凯达重工IPO：净利润增速三连降 代理商佣金和服务费逐年走高

Core Viewpoint - Jiangsu Kaida Heavy Industry Co., Ltd. has changed its IPO review status to "inquired" and plans to raise 295 million yuan for the construction of a high-performance roller production base [2][3] Company Overview - Kaida Heavy Industry was established in 2007 and primarily engages in the R&D, production, and sales of key components for steel rolling, such as rollers and rings, mainly serving the steel industry [5] Financial Performance - Revenue for Kaida Heavy Industry from 2022 to 2024 was 379 million yuan, 452 million yuan, and 460 million yuan, with a revenue growth rate decline of 17.3 percentage points in 2024 [5] - Net profit for the same period was 49 million yuan, 65 million yuan, and 63 million yuan, showing a continuous decline in growth over three years [5] Sales Expenses - Sales expenses have shown a continuous increase, particularly in the category of commissions and service fees, which were 3.43 million yuan, 5.20 million yuan, and 5.69 million yuan during the reporting period, accounting for 33.69%, 40.94%, and 38.59% of sales expenses respectively [5] - In 2023, commissions and service fees grew by 51.58%, significantly outpacing revenue growth [5] Commission and Service Fee Analysis - The highest commission and service fee received by agents from 2021 to 2023 was 961,700 yuan, contributing 1,594,290 yuan in revenue, accounting for 6.03% [6] - The lowest commission and service fee was 33,900 yuan, corresponding to sales revenue of 322,680 yuan, accounting for 1.05% [6] - The agent with the highest commission received 793,400 yuan, contributing 489,640 yuan in revenue, which accounted for 16.20% [6] Regulatory Inquiry - The Beijing Stock Exchange has requested Kaida Heavy Industry to clarify the specific composition, reasons for changes, and rationality of commissions and service fees, as well as their alignment with corresponding revenue scales [7] - The inquiry also covers the selection and management model of sales service providers, the legality and compliance of the order acquisition process, and potential issues related to commercial bribery or unfair competition [7]