Core Viewpoint - JiaYuan Technology Co., Ltd. has withdrawn its application for IPO, leading to the termination of its listing review by the Shenzhen Stock Exchange [1] Company Overview - JiaYuan Technology is a high-tech enterprise focused on providing IoT terminals and digital solutions in the smart power sector, enhancing the perception, communication, and data processing capabilities of power terminal devices and systems through IoT technologies [3] - The company primarily engages in the R&D, production, and sales of smart integrated terminals (TTU) and low-voltage branch monitoring units (LTU), along with offering digital solutions such as smart substations and remote intelligent inspections [3] Market Position - JiaYuan Technology has established a significant market position in digital solutions for substations, with 2,801 integrated service substations and 1,370 standalone gateway substations procured by State Grid Jiangsu Electric Power Co., Ltd. since 2020, representing 18.90% and 9.24% of the Jiangsu smart substation market, respectively [3] Sales and Revenue - From 2021 to Q1 2023, JiaYuan Technology reported revenues of 528 million yuan, 581 million yuan, and 71.76 million yuan, with net profits of 89.29 million yuan, 91.77 million yuan, and a loss of 7.75 million yuan [4] - The company has a high customer concentration, with sales to State Grid and its subsidiaries accounting for 75.31%, 63.35%, and 79.44% of total revenue from 2020 to 2022 [4] Accounts Receivable - JiaYuan Technology has a significant accounts receivable balance, which increased from 69.69 million yuan in 2020 to 276 million yuan in 2022, attributed to revenue growth and credit terms extended to reputable clients [5] IPO History - The company initially planned to raise 911 million yuan through its IPO to fund various projects, including R&D for smart power IoT terminals and communication modules, but ultimately withdrew its application after nearly two years post-approval [5]