Oulian Electric's IPO Approved: Chen Xianyong and his wife hold nearly 99% of the shares; Board Secretary Zheng Chengfu appears alongside Wang Mengxi and Sun Yin, rekindling old ties with Yibin Technology | Yangtze River Delta Capital Bureau

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The Beijing Stock Exchange Listing Committee approved Zhejiang Oulun Electric Co., Ltd. (referred to as “Oulun Electric”)’s listing application on March 17. This environmental appliance company, originally known for dehumidifiers and portable air conditioners, successfully obtained a “ticket” to enter the capital market. However, questions regarding the authenticity of its performance, transaction structure, and growth quality were also raised at the same time.

By 2025, the company’s scale will further expand, with annual revenue reaching 2.036 billion yuan, a year-on-year increase of 25.46%; non-recurring net profit is 218 million yuan, up 6.44% year-on-year.

Revenue continues to grow, but profit growth has noticeably slowed down.

This change is not accidental. The prospectus discloses that the company’s gross profit margin has fallen back to 25.95% from previous levels, putting marginal pressure on profitability. Meanwhile, the company’s performance expectations for the first quarter of 2026 also show similar characteristics: projected revenue growth of 5.00% to 15.66% year-on-year, with net profit growth ranging from 3.04% to 13.89%, and non-recurring net profit growth between 2.04% and 13.18%. Growth is still happening, but the slowdown has become an easily recognizable trend.

Compared to growth itself, regulators are more concerned about the “structure” of growth. During the review meeting, the listing committee directly pointed out that the company needs to explain the commercial rationality of its distributor intermediary model, as well as the reasons behind the large procurement and inventory of related party BUBLUE in 2022, and verify the authenticity of related sales. These issues lack grand narratives but are rooted in basic transaction logic.

In simple terms, it’s about confirming whether these revenues can withstand reconstruction.

If we shift the perspective to personal relationships, Oulun Electric’s IPO also shows some uncommon intersections. The company’s Secretary Zheng Chengfu recently finished his term as an independent director at Yibin Technology before the meeting; the two sponsors’ representatives, Wang Mengqian and Sun Yin, also participated in Yibin Technology’s initial public offering. The intersection of these three parties in different projects adds a layer of familiarity to this IPO within the industry.

Yibin Technology’s subsequent performance has also been repeatedly mentioned. It maintained growth before listing but experienced a significant decline in the year of listing, followed by continuous profit decline until a loss forecast was disclosed. At that time, the sponsor explicitly stated in the materials that “the future development prospects are good,” but actual operations headed in another direction.

This contrast does not directly constitute a conclusion, but in the market context, it’s hard to ignore.

On the corporate governance front, Chen Xianyong and the couple Zhan Xiaoying control a total of 98.88% of the company’s shares, forming a highly concentrated control structure. While this structure improves decision-making efficiency, it also imposes higher demands on information disclosure and regulatory compliance.

Market discussions have also emerged. Some users commented: “Many companies are at their limit in embellishing performance, and I find it hard to believe that a company controlled by an owner holding 98.88% of shares can survive for long.” It should be noted that these remarks reflect individual investor opinions and do not represent the stance of this article, but they do to some extent highlight the concerns of certain market participants.

From growth data to regulatory inquiries, to personal connections and market sentiment, Oulun Electric’s IPO presents a more complex picture: on one side, continuous expansion of revenue; on the other, a gradual slowdown in profit growth and ongoing verification of transaction authenticity.

The listing committee has already approved the listing, but for this company, the real test may just be beginning.