Core Viewpoint - Zhuhai Chuanmeixun New Materials Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, aiming to raise 124 million yuan for various projects including the production of digital printing inks and a research center [1][3] Company Overview - Chuanmeixun, established in 2004, is one of the early companies in China engaged in the production and R&D of digital printing inks, offering products such as water-based dye inks, dispersion inks, water-based pigment inks, and UV inks [3] - The company’s revenue from 2022 to 2024 is projected to be 185 million yuan, 192 million yuan, and 207 million yuan respectively, indicating a slow growth trend [3] - Net profits for the same period are expected to be 35 million yuan, 42 million yuan, and 40 million yuan, with a slight decline of 4.96% in 2024 [3] Financial and Operational Issues - Chuanmeixun has faced challenges with declining profitability indicators, including gross margin and net profit margin, despite increasing revenue [3] - The company has been issued a warning by the Guangdong Regulatory Bureau due to issues such as non-standard contract management, flaws in financial internal controls, and errors in customer classification [4] - Specific financial control issues include accounting errors, such as bank transfer dates occurring before approval dates and modifications on original vouchers [4] - The company has not signed framework contracts with its top ten customers and suppliers, relying instead on sales and purchase orders, which lack clear terms regarding rights, obligations, and liabilities [4] Additional Concerns - Prior to the IPO, the chairman borrowed 93,000 yuan from a subsidiary, which has raised concerns due to the subsidiary ceasing operations [7] - Other issues include idle production capacity, declining prices of core products, insufficient accounts receivable turnover, and weak bargaining power within the industry [7]
传美讯IPO：内控“瑕疵”麻烦不断 实控人曾因9.3万元被催收
Xi Niu Cai Jing·2025-06-27 06:51