its market competitiveness and customer retention [11]

Core Viewpoint - The company, Jiangsu Jinzhi Education Information Co., Ltd., has faced challenges in its IPO attempts, with both its ChiNext and Sci-Tech Board applications being withdrawn after initial approvals, indicating potential underlying issues in its business model or market conditions [1][17][18]. Group 1: Business Overview - The company primarily serves higher education institutions and vocational schools, with software development accounting for over 80% of its revenue [2]. - The company has a registered capital of 60 million yuan and was established in 2008, transitioning to a joint-stock company in 2014 [1]. Group 2: Financial Performance - The company's revenue for 2020, 2021, and 2022 was 47,531 million yuan, 49,165 million yuan, and 45,495 million yuan respectively, indicating stagnation in growth [7]. - The net profit for the same years was 6,727 million yuan, 6,360 million yuan, and 6,638 million yuan, showing minimal fluctuation [7]. - The company’s cash flow from operating activities has been volatile, with figures of 6,631 million yuan, -486 million yuan, and 4,514 million yuan for the respective years [8]. Group 3: Client Base and Revenue Sources - The top five clients in 2022 included major banks and educational institutions, with the largest client being Bank of China, contributing 5.20% of total revenue [6]. - The company’s revenue from software development has decreased slightly from 84.24% in 2020 to 81.33% in 2022 [3]. Group 4: Accounts Receivable and Financial Health - The company has a high proportion of accounts receivable, with balances of 25,304.07 million yuan, 33,996.33 million yuan, and 35,615.89 million yuan for 2020, 2021, and 2022, respectively, representing 53.24%, 69.15%, and 78.28% of total revenue [10][11]. - The company’s asset-liability ratio improved from 35.56% in 2020 to 24.87% in 2022, indicating better financial stability [8]. Group 5: Regulatory and Compliance Issues - The company’s "Today Campus" app faced regulatory scrutiny for improper collection and use of personal information, leading to required rectifications [12]. - The company has been questioned about its compliance and operational integrity, particularly regarding its revenue recognition and client relationships [13][15]. Group 6: IPO Attempts and Market Position - The company’s IPO on the Sci-Tech Board was approved in February 2021 but was withdrawn in December 2021 due to unresolved issues regarding its technological attributes and market positioning [17][18]. - The company’s recent IPO attempt on the ChiNext was also halted, reflecting ongoing challenges in meeting market expectations and regulatory requirements [1][9].