Core Viewpoint - Langhong Technology (836395.BJ) has faced regulatory scrutiny shortly after its listing on the Beijing Stock Exchange due to violations related to the use of raised funds [1][2] Group 1: Regulatory Issues - On June 24, 2023, the China Securities Regulatory Commission (CSRC) Zhejiang Regulatory Bureau issued a warning letter to Langhong Technology for using idle raised funds to purchase financial products worth 20 million yuan before receiving explicit consent from its sponsor [2][3] - The violation occurred just four days after the company went public on September 1, 2022, raising 121 million yuan, with actual funds raised amounting to 107 million yuan [3] - The company was found to have disclosed inaccurate information in its 2022 annual fundraising report due to this violation [2] Group 2: Project Delays - Langhong Technology's fundraising project, aimed at establishing an "Electronic Product Anti-theft Equipment Industrialization Base," was initially scheduled for completion by December 31, 2024, but has been postponed to December 31, 2027, a delay of three years [1][5] - As of the end of 2024, the project had only utilized 23.69 million yuan of the raised funds, with a progress rate of 22.16% [7] - The project faced delays due to changes in land planning in the Binjiang District, leading to a change in the project location to Fuyang District and an increase in the total investment from 170 million yuan to 210 million yuan, while the amount of raised funds remained unchanged [6] Group 3: Financial Performance - Langhong Technology has struggled to maintain stable revenue, hovering around the 100 million yuan mark for seven years, with 2022 revenue at 113 million yuan, a decline of 21.36% year-on-year [8][9] - In 2023 and 2024, the company reported revenues of 117 million yuan and 159 million yuan, reflecting year-on-year growth of 3.02% and 36.63%, respectively [10] - The net profit for 2024 was reported at 57.95 million yuan, a year-on-year increase of 28.17%, attributed to a favorable consumer electronics market [10] Group 4: R&D Investment - In 2024, Langhong Technology significantly increased its R&D expenditure to 12.04 million yuan, a rise of 62.86% year-on-year, driven by the addition of eight new R&D projects and an increase in personnel costs [11] - The number of R&D personnel grew to 42 by the end of 2024, a substantial increase of approximately 180% compared to the previous year [12] - If the company maintains its growth trajectory, it may finally surpass the 200 million yuan revenue threshold [13]

近年来，包括数码产品（如智能手机、电脑、摄影设备等）、学习设备（如词典笔、翻译笔等）和可穿 戴设备已进入寻常百姓家。 受益于国内消费电子行业逐步复苏，2024年朗鸿科技实现营业收入1.59亿元，同比增长36.63%；实现归 母净利润分别为0.58亿元，同比增长28.18%。过去五年公司的营业收入和归母净利润的复合增长率分别 为7.21%和29.68%。 朗鸿科技重视研发投入，始终致力于构建具有行业竞争力的研发布局，将创新置于发展的核心地位，截 至2024年12月底，公司及子公司拥有海内外各类专利327项。 据统计2024年我国智能手机出货量约为2.86亿部，同比增长5.53%，随着消费电子行业发展，消费电子 产品的需求不断扩张，带动电子设备防盗展示产品的需求不断攀升。 根据百谏方略（DIResaerch）研究统计，全球电子商品防盗系统市场规模呈现稳步扩张的态势，2024年 市场规模达到107.3亿元，预计2030年将达到135.5亿元，2024~2030期间年复合增长率为3.97%。 此外，AI技术发展，还催生了诸如AI手机、AI眼镜等新型产品，创造了新的市场需求。电子产品市场 的不断扩大伴随着新增长点的不断 ...