Core Viewpoint - The company Youli Intelligent has submitted its registration to the Beijing Stock Exchange after passing the review on May 16, but the China Securities Regulatory Commission (CSRC) still has doubts about its performance sustainability and reliance on a single major customer [1][5]. Company Performance - Youli Intelligent has shown significant revenue growth, with projected revenues of 433 million yuan, 658 million yuan, and 729 million yuan from 2022 to 2024, respectively. The net profit after deducting non-recurring gains is expected to be 52.27 million yuan, 76.32 million yuan, and 89.22 million yuan for the same period [4]. - The company forecasts a revenue increase of 17.31% to 28.13% in the first quarter of 2025 compared to the same period in 2024, with net profit growth of 23.88% to 27.53% [4]. Customer Concentration - Youli Intelligent heavily relies on its largest customer, NEXTracker, which accounted for 80.69%, 61.67%, and 70.00% of its revenue in recent years, indicating a high customer concentration compared to industry averages [5][6]. - The company's dependency on NEXTracker poses a risk to its financial performance if there are changes in business or orders from this customer [5][7]. Industry Context - The global photovoltaic (PV) market is experiencing growth, with a projected increase in new installations of 597 GW in 2024, a 33% year-on-year growth. However, this growth rate is significantly lower than the 76% increase seen in 2023 [7]. - The PV industry in China is facing challenges, with major companies like Longi Green Energy and Daqo New Energy reporting substantial losses, indicating a tough environment even for industry leaders [7]. Fundraising Concerns - Youli Intelligent has reduced its fundraising target from 358.30 million yuan to 269.90 million yuan, raising questions about the necessity and rationale behind its fundraising projects [8][9]. - The company has been criticized for its fundraising strategy, particularly for maintaining a 70 million yuan allocation for working capital while reducing amounts for key projects, which raises suspicions about its financial health [9][10]. Financial Maneuvering - In 2023, Youli Intelligent conducted two rounds of directed dividends totaling 10.82 million yuan, primarily to repay shareholder debts, which has led to skepticism regarding its financial stability [10][11]. - The company has engaged in frequent fund borrowing with its controlling shareholder, raising further concerns about its financial practices and the true purpose of its IPO [11][13].

Summary of Key Points Core Viewpoint - Jiangsu Zhenjiang New Energy Equipment Co., Ltd. has provided a special report on the management and usage of raised funds for the year 2024, ensuring compliance with regulatory requirements and detailing the financial activities related to the funds raised through a non-public offering in 2022 [1]. Fundraising Overview - The company raised a total of RMB 571,999,996.00 through the issuance of 17,044,100 shares at a price of RMB 33.56 per share, with a net amount of RMB 557,729,241.28 after deducting issuance costs [1][2]. - As of December 31, 2024, the total amount of raised funds and their usage is detailed, showing a total expenditure of RMB 307,059,288.74 on investment projects [1][3]. Fund Management - The company has established a management system for the raised funds, ensuring they are stored in dedicated bank accounts and used strictly for designated purposes, with oversight from the sponsor and banks [1][4]. - A total of RMB 8,000,000 was approved for temporary use as working capital, with a commitment to return the funds to the dedicated account within 10 months [4][5]. Project Investment and Changes - The company has made changes to certain investment projects, including the relocation of the "Photovoltaic Support Large Component Production Line" project to the United States to better serve market demands and comply with local regulations [6][8]. - The total investment for the revised project is RMB 15,800,000, with a portion already utilized [8][9]. Financial Performance and Reporting - The company reported that the total amount of raised funds utilized by the end of the reporting period was RMB 53,237,850.00, with a portion of funds remaining idle and generating interest income [5][10]. - Independent auditors and the supervisory board confirmed that the management and usage of the raised funds complied with relevant laws and regulations, ensuring no harm to shareholder interests [6][7].