Following the withdrawal of the IPO application in January 2026, Yadian Technology once again launched an impact on the capital market.
On May 25, to CITIC Construction Investment .
According to the prospectus issued before, Yadian Technology is the first enterprise in China to realize the large-scale production of 8-inch high-temperature phosphoric acid tank wet cleaning equipment. At the same time, 8-inch silicon carbide wet cleaning equipment has been laid out, which has certain competitiveness among domestic manufacturers of mature process tank wet cleaning equipment.
Based on this, Yadian Technologies submitted its first IPO application to the Shanghai Stock Exchange in June 2025, but less than seven months later, it announced the termination of the IPO in January 2026. Although the official did not disclose the reasons for the termination, combined with the information disclosed in its previous prospectus, Yadian Technology has multiple operational risks .
First, customer concentration remains high. According to the first prospectus, from 2022 to 2024, the sales of the top five customers of Yadian Technology accounted for more than 70% of the main business income ; However, in the first half of 2025, Yadian Technology not only failed to adjust in time, but also further aggravated its concentration risk.
Only The net profit of Yadian Technology fluctuated like a roller coaster: -93.99 million yuan, 10.36 million yuan, 85.12 million yuan and 11.06 million yuan respectively .
At the same time, during the reporting period, the accounts receivable of Yadian Technology also increased year by year, and by the end of the first half of 2025, the company's accounts receivable reached 2. In addition, the company's cash flow has also fallen into negative value since the first half of 2025.
Jiejia Weichuang, the leading photovoltaic equipment company, sued Yadian Technology and its core customer Longji Green Energy for infringement of intellectual property rights .Up to the date of publication, the case is still under trial and has not yet been adjudicated in the first instance.
Now that Yadian Technology has restarted its IPO, industry analysts believe that it plans to use capital to expand the production capacity of high-end equipment, promote advanced process research and development, and optimize the customer structure to ease the dependence on a single customer.
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