Core Viewpoint - Jiangsu Yuanli Digital Technology Co., Ltd. has been approved for its initial public offering (IPO) on the Beijing Stock Exchange, marking it as the 92nd company to pass the review this year [1] Company Overview - Yuanli Digital is a high-tech enterprise in the 3D digital content production industry, primarily providing 3D digital content production services that transform design into 3D digital images and animations based on customer needs [1] - The company utilizes digital information technology to offer services including original image construction, 3D digital model creation, and digital character binding, delivering these as digital assets to clients for compensation [1] Shareholding Structure - The controlling shareholder and actual controller of Yuanli Digital is Zhao Rui, who directly holds 12.14% of the shares and indirectly controls 18.12% through investment partnerships, totaling 30.26% [2] IPO Details - Yuanli Digital plans to publicly issue up to 8,018,900 shares on the Beijing Stock Exchange, with a potential total of 9,221,735 shares if the overallotment option is fully exercised [2] - The company aims to raise approximately 487.96 million yuan for projects including a technology innovation industrial base, a digital content innovation technology platform, and a 3D real-time digital animation application platform [2] Review Opinions - The review committee has requested the issuer to assess the impact of the low shareholding ratio of the actual controller on the stability of the company's operations and control [3] - The issuer is also required to clarify the accuracy and reasonableness of revenue recognition for projects with a production cycle exceeding one year [3] Inquiry Issues - The review raised questions regarding the authenticity of the company's operating performance, including the reasons for discrepancies in performance compared to comparable companies and the revenue recognition for long-term projects [4] - Concerns were also expressed about the stability of control, including the potential risks associated with the actual controller's debt obligations and any arrangements with lenders [4]

Core Viewpoint - Jiangsu Yuanli Digital Technology Co., Ltd. has successfully passed the IPO review on December 12, 2023, aiming to raise approximately 488 million yuan [1] Company Overview - Yuanli Digital is a high-tech enterprise in the 3D digital content production industry [1] - The company’s IPO was accepted on December 31, 2024, and entered the inquiry phase on February 5, 2025 [1] Fundraising Details - The company plans to raise around 488 million yuan through its IPO [1] Regulatory Concerns - The listing committee raised questions regarding the authenticity of the company's operating performance, particularly how it remained unaffected by market fluctuations that impacted comparable companies [1] - The committee requested clarification on the accuracy and reasonableness of revenue recognition for projects with production cycles exceeding one year [1] - There were inquiries about the differences in gross profit margins and credit policies between related and unrelated party projects, seeking explanations for these discrepancies [1] Control Stability - The listing committee asked Yuanli Digital to analyze whether existing measures can ensure the stability of its control rights [1] - The company was required to explain any potential risks related to the stability of its current control structure and whether the actual controller faces significant debt repayment risks [1] - The committee also inquired about any shareholding arrangements or commitments made by the actual controller to lenders [1]

Core Viewpoint - Yuanli Digital Technology Co., Ltd. is facing significant scrutiny regarding its revenue recognition practices and financial data reliability as it attempts to list on the Beijing Stock Exchange, raising concerns about compliance with the registration system's requirements for truthful and complete information disclosure [1][2][12]. Group 1: Revenue and Financial Data Concerns - The company reported a revenue increase from 502.85 million yuan in 2022 to 544.88 million yuan in 2024, with a net profit growth from 67.99 million yuan to 82.03 million yuan, indicating a seemingly stable growth trend [2]. - However, discrepancies in revenue confirmation processes have raised serious concerns about the accuracy and reliability of the reported financial data, particularly during the revenue verification phase with clients [3][4]. - Significant differences were noted between the amounts confirmed by clients and those reported by the company, with examples showing discrepancies as high as 51.18 million yuan for the first half of 2025 [3][4]. Group 2: Revenue Recognition Practices - The company has utilized non-traditional methods such as emails and instant messaging for revenue recognition, which has led to questions about the compliance and reliability of these practices [6][7]. - The reliance on electronic verification methods has raised concerns about the internal control measures in place to ensure the validity and security of the revenue recognition process [7][9]. - The company's explanations for revenue discrepancies, primarily citing timing differences in revenue recognition, have been deemed insufficient given the scale and persistence of the discrepancies [4][5]. Group 3: Talent Retention Issues - The company has experienced high employee turnover rates, with rates of 25.00%, 22.44%, 21.47%, and 26.69% over the reporting periods, indicating a significant loss of talent [11]. - The loss of mid-level and junior employees poses risks to project quality and operational efficiency, raising concerns about the company's ability to maintain a stable and skilled workforce [11][12]. - The presence of suppliers established by former employees further complicates the situation, suggesting potential issues with talent retention and the integrity of supplier relationships [11][12].

Group 1 - The core viewpoint of the article is that Jiangsu Yuanli Digital Technology Co., Ltd. is set to undergo an IPO review on December 12, 2023, at the Beijing Stock Exchange [1] - Yuanli Digital is identified as a high-tech enterprise in the 3D digital content production industry [1] - The company’s IPO was accepted on December 31, 2024, and it entered the inquiry phase on February 5, 2025 [1] Group 2 - Yuanli Digital aims to raise approximately 488 million yuan through this IPO [1] - The net proceeds, after deducting relevant issuance costs, are intended for investment in the Yuanli Digital Technology Innovation Industrial Base Project, the Digital Content Innovation Technology Platform Construction Project, and the 3D Real-time Digital Animation Application Platform Construction Project [1]