张建宏15年后夺回控制权，未来材料IPO被抽中现场检查

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has restarted its IPO process and submitted its application to the Shanghai Stock Exchange, marking its third attempt to go public after previous failures due to various issues. The company aims to raise 2.446 billion yuan for R&D, expansion, and working capital, with a significant portion allocated for production expansion despite rising inventory levels and declining turnover rates [1][2][3]. Financial Performance - Future Materials has experienced fluctuating financial performance, with revenues increasing initially but then declining. For the years 2022 to 2024, the company reported revenues of 524 million yuan, 721 million yuan, and 640 million yuan, respectively, with net profits of 143 million yuan, 230 million yuan, and 165 million yuan. The revenue for 2024 is projected to decrease by 11.23%, and net profit is expected to drop by 28.26% [2][3][4]. Product Pricing and Market Pressure - The company faces market price pressures for several products, particularly the perfluorinated proton exchange membrane, which saw its price drop from 909.68 yuan per square meter in 2022 to 655.41 yuan in 2024, a decrease of 27.95%. The overall revenue contribution from high-performance fluorinated functional membranes has also declined from 93.99% in 2022 to 60.20% in 2024 [4][5][6]. Key Customer Relationships - Future Materials has established a significant partnership with Dalian Rongke, a leading vanadium flow battery company, which has become its largest customer, contributing 66.45% of the sales revenue from perfluorinated proton exchange membranes in 2024. This relationship is crucial for maintaining stable order sources amid declining overall revenue [6][7][8]. Inventory and Production Capacity - The company has a production capacity of 625,000 square meters for perfluorinated proton exchange membranes, with a utilization rate of 45.25% and a sales-to-production ratio of 84.98%. Future Materials plans to invest 559 million yuan in expanding its production capacity significantly [11][12]. Related Party Transactions - Future Materials has frequent related party transactions, with significant sales and purchases involving its major customer and supplier, Dongyue Fluorosilicon Technology Group. The company has taken steps to reduce the scale of these transactions by engaging third-party suppliers [14][16][17]. Control and Ownership Structure - The ownership structure of Future Materials is complex, with control shifting among shareholders over the years. As of now, Zhang Jianhong is the controlling shareholder, holding the highest voting rights, while the previous controlling parties have seen their influence diminish due to financial difficulties and restructuring [20][22][24].