已经过会超过三年的博华科技，还要等多久？ 在已过会的IPO公司中，博华科技也算是"老人"。公司于2022年6月22日获得受理，完成两轮问询后，2023年1月13日成功过会，但如今，3年时间过去，公 司仍然没有提交注册。 最新动态显示，博华科技于2025年12月30日更新提交了相关财务资料。 根据招股书，博华科技是一家专注于关键设备健康管理领域的高新技术企业，主要从事军工装备与工业设备监控系统、健康管理平台的研发、生产和销 售。 据悉，博华科技自申报IPO至顺利过会，其间一直由天职国际会计师事务所(特殊普通合伙)(简称"天职国际")担任其审计机构。后因天职国际被罚，为持续 推进IPO审核进程，2024年10月，博华科技将审计机构更改为中兴华会计师事务所(特殊普通合伙)(简称"中兴华")。 目前，博华科技最新版招股书为2023年1月6日提交的招股书(上会稿)，其问询回复则披露了2023年半年报财务数据更新版本。 持续告负的经营现金流 2020年~2023年上半年，博华科技实现营业收入分别为1.68亿元、2.96亿元、4.5亿元及1.4亿元，各期营收增速分别为30.23%、76.19%、52.03%及 137.29 ...

Core Viewpoint - Jiangsu Yaokun Hydraulic Co., Ltd. has made progress in its IPO process by submitting its registration after nearly two years of waiting, while other companies like Beijing Bohua Xinzhi Technology Co., Ltd., Zhuhai Saiwei Electronic Materials Co., Ltd., and Hunan Weapon Industry Group Co., Ltd. have faced delays in their IPO submissions due to expired financial documents [1][6]. Group 1: Company Overview - Yaokun Hydraulic specializes in the research, production, and sales of hydraulic components and parts, with main products including oil tanks, hard pipes, and metal fittings, primarily used in excavators and other engineering machinery [3]. - The company achieved revenues of approximately 707 million yuan, 659 million yuan, 643 million yuan, and 365 million yuan for the years 2022 to 2024 and the first half of 2025, with corresponding net profits of about 142 million yuan, 132 million yuan, 115 million yuan, and 67.1 million yuan [3]. Group 2: Financial Projections - For the year 2025, Yaokun Hydraulic forecasts revenues of approximately 752 million yuan, representing a growth of 16.99% compared to the previous year, and a net profit of about 130 million yuan, reflecting a growth of 13.55% [4]. - The company plans to raise approximately 809 million yuan through its IPO, with allocations of 659 million yuan for production projects, 80 million yuan for R&D center construction, and 70 million yuan for working capital [4]. Group 3: Shareholder Structure and Financial Health - Yaokun Hydraulic's major shareholders include Xie Yaokun, Xie Wenqing, and Xie Wengu, who collectively hold 81.85% of the shares and control 87.39% of the voting rights [5]. - The company has reported high accounts receivable, with values of approximately 201 million yuan, 162 million yuan, 196 million yuan, and 199 million yuan at the end of each reporting period, constituting a significant portion of current assets [5]. Group 4: Industry Context - Other companies like Bohua Technology, Zhuhai Saiwei, and Hunan Weapon Industry have faced delays in their IPO processes despite having received approval, with Bohua Technology's IPO application being stalled due to expired financial documents [6][7]. - Bohua Technology focuses on health management systems for military and industrial equipment, while Zhuhai Saiwei specializes in lithium-ion battery electrolyte production [8]. Hunan Weapon Industry is involved in military product development and testing services [8].

Group 1 - Jiangsu Yaokun Hydraulic Co., Ltd. has made progress in its IPO by submitting registration on December 8, 2023, after nearly two years of waiting [1][4] - The company primarily engages in the research, production, and sales of hydraulic components, with key products including oil tanks, hard pipes, and metal fittings, mainly used in excavators and other construction machinery [5] - For the years 2022 to 2024, Yaokun Hydraulic reported revenues of approximately 707 million yuan, 659 million yuan, and 643 million yuan, with corresponding net profits of about 142 million yuan, 132 million yuan, and 115 million yuan [5] Group 2 - The company plans to raise approximately 809 million yuan through its IPO, with funds allocated for the construction of a hydraulic component production project, a research and development center, and to supplement working capital [6] - The company has a high proportion of accounts receivable, with values of approximately 201 million yuan, 162 million yuan, 196 million yuan, and 199 million yuan at the end of each reporting period, representing 26.77%, 22.03%, 24.14%, and 23.51% of total current assets respectively [6] - The controlling shareholders of Yaokun Hydraulic are Xie Yaokun, Xie Wenqing, and Xie Wenguang, who collectively hold 81.85% of the shares and control 87.39% of the voting rights [6] Group 3 - Other companies such as Beijing Bohua Xinzhi Technology Co., Ltd., Zhuhai Saiwei Electronic Materials Co., Ltd., and Hunan Weapon Industry Group Co., Ltd. have also passed the IPO review but have not made further progress, with their applications currently in a suspended state due to expired financial documentation [1][7] - Bohua Technology, which focuses on health management for critical equipment, has been waiting for over three years since its IPO application was accepted in June 2022, and it plans to raise 850 million yuan for various projects [8][9] - Zhuhai Saiwei, which specializes in lithium-ion battery electrolyte production, has also been in the IPO queue for over three years and aims to raise 1 billion yuan for its projects [10]