账上趴着8亿元现金，道生天合却拟募资1.35亿“还贷”，“创二代”季刚冲击A股

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise funds for debt repayment despite having substantial cash reserves [1][3][31]. Company Overview - Daoshengtianhe focuses on the research, production, and sales of new materials, with three main product lines: materials for wind turbine blades, resins for new composite materials, and adhesives for electric vehicles and industrial applications [2][6]. Financial Position - As of the end of 2024, the company reported cash reserves of 856 million yuan and short-term loans of 196 million yuan, yet plans to use 135 million yuan from the IPO proceeds to repay bank loans [3][29]. - The company’s revenue for the years 2022 to 2024 was 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% respectively [15][17]. - Net profit attributable to the parent company for the same period was 110 million yuan, 155 million yuan, and 155 million yuan, with growth rates of 30.08%, 40.12%, and 0.01% respectively [16][17]. Ownership and Control - The controlling shareholder is Yicheng Industrial, holding 47.55% of the shares, while the actual controllers are the couple Ji Gang and Zhang Ting, who collectively control 60.47% of the shares [7][10]. Legal and Compliance Issues - The company has faced litigation due to equity holding disputes, which raises concerns about the stability of its ownership structure [4][13]. - There are ongoing questions regarding the compliance of related-party transactions, particularly concerning significant financial support received by Ji Gang from his mother [11][14]. Research and Development - Daoshengtianhe's R&D expenses for 2022, 2023, and 2024 were 94.07 million yuan, 102 million yuan, and 87.69 million yuan, representing 2.74%, 3.18%, and 2.71% of revenue, respectively [19][20]. - The company holds 63 patents, including 32 invention patents, but the innovation level is questioned due to the reliance on acquired patents [20][21]. Customer and Credit Policy - Major clients include China National Materials, Times New Materials, and Sany Wind Power, with accounts receivable levels of 1.257 billion yuan, 1.030 billion yuan, and 1.109 billion yuan, accounting for 36.60%, 32.18%, and 34.24% of revenue [21][23]. - The company has applied for exemptions on disclosing credit terms for accounts receivable, which raises concerns about its credit policy compared to peers [21][22]. Cash Flow and Dividends - The company reported negative operating cash flow for 2022 and 2023, with net cash flows of -355 million yuan and -37.73 million yuan, respectively [23][24]. - Despite cash flow issues, significant dividends were distributed to the controlling shareholders, totaling 90 million yuan in 2022 and 2023 [26][31].