Core Viewpoint - New Tianli Technology Co., Ltd. has met the issuance and listing conditions as per the Beijing Stock Exchange's listing committee, but it must address governance and internal control issues before proceeding with its IPO [1] Group 1: Company Overview - New Tianli focuses on the research, production, and sales of plastic and paper food containers, with an IPO fundraising target of 398 million yuan, primarily for expanding production capacity, upgrading R&D centers, and supplementing working capital [2] - The company has shown a trend of increasing revenue from 2022 to 2024, with projected revenue for the first three quarters of this year between 840 million and 860 million yuan, representing a year-on-year growth of approximately 30% [2] Group 2: Customer Concentration - The customer concentration of New Tianli is high and increasing, with the top five customers accounting for 62% to 66% of sales from 2022 to 2024, with Mixue Ice City and Xiangpiaopiao being the two largest customers contributing nearly half of the revenue in 2024 [2] Group 3: Industry Competition and Technology - The industry in which New Tianli operates is characterized by mature technology and intense competition, with low industry concentration. New Tianli faces competition from several listed companies and does not hold a significant revenue advantage [3] - The company claims to have a competitive edge in core technology, particularly in the food industry, where it has focused its product applications, unlike competitors who primarily target the street food sector [3] Group 4: Financial Performance and Challenges - In the first quarter of this year, New Tianli experienced a decline in revenue by 5.64% and a profit drop of 29.78%, prompting inquiries from the Beijing Stock Exchange regarding the reasons for these declines and potential liquidity risks [4] - The company attributed the profit decline to changes in gross profit, period expenses, and other income, while stating that cash flow issues were due to the bill payment cycle rather than overdue receivables [5]