经营性现金流三年流出近8亿元，日御光伏董事长2023年年薪近3000万元

Core Viewpoint - The company Jiangsu Riyu Photovoltaic New Materials Co., Ltd. (Riyu Photovoltaic) is planning to go public in Hong Kong amid a booming IPO market for the photovoltaic industry, despite facing challenges such as continuous operating cash flow outflows and increasing accounts receivable due to industry overcapacity [2][10][11]. Group 1: Company Performance - Riyu Photovoltaic has seen a significant increase in net profit, growing over a hundred times in the past three years, driven by the surge in TOPCon solar cell shipments [2][4]. - The company's revenue rose from 393 million yuan in the 2022 fiscal year to 2.285 billion yuan in the 2024 fiscal year, with net profit increasing from 877,000 yuan to 92.241 million yuan during the same period [4][11]. - Despite strong profit growth, the company has experienced continuous operating cash flow outflows, totaling nearly 800 million yuan over the reporting period [4][10]. Group 2: Financing and Cash Flow - To address funding needs, Riyu Photovoltaic has relied heavily on external financing, including multiple rounds of pre-IPO financing totaling 459 million yuan and significant bank loans [6][7]. - The company's interest expenses have increased year-on-year, with total interest payments rising from 6.649 million yuan in 2022 to 16.716 million yuan in 2024 [8]. - As of December 31, 2024, the company had only 113 million yuan in cash and cash equivalents, sufficient for approximately two months of operations [10]. Group 3: Customer Concentration and Accounts Receivable - Riyu Photovoltaic's revenue is highly concentrated, with the largest customer accounting for 46.9% of total revenue in the 2024 fiscal year [11]. - The company has faced challenges in accounts receivable collection, with accounts receivable increasing significantly and the turnover days rising from 76 days in 2023 to 117 days in 2024 [11][15]. - The company has made substantial provisions for bad debts, totaling nearly 600 million yuan over the reporting period, which is significant given its annual profit of less than 1 billion yuan [15]. Group 4: Management and Employee Compensation - The company's chairman and controlling shareholder, Guo Peng, has made multiple capital injections into Riyu Photovoltaic, including an 82 million yuan investment in 2021 and a 100 million yuan subscription in 2023 [5][16]. - The company has implemented stock incentive plans for key employees, with Guo Peng receiving 28.271 million yuan in stock incentives in 2023, while the general manager received 15.463 million yuan [18][19]. - The stock incentive plan has raised questions regarding potential conflicts of interest, particularly given the significant share of incentives awarded to top executives [19].