Core Viewpoint - The Changsha Beidou Industry Safety Technology Research Institute Co., Ltd. has submitted an application for the initial public offering (IPO) and listing, with the application accepted by the Hunan Securities Regulatory Bureau on May 9, 2025, and the counseling institution being Zhongtai Securities [1][3]. Company Overview - The company was established in 2016 and focuses on the generation, measurement, and processing of radio signals, primarily in the satellite navigation and aerospace control fields. Its main products are categorized into three business directions: navigation simulation and testing evaluation, spatiotemporal security and enhancement, and aerospace control and ground testing [4]. - The major clients of the company include China Aerospace Science and Technology Corporation, China Electronics Technology Group Corporation, China Aviation Industry Corporation, and China Aerospace Science and Industry Corporation [4]. Financial Performance - The company's revenue for the years 2021, 2022, and 2023 was 144.17 million, 242.85 million, and 285.04 million respectively. The net profit attributable to the parent company for the same years was 60.57 million, 76.18 million, and the non-recurring net profit was 31.55 million and 63.03 million respectively [4]. - The proportion of total sales revenue from the top five customers accounted for 58.18%, 53.93%, and 47.25% of the company's total revenue in 2021, 2022, and 2023, indicating a relatively high dependency on these clients [4]. IPO and Fundraising Plans - The previous IPO application for the Sci-Tech Innovation Board included projects for "product upgrading and industrialization," "R&D center project," and "supplementing working capital," with a total fundraising target of 508 million [4][5]. - The total investment amount for the projects is 508.07 million, with the same amount intended for fundraising [5]. Shareholding Structure - The controlling shareholder of the company is Hunan Guoke Defense Electronics Technology Co., Ltd., which holds a 44.21% stake [6].