Core Viewpoint - Longxin Intelligent Equipment Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 19th company to pass the review in 2026, with 13 from the Beijing Stock Exchange and 6 from the Shanghai and Shenzhen Stock Exchanges combined [1] Company Overview - Longxin Intelligent specializes in the research, production, sales, and service of micro-nano high-end composite material preparation equipment and automated production lines, with main products including grinding equipment, drying equipment, and material automation production lines [1] - The company is controlled by major shareholders Mo Mingwei, Mo Longxing, and Jin Guihua, with Mo Mingwei holding 44.1880% of the shares directly [2] Shareholding Structure - Mo Mingwei directly holds 29,773,889 shares (44.1880%), while Mo Longxing and Jin Guihua hold 4.4484% and 5.2883% respectively. Together, they control 62.3242% of the voting rights [2] - The IPO will issue no more than 22,460,003 shares, accounting for 25.00% of the total share capital post-issue, with all shares being new and not involving any public sale by existing shareholders [2] Fundraising Purpose - The company aims to raise 458.21 million yuan, which will be allocated to projects including the expansion of intelligent micro-nano material production equipment and supporting automated production lines, large-scale automated equipment construction, and the establishment of a research and development center [2] Review and Inquiry - The review committee raised inquiries regarding the sustainability of the company's operating performance and the compliance of revenue recognition, requesting verification from the sponsoring institution and accountants [4]

Core Viewpoint - Longxin Intelligent Equipment Co., Ltd. is preparing for its listing on the Beijing Stock Exchange, with a focus on providing intelligent factory solutions and high-end equipment for various industries, including new energy and fine chemicals [1] Company Overview - Longxin Intelligent was established in August 2001 and completed its shareholding reform in July 2023. It plans to list on the Beijing Stock Exchange after completing the counseling process by May 2025 [1] - The company’s main products include grinding equipment, drying equipment, and automated production lines [1] Ownership Structure - The controlling shareholders are Mo Mingwei, Mo Longxing, and Jin Guihua, with a combined voting power of 62.32%. Mo Mingwei holds 44.19%, Mo Longxing 4.45%, and Jin Guihua 5.29% [1][3] - The family relationship among the controlling shareholders raises concerns about potential risks of improper control over the company [3] Financial Transactions - Mo Mingwei has lent over 7 million yuan to executives, with significant amounts borrowed by key personnel for employee stock ownership plans [4][5] - The loans to executives lack interest agreements, raising questions about the necessity and authenticity of these financial arrangements [6] Related Party Transactions - The company has engaged in related party fund transfers, with a total of 2.4 million yuan transferred in 2023. All funds have been returned [6][7] - The company plans to account for interest on related party loans for the years 2022-2023, indicating a cautious approach to financial management [6]

【环球网财经综合报道】常州市龙鑫智能装备股份有限公司专注于超细粉体尤其是微纳米高端复合材料的制备装备及自动化生产线的研发、生产、销售 和服务，形成了研磨设备、干燥设备及物料自动化生产线三类核心业务，目前该公司正在申请上市。 根据招股书披露，公司于2019年参股设立龙鑫干燥，为实现业务协同发展、提高规模效益、减少关联交易、增强独立性，2022年7月，龙鑫智能通过换股 方式收购了龙鑫干燥65%的股权从而实现对龙鑫干燥的控制，至此，龙鑫干燥成为公司全资子公司。 也即在收购龙鑫干燥65%股权之前，龙鑫智能已经拥有龙鑫干燥35%。但是根据《国家企业信用信息公示系统》查询的工商变更资料显示，龙鑫干燥曾于 2021年9月办理工商变更，彼时龙鑫智能退出了对该公司的投资，直至2022年2月才重新拥有对龙鑫干燥的投资；在此期间，则由龙鑫智能董事长莫龙兴 之子、龙鑫智能总经理莫铭伟持有龙鑫干燥股份。对此，招股书并未做出信息披露，至于其原因，公司并未接受记者采访。 | 按工作性质分类 | 期初人数 | 本期新增 | 本期减少 | 期末人数 | | --- | --- | --- | --- | --- | | 生产人员 | 176 ...

2026年2月11日，常州龙鑫智能装备股份有限公司（下称"龙鑫智能"）IPO申请将迎北交所上市委审议。 公司拟募资4.58亿元投向智能装备扩建及研发项目。在上会前夕，龙鑫智能陷入多重困境，净利润连续 两年下滑、核心高管借实控人资金入股、收入确认存在重大财务瑕疵，多项问题遭北交所问询。 光鲜营收背后，龙鑫智能经营疲态尽显，增收不增利问题突出。招股材料及最新审阅数据显示，2022年 至2024年，公司营收从3.36亿元增至6.04亿元，但净利润出现波动，分别为8,716.03万元、1.43亿元、1.2 亿元。2025年颓势进一步加剧，公司营收仅微增4.96%，净利润却逆势下滑1.42%，营收与净利润反向 背离持续扩大，盈利能力显著承压。 业绩承压的同时，龙鑫智能客户集中度常年居高不下，2022年至2025年上半年，公司对前五大客户销售 占比分别为48.68%、64.83%、66.95%、69.32%，呈逐年攀升态势。与此同时，龙鑫智能客户结构引发 关注。招股书显示，报告期内，公司前五客户频繁更换：2022年前五客户仅两家留存至2023年；2023年 五大核心客户2024年集体"消失"、全部跌出前五；2025年上半 ...

资料显示，龙鑫智能是一家专注于微纳米高端复合材料制备设备及自动化生产线研发、生产、销售和服 务的企业，致力于提供从低粘度到高粘度、从微米级到纳米级、从湿法到干法等多场景、多应用的物料 处理解决方案，产品涵盖研磨设备、干燥设备及物料自动化生产线，应用于新能源（磷酸铁锂正极材 料、硅碳负极材料等）、光伏（光伏电子浆料）、涂料油墨等领域，客户包括宁德时代、湖南裕能、聚 和材料、洋紫荆油墨等行业知名企业。 不过，从公开信息来看，这家企业也有不少问题被关注，比如曾经陷入虚开增值税专用发票案件，专利 数量数据打架、痛失大客户、收入确认等。 关于收入确认的问题，交易所在前后两轮问询都重点关注。 根据申请文件及问询回复：报告期各期，发行人存在验收单或签收单仅签字、邮件确认验收和客户未提 供验收证明等情形。报告期各期，验收证明存在瑕疵的收入占比分别为6.02%、8.47%和17.18%。发行 人部分项目安装调试完成时间与验收时间间隔较长，个别客户不同项目验收形式不同。 发行人某项目2023年确认收入，2024年根据工程结算审定数与发行人签订补充协议，变更合同金额，相 应冲减2024年收入。2023年、2024年发行人客户通过融 ...

Group 1: Financial Performance - The company's revenue for the first three quarters decreased by 8.05% year-on-year, totaling 947.02 million yuan [3] - The net profit attributable to shareholders declined by 155.28%, amounting to a loss of 3.55 million yuan [3] - In the third quarter, there was a significant increase in revenue compared to the previous quarter, driven by higher project completions in the energy systems and coating applications [3] Group 2: Research and Development - The company has increased its R&D investment by over 50% compared to the previous year, focusing on new business development [3] - Progress in solid-state battery technology includes research on dry electrode and solid electrolyte film formation, with existing product shipments and ongoing laboratory construction [4] - The company is optimizing materials and process parameters for solid-state electrolytes, with several orders for coating equipment already secured [4] Group 3: Semiconductor and Panel Business - The perovskite segment has seen a slowdown, with new orders primarily for small-scale experimental and layered coating equipment [5] - The company has successfully validated its panel equipment with major clients, expanding its customer base and securing additional orders for experimental lines [6] Group 4: International Business and Export Policies - The company's overseas sales proportion is currently small, and export control measures do not prohibit relevant product exports, allowing for normal business operations under compliance [6] - The company has established subsidiaries in Hong Kong, Germany, South Korea, and Japan, with plans to increase investment in international markets [6]

Overview - Drying equipment is essential in various industries such as lithium batteries, textiles, food, chemicals, agriculture, ceramics, and environmental protection [1][14] - The demand for drying equipment has been continuously growing, particularly in the lithium battery sector, with a projected demand of 5.421 million units and a market size of 34.3 billion yuan in 2024 [1][14] Market Policies - The Chinese government has issued several policies to support the development of the general equipment manufacturing industry, including drying equipment, creating a favorable policy environment [8] Industry Chain - The upstream of the drying equipment industry includes suppliers of raw materials and components such as steel, motors, and sensors, while the midstream involves research and production, and the downstream encompasses various application markets [10] Demand Structure - Lithium batteries represent the largest demand market for drying equipment, accounting for 23.54%, followed by textiles and food at 17.32% and 12.70% respectively [12] Competitive Landscape - The drying equipment industry in China is characterized by a high degree of market fragmentation, with over 40% of related companies having registered capital under 2 million yuan [14] - As demand for high-end products increases, companies with advanced technology and R&D capabilities are expected to gain competitive advantages [14] Company Analysis - Shenzhen Xinyuren Technology Co., Ltd. focuses on high-end equipment for lithium-ion batteries, with 53.67% of its revenue from drying equipment in the first half of 2025 [15] - Qingdao Degute Energy-saving Equipment Co., Ltd. specializes in energy-saving drying machines, achieving a revenue of 250 million yuan in the first half of 2025, with a gross profit margin of 39.14% [16] Development Trends - The drying equipment industry is expected to emphasize green energy and energy-saving technologies, with a focus on renewable energy sources and smart upgrades through IoT and AI [16]

Group 1 - Longxin Intelligent Equipment Co., Ltd. has received the first round of inquiry letters from the Beijing Stock Exchange, focusing on eight aspects including the accuracy of innovation characteristics and market space disclosure, risks of declining operating performance, the reasonableness of gross profit margins compared to comparable companies, and the necessity and rationality of fundraising projects [2] - The company plans to raise 458 million yuan through its IPO, primarily for the expansion of intelligent micro-nano material production equipment and supporting automation production lines, large-scale automation equipment construction projects, and research center construction projects [5] - From 2022 to 2024, Longxin Intelligent achieved revenues of 336 million yuan, 582 million yuan, and 604 million yuan, with net profits of 87 million yuan, 143 million yuan, and 120 million yuan, indicating a clear trend of "increasing revenue without increasing profit" [5] Group 2 - Longxin Intelligent acquired 65% of Longxin Drying through a share swap in July 2022, resulting in goodwill of 17.7061 million yuan, with Longxin Drying contributing net profits of 35 million yuan, 86 million yuan, and 51 million yuan during the reporting period, accounting for 40.35%, 60.15%, and 42.64% of Longxin Intelligent's net profits respectively [5] - Longxin Drying has eight patents that may have potential dispute risks, as one invention patent and seven utility model patents were applied for within one year after the inventors left their previous employment, which meets the time requirements for recognition of work-related inventions under Chinese patent law [6] - Longxin Intelligent stated that these patents were primarily formed during the early stages of Longxin Drying's establishment and are still in the research phase, not applied to core business products, but still carry potential dispute risks [6]

Core Viewpoint - Longxin Intelligent Equipment Co., Ltd. has submitted its listing application to the Beijing Stock Exchange, with concerns raised about the legitimacy of its financial performance following a significant acquisition of Longxin Drying, which has contributed approximately 50% of its profits in a short period [1][4]. Financial Performance - Longxin Intelligent's revenue for 2022-2024 is projected to be CNY 336 million, CNY 582 million, and CNY 604 million, with net profits of CNY 87 million, CNY 143 million, and CNY 120 million respectively [2]. - The acquisition of a 65% stake in Longxin Drying in July 2022 has been a major factor in the company's profit surge, with Longxin Drying contributing CNY 138.48 million and CNY 283.91 million in revenue for 2022 and 2023, accounting for 41.20% and 48.76% of Longxin Intelligent's total revenue [2][3]. Acquisition Concerns - Investors have questioned the rapid profit contribution from Longxin Drying, suggesting potential "patchwork listing" practices [4]. - Longxin Intelligent claims the acquisition was aimed at achieving business synergy and enhancing independence [4]. Supplier and Labor Issues - There are significant doubts regarding the legitimacy of Longxin Drying's top five installation service providers, with some showing zero insured employees despite substantial transaction volumes [5][6]. - Similar concerns exist for labor outsourcing suppliers, with several newly established companies quickly becoming major suppliers while showing no insured employees [9]. Accounts Receivable Analysis - Longxin Intelligent's accounts receivable have shown a concerning trend, with over 1-year aged receivables increasing from 22.82% in 2022 to 75.24% in 2024, indicating potential cash flow issues [10][11]. - Despite the high proportion of aged receivables, the company's bad debt provision rates are lower than industry averages, raising questions about the adequacy of its financial practices [14][17]. Revenue Recognition Patterns - The company has experienced significant fluctuations in quarterly revenue, with over 50% of its revenue typically recognized in the fourth quarter, suggesting a reliance on year-end performance [18].