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能之光IPO:“财务内控整改专业户”能顺利闯关吗?
Xi Niu Cai Jing·2025-05-22 06:47

Core Viewpoint - The IPO process of Ningbo Nengzhiguang New Materials Technology Co., Ltd. has turned into a "rectification" path due to non-compliance issues, with numerous mentions of "non-standard," "violation," and "rectification" in the inquiry letters indicating more challenges and uncertainties ahead for the company's IPO journey [2][8]. Company Overview - Ningbo Nengzhiguang New Materials Technology Co., Ltd. was established in 2001 and is engaged in the research, production, and sales of polymer additives and functional polymer materials, classified as a high-tech enterprise [6]. - The company plans to raise 160 million yuan through its IPO, with allocations of 91 million yuan for expanding functional polymer material production, 35 million yuan for R&D center construction, and 34 million yuan for supplementing working capital [6]. Financial Performance - The company reported revenues of 556 million yuan, 569 million yuan, and 611 million yuan for the years 2022, 2023, and 2024, reflecting year-on-year growth rates of 5.02%, 2.44%, and 7.26% respectively. However, net profit growth has significantly declined, with figures of 22 million yuan, 50 million yuan, and 56 million yuan for the same years [8]. - The latest Q1 2025 report indicates further pressure on performance, with revenue and net profit declining by 3.53% and 23.21% year-on-year [8]. Compliance and Rectification Issues - The inquiry letter highlighted seven areas of financial internal control that require rectification, including "third-party payments," "use of personal accounts for client deposits," and "inadequate management of accounts receivable" [6][7]. - Despite the company stating that it has completed rectifications, the North Exchange still requested further clarification on these issues in the second round of inquiries [6]. Additional Challenges - The company is also dealing with two previous betting agreements, which have been terminated by investors, but the North Exchange has raised questions regarding the compliance of these agreements and whether there are any undisclosed agreements [8]. - There are concerns about potential management adjustments due to rectification issues, the implications of the controlling shareholder redeeming shares, and whether the early termination of betting agreements reflects investor skepticism about the company's IPO prospects [8].