未来材料IPO：能否从现场检查中安全返回？

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has been selected for an IPO site inspection, which is considered one of the strictest IPO reviews, raising concerns about its IPO prospects [1][2]. Group 1: IPO Process and Challenges - Future Materials' IPO application was accepted on June 27, 2023, and it was selected for the second batch of IPO site inspections in 2025 [1]. - The new regulations state that even if a company selected for site inspection withdraws its application, the inspection will still proceed, and regulatory penalties may apply for any issues found [2]. - As of July 18, 2023, Future Materials' IPO review status was updated to "inquiry," indicating that the process is ongoing despite the site inspection [2]. Group 2: Company Performance and Financials - Future Materials has shown overall revenue growth during the reporting period, but 2024 is projected to see a decline in both revenue and net profit compared to 2023 [3]. - Revenue figures for 2022, 2023, and 2024 are 524 million, 721 million, and 640 million respectively, with a year-on-year growth of 37.60% in 2023, but a decline of 11.23% in 2024 [3]. - Net profit for the same years is 143 million, 230 million, and 165 million, with a growth of 60.84% in 2023 and a decline of 28.26% in 2024 [3]. Group 3: Production Capacity and Utilization - The company faces challenges with low capacity utilization rates for its main products, which are critical for its IPO success [6]. - For example, the capacity utilization rates for perfluorinated proton exchange membranes were 9.00%, 10.29%, and 45.25% for 2022, 2023, and 2024 respectively [6]. - Other products also show low utilization rates, such as perfluorinated ion exchange resins at 42.00%, 71.72%, and 53.11% [6]. Group 4: Fundraising and Investment Plans - Future Materials plans to raise 2.446 billion for various projects, including a 3 million m²/a perfluorinated proton membrane project and a 5,000 t/a melt-processable polytetrafluoroethylene (PFA) project [10][12]. - The company aims to significantly increase the production capacity of its high-performance fluorinated functional membranes to meet growing market demand [10]. - However, the necessity of expanding capacity is questioned due to the current low utilization rates of existing production [10][13].