Yingshi Ruida Preparation IPO IPO, intends to raise nearly 1 billion yuan

On July 1, Capital State learned that Beijing Yingshi Ruida Technology Co., Ltd. (hereinafter referred to as "Yingshi Ruida") broke the customs and innovation board IPOs were accepted by the Shanghai Stock Exchange, and this time it was planned to raise 979 million yuan.

Picture source: Shanghai Stock Exchange official website

Yingshi Ruida focuses on deeply integrated the advanced cloud computing and artificial intelligence technology and application scenarios, providing digital service solutions in the fields of urban atmospheric environment, water environment, and comprehensive ecology, and realizes the coordination of multi -dimensional integration and massive data. Exquisite supervision of ecological environment of artificial intelligence analysis.

During the reporting period, the company's main products and services include data monitoring systems and big data SaaS services. Among them, the data monitoring system includes the smart terminal products of the internal self -developed edge computing software and the soft hardware of outsourcing, which is mainly used to realize the situation perception of multi -dimensional data; the big data SaaS service is mainly based on the company's self -developed big data basic cloud platform, Big data intelligent analysis service provided by the big data SaaS application platform.

Picture source: company prospectus

Financial data shows that the company's revenue in 2019, 2020, and 2021 was 199 million yuan, 318 million yuan, and 450 million yuan, respectively; the corresponding net profit corresponding to the mother was 114.859 million yuan, 530.15 million yuan, and 71.956 million yuan, respectively.

According to the requirements of the "Shanghai Stock Exchange Science and Technology Innovation Board Stock Examination and Listing Regulations", the specific listing criteria selected by the company are: "The estimated market value will not be less than RMB 1 billion, and the net profit in the past two years is positive and the cumulative net profit will not not. It is lower than RMB 50 million, or the estimated market value is not less than RMB 1 billion, and the net profit in the past year is positive and operating income is not less than RMB 100 million. "

According to the "Audit Report" issued by Xinyongzhong and the Accounting Firm (special common partnership), the company's net profit in the past two years has been positive and the cumulative net profit in the past two years is not less than RMB 50 million. Combined with the company's latest capital increase and the corresponding valuation of external equity transfer, and the recent valuation of the comparable company in the domestic market, the total market value of the company is expected to be less than RMB 1 billion after this issuance, which meets the above standards.

This time, it is planned to raise funds for big data innovation application expansion construction projects, big data SaaS service platform construction projects, satellite remote sensing data platform (Phase 1) construction project, and research and development center construction projects.

Picture source: company prospectus

As of the date of the signing of this prospectus, Yin Wenjun directly held 26.98%of the company, and at the same time served as a partner of the company's employee holding platform Yingshi Bohui and Yingshi Bochuang. And 9.14%of the shares.

In addition, in June 2018, Zhang Yan, Liao Bingyu and Yin Wenjun signed the "Consensus Act Agreement" to stipulate that all parties should act as consistent actors and exercise the rights of shareholders such as proposal rights and voting rights. To vote, if it is difficult to reach an agreement, it will be unconditionally based on Yin Wenjun's opinion as the ultimate formed opinion. Therefore, Yin Wenjun controls the company's total 70.16%voting rights to be the controlling shareholder and actual controller of the company.

Yingshi Ruida admits that the company has the following risks:

(1) Product iteration and technology development risk

The company has deeply cultivated multi -dimensional integration and massive data Duanyun collaborative and artificial intelligence analysis technology development and industrialization. Its products and services involve cloud computing, artificial intelligence, big data, Internet of Things, satellite remote sensing, ecological environment monitoring and many other fields. Cross -border integration applications have high requirements, have the characteristics of rapid technological development and rapid upgrading iteration.

With the rapid integration and development of new generation of information technology such as cloud computing, artificial intelligence, and big data, the applicable scenarios have been increasing. The company needs to combine the changes in customers' needs to continue the innovation iterative of products and services to further accelerate the response speed of customer needs In order to open up new areas on the basis of stable existing customers. However, technology development has a large uncertainty. The company needs to invest a lot of manpower and funds during product technology research and development. If the company cannot accurately and timely grasp the future technological development trend, or the company's development technology cannot meet market demand. It will adversely affect the market competitiveness of the company's products and services.

(2) Uncertainty risks of pioneering and commercialization of new business areas

During the reporting period, the company mainly provided government customers with digital service solutions integrating massive data perception, intelligent identification and prediction, accurate traceability, and remote control for cloud computing and artificial intelligence technology. In the context of strong support for national industrial policies, the new generation of information technology is growing. At present, the company has achieved extensive application scenario coverage and industry technology leadership in the fields of atmospheric environment, water environment, and comprehensive ecology. Status and leading advantages.

At the same time, the company carried out a forward -looking strategic layout in the fields of dual carbon management, water resources protection, emergency management, and natural resources. Low, the company achieves relatively small income in these new applications. If the company's technology development in the new business field cannot solve the specific needs of downstream customers in the new business field, and related products and services cannot form an effective solution, the company's new business field will develop and commercialize a certain uncertainty. (3) The risk of continuous and rapid growth in operating performance

From 2019 to 2021, the company's operating income was 1988.531 million yuan, RMB 31,828,600, and 450.239 million yuan, with a compound growth rate of 50.47%. With the introduction of national industrial planning, industry policies, and the development of the national economy, the application of new generation of information technology such as cloud computing, artificial intelligence, and big data has increased to the national strategy with the application of traditional industries. The main body is increasing, and the industry competition is becoming more intense. If the company cannot maintain the competitive advantage of technological iteration, service quality, technical marketing, product or service prices through continuous technological innovation in the future, it may lead to the risk of slowing growth in the company's operating income.

In addition, from 2019 to 2021, the company's net profit attributable to the owner of the parent company after deducting non-recurring gains and losses was 11.8076 million yuan, 46.2068 million yuan, and 6,193,300 yuan, respectively, with a compound growth rate of 129.00%.

During the reporting period, the company's shares performed by the company's shareholding incentives were 14.5597 million yuan, 34.1471 million yuan, and 47.237 million yuan, respectively. At the same time, due to the company's equity incentives for employees, the service period was set. The total amount of shares to be shared by 2022-2025 was 144,669,200 yuan. After the company is listed, if the company's operating profit growth cannot make up for the shares to pay to be shared, it may lead to the risk of slowing growth in the company's profit.

(4) The risk of loss of key technical personnel

The industry's industry is a typical technology -intensive and talent -intensive industry. Key technicians are the basis for the company's continuous development and gaining industry competitive advantages. It is also one of the main factors of the company's continued technological research and development and technological innovation.

As of December 31, 2021, the company had 106 R & D personnel, accounting for 23.04%of the total number. With the growth of the company's business scale and the continuous investment in technology research and development, the company needs to continue to introduce new key technical personnel. At the same time, companies in the industry in the industry's competition for outstanding technical talents are becoming increasingly fierce.

If the company cannot show competitive advantages in the aspects of salary level, employee benefits, incentive systems, and career development, or the human resource control and internal promotion system cannot be effectively implemented, the company will not be able to introduce more high -end technical talents, or even may even be possible The occurrence of key technical personnel and insufficient technical talents will have a adverse effect on the company's continued technological innovation and maintaining technological advantages.

(5) Legal risk

From August 2019-February 2020, International Commercial Machines (China) Investment Co., Ltd. (hereinafter referred to as "IBM China Company") uses 51 Inventor application rights and 4 practical new patents of Yingshi Ruida as the inventor Former employees, related inventions are highly related to its own job in IBM China. The application date of the application date is not full for one year. It should be owned by IBM China.

In December 2021, the Beijing Intellectual Property Court issued the "Civil Judgment" such as "(2019) Beijing 73 People's Early Early Early Chu". Victory. The IBM Chinese company refused to accept the results of the first instance judgment and appealed to the Supreme People's Court, advocating the revocation of the first trial and the relevant patent application right or patent right to the IBM China company, and the litigation cost of the first and second trials by Yingshi Ruida. At present Wait for the Supreme People's Court for trial.

The 51 patent application rights and 4 practical new patents involved in the above case are all in the preservation measures of the Beijing Intellectual Property Court, and the preservation period is as of December 2023.

As of the signing of this prospectus, the company has obtained 92 authorized patents (only 4 practical new patents involved), including 35 invention patents and 33 practical new patents. In the future, if the company loses a lawsuit with IBM China, or intellectual property rights such as core technology and patents will be stolen, violated or declared invalid, it may weaken its own competitive advantage in the market competition, which will be unfavorable to the company's production and operation. influences.

(6) The risk of seasonal fluctuations in the main business income

During the reporting period, the company's customers are mainly ecological environment departments at all levels or their subordinate enterprises and institutions. Based on the characteristics of the government budget management system, the main customers usually prepare budgets and procurement plans for the next year at the end of each year or early the next year.In the first half of the year, the project bidding was launched, and the project was high at the end of the year.Affected by this, the company's main business revenue shows a certain seasonality. In the first half of the year, revenue accounted for a small number of annual revenue. In the second half of the year, the income in the second half of the year accounted for a large proportion of annual revenue.During the reporting period, the company's fourth quarter revenue accounted for 45.38%, 34.05%, and 35.03%of the current operating income.The seasonal fluctuations of the company's main business income will cause the company's unbalanced distribution of net profit and operating cash flow throughout the year, which will cause a certain adverse effect on the liquidity and normal production and operation activities of the company's assets.

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