Group 1 - The Beijing Stock Exchange has terminated the review of Shenzhen Konghui Intelligent Co., Ltd.'s IPO application due to the company's withdrawal of its listing application [1] - The company received its IPO acceptance on November 3, 2023, and underwent three rounds of inquiries, responding to the first two rounds before halting the process on December 31, 2024, due to financial report audit issues [1][4] - The company reported a significant decline in net profit, with a non-recurring net profit of only 2.0551 million yuan in 2024, down 94.02% year-on-year [2] Group 2 - Shenzhen Konghui Intelligent Co., Ltd. specializes in the research, production, and sales of industrial automation control products, including intelligent industrial control computers and related components [4][5] - The company has established long-term partnerships with well-known domestic enterprises such as Foxconn, BYD, and Hikvision, and has received various certifications, including ISO9001:2015 [5] - As of June 30, 2023, the company held 2 invention patents, 28 utility model patents, and 61 software copyrights [5] Group 3 - The company planned to issue up to 14.19 million shares, with the total share capital post-issue expected to be 79.42 million shares, ensuring that public shareholders would hold at least 25% of the total shares [6][7] - The total amount raised from the issuance, after deducting issuance costs, was intended for projects related to the company's main business, including the expansion of industrial control machine production and the establishment of a research and development center [8] - The company's revenue for the first half of 2023 was 166.76 million yuan, with a gross profit margin of 28.56% [9]

Core Viewpoint - After a four-month "suspended" review status, the company has chosen to withdraw its IPO application, leading to the termination of its listing process [2] Group 1: Company Performance - In 2024, the company reported revenue of 258 million yuan, a year-on-year decrease of 16.34%, contrasting with an average growth rate exceeding 30% over the previous three years [3] - The net profit for 2024 was 3 million yuan, a dramatic decline of 93% compared to previous years, where the lowest growth rate was 16.20% [3] Group 2: IPO Details - The company, Shenzhen Konghui Intelligent Co., Ltd., was established in 2010 and specializes in the research, production, and sales of industrial automation control products [4] - The company submitted its IPO application to the Beijing Stock Exchange on November 3, 2023, aiming to raise 163 million yuan for expansion projects and R&D [4] Group 3: Controversies and Concerns - There are significant concerns regarding the necessity and rationality of the fundraising projects, particularly the projected output ratio dropping from 18.00 to 4.75 post-expansion [4] - Despite negative cash flow from operating activities from 2020 to 2024, the company distributed cash dividends totaling 23.43 million yuan, with the controlling shareholders receiving 10 million yuan [4] - The company's reliance on major client BYD has weakened, with orders amounting to 4.774 million yuan in 2023, a decrease of over 90% year-on-year [4]

Group 1 - Three companies withdrew their IPO applications last week, including one from the Shanghai Stock Exchange, one from the Shenzhen Stock Exchange, and one from the Beijing Stock Exchange [1] - The companies that withdrew their applications are Wuxi Yelong Precision Machinery Co., Ltd., Shenzhen Haobo Window Control Technology Co., Ltd., and Shenzhen Konghui Intelligent Co., Ltd. [2] Group 2 - Wuxi Yelong Precision Machinery Co., Ltd. specializes in the R&D, production, and sales of key components for automotive turbochargers, with main products including turbo shells and precision components [3] - The company has seen total assets increase from 1,229.13 million yuan in 2020 to 1,305.82 million yuan in 2022, while the net profit remained relatively stable around 103.20 million yuan [4] - The actual controllers of the company are sisters Wu Yunjiao and Wu Yunya, who hold a combined 98.90% of the shares, raising concerns about management clarity [5] Group 3 - Shenzhen Haobo Window Control Technology Co., Ltd. focuses on the R&D and production of system window control devices and solutions, with a significant emphasis on technological innovation [6] - The company reported total assets of 90.78 million yuan in June 2024, up from 47.05 million yuan in 2021, indicating strong growth despite operating in a challenging real estate market [7][8] Group 4 - Shenzhen Konghui Intelligent Co., Ltd. is engaged in the R&D, production, and sales of industrial automation control products, with applications in various high-tech fields [9] - The company reported a significant decline in net profit, with a 94.02% drop in its non-recurring net profit to 2.05 million yuan, indicating performance issues amid industry oversupply [10]

Core Viewpoint - The IPO of Shenzhen Konghui Intelligent Co., Ltd. has been terminated after undergoing three rounds of inquiries regarding its performance and customer stability [2] Group 1: Company Overview - Konghui Intelligent is a high-tech enterprise specializing in the research, production, and sales of industrial automation control products, including smart industrial computers and related accessories [5] - The company's products are widely used in various fields such as 3C product manufacturing, smart equipment, IoT, new energy, machine vision, artificial intelligence, and industrial automation [5] Group 2: Financial Performance - From 2020 to 2022, Konghui Intelligent achieved operating revenues of 155 million yuan, 209 million yuan, and 259 million yuan respectively [5] - The net profit attributable to the parent company for the same period was approximately 15.52 million yuan, 25.44 million yuan, and 29.14 million yuan respectively [5] - The company's total assets as of June 30, 2023, were approximately 290.50 million yuan, with total equity of about 133.92 million yuan [7] - The operating income for the first half of 2023 was approximately 259.22 million yuan, with a net profit of around 17.25 million yuan [7] Group 3: Key Financial Ratios - The weighted average return on net assets for the years 2020 to 2022 was 13.00%, 29.02%, and 34.25% respectively [6] - The net asset return rate after deducting non-recurring gains and losses was 11.95%, 25.15%, and 33.37% for the same years [6] - The company's R&D investment as a percentage of operating revenue was 4.39%, 4.15%, and 4.80% respectively [6]

Group 1 - The Beijing Stock Exchange has decided to terminate the review of Shenzhen Konghui Intelligent Co., Ltd.'s application for public stock issuance and listing [1] - Konghui Intelligent was initially accepted for its public offering application on November 3, 2023, and later submitted a withdrawal request on March 28, 2025 [1] - The company specializes in the research, production, and sales of industrial automation control products, including intelligent industrial control computers and related components [1] Group 2 - The company originally planned to issue up to 14,190,000 shares to unspecified qualified investors, with a potential increase to 16,318,500 shares if the overallotment option was fully exercised [2] - The intended fundraising amount was 163.11 million yuan for projects including the expansion of industrial control computers and core components, as well as the establishment of a research and development center [3] - The lead underwriter for this offering was Changjiang Securities Co., Ltd. [4]