能之光IPO：一季度净利骤降23%引发成长性质疑，实控人女儿曾拒交资金

Core Viewpoint - Ningbo Nengzhiguang New Material Technology Co., Ltd. is facing scrutiny ahead of its IPO on the Beijing Stock Exchange due to significant discrepancies in its financial performance and internal control issues, raising concerns about the sustainability of its growth and the integrity of its financial reporting [1][8][12]. Financial Performance - From 2022 to 2024, the company's compound annual growth rate (CAGR) for net profit excluding non-recurring items reached 79.3%, while revenue growth was only 4.88% [3][6]. - In Q1 2025, the company reported a revenue decline of 3.53% to 133 million yuan and a net profit drop of 23.21% to 11.89 million yuan, raising questions about its profitability stability [1][8]. - The company attributed the 2023 profit surge to an increase in gross margin, which rose from 12.03% in 2022 to 16.85% in 2023, but this has been met with skepticism from regulators [8][12]. Internal Control Issues - The company has faced significant internal control deficiencies, including the use of employee personal accounts to collect customer deposits, amounting to 711,300 yuan, which has been flagged as a violation of financial management practices [2][12]. - Despite claims of rectification, the persistence of internal control issues has led to doubts about the company's financial compliance and governance [12][14]. - The actual controller's daughter initially refused to provide financial transaction records, citing personal privacy, which raised further concerns about transparency [9][10][11]. Regulatory Scrutiny - The Beijing Stock Exchange has issued inquiries regarding the company's financial data, particularly the unusual profit spikes in 2023 and the subsequent decline in 2025, questioning the sustainability of its growth and the authenticity of its financial practices [1][8][12]. - The company is required to demonstrate the legitimacy of its financial performance and address concerns about potential profit manipulation or one-time gains [8][12].