美股新股解读|低盈利能力凸显“中间商”底色，通盈集团（TYZ.US）多维规划欲提升内在价值

Core Viewpoint - Tongying Group, a commodity trading firm with only 23 employees, is accelerating its IPO process after filing its updated prospectus with the SEC, aiming to raise up to $10 million despite a significant revenue decline in 2024 [1][2]. Group 1: Financial Performance - In 2024, Tongying Group reported revenues of $595 million, a 24.2% decrease from $784 million in 2023, while net profit increased to $810,000, a 14.57% year-over-year growth, resulting in a net profit margin of only 0.14% [1][5]. - The revenue breakdown for 2024 shows a drastic decline in ethylene glycol sales, which fell by 90.9%, contributing only 4.6% to total revenue, down from 38.6% in 2023 [3][4]. - Despite the overall revenue decline, the company saw an 11.7% increase in PTA sales and a remarkable 973.2% growth in corn sales, which now account for 10% of total revenue [5]. Group 2: Business Model and Market Position - Tongying Group operates as a middleman in the commodity trading sector, primarily generating revenue from trading chemical products, non-ferrous metals, and agricultural products, without providing transportation or storage services [2][3]. - The company has a concentrated product portfolio, with PTA and ethylene glycol accounting for 94% of its revenue in 2023, which poses risks due to price volatility in the cyclical chemical industry [2][3]. Group 3: Strategic Challenges - The company faces significant challenges in diversifying its product offerings, as its revenue concentration in PTA has increased to 84.3% in 2024, raising potential risks [6]. - To enhance market competitiveness, Tongying Group plans to establish a dedicated trading team for chemical futures and develop an automated warehouse by 2027, which requires substantial funding [7]. - As of December 31, 2024, the company reported current assets of $1.356 million and current liabilities of $1.846 million, resulting in a current ratio of only 0.73, indicating tight liquidity [7].