“纺织业”项目破冰？HM面料商福恩股份IPO获受理，年分红超3亿藏争议

Core Viewpoint - The IPO application of Hangzhou Fuen Co., Ltd. marks the first textile industry IPO in the A-share market after a two-year hiatus, indicating a potential recovery in the sector [2][6]. Company Summary - Fuen Co. specializes in regenerated fabrics, serving major clothing brands like HM and Uniqlo [2][10]. - The company's revenue and net profit for 2024 are projected to be 1.813 billion and 275 million respectively, remaining stable compared to 2022 [2][19]. - Fuen plans to raise 1.25 billion for expanding fabric production capacity [2]. Financial Performance - Fuen's 2022 cash dividend of 381 million was 138% of its net profit, raising concerns about compliance with IPO regulations [3][15]. - The company’s revenue from regenerated fabrics was 1.317 billion, 1.206 billion, and 1.5 billion from 2022 to 2024, accounting for 70-80% of total revenue [9]. - Compared to 47 A-share textile companies, Fuen's 2024 revenue and net profit rank 21st and 13th respectively [7]. Market Context - The textile sector faced challenges in 2023, with previous IPO applications from companies like Beijiang Zhili and Zhejiang Zhongding being withdrawn [5][6]. - Major clients like HM and Zara are reducing store numbers, which may impact Fuen's future performance [12][13][20]. - The global trend towards sustainable materials presents growth opportunities for Fuen, as major brands aim for eco-friendly sourcing by 2030 [12][13]. Regulatory Environment - Recent regulatory changes have scrutinized "clearance-style" dividends before IPOs, which could affect Fuen's application due to its high dividend payout relative to net profit [15][18].