According to the Beijing Stock Exchange (BSE), Jiangsu Langxin Electric Co., Ltd. (hereinafter referred to as "Langxin Electric") is scheduled for its IPO review meeting on March 10.

Jiangsu Langxin Electric Co., Ltd. is primarily engaged in the R&D, production, and sales of electric drive components for thermal management systems. It is the largest supplier of electronic fans for passenger car thermal management systems by domestic market share. The company is recognized as a national high-tech enterprise and was designated as a national-level specialized and sophisticated "Little Giant" enterprise that produces novel and unique products in 2024. Since its establishment in 2009, Langxin Electric has consistently focused on electric drive technology and thermal management applications as its core development direction. Through over a decade of development and accumulation, the company has developed independent solutions in areas such as high motor efficiency, lightweight design, low noise, and low electromagnetic interference. It operates intelligent, digitalized factories with a complete quality inspection system. The company is capable of synchronous development for customers' new products and application needs, providing products with excellent performance, stable quality, competitive pricing, and timely delivery.

Notably, according to Langxin Electric's latest disclosed pre-listing draft, several significant adjustments have been made compared to its previous application draft: The pre-listing draft shows that Langxin Electric has removed the 40 million yuan "supplementary working capital" item from its proposed fundraising use and reduced the estimated fundraising scale for the "New Energy Thermal Management System Components R&D and Production Base Construction Project" from 210 million yuan to 100 million yuan. Following these adjustments, Langxin Electric's proposed fundraising amount has shrunk from 500 million yuan to 350 million yuan, a decrease of nearly one-third.

In addition, a major correction has been made regarding the determination of company control. The actual controller has been updated from one individual, Xu Moumin, to Xu Moumin and his son Xu Mouzheng as joint actual controllers, with retrospective adjustments implemented. Simultaneously, the company has officially disclosed its full-year performance for 2025, indicating that while revenue and net profit continue to grow, the growth rate continues to slow. From 2023 to 2025, the company's revenue growth rates were 54.25%, 26.16%, and 8.53% respectively, while its growth rates for net profit attributable to the parent company were 79.29%, 43.25%, and 12.75% respectively. Both core indicators have experienced sharply declining growth rates, putting significant pressure on the sustainability of business growth.

Moreover, Langxin Electric faces multiple challenges, including declining market share with core customers, intensified annual product price reduction pressures, irregular equity governance, hidden implicit betting agreements, and high-debt capacity expansion. The company still confronts considerable tests in its upcoming IPO review.