Core Viewpoint - Tianjian New Materials Co., Ltd. is under scrutiny from the Beijing Stock Exchange regarding its listing application, with specific concerns about customer stability, performance decline risks, and financial metrics [1][3]. Group 1: Listing Application and Regulatory Scrutiny - Tianjian New Materials received its first round of inquiry from the Beijing Stock Exchange, which requested further clarification on the stability of major customer collaborations and the risks of declining performance [1][3]. - The inquiry highlighted eight core issues, including technology innovation, customer dependency, liquidity risks, and the rationality of fundraising projects [3]. Group 2: Financial Performance - The company reported revenues of 829 million yuan, 930 million yuan, and 1.122 billion yuan for the years 2022 to 2024, respectively, but saw a decline in net profit from 82.79 million yuan in 2023 to 61.93 million yuan in 2024, raising regulatory concerns about the disparity between revenue growth and profit decline [3][4]. - The gross profit margins for modified PC and PC alloys decreased to 17.59% and 23.48% in 2024, respectively, with the raw material distribution business dropping to 7.69% [5]. Group 3: Customer Dependency and Revenue Recognition - Sales to BYD accounted for 41.70% of total sales in 2024, up from 26.22% in 2022, indicating a growing dependency on a single customer [4]. - The company’s consignment revenue increased from 27.51% to 43.66% during the reporting period, prompting inquiries about revenue recognition practices and potential manipulation [4]. Group 4: Liquidity and Financial Health - The accounts receivable as a percentage of revenue rose from 51.93% in 2022 to 55.90% in 2024, with a declining accounts receivable turnover ratio compared to industry peers [5][6]. - The company’s short-term and long-term borrowings increased from 154 million yuan to 372 million yuan, with liquidity ratios below industry averages, raising concerns about its ability to meet operational cash flow needs [6]. Group 5: Fundraising and Capacity Utilization - Tianjian New Materials plans to raise 397 million yuan for manufacturing and R&D centers, despite already achieving a capacity utilization rate of 119% in 2024 [6]. - The inquiry emphasized the necessity and rationality of the fundraising projects, questioning the company's ability to absorb new capacity in light of potential market slowdowns in the new energy vehicle and 3C sectors [6].
IPO雷达|营收超四成靠比亚迪,天健新材IPO被监管追问:是否存在被替代风险?