Core Viewpoint - The company 瑞尔竞达 has faced challenges in its listing attempts on the 北交所, having initially withdrawn its application but quickly moved to restart the process shortly after the failure was confirmed [2][7][11]. Group 1: Company Background and Listing Attempts - 瑞尔竞达, established in 2004, specializes in providing long-lasting technical solutions and key refractory materials for blast furnace ironmaking systems [4]. - The company submitted its initial application for listing on the 北交所 on December 29, 2023, but the review was halted on November 29, 2024, due to the company's decision to withdraw its application [5][6]. - Following the withdrawal, 瑞尔竞达 announced on December 2, 2024, that it would resume its listing efforts on the 北交所 just four days later [7][9]. Group 2: Financial Performance and Dividend Issues - In the first half of 2024, 瑞尔竞达 reported a revenue of 281.7 million, a year-on-year increase of 63.29%, and a net profit of 61.19 million, up 151.75% [11]. - The company faced scrutiny due to its "clearing-style" dividends, having distributed a total of 232.8 million in cash dividends from 2021 to 2023, which raised concerns about its financial practices [17][19]. - The company's cash dividends during the reporting period exceeded its net profits, leading to regulatory challenges in its listing process [17][19]. Group 3: Regulatory Environment and Listing Strategy - The regulatory environment has tightened around companies with significant pre-listing dividends, with new guidelines introduced in 2024 to scrutinize such practices [14][15]. - 瑞尔竞达's previous listing attempt was impacted by these regulations, as its dividend practices were deemed excessive relative to its profits [16][19]. - In its renewed application, 瑞尔竞达 adjusted its fundraising plans, removing the intention to use raised funds for working capital, which may help it align better with regulatory expectations [19]. Group 4: Market Position and Future Outlook - Despite a strong performance in the first half of 2024, the company's revenue growth slowed significantly in the latter half, raising concerns about its sustainability [23]. - The company has a significant reliance on major clients in the steel industry, which could pose risks if client relationships change [25]. - The upcoming listing attempt will be closely monitored by regulators, especially regarding the sustainability of its revenue and profit growth [22].