恒坤新材IPO被暂缓审议：收入确认法遭质疑，募资缩水约2亿元

Core Viewpoint - The initial company to have its IPO review postponed in 2025 is Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") [1] Group 1: IPO Review and Status - The Shanghai Stock Exchange's Listing Review Committee has held 26 review meetings in 2025, involving 14 initial public offerings (IPOs) and 12 refinancing applications [3] - Companies such as Zhongce Rubber, Hanbang Technology, and Weigao Blood Purification have successfully listed, while Hengkang New Materials' review has been postponed due to concerns over revenue and R&D issues [3][4] - Hengkang New Materials submitted its prospectus in December 2024, aiming to raise 1.2 billion yuan for various projects related to integrated circuit materials [6][12] Group 2: Financial Performance - Hengkang New Materials reported revenues of approximately 322 million yuan, 368 million yuan, and 548 million yuan for the years 2022, 2023, and 2024, respectively [12] - The net profits for the same years were approximately 99.73 million yuan, 89.76 million yuan, and 96.91 million yuan, with the net profit after deducting non-recurring items being around 91.04 million yuan, 81.53 million yuan, and 94.30 million yuan [12] - As of the end of 2024, the company's total assets were approximately 2.645 billion yuan, with a debt-to-asset ratio of 43.26% [13] Group 3: Project Funding and Investment - Hengkang New Materials initially planned to raise 1.2 billion yuan for three projects, but after adjustments, the total fundraising amount was reduced to 1.007 billion yuan [7][8] - The projects include the second phase of the integrated circuit precursor project and advanced materials for integrated circuits, with total investments of approximately 5.191 billion yuan and 9.091 billion yuan, respectively [7][8] - The company has been asked to justify the necessity and feasibility of these projects, including the potential risks of excess capacity [8][9] Group 4: Accounting and Revenue Recognition - The Listing Committee has requested Hengkang New Materials to clarify its revenue recognition methods, particularly regarding the use of the net method for revenue confirmation [4][10] - The company argues that it acts as an agent in its business transactions, which justifies its revenue recognition approach under the accounting standards [10] - Concerns have been raised about the company's high bank deposits and loans, with explanations provided regarding the management of these funds and their implications for operational efficiency [14]