天富龙IPO：募集资金砍掉3亿，上市意图惹人生疑

Group 1 - Tianfulong's IPO process has progressed to the next stage with its registration now effective, despite concerns over declining gross margins, excessive control by the actual controller, and complex related party transactions [1] - The initial fundraising amount was 1.09 billion yuan, later adjusted to 790 million yuan, with 300 million yuan intended for working capital, raising questions about the necessity of this funding given the company's financial health [3][5] - Tianfulong's financial data appears favorable, with cash reserves of 657 million yuan, 615 million yuan, and 760 million yuan from 2022 to 2024, and a low debt-to-asset ratio compared to industry peers [3][4] Group 2 - The company has enjoyed significant tax benefits, with tax incentives accounting for 30% of net profits, raising concerns about the legitimacy of these advantages [6] - Tianfulong claims to qualify as a high-tech enterprise, benefiting from a reduced corporate income tax rate of 15%, but scrutiny exists regarding its compliance with the criteria for such classification [7] - The proportion of R&D personnel is reported at 8.70%, below the required 10%, leading to perceptions of Tianfulong as a "pseudo-high-tech" enterprise [7][8]