金桥德克IPO少数股东亏了，马晓东落袋1亿元

Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. successfully entered the Sci-Tech Innovation Board after over two years of preparation, aiming to expand production and capture more market share amid fluctuating raw material prices [1] Company Overview - Jinqiao Dek has achieved significant results in the daily chemical packaging and automotive coating sectors, with both revenue and profit increasing, and a rising gross profit margin [2] - The company plans to raise 530 million yuan through its IPO for projects including a green intelligent factory transformation and working capital [1][2] - The company has distributed a total of 107 million yuan in cash dividends in 2023 and 2024, with the actual controller, Ma Xiaodong, receiving 60% of this amount [2][7] Financial Performance - Jinqiao Dek's revenue for 2022, 2023, and 2024 was 491 million yuan, 539 million yuan, and 627 million yuan, respectively, with year-on-year growth rates of 9.72% and 16.42% [11] - The net profit for the same periods was 93.14 million yuan, 117 million yuan, and 141 million yuan, with growth rates of 25.61% and 20.51% [11] - The gross profit margin has improved from 34.23% in 2022 to 41.23% in 2024 [11] Shareholder Dynamics - Ma Xiaodong, the actual controller, holds 51.78% of the shares directly and an additional 8.25% indirectly, totaling 60.03% [7] - Between 2022 and 2024, Ma Xiaodong has cashed out approximately 36.16 million yuan through share transfers [7][12] Subsidiary Performance - Jinqiao Dek has four wholly-owned subsidiaries and one associated company, with three subsidiaries currently operating at a loss, raising concerns about the company's financial health [9][10] - The minority shareholders' equity turned negative in 2024, contrasting sharply with the company's high dividend payouts [9] Market Position and Client Base - The company serves around 1,300 clients, including major brands like L'Oréal, Huawei, and Apple, with over 60% of its revenue coming from daily chemical packaging [11][13] - The automotive coating segment has shown rapid growth, with sales increasing significantly in 2023 and 2024 [14] Raw Material Dependency - Jinqiao Dek's raw material costs account for over 85% of its main business costs, making it highly sensitive to fluctuations in raw material prices [16] - The company has implemented measures such as bill endorsement to manage supplier payments and maintain cash flow stability [18] Future Outlook - The company is focusing on expanding its automotive paint product line and enhancing its market presence in the automotive interior and exterior coatings [15]