Core Viewpoint - Qingdao Qinghe has voluntarily withdrawn its IPO application on the Shanghai Stock Exchange, marking a significant setback for the company after more than two years of attempts to go public [2][3]. Company Overview - Qingdao Qinghe specializes in the research, production, and sales of artificial turf and grass yarn, ranking second globally in production and sales scale [2]. - The company has a global market share of 12.9% in artificial turf as of 2023, according to AMI Consulting [2]. Financial Performance - Revenue has shown consistent growth, but net profit has fluctuated significantly from 2019 to 2023, with figures of 24.71 million, 142 million, 137 million, 100 million, and 129 million yuan respectively [3]. - The net profit decline in 2021 and 2022 was attributed to exchange rate losses, with exchange gains accounting for a significant portion of total profits during the reporting period [3]. Accounts Receivable - As of June 2024, accounts receivable reached 490 million yuan, representing 20.58% of total assets, a 50.81% increase from the end of the previous year [3]. Shareholding Structure - The company has undergone 12 equity transfers and 9 capital increases since its establishment, resulting in a large shareholder base with 14 individual and 22 institutional shareholders [4]. - The actual controller's shareholding is only 36.34%, which may pose risks to control stability and decision-making if the company goes public [4]. International Operations - Qingdao Qinghe has faced operational challenges in its overseas business, particularly in Mexico, where a production base has been less efficient and has led to increased management difficulties [5]. - A fire incident in February 2024 at the Mexican facility resulted in a loss of 59.63 million yuan, significantly impacting the company's financial performance [6]. Legal Issues - The company has been involved in multiple patent disputes since 2020, including two significant cases with the leading artificial turf producer, which have been resolved [6]. - An ongoing lawsuit from POLYLOOM claims that Qingdao Qinghe infringed on its patents in the U.S. [6]. R&D Expenditure - Qingdao Qinghe's R&D expenditure has been notably lower than its competitors, with rates of 1.26%, 1.41%, 1.51%, and 1.03% of revenue during the reporting periods, compared to an average of 3.22% to 3.70% for its peers [7].
全球人造草坪老二青岛青禾“躺平”两年后主动撤回,海外业务风险频发
Di Yi Cai Jing Zi Xun·2025-06-02 08:24