Core Viewpoint - The company, Jiangsu Jinzhi Education Information Co., Ltd., has faced challenges in its IPO attempts, with both its ChiNext and Sci-Tech Board applications being withdrawn after initial approvals, indicating potential underlying issues in its business model or market conditions [1][17][18]. Group 1: Business Overview - The company primarily serves higher education institutions and vocational schools, with software development accounting for over 80% of its revenue [2]. - The company has a registered capital of 60 million yuan and was established in 2008, transitioning to a joint-stock company in 2014 [1]. Group 2: Financial Performance - The company's revenue for 2020, 2021, and 2022 was 47,531 million yuan, 49,165 million yuan, and 45,495 million yuan respectively, indicating stagnation in growth [7]. - The net profit for the same years was 6,727 million yuan, 6,360 million yuan, and 6,638 million yuan, showing minimal fluctuation [7]. - The company’s cash flow from operating activities has been volatile, with figures of 6,631 million yuan, -486 million yuan, and 4,514 million yuan for the respective years [8]. Group 3: Client Base and Revenue Sources - The top five clients in 2022 included major banks and educational institutions, with the largest client being Bank of China, contributing 5.20% of total revenue [6]. - The company’s revenue from software development has decreased slightly from 84.24% in 2020 to 81.33% in 2022 [3]. Group 4: Accounts Receivable and Financial Health - The company has a high proportion of accounts receivable, with balances of 25,304.07 million yuan, 33,996.33 million yuan, and 35,615.89 million yuan for 2020, 2021, and 2022, respectively, representing 53.24%, 69.15%, and 78.28% of total revenue [10][11]. - The company’s asset-liability ratio improved from 35.56% in 2020 to 24.87% in 2022, indicating better financial stability [8]. Group 5: Regulatory and Compliance Issues - The company’s "Today Campus" app faced regulatory scrutiny for improper collection and use of personal information, leading to required rectifications [12]. - The company has been questioned about its compliance and operational integrity, particularly regarding its revenue recognition and client relationships [13][15]. Group 6: IPO Attempts and Market Position - The company’s IPO on the Sci-Tech Board was approved in February 2021 but was withdrawn in December 2021 due to unresolved issues regarding its technological attributes and market positioning [17][18]. - The company’s recent IPO attempt on the ChiNext was also halted, reflecting ongoing challenges in meeting market expectations and regulatory requirements [1][9].

Core Insights - The company Jinzhijiao Education has faced significant challenges in its IPO attempts, with two failed applications in a short period, indicating potential underlying issues in its business model and compliance [1][2] Group 1: Company Overview - Jinzhijiao Education is a provider of information technology services for higher education institutions, offering software development, SaaS services, and system integration based on proprietary cloud architecture [1] - The company has attempted to go public twice, first on the Sci-Tech Innovation Board and then on the Growth Enterprise Market, but both attempts ended in withdrawal [1][2] Group 2: Compliance Issues - The company has encountered multiple compliance issues related to data protection, specifically concerning its "Today Campus" app, which led to several notifications from regulatory bodies regarding the improper collection and use of personal information [2] - These compliance failures highlight vulnerabilities in the company's information security and data protection practices [2] Group 3: Competitive Position - Jinzhijiao Education's core competitiveness is in question, as evidenced by a decline in both R&D personnel and core technical staff over the reporting period, which is concerning for a technology-intensive industry [2] - The company's R&D expenses have shown fluctuations, with amounts of 99.41 million, 108.92 million, and 92.81 million yuan over the years, indicating potential instability in innovation capacity [2] Group 4: Financial Performance - The company's financial performance has been inconsistent, with reported revenues of 475 million, 492 million, and 455 million yuan, and net profits of 71.58 million, 80.32 million, and 78.26 million yuan during the reporting period [3] - Notably, the revenue for 2022 saw a year-on-year decline of 3.32%, while net profit decreased by 10.88%, reflecting challenges in maintaining growth [3]

Core Viewpoint - Jiangsu Jinzhi Education Information Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Company Overview - Jinzhi Education was established in January 2008 and is located in Nanjing, Jiangsu Province. The company has a registered capital of approximately 60 million yuan [3] - The main shareholders include Guo Chao, Shi Mingjie, Wang Tianshou, and Nanjing Mingde Information Technology Co., Ltd. [3] IPO Details - Jinzhi Education submitted its prospectus in June 2022, aiming to raise 577 million yuan through the IPO. The company passed the review in July 2023 but did not submit the registration, leading to a nearly two-year delay before the termination [4][5] Financial Performance - The company's revenue for 2020, 2021, and 2022 was approximately 475 million yuan, 492 million yuan, and 455 million yuan, respectively. The net profits for the same years were approximately 73.32 million yuan, 78.93 million yuan, and 77.55 million yuan [6] - The net profit after deducting non-recurring items for 2020, 2021, and 2022 was approximately 67.27 million yuan, 63.60 million yuan, and 66.38 million yuan [6] Revenue Composition - Jinzhi Education's income primarily comes from software development and SaaS services, with software development revenue for the reporting periods being approximately 400 million yuan, 404 million yuan, and 370 million yuan, accounting for 84.24%, 82.08%, and 81.33% of its main business income, respectively [7] Compliance and Operational Issues - The company faced scrutiny regarding its operational performance, core competitiveness, and compliance issues, particularly concerning the decline in direct sales revenue and the increase in accounts receivable and contract assets [5] - Jinzhi Education's R&D expenses and personnel have shown a downward trend, raising concerns about its core competitiveness [5] - The company received notifications from regulatory bodies regarding the collection and use of personal information through its "Today Campus" app, which necessitated further disclosures in its prospectus [5]

Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Jiangsu Jinzhi Education Information Co., Ltd.'s application for an initial public offering (IPO) on the ChiNext board, following the company's request to withdraw its application [1][3]. Group 1: Company Overview - Jiangsu Jinzhi Education is a provider of information services for higher education institutions, offering software development, SaaS services, operational services, and system integration based on its self-developed smart campus operation support platform [3]. - The company was initially seeking to issue up to 20 million shares and aimed to raise 577 million yuan for various projects, including the construction of a hybrid cloud smart campus platform and an integrated intelligent teaching cloud platform [5][6]. Group 2: Shareholding Structure - As of the signing date of the prospectus, the major shareholders, Guo Chao and Shi Mingjie, directly hold 24.09% and 16.06% of the company's shares, respectively, and together with their indirect holdings through Nanjing Mingde, they control 51.09% of the voting rights [4]. - Guo Chao and Shi Mingjie have signed a concerted action agreement to maintain consistent voting at shareholder meetings, ensuring joint control over the company [4].