优衣库、ZARA供应商要上市：福恩股份3.81亿分红“试探”监管红线，12.5亿扩产能否织出新故事？

Core Viewpoint - Fuen Co., Ltd. has submitted an IPO application to raise 1.25 billion yuan, marking a significant moment for the textile industry as it attempts to recover from previous IPO rejections [3][4]. Company Overview - Fuen Co., Ltd. specializes in eco-friendly fabrics, primarily focusing on recycled materials, and has become a leading supplier of recycled fabrics for major clothing brands such as H&M, Uniqlo, GU, ZARA, and others [3][4]. - The company has experienced relatively stable revenue over the past three years, with reported revenues of 1.764 billion yuan, 1.517 billion yuan, and 1.813 billion yuan for 2022, 2023, and 2024 respectively [4][5]. Financial Performance - The net profit for Fuen Co., Ltd. has shown a slight decline, with figures of 277 million yuan, 229 million yuan, and 275 million yuan for the same years [4][5]. - The gross profit margin for the main business has fluctuated, recorded at 27.83%, 29.89%, and 28.67% over the three years, indicating a trend of initial growth followed by a decline [4]. Dividend Controversy - In 2022, the company distributed a cash dividend of 381 million yuan, which exceeded its net profit for that year, raising market concerns about its financial practices [5][6]. - The dividend payout ratio was calculated to be 48.78% of the cumulative net profit over the reporting period, which is close to regulatory limits [6]. IPO Fund Utilization - The funds raised from the IPO are intended for projects including the integration of recycled eco-friendly fabric production and the establishment of a high-end eco-friendly materials research institute [7]. Operational Risks - Fuen Co., Ltd. faces challenges such as low accounts receivable turnover rates compared to industry peers, with rates of 7.98, 5.75, and 6.51 times over the reporting years, significantly below the industry average [9][10]. - The company has a high concentration of revenue from its top five clothing brand customers, accounting for approximately 70% of total revenue, which poses a risk to business stability if any of these relationships decline [11]. Regulatory Issues - The company has faced administrative penalties for various violations, including construction without proper permits and tax declaration errors, which may impact its reputation and operational efficiency [11].