艾克姆IPO：客户供应商重合交易占比超20% 贸易商归为直销模式背后疑点重重

Core Viewpoint - Ningbo Aikem New Materials Co., Ltd. (referred to as "Aikem") has submitted its prospectus for an IPO on the Beijing Stock Exchange, aiming to raise 362 million yuan for projects including the construction of a 20,000-ton high-performance rubber additive production facility and a research and development center. Despite rapid revenue and profit growth, Aikem faces challenges related to high accounts receivable and overlapping transactions with suppliers and customers, particularly concerning its trade sales model [1][2]. Group 1: Financial Performance - Aikem's main business involves the research, production, and sales of pre-dispersed rubber additives, which account for approximately 85% of total revenue. The company achieved revenues of 375 million yuan, 429 million yuan, and 516 million yuan for the years 2022 to 2024, representing year-on-year growth rates of 14.58% and 20.28% for 2023 and 2024, respectively. Net profits for the same years were 40 million yuan, 69 million yuan, and 84 million yuan, with growth rates of 72.99% and 21.98% for 2023 and 2024, respectively [2][3]. Group 2: Accounts Receivable Issues - Aikem's accounts receivable have been increasing significantly, with year-end values of 87.46 million yuan, 102.54 million yuan, and 136.85 million yuan from 2022 to 2024. The proportion of accounts receivable, notes receivable, and financing receivables to total assets was 35.12%, 35%, and 36.59% for the same years [2][3]. Group 3: Credit Policies - The company has varying credit policies for different major customers, with some clients receiving more lenient terms. For instance, the first major customer, Haida Co., has a credit period of 90 days, while others have periods of 60 or 30 days. This leniency contributes to the high accounts receivable, as seen with Haida Co., which had an accounts receivable balance of 17.76 million yuan against a transaction amount of 26.48 million yuan in 2024 [3][4]. Group 4: Overlapping Transactions - Aikem has reported significant overlapping transactions with its major customers and suppliers, with sales to overlapping customers amounting to 35.56 million yuan and 48.48 million yuan in 2022 and 2023, respectively, representing 9.49% and 11.29% of total revenue. The procurement from these overlapping suppliers was 61.01 million yuan and 70.24 million yuan, accounting for 22.68% and 24.06% of total raw material purchases [4][5]. Group 5: Trade Sales Model Concerns - Aikem's trade sales model raises questions about the independence of its business operations. The company categorizes trade customers as direct sales clients due to buyout agreements, but many of these trade customers function more like agents. In 2022-2024, sales to trade customers accounted for over 40% of main business revenue, with concerns about the legitimacy of these transactions [7][8]. Group 6: Inventory and Sales Authenticity - Concerns have been raised regarding the authenticity of sales to certain foreign trade customers, particularly due to high inventory levels. For example, the Polish trade customer KONIMPEX had a significant increase in sales from Aikem, yet maintained high inventory levels, leading to questions about the validity of these transactions. Aikem's foreign sales revenue for 2023 was 83.06 million yuan, with a confirmation rate of 83.23% from external audits [10][11].