隆源股份IPO：公司设立时靠代持取得“外资”身份 股权结构“一家独大”实控人返程投资违规

Core Viewpoint - Ningbo Longyuan Co., Ltd. has had its application for listing on the Beijing Stock Exchange accepted, with Guojin Securities as the sponsor. The company has a history of questionable foreign investment status due to the use of a "proxy holding" arrangement at its inception, raising compliance concerns [1][2][3]. Company Background - Longyuan Co. was established in July 2006 with a registered capital of 3.6 million yuan, where the actual controller Lin Guodong contributed 2.7 million yuan [2]. - The company initially obtained foreign investment status through a proxy arrangement involving Hu Yongming, who held 25% of the shares on behalf of Lin Guodong, leading to the classification of the company as "fake foreign investment" [3][4]. Compliance and Regulatory Issues - Lin Guodong failed to timely register foreign investment as required by the State Administration of Foreign Exchange (SAFE) from July 2014 to September 2020, which poses a risk of penalties [8]. - The company has not provided sufficient evidence regarding the legitimacy of the funds used for the proxy holding, raising further compliance concerns [4][5]. Ownership Structure - The ownership structure is highly concentrated, with Lin Guodong and his family controlling 98.53% of the voting rights, which may lead to a lack of checks and balances in decision-making [9][10]. - The executive team is predominantly composed of family members or close associates, which raises governance concerns [9][11]. Financial Performance - Longyuan's revenue has shown consistent growth, increasing from 519 million yuan in 2022 to 699 million yuan in 2023, with a projected rise to 869 million yuan in 2024, reflecting year-on-year growth rates of 34.67% and 24.23% respectively [12]. - However, net profit growth has slowed, with a rise from 101 million yuan in 2022 to 126 million yuan in 2023, and a slight increase to 128 million yuan in 2024, indicating a potential issue with profit margins [12]. Inventory and Accounts Receivable - The company has a high proportion of accounts receivable, which increased by 36.61% in 2024, outpacing revenue growth, suggesting potential cash flow issues [13]. - Longyuan's inventory of finished goods is significantly higher than industry averages, with over 50% of revenue derived from consignment sales, raising questions about inventory management and revenue recognition [15].