能之光IPO：实控人表决权过半，分红后要补流，曾信披违规

Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. is preparing for its listing on the Beijing Stock Exchange, facing scrutiny over its financial practices and governance issues, particularly regarding its actual controller and financial internal controls [1][4][19] Company Overview - Nengzhiguang specializes in the research, production, and sales of polymer additives and functional polymer materials, serving various industries including automotive, electronics, and packaging [1][2] - The actual controller, Zhang Farou, holds over 51% of the voting rights and serves as both chairman and general manager, raising concerns about potential conflicts of interest [5][19] Financial Performance - The company reported a slowdown in revenue growth from 5.02% in 2022 to 2.44% in 2023, with projected revenues of 6.11 billion in 2024 [15] - Net profit showed fluctuations, with a decline of 9.45% in 2022 followed by a significant increase of 127.8% in 2023 [15] - The gross margin improved from 12.03% in 2022 to 17.05% in 2024, indicating a positive trend in profitability [16] Financial Control Issues - There have been instances of financial irregularities, including the use of employee personal accounts for client deposits and inadequate management of accounts receivable [5][18] - The company has maintained high levels of accounts receivable, with figures of 1.26 billion, 1.08 billion, and 1.14 billion over the past three years, raising concerns about cash flow and collection efficiency [16][17] IPO and Fundraising Plans - Nengzhiguang plans to issue up to 21,564,900 shares to raise approximately 160.08 million for expansion projects and working capital [8][10] - The proposed expansion project aims to increase production capacity by 30,000 tons, which is 60% of the current capacity, raising questions about the necessity and feasibility of such an expansion given the current market conditions [10][11] Research and Development - The company's R&D expenditure has been below industry averages, with rates of 1.86%, 1.92%, and 2.16% from 2022 to 2024, compared to industry peers averaging around 2.88% [12][14] - Nengzhiguang's R&D investment is critical for maintaining its high-tech status, as it currently does not meet the required threshold for high-tech enterprise certification [12][14] Governance and Regulatory Scrutiny - The company has faced regulatory scrutiny due to governance issues, including a warning issued to its controlling shareholder for short-term trading and concerns over information disclosure practices [19] - Recent regulatory actions have raised investor concerns about the company's governance and internal controls, potentially impacting its IPO prospects [19]