上海一家IPO连续三年分红达2.5亿，多家关联企业集中注销

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is undergoing an IPO review on the Shanghai Stock Exchange, with a planned fundraising of 694 million yuan, but has faced scrutiny over its financial performance and corporate governance issues [2][3]. Financial Performance - From 2020 to 2024, Daoshengtianhe's revenue has remained stable between 3.1 billion and 3.5 billion yuan, while its net profit has shown significant fluctuations, indicating unclear growth trends [2][4]. - The company's revenue for 2022 to 2024 was reported as 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan, with net profits of 108 million yuan, 152 million yuan, and 155 million yuan respectively [3][6]. - The company has a high customer concentration, with approximately 70% of revenue coming from its top five clients during the reporting period [4]. R&D and High-tech Enterprise Status - Daoshengtianhe's R&D expenses from 2020 to 2024 were 94.07 million yuan, 101.75 million yuan, and 87.69 million yuan, totaling 284 million yuan, which is below the required 3% of total sales for maintaining its high-tech enterprise status [5][6]. - The company has been recognized as a high-tech enterprise from 2022 to 2024, but its declining R&D investment raises concerns about its future qualification [5][6]. Corporate Governance and Discrepancies - There are discrepancies in employee count data between the company and external sources, with the company reporting 535 employees as of December 31, 2022, while external sources indicate a total of 790 employees [7][8]. - The company has faced questions regarding the validity of its historical performance agreements, with conflicting statements about the status of these agreements in its IPO filings [9]. Dividend Policy and Cash Flow - Daoshengtianhe has distributed a total of 250 million yuan in dividends over three years, despite negative cash flows from operating activities during the same period [10][12]. - The company has revised its fundraising plans, reducing the amount allocated for working capital and scaling back its production expansion plans, raising questions about the rationale behind these decisions [11][12].