志高机械IPO：实控人持股超55%、分红超1亿元、要补流3000万

Core Viewpoint - Zhejiang Zhigao Machinery Co., Ltd. is preparing for its listing on the Beijing Stock Exchange, with concerns regarding its actual controller's significant shareholding and the company's financial performance and governance structure [1][7][20]. Shareholding Structure - The actual controller, Xie Cun, holds over 55% of the shares, directly and indirectly, and serves as both Chairman and General Manager, raising concerns about potential improper control [6][7]. - Major shareholders include Zhigao Holdings (45.9%), Xie Cun (18.08%), Zhigao Investment (9%), and Li Ju (8.99%) [3][4]. Fundraising and Financials - The company plans to raise 395 million yuan through an IPO, with reduced funding for projects compared to previous proposals [10][12]. - The total investment for the intelligent drilling rig production line project has fluctuated significantly, with the latest proposal showing a total investment of 499.15 million yuan [14][16]. - The company has distributed a total of 116 million yuan in dividends over the past three years, raising questions about the necessity of additional funding for liquidity [17][18]. Performance and Growth - Revenue from 2021 to 2024 shows limited growth, with a slight decline in 2022 followed by modest increases in subsequent years [20]. - The company’s revenue from drilling machines has shown steady growth, while revenue from screw machines has been volatile, indicating potential risks in the latter segment [20][23]. Research and Development - The company's R&D expenditure has decreased, with a rate below industry averages, raising concerns about its innovation capabilities [24][26]. - As of 2024, the company holds 87 patents, including 17 invention patents, which is lower than several competitors [26][29].