慧谷新材从唐靖手里买房产，IPO前给投资者打“预防针”

Core Viewpoint - The company, Guangzhou Huigu New Materials Technology Co., Ltd. (Huigu New Materials), is undergoing scrutiny as it appears on the list for on-site inspections by the China Securities Association shortly after its IPO application was accepted. The inspection aims to filter out companies with potential issues before they go public, with a high termination rate observed in previous years [1][2]. Financial Performance - Huigu New Materials has shown continuous growth in its operating performance from 2022 to 2024, achieving revenues of 664 million yuan, 717 million yuan, and 817 million yuan respectively. The net profit attributable to the parent company, excluding non-recurring gains and losses, increased significantly from approximately 26.84 million yuan to 142 million yuan, marking a growth of over 400% in three years [2][15]. - The company reported a gross profit margin increase from 29.56% in 2022 to 40.68% in 2024, indicating improved profitability [15]. Related Transactions - In late 2023, Huigu New Materials approved a transaction to purchase real estate from Guangzhou Henghui Materials Co., Ltd. for 65 million yuan. The seller was indirectly controlled by the actual controller of Huigu New Materials, raising concerns about potential conflicts of interest [3][4][5]. Risk Factors - Despite the strong financial performance, Huigu New Materials has warned investors about potential risks, including a possible decline in operating profit by over 50% in the year of listing or even incurring losses due to macroeconomic conditions and market competition [2][14]. Ownership Structure - The actual controller, Tang Jing, holds 11.8% of the company's shares directly and controls 59.02% of the voting rights through various entities. His family members also hold significant positions within the company, indicating a concentrated ownership structure [9][10]. Research and Development - The company has invested in R&D, with expenses accounting for approximately 6.72% of its revenue in 2024. It has disclosed 31 R&D projects, with 20 completed, reflecting a commitment to innovation [22][25]. Internal Control Issues - Huigu New Materials has faced internal control issues related to financial practices, including discrepancies in invoice amounts and improper use of third-party payments. However, the company has stated that these issues have been rectified [27][30]. IPO Financing Plans - The company plans to raise 900 million yuan through its IPO, with significant portions allocated for expanding production capacity and enhancing R&D capabilities. Approximately 30% of the funds will be used to supplement working capital [30][31]. Safety Incident - A safety incident in 2019 involving a subsidiary led to fatalities and raised concerns about the company's safety management practices. The subsidiary was later merged and subsequently deregistered [35][39].