Shenzhen Yimeizhi Technology Co., Ltd. (referred to as "Yimeizhi" or the "Company") submitted its first listing application to the Main Board of the Hong Kong Stock Exchange on April 1, with China International Capital Corporation (CICC) and China Merchants Securities International acting as joint sponsors.
Prior to this, Yimeizhi had attempted a listing on the A-share market, undergoing an exceptionally long guidance period spanning five years and 21 rounds. However, even by the final round of guidance, the Company still exhibited deficiencies in the day-to-day management of key revenue recognition documents such as acceptance certificates, with some acceptance documents failing to meet requirements. Furthermore, Yimeizhi faces compliance issues at multiple leased properties, including failure to register lease agreements with local housing authorities, absence of property ownership certificates provided by lessors, and discrepancies between the actual use of the properties and the designated uses specified on their ownership certificates.
Regarding its main business operations, there are significant discrepancies between the sales data disclosed by Yimeizhi and the procurement data disclosed by its customers, raising questions about the accuracy and authenticity of its information disclosure. For example, in 2023, Red Board Technology reportedly purchased machinery and equipment worth 78.4425 million yuan from Yimeizhi. However, Yimeizhi's disclosed revenue from its largest customer in 2023 was only 26.203 million yuan, substantially lower than the procurement amount reported by Red Board Technology for the same period.
**Persistent Revenue Recognition Issues After 21 Rounds of Extended Guidance**
Yimeizhi was established in 2008 and focuses on the intelligent research and development of optical technology and machine vision within the semiconductor, PCB, and IC substrate sectors. The Company not only provides customized high-quality non-standard equipment but also offers systematic services ranging from solution design to complete machine and production line planning. These services integrate with smart factories, utilizing AI-powered remote data processing to achieve fully automated inspection modes.
In October 2020, Yimeizhi signed a Guidance Agreement with China Merchants Securities, formally initiating its IPO guidance process. In January 2026, the Company withdrew its guidance filing, having completed 21 rounds of guidance over five years. Three months later, it launched its application for the Hong Kong Main Board, with China Merchants Securities remaining as one of the joint sponsors, joined by the newly added CICC.
Throughout its 18-year history, Yimeizhi has never introduced external investors. Prior to the IPO, co-founders Wu Linquan and Lin Yonghua collectively hold 84.85% of the company's shares, making them the controlling shareholders and actual controllers. Additionally, Executive Director and Technology Director Chen Shengpeng holds a 9.84% stake, while employee shareholding platforms—Huateng Xin, Wei Shengyuan, and He Yangde—collectively hold 5.32%.
This indicates that Yimeizhi's equity is entirely held by insiders, with no external financial investors or institutional shareholders. Under these circumstances, major operational decisions, investments and financing, related-party transactions, dividend policies, and executive appointments are entirely controlled by the founding team. This structure risks weak checks and balances for minority shareholders (post-listing), potentially leading to governance issues such as tunneling of profits, excessive dividends, imprudent expansion, and management autocracy.
Furthermore, the lack of institutional valuation endorsement may weaken IPO pricing and secondary market recognition, putting pressure on post-listing liquidity and valuation stability. Without undergoing prior due diligence by external capital, potential flaws in historical development, related-party transactions, internal control standards, and同业竞争 may not have been exposed in advance, posing significant risks during IPO review and subsequent compliance.
The 21st guidance report, issued in January 2026, highlighted that acceptance certificates are critical evidence for revenue recognition. The report noted deficiencies in Yimeizhi's daily management of these certificates, stating that some did not meet requirements and necessitated "obtaining further supporting evidence."
After 21 rounds of guidance, the most critical issue for Yimeizhi still revolves around rectifying acceptance certificates and improving document management. This raises questions about whether the earlier guidance and rectification efforts were merely superficial, failing to address fundamental business processes and financial accounting, thus leading to last-minute corrections in the final round. It also prompts scrutiny over whether China Merchants Securities can drive the Company toward fundamental standardization and whether the guidance process was merely procedural.
Notably, even in the final round of guidance, Yimeizhi had not finalized its intended listing venue or board, stating only that it would "make flexible adjustments based on market conditions." This is a significant warning sign. Typically, by the later stages of guidance, a company should have a clear target board and completed rectifications and indicator assessments according to the corresponding listing standards. Yimeizhi's indecision until the final round suggests a lack of clarity in its own positioning and a potential投机倾向, aiming for whichever market seems easiest.
Additionally, Yimeizhi faces compliance issues at multiple leased properties. As of the end of 2025, the Company leased nine properties in mainland China, primarily used for production facilities, warehouses, and offices. Among these, five had not registered their lease agreements with local housing authorities; one leased property, with a total floor area of approximately 1,100 square meters, lacked a property ownership certificate provided by the lessor; and another property, spanning about 1,463 square meters, was being used for purposes inconsistent with the designated use on its property ownership certificate.
Whether Yimeizhi has completed rectifications regarding these issues prior to its current IPO application remains subject to regulatory review.
**Significant Discrepancies Between Sales Data and Customer Purchases**
Financial data shows that from 2023 to 2025, Yimeizhi's operational performance experienced rapid growth. Revenue was 340 million yuan, 476 million yuan, and 764 million yuan, respectively, while net profit was 69.905 million yuan, 114 million yuan, and 202 million yuan, respectively. Net profit margins were 20.57%, 23.94%, and 26.50%, respectively.
Alongside revenue growth, Yimeizhi's customer concentration also increased. From 2023 to 2025, the revenue contribution from its top five customers was 29.8%, 44.9%, and 45.7%, respectively, showing a逐年上升趋势. Customer A became the largest customer starting in 2024, accounting for 22% and 17.2% of revenue in the past two years, respectively.
It is noteworthy that significant discrepancies exist between the sales data disclosed by Yimeizhi and the procurement data disclosed by its customers, casting doubt on the accuracy and authenticity of the disclosed information.
According to Red Board Technology's response to the first round of review inquiries, its procurement amounts from Yimeizhi in 2023, 2024, and the first half of 2025 were 78.4425 million yuan, 89.823 million yuan, and 67.6283 million yuan, respectively.
However, intriguingly, according to Yimeizhi's prospectus, its revenue from its largest customer, Customer D, in 2023 was only 26.203 million yuan, far lower than Red Board Technology's procurement amount for the same period. Furthermore, Customer D is listed on the Hong Kong Stock Exchange, while Red Board Technology is listed on the Shanghai Stock Exchange, indicating they are different entities.
Within Yimeizhi's disclosed list of top five customers, Customer A shows the highest degree of information匹配度 with Red Board Technology. In 2024, Yimeizhi's sales revenue from Customer A was 105 million yuan, differing from Red Board Technology's disclosed procurement amount by 14.789 million yuan.
Considering the aforementioned deficiencies in Yimeizhi's management of acceptance certificates, questions arise regarding the accuracy of the Company's revenue recognition timing and whether there are instances of revenue recognition跨越会计期间.
Furthermore, the unit price of optical automatic inspection equipment procured by Red Board Technology from Yimeizhi was 1.2727 million yuan per unit, significantly lower than the price of similar products procured from Maode Technology (1.924 million yuan per unit). According to Red Board Technology, the price difference is primarily because Maode Technology is a PCB equipment supplier from Taiwan, China, whose products are positioned in the high-end market with higher设备稳定性, commanding higher purchase prices.
Does this suggest that Yimeizhi's products are positioned in the mid-to-low-end market, with relatively poorer equipment stability, relying mainly on low-price competition?
In 2025, while Yimeizhi's net profit margin continued to improve, its gross profit margin declined. The Company's comprehensive gross profit margin for 2025 was 43.5%, a decrease of 2.7 percentage points year-on-year. Specifically, the gross profit margins for its PCB optical inspection solutions and electrical performance testing solutions were 44.1% and 42.6%, down by 2.6 percentage points and 1 percentage point year-on-year, respectively.
In contrast, peer company Maode Technology achieved a gross profit margin as high as 61.27% in 2025, an increase of 3.68 percentage points from the previous year, and 17.77 percentage points higher than Yimeizhi. Another peer, Sitaike, reported a gross profit margin of 49.98%, experiencing only a minor decrease of 0.09 percentage points year-on-year, a much smaller decline than Yimeizhi, and its gross profit margin was 6.48 percentage points higher.
More critically, Yimeizhi's R&D expense ratio is significantly lower than its peers, raising doubts about the technological moat of its products.
From 2023 to 2025, Yimeizhi's R&D expenses were 43.877 million yuan, 45.894 million yuan, and 53.149 million yuan, respectively. The growth rate of these expenses was far lower than the同期收入 growth. The R&D expense ratios were 12.91%, 9.64%, and 6.96%, respectively, showing a逐年下滑趋势. During the same period, Maode Technology's R&D expense ratios were 13.61%, 16.57%, and 12.14%, while Tianzhun Technology's ratios were 13.99%, 15.57%, and 15.46%, all maintaining double-digit figures.
As of the end of 2025, Yimeizhi had a total of 170 R&D personnel, accounting for 20.41% of its total workforce. In comparison, the proportions of R&D personnel at Sitaike and Tianzhun Technology were 28.69% and 32.41%, respectively.