Core Viewpoint - The company, Jianeng Technology, faces significant scrutiny and challenges regarding its financial data integrity and internal controls, leading to a substantial revision of its profit figures and raising doubts about its upcoming IPO prospects [1][2]. Financial Data Revision - Jianeng Technology made drastic adjustments to its financial statements, with a 60.96% downward revision of its 2021 net profit from 18.08 million to 7.06 million and a 34.70% upward adjustment of its 2022 net profit from 17.14 million to 23.09 million [1][2]. Regulatory Scrutiny - The company received a warning letter from the Shandong Securities Regulatory Bureau, highlighting significant accounting errors and undisclosed related-party transactions [1][2]. - The Beijing Stock Exchange focused on the authenticity of Jianeng Technology's financial information during its review process, with six out of eleven initial inquiries directly addressing financial authenticity [2][3]. Revenue and Profitability Concerns - The company's sales of sterilization culture racks raised suspicions, as the gross profit margins were negative in 2021 and only 15.44% in 2022, leading to questions about the legitimacy of these transactions [2][3]. - Jianeng Technology's overall gross margin fluctuated dramatically, increasing from 26.27% in 2021 to 47.44% in 2023, before dropping to 36.73% in the first half of 2024 [3]. Internal Management Issues - The company exhibited significant non-compliance with employee social security and housing fund contributions, with a 100% non-payment rate for housing funds in 2021, indicating poor internal management practices [3]. - The company's sudden performance decline in the first half of 2025, with a 34.37% drop in revenue and a 57.74% decrease in net profit year-on-year, further complicated its IPO prospects [3][4]. Ongoing Inquiries and IPO Withdrawal - The Beijing Stock Exchange continued to press for detailed explanations regarding discrepancies in accounting documents, indicating that Jianeng Technology's responses did not alleviate concerns [5]. - On September 26, 2025, Jianeng Technology's board approved the termination of its IPO application, pending final decisions from the exchange [5].

Group 1 - Canon Technology (佳能科技) has withdrawn its IPO application for the Beijing Stock Exchange, which was previously in a "suspended" review status since June 30, 2025 [1] - The company aimed to raise 248 million yuan through its IPO for projects including an industrial vibration damping safety system, energy-saving heat transfer equipment manufacturing, a research and development center, and working capital [1] - The company experienced a significant decline in performance, reporting a revenue of 120 million yuan in the first half of 2023, a year-on-year decrease of 34.37%, and a net profit of 10.34 million yuan, down 57.74% year-on-year [1] Group 2 - Canon Technology was established in 1998 and focuses on the research, design, production, and sales of energy-saving and environmentally friendly heat exchange equipment and pipeline support products [3] - The company was listed on the New Third Board in August 2019 and is controlled by its chairman, Yang Liyong, who holds 61.23% of the voting rights [3] - The company’s metal products revenue has significantly decreased, with reported revenues of 32.68 million yuan, 13.29 million yuan, 4.77 million yuan, and 0.31 million yuan over the reporting periods, primarily from sales to Shandong Qihe Biotechnology Co., Ltd. [3][4] Group 3 - Canon Technology has engaged in the production of sterilization culture racks, which are essential for Shandong Qihe's operations in the edible fungus industry, requiring precise standards and automation capabilities [4] - The company assisted a client in obtaining a loan for operational needs, which involved a contract worth approximately 25.05 million yuan for the sale of culture and sterilization racks [5] - Canon Technology holds a minor stake in Zibo Zichuan Rural Commercial Bank, with its actual controller serving as a supervisor at the bank [5]