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新股解读|产品价格战拖累新琪安业绩 客户依赖加剧流动性压力
NEWTREND GROUPNEWTREND GROUP(HK:02573) 智通财经网·2025-05-30 04:20

Core Viewpoint - The sugar substitute market is experiencing explosive growth, with the global market expected to reach $22.1 billion by 2024, and China's market surpassing 10 billion yuan. However, the company Xinqi'an faces significant operational risks due to performance volatility and customer concentration as it prepares for its IPO [1]. Financial Performance - Xinqi'an's revenue for the years 2022, 2023, and 2024 was 761.5 million yuan, 446.9 million yuan, and 568.9 million yuan respectively, indicating a downward trend in revenue [2][3]. - Net profit during the same period decreased from 122.0 million yuan in 2022 to 44.7 million yuan in 2023, and further to 43.4 million yuan in 2024, reflecting a reduction of approximately two-thirds [3]. Revenue Breakdown - The decline in revenue in 2023 was primarily due to falling average selling prices of glycine and sucralose. The average selling price of food-grade glycine dropped from 32,800 yuan per ton to 17,000 yuan, while sucralose prices fell from 311,700 yuan to 184,800 yuan [4][6]. - The sales contribution from sucralose and food-grade glycine to total revenue was approximately 49.6% and 40.6% in 2022, respectively, but the share of sucralose sales decreased to 41.8% in 2024 [4]. Market Dynamics - The price war in the sucralose market began in 2022 due to oversupply and has led to significant price reductions. The average price of sucralose is expected to stabilize as major producers increase prices [6]. - The food-grade glycine market is more fragmented, and price pressures are likely to persist, making recovery slower compared to sucralose [6]. Customer Concentration and Liquidity Issues - Xinqi'an's sales to its top five customers accounted for approximately 56.2% of total revenue in 2022, indicating a high customer concentration risk [7]. - Trade receivables increased from 103 million yuan in 2022 to 225 million yuan in 2024, with the average collection period extending from 45 days to 113 days, raising concerns about liquidity [7][8]. Strategic Initiatives - To mitigate domestic market volatility, Xinqi'an is focusing on expanding its presence in overseas markets, particularly through its factory in Thailand, which is expected to produce 500 tons of sucralose annually [9]. - The company plans to establish new sales offices in the U.S., Netherlands, Thailand, and Indonesia to enhance its international sales network [10].