Core Viewpoint - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology) has submitted its registration to the Beijing Stock Exchange, showing steady growth in performance for the first half of 2025, but also experiencing a significant increase in accounts receivable, following the acquisition of its former largest customer [1][3]. Group 1: Company Overview - Yuelong Technology specializes in the research, production, and sales of flexible pipelines for fluid transportation, including marine engineering, land oil and gas pipelines, and industrial hoses [2]. - The company serves major clients such as CNOOC, CNPC, Sinopec, and others, with products sold globally [2]. Group 2: Financial Performance - Main business revenues for Yuelong Technology from 2022 to the first half of 2025 are reported as 189 million, 219 million, 262 million, and 153 million yuan, with net profits of approximately 47.92 million, 60.78 million, 84.14 million, and 53.02 million yuan respectively [3]. - For the first nine months of 2025, the company reported revenues of 226 million yuan, a year-on-year increase of 16.08%, and a net profit of approximately 77.13 million yuan, up 17.47% year-on-year, attributed to increased downstream demand [4]. Group 3: Accounts Receivable and International Sales - Accounts receivable have significantly increased, with balances of 57.80 million, 68.71 million, 91.70 million, and 119 million yuan, representing 30.59%, 31.43%, 34.28%, and 77.77% of revenue respectively [5]. - The proportion of overseas sales has risen, with international revenue accounting for 31.70%, 35.14%, 33.98%, and 41.23% of total revenue during the reporting period [5]. Group 4: Shareholding and Corporate Governance - The actual controller, Xu Jincheng, holds 73.79% of Yuelong Technology's shares and has significant influence over the company's operations [6][7]. - The company has conducted four rounds of dividend distributions totaling 78.57 million yuan, with Xu Jincheng receiving approximately 57.98 million yuan in cash dividends [7]. Group 5: Related Party Transactions - Yuelong Technology previously relied heavily on related party Techfluid U.K. Ltd. as its largest customer, contributing 15.72% and 19.36% of revenue in 2022 and 2023 respectively [9]. - To address regulatory concerns, Yuelong Technology acquired 85% of Techfluid U.K. prior to its registration submission, integrating it into its consolidated financial statements [9]. Group 6: Compliance and Regulatory Issues - The company has faced scrutiny for using personal accounts for business transactions, which has since been rectified [11]. - Yuelong Technology was penalized for product quality issues in 2022, resulting in a fine of 5,000 yuan, but has since completed the necessary rectifications [12].

Core Viewpoint - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology) has been approved for its initial public offering (IPO) on the Beijing Stock Exchange, marking it as the 89th company to pass the review this year [1]. Company Overview - Yuelong Technology specializes in the research, production, and sales of flexible pipelines for fluid transportation, including three main series: marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial special hoses [1]. - The company is sponsored by Zhongtai Securities Co., Ltd., with the lead underwriters being Wang Jing and Bai Zhongfa [1]. Shareholding Structure - As of the signing date of the prospectus, Xu Jincheng directly holds 35,118,777 shares, accounting for 57.57% of Yuelong Technology's total equity. He also indirectly controls an additional 9,895,000 shares through Yantai Baicheng Enterprise Management Center (Limited Partnership), bringing his total control to 73.79% [1]. IPO Details - Yuelong Technology plans to publicly issue up to 21,993,198 shares to unspecified qualified investors, with a potential increase to 25,292,177 shares if the over-allotment option is exercised [2]. - The company aims to raise 289 million yuan (approximately 28.9 million) for several projects, including the construction of a self-floating oil rubber hose production project and upgrades to production facilities [2]. Inquiry Points from Review Meeting - The review meeting raised questions regarding the stability of Yuelong Technology's performance, particularly the impact of falling oil prices on its business and the effects of its acquisition of Techfluid U.K. Ltd. on future performance [3]. - Additionally, the meeting inquired about the company's capacity to absorb new production capacity from the proposed self-floating oil rubber hose production project [3].

Core Viewpoint - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, focusing on the development, production, and sales of flexible fluid transport pipelines [1] Financial Performance - The company reported revenues of 189 million yuan, 219 million yuan, and 268 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 22.36% in 2024 [1] - Net profits for the same years were 47.92 million yuan, 60.78 million yuan, and 83.42 million yuan, showing a year-on-year increase of 37.25% in 2024 [1] Key Financial Metrics - Projected financial metrics for 2024 include: - Revenue: 267.51 million yuan - Net profit attributable to shareholders: 83.42 million yuan - Basic earnings per share: 1.37 yuan - Diluted earnings per share: 1.37 yuan - Return on equity: 23.28% [1] - The company also expects to generate a net cash flow from operating activities of 99.68 million yuan in 2024 [1]

Core Viewpoint - Two companies successfully passed the IPO review on December 11, aiming to raise a total of 1.489 billion yuan [1] Group 1: Company Overview - Linping Development, based in Anhui, is in the paper and paper products industry, with a proposed fundraising amount of 120 million yuan and a net profit of approximately 15.29 million yuan in the last year [2] - Yuelong Technology, located in Shandong, is in the rubber and plastic products sector, with a proposed fundraising amount of 289 million yuan and a net profit of about 8.36 million yuan in the last year [2][3] Group 2: IPO Process and Regulatory Focus - Yuelong Technology's IPO application was accepted on May 26, 2025, and after two rounds of inquiries, it was approved on December 11, 2025 [3] - Regulatory scrutiny focused on Yuelong Technology's transactions with its affiliate Techfluid U.K. Ltd, the sustainability of its performance growth, and the authenticity of its sales [3][6][10] Group 3: Financial Performance - Yuelong Technology reported revenues of 189 million yuan, 219 million yuan, and 268 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of approximately 49.21 million yuan, 54.71 million yuan, and 77.74 million yuan [12][13] - The company’s revenue growth was driven by increased investment in the oil and gas sector and rising international oil prices [13] Group 4: Product and Market Dynamics - Yuelong Technology specializes in high-performance flexible pipelines for fluid transport, with products tailored for extreme conditions [11] - The company’s product sales are influenced by market demand in marine engineering and land oil and gas extraction, with a focus on high-end, differentiated competition [18][21] Group 5: Sales and Revenue Recognition - Yuelong Technology employs a dual sales model, with direct sales for domestic markets and non-direct sales through distributors for international markets [23] - The company confirmed that a significant portion of its sales revenue comes from Techfluid U.K. Ltd, which accounted for 80% of its distributor sales [23][25] Group 6: Regulatory Compliance and Audit Findings - The company faced inquiries regarding the authenticity of its sales and the adequacy of its revenue recognition practices, particularly concerning inventory levels at distributors [24][26] - Yuelong Technology's revenue recognition policy adheres to industry norms, and the company has implemented measures to ensure the accuracy of its sales reporting [26][28]

Core Viewpoint - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, focusing on the research, production, and sales of flexible pipelines for fluid transportation, with a strong emphasis on high-performance products for extreme conditions [1][2]. Group 1: Company Overview - The company specializes in three main series of rubber hose products: marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial special hoses, which are customized based on application conditions and transported media [1]. - Yuelong Technology's products are designed to meet extreme conditions such as ultra-high pressure, low temperature, high temperature, corrosion, and erosion, making them suitable for various applications including marine oil and gas drilling, deep-sea mining, and engineering machinery [1][2]. Group 2: Market Position and Clientele - The company's products are sold globally, with clients in China, Europe, America, Southeast Asia, the Middle East, and Africa, serving major enterprises such as CNOOC, CNPC, Sinopec, and ExxonMobil [2]. - Yuelong Technology has established a strong brand reputation in the market and has participated in drafting multiple national and industry standards, enhancing its position in high-end equipment fields [2]. Group 3: Standards and Certifications - The company is a member of the API (American Petroleum Institute) standards committee and has participated in the revision of several international standards, achieving three API product certifications [3]. - Yuelong Technology's products have received various international recognitions, including approvals from DNV, ABS, CCS, BV, and GOST, indicating compliance with international standards and contributing to its market reputation [3]. Group 4: Fundraising and Future Plans - The company plans to raise 289 million yuan for projects that will enhance its main business, including the establishment of a new floating oil rubber hose production project and upgrades to production facilities [3]. - Successful implementation of these fundraising projects is expected to strengthen the company's main business, expand product variety, increase production capacity, and enhance technological innovation and management efficiency [3].

Core Viewpoint - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology) is preparing for its listing on the Beijing Stock Exchange, with a focus on the research, production, and sales of flexible fluid transport pipelines, including marine engineering and land oil and gas pipelines [1][11]. Group 1: Company Overview - Yuelong Technology's main products include three series of rubber hoses: marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial special hoses, with clients such as CNOOC, CNPC, Sinopec, and others [1][11]. - The actual controller, Xu Jincheng, holds over 73% of the voting rights and serves as both chairman and general manager [2][3]. Group 2: Financial Performance - The company reported significant revenue growth from 189 million yuan in 2022 to 268 million yuan in 2024, with net profits increasing from 48 million yuan to 83 million yuan during the same period [25]. - In the first three quarters of 2025, Yuelong Technology achieved revenues of 226 million yuan and a net profit of 77 million yuan, reflecting year-on-year growth of 16.08% and 17.47%, respectively [25]. Group 3: Capital Raising and Investment Plans - Yuelong Technology plans to raise 289 million yuan through its IPO, with funds allocated for new production projects and upgrades to existing facilities [11][12]. - The company aims to enhance its production capacity, particularly in marine engineering flexible pipelines, with an expected annual output of 66,000 standard meters post-project completion [12][13]. Group 4: Research and Development - The company has invested in R&D, with R&D expenses amounting to approximately 1,014 million yuan in 2022, representing a rate of 5.37% of revenue [18]. - Yuelong Technology holds 68 patents, including 27 invention patents, ranking second among its peers in terms of invention patents [21][23]. Group 5: Corporate Governance and Risks - Xu Jincheng has previously borrowed 5 million yuan from the company, which was repaid in 2022, raising concerns about potential conflicts of interest and governance risks [5][6]. - The company has faced penalties for labor law violations and has not consistently paid social insurance and housing funds for some employees [8][9]. Group 6: Customer Relationships and Accounts Receivable - Yuelong Technology's major customer, Techfluid U.K. Ltd., was previously the largest client but has seen a decline in its ranking among the top clients, raising questions about the sustainability of customer relationships [25][26]. - The company's accounts receivable have increased significantly, with a total of 111 million yuan reported, indicating potential liquidity concerns [30][31].

Group 1 - This week, a total of 7 companies are undergoing IPO review, marking a new high for the year in terms of weekly IPO applications [1][6] - Among the companies, notable ones include HuiGu New Materials, YueLong Technology, and HongMing Electronics, with YueLong Technology focusing on flexible pipeline products for fluid transport [6] - The upcoming week (December 8-12) will see 5 new stocks available for subscription, including one from the Shanghai main board and others from the Shenzhen main board, ChiNext, and the Sci-Tech Innovation Board [2][3] Group 2 - Last week, three new stocks debuted in the A-share market, with MoEr Thread leading the performance by surging 425.46% on its first day [3] - MoEr Thread's IPO is the largest on the Sci-Tech Innovation Board this year, raising 8 billion yuan for various AI and chip development projects [3][5] - The company plans to invest in projects related to AI training chips, graphics chips, and AI SoC chips, along with supplementing its working capital [5] Group 3 - The actual controller of YueLong Technology, Xu Jincheng, holds a significant stake of 73.79% in the company, indicating strong control over its operations [6][7] - Xu Jincheng has a long history in the industry, having held various positions since 1985, and currently serves as the chairman and general manager of the company [7]

Group 1 - The core viewpoint of the article is that Shandong Yuelong Rubber and Plastic Technology Co., Ltd. is set to undergo an IPO review on December 11 at the Beijing Stock Exchange [1] - Yuelong Technology specializes in the research, production, and sales of flexible pipelines for fluid transportation, including three main series: marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial special hoses [1] - The company aims to raise approximately 289 million yuan through the IPO, with the net proceeds after issuance costs planned for investment in several projects, including a new floating oil rubber hose production project and upgrades to intelligent and information technology for rubber hose production facilities [1]

Group 1 - The core point of the article is that four companies are set to present their initial public offerings (IPOs) to the listing committees of the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange [1] - Linping Development plans to list on the Shanghai Main Board and aims to raise 1.2 billion yuan for projects related to bio-based fiber and green intelligent manufacturing materials [1][2] - Huigu New Materials is targeting the ChiNext board with a fundraising goal of 900 million yuan, focusing on functional resins and coatings [1][3] - Jintai Co., Ltd. and Yuelong Technology are both preparing for IPOs on the Beijing Stock Exchange, with Jintai aiming to raise 405 million yuan and Yuelong seeking 289 million yuan [1][4] Group 2 - Linping Development specializes in the research, production, and sales of corrugated paper and boxboard products [2] - Huigu New Materials focuses on the research, production, and sales of functional resins and functional coating materials [3] - Jintai Co., Ltd. is a high-tech enterprise engaged in the research, production, and sales of sponge titanium products, recognized as a leading producer in China [4] - Yuelong Technology develops and manufactures flexible pipelines for fluid transportation, including marine and land oil and gas applications [4]

Core Viewpoint - The regulatory body has raised concerns regarding Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology), particularly about its reliance on a major customer controlled by the actual controller, pricing pressures on its main products, and significant revenue growth in December of the previous year [1] Company Overview - Yuelong Technology specializes in the research, production, and sales of flexible pipelines for fluid transportation, including marine engineering flexible pipelines, land oil and gas flexible pipelines, and industrial special hoses [2] - The company serves a global market, providing products and services to major enterprises such as CNOOC, CNPC, Sinopec, and China Merchants Heavy Industry [2] Financial Performance - The main business revenue for Yuelong Technology is projected to grow from 189 million yuan in 2022 to 262 million yuan in 2024, with net profits increasing from approximately 47.92 million yuan to 84.14 million yuan during the same period [2] - The total assets of the company are expected to rise from approximately 382.23 million yuan in 2022 to about 511.84 million yuan in 2024, with total equity increasing correspondingly [3] Product Pricing and Margin Concerns - The average selling price of marine engineering and land oil and gas flexible pipeline products has fluctuated significantly, primarily due to changes in product mix [3] - Yuelong Technology has indicated that the pricing strategy, including slight price reductions for strategic markets, is aimed at stabilizing overall margins while expanding market presence [4] Customer Dependency and Revenue Recognition - The company's largest customer, Techfluid U.K. Ltd., has consistently contributed a significant portion of Yuelong's revenue, accounting for 15.72%, 19.36%, and 14.10% of total revenue from 2022 to 2024 [5] - Concerns were raised regarding the fairness of pricing and potential financial transactions between Yuelong and Techfluid U.K. Ltd., which the company addressed by stating that price differences are influenced by various factors, including product specifications and customer needs [5] Revenue Confirmation Issues - A notable spike in revenue in December 2024 was attributed to a large project order from World Carrier Corporation, which accounted for approximately 1.69 million yuan of revenue [8] - The company clarified that the revenue recognition aligns with actual project progress and does not involve premature or delayed revenue recognition practices [8]