益丰新材二次闯关IPO：营收三连降，家族控股下的关联交易迷局

Core Viewpoint - Yifeng New Materials Co., Ltd. is attempting its second IPO on the ChiNext board after a failed attempt on the Sci-Tech Innovation Board in 2020, despite facing declining revenues for three consecutive years and a significant drop in the prices of its core products [1][3][21] Group 1: Financial Performance - The company's revenue has decreased from 714 million yuan in 2022 to 602 million yuan in 2024, marking a decline of 12.45% in 2023 and 3.81% in 2024 [6][21] - The gross margin for organic sulfur chemicals has plummeted from 61.06% in 2022 to 34.41% in 2024, with the price of the core product, thiourea, dropping by 21.82% in 2024 [8][21] - The company reported net profits of 138.86 million yuan in 2024, slightly up from 137.27 million yuan in 2023, but the basic earnings per share decreased to 0.98 yuan in 2024 from 1.01 yuan in previous years [7][20] Group 2: Business Structure and Dependencies - Yifeng New Materials relies heavily on Jingbo Petrochemical for its supply of acidic gas, which is critical for its production of organic sulfur chemicals, raising concerns about supply chain vulnerabilities [10][21] - The company has a complex ownership structure, with the controlling family, led by Ma Yunsheng, holding 49.96% of the shares, which raises questions about governance and potential conflicts of interest [13][21] Group 3: Research and Development - Despite being a high-tech enterprise, the company's R&D expenditure decreased from 27.3 million yuan in 2023 to 22.07 million yuan in 2024, resulting in a drop in the R&D expense ratio from 4.37% to 3.67% [19][21] - The company claims to have 79 R&D personnel, with 58.23% holding master's degrees or higher, but the reduction in R&D spending may impact its innovation capabilities [19][21] Group 4: Inventory and Cash Flow Concerns - The inventory turnover rate has declined from 9.09 times per year in 2022 to 5.6 times in 2024, indicating potential issues with product sales and excess inventory [17][21] - The proportion of inventory classified as finished goods has increased to 69.57% by the end of 2024, suggesting a risk of unsold products [21]