Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. has received approval for its IPO on the Beijing Stock Exchange, but the company faces significant issues regarding financial performance and internal controls [1][2]. Financial Performance - The company's revenue and net profit have shown significant fluctuations, with a decline in both metrics in Q1 2025 compared to the previous year [3][6]. - Revenue figures for 2022 to 2024 were 556 million, 569 million, and 611 million yuan, with year-on-year growth rates of 5.10%, 2.34%, and 7.38% respectively. Net profits were 21.86 million, 49.81 million, and 55.94 million yuan, with growth rates of -9.45%, 127.80%, and 12.31% respectively [5]. - The company’s gross margin has been increasing, with rates of 12.03%, 16.85%, and 17.05% from 2022 to 2024, contrasting with a declining trend in comparable companies [5][6]. Dependency on Government Subsidies - The company has shown a significant reliance on government subsidies, which accounted for 31.83%, 15.53%, and 10.79% of net profits from 2022 to 2024 [6]. Research and Development Investment - R&D expenditure has been low, with rates of 1.86%, 1.92%, and 2.16% from 2022 to 2024, consistently below the industry average [3][6]. Regulatory Scrutiny - The company has faced multiple regulatory concerns, including issues related to information disclosure and internal controls, leading to warnings from regulatory bodies [7][8]. - Specific violations included the use of personal accounts for receiving customer deposits and inadequate management of accounts receivable [8]. IPO Fund Utilization - The company plans to raise 160 million yuan through its IPO, with 33.5 million yuan allocated for working capital, despite having a low debt ratio of 17.25% and significant cash flow from operations [8].
能之光业绩大幅波动内控问题频发 分红3299万不差钱仍募3350万补流
Chang Jiang Shang Bao·2025-06-30 00:29