能之光IPO：分红3300万元，补流3300万，如此赤裸裸？

Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. successfully passed the IPO review at the Beijing Stock Exchange, despite controversies surrounding its past regulatory issues and the foreign nationality of its actual controller's family [1][2]. Financial Performance - The company's revenue showed steady growth from 2022 to 2024, with figures of 556 million, 569 million, and 611 million yuan, representing year-on-year growth rates of 5.10%, 2.34%, and 7.38% respectively [1]. - Net profit figures for the same period were 21.86 million, 49.81 million, and 55.94 million yuan, with growth rates of -9.45%, +127.80%, and +12.31% respectively, indicating a significant profit increase in 2023 despite modest revenue growth [2][3]. - The company's gross profit margin improved from 12.03% in 2022 to 16.85% in 2023, contributing to the remarkable net profit growth [2]. R&D and Innovation - The company has faced challenges in its R&D projects, with some projects regressing from pilot to small-scale testing stages between 2024 and 2025 [3]. - R&D investment as a percentage of revenue was low, at 1.86%, 1.92%, and 2.16% from 2022 to 2024, which is below the industry average and the threshold for high-tech enterprises [5][6]. - Direct R&D expenses have also decreased, raising concerns about the company's innovation capabilities [5]. Production Capacity - The company's production capacity has not exceeded 50,000 tons during the reporting period, with the Ningbo plant at 30,000 tons and the Ganzhou plant below 20,000 tons [8]. - There is a discrepancy regarding the company's reported production capacity, with claims of over 90,000 tons on its website, leading to confusion about its actual capacity [10]. - The company plans to expand its production capacity by an additional 30,000 tons through a new project, but faces challenges in effectively utilizing this increased capacity given the current underutilization rates [12]. Financial Management - The company has a low debt ratio of 17.25% and generated a net cash flow of 68.91 million yuan from operating activities in 2024, indicating a strong financial position [12]. - Despite having cash reserves, the company plans to raise funds for working capital, which raises concerns about its financial strategy and investor treatment [13].