Core Viewpoint - New Qi'an Technology Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, but its financial data reveals significant concerns regarding its revenue and profit trends [1][2][3]. Financial Performance - In 2022, 2023, and 2024, New Qi'an's revenues were approximately 761.5 million RMB, 447 million RMB, and 569 million RMB, respectively, indicating a recovery in 2024 but still below 2022 levels by about 192 million RMB [3][4]. - The company's net profit for the same years was approximately 122 million RMB, 44.7 million RMB, and 43.4 million RMB, showing a continuous decline [3][4]. - The gross profit margin has been affected by rising costs and competitive pressures, particularly in the sucralose and food-grade glycine markets [5][6]. Market Challenges - The sucralose market is highly concentrated, with the top five producers holding a significant market share, posing challenges for New Qi'an [4][6]. - The food additive market is experiencing intense competition, leading to price wars and overcapacity issues, which have negatively impacted New Qi'an's revenue from sucralose [5][6]. - New Qi'an's reliance on major clients like Coca-Cola and Nestlé has increased its vulnerability, as these clients have reduced their purchases of sucralose [11][15]. Accounts Receivable Issues - New Qi'an's trade receivables have increased from approximately 103 million RMB in 2022 to about 225 million RMB in 2024, despite declining revenues [9][10]. - The average collection period for trade receivables has lengthened from 45 days in 2022 to 113 days in 2024, indicating potential liquidity issues [11]. Global Expansion and Regulatory Challenges - New Qi'an is actively pursuing global expansion, but faces challenges such as varying political, economic, and cultural environments, which complicate management and increase operational costs [17]. - The company has been impacted by high anti-dumping duties and tariffs on glycine exports to the U.S., affecting its North American market, which accounted for approximately 41.1% of its revenue in 2024 [17].
业绩下滑、大客户采购量减少，新琪安上市后仍旧隐忧重重