Core Viewpoint - Shenzhen Peicheng Technology Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, aiming to raise 500 million yuan, with significant concerns regarding its declining revenue and the impact of the BYD order cancellation incident on its growth potential [1][2]. Financial Performance - Peicheng Technology's revenue from 2022 to 2024 showed a downward trend, with figures of 850 million yuan, 764 million yuan, and 733 million yuan respectively, indicating a decline of 4.02% and 17.58% in 2024 compared to the previous year [2]. - Net profit for the same period was 92 million yuan, 113 million yuan, and 93 million yuan, reflecting a similar decline in profitability [2]. - The company's total assets increased from approximately 582 million yuan in 2022 to about 841 million yuan by June 2025, while shareholder equity rose from 210 million yuan to nearly 493 million yuan during the same period [3]. Customer Dynamics - The BYD order cancellation incident in 2023 led to a significant drop in sales to BYD, from 90 million yuan in 2022 to 38 million yuan in 2024, causing its ranking among Peicheng's customers to fall from first to fourth [4][7]. - Another major customer, Keda Technology, also saw a decline in sales from 60 million yuan in 2022 to 46 million yuan in 2023, eventually dropping out of the top five customers by 2024 [7]. IPO Fundraising and Allocation - The IPO plans to allocate 294 million yuan for battery and power control system capacity enhancement, 144 million yuan for R&D center construction, and 62 million yuan for working capital [1][9]. - The 62 million yuan for working capital has raised concerns about potential "money-grabbing" allegations, as it is perceived as excessive financing [8][10]. Operational Metrics - Peicheng Technology's liquidity ratios indicate strong short-term solvency, with current ratios of 1.55, 2.85, and 2.69 over the past three years [10]. - The company reported cash dividends totaling 77.5 million yuan from 2022 to 2023, which covers the planned working capital raise of 62 million yuan [10]. Future Projections - The company anticipates a conservative revenue growth of 10% over the next three years, projecting a working capital shortfall of approximately 102.7 million yuan, with the current fundraising plan addressing part of this need [11][13].

Core Viewpoint - A total of 10 companies are set to present their IPO applications, with significant fundraising amounts and diverse industry focuses, indicating a robust pipeline for new listings in the Chinese market [1] Group 1: Upcoming IPOs - The company with the highest expected fundraising is Visionary Technology, aiming to raise 2.015 billion yuan for projects related to high-resolution silicon-based OLED micro-displays and R&D center construction [1] - Other notable companies include Dapu Micro, seeking to raise 1.878 billion yuan, and Weitongli, with a target of 1.594 billion yuan [1] - The geographical distribution shows that Zhejiang Province has 4 companies, Guangdong has 2, while Jiangxi, Liaoning, Anhui, and Beijing each have 1 [1] Group 2: Company Profiles - Weitongli specializes in the R&D, production, and sales of electrical connection products and synchronous decomposers [2] - Dapu Micro focuses on the R&D and sales of enterprise-level SSD products for data centers [3] - Sanrui Intelligent is engaged in the R&D, production, and sales of electric power systems for drones and robots [4] - Visionary Technology is a leading provider of micro-display solutions, focusing on silicon-based OLED micro-displays and offering strategic product development and optical systems [5] - Longyuan Co. specializes in the R&D, production, and sales of aluminum alloy precision die-casting parts [6] - Puang Medical is involved in the R&D, production, and sales of medical devices for diabetes care and minimally invasive interventions [7] - Xinhengtai focuses on the R&D, manufacturing, and sales of plastic foaming materials [8] - Guantai Vacuum is a high-tech enterprise engaged in the R&D, manufacturing, and sales of vacuum equipment, serving various industries [8] - Peicheng Technology operates in the lithium battery new energy sector, providing third-party battery management systems and related solutions [8]