Qian'an Technology's IPO at Beijing Stock Exchange approved; inquiries received regarding the reasons for the performance decline in the first quarter of 2026

Liu Zhiying, Ruicai Finance On March 27, according to the Beijing Stock Exchange, Shenzhen Qian’an Technology Co., Ltd. (hereinafter referred to as: Qian’an Technology) meets the issuance, listing, and information disclosure requirements.

At the review meeting, the Beijing Stock Exchange required Qian’an Technology to explain the reasons and rationality for the continuous increase in the gross profit margin of its main business. It also required an explanation for the inconsistency in the trends of gross profit margin and net profit margin compared to peer companies.

The Beijing Stock Exchange required Qian’an Technology to analyze the reasons for the performance decline in the first quarter of 2026 and to clarify whether there are risks of further decline in net profit. It also requested an analysis of the stability of overseas sales in light of exchange rate fluctuations and changes in the international situation.

The prospectus shows that Qian’an Technology was established in 2010, and is a high-tech enterprise engaged in the research and development, design of its own brand products, mainly sold through e-commerce platforms and its own website. Its main products include categories such as artistic creation, digital electronics, sports and outdoor, and home and garden.

From 2023 to 2025, Qian’an Technology achieved operating revenues of 1.4 billion yuan, 1.667 billion yuan, and 1.981 billion yuan; net profits of 96.426 million yuan, 144 million yuan, and 220 million yuan, with gross profit margins of 39.86%, 41.35%, and 43.42%, respectively.

In the first quarter of 2026, Qian’an Technology expects operating revenue to be between 457 million yuan and 482 million yuan, a year-on-year increase of 4.31% to 10%; net profit attributable to the parent company owners is expected to be between 50.4861 million yuan and 54.9355 million yuan, a year-on-year decrease of 17.41% to 10.13%; net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 49.0239 million yuan and 53.7355 million yuan, a year-on-year decrease of 17.38% to 9.44%.

Qian’an Technology stated that from January to March 2026, the company expects operating revenue to increase compared to the same period last year, mainly due to continuous technological innovation to optimize product performance and user experience, ongoing investment in the development and sales of highly profitable products, and a steady increase in revenue from core categories. However, the company expects net profit attributable to the parent company to decline compared to the same period last year, mainly due to the impact of exchange rate fluctuations and changes in tariff policies.

Before the IPO, the actual controllers of Qian’an Technology, He Ding and He Wen, are siblings and have signed a “Joint Action Agreement.” He Ding directly holds 43.56% of the company’s shares and indirectly holds 0.01% of the issuer’s shares through Qian’an Juxin, totaling 43.57% of the issuer’s shares, and serves as the chairman and general manager of the company. He Wen directly holds 11.21% of the company’s shares and serves as a director and vice general manager. He Ding and He Wen together hold 54.78% of the company’s shares, making them the actual controllers of the company.

He Ding, male, born in November 1974, Chinese nationality, with no permanent residence abroad, holds a doctoral degree, and currently serves as chairman and general manager of Qian’an Technology. From February 2007 to June 2008, he worked as a senior software engineer at Sun Microsystems Inc.; from June 2008 to March 2010, he served as deputy general manager at Sunvalleytek International Inc.; from October 2010 to January 2016, he was the general manager of Qian’an Limited; from February 2016 until now, he has held the positions of chairman and general manager of Qian’an Limited and Qian’an Technology.

He Wen, female, born in July 1966, Chinese nationality, with no permanent residence abroad, holds a bachelor’s degree, and currently serves as a director and vice general manager of Qian’an Technology. From July 1985 to June 2011, she held various positions at China Telecom Corporation Limited Yiwu Branch, including director of the information desk, manager of the mall information business department, and director of the value-added business center; from August 2010 to October 2010, she served as executive director and general manager of Qian’an Limited; from October 2010 to January 2016, she was executive director and vice general manager of Qian’an Limited; from February 2016 until now, she has held positions as director and vice general manager of Qian’an Limited and Qian’an Technology.