博韬合纤闯关北交所：2022年第一大客户当年即破产 产能利用率不足五成仍拟扩产超1倍

Core Viewpoint - Hubei Botao Fiber Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, aiming to raise approximately 345 million yuan for capacity expansion and working capital, despite facing challenges such as a major client's bankruptcy and low capacity utilization rates in recent years [1][4][11]. Financial Performance - The company's operating revenues during the reporting period were 655 million yuan, 740 million yuan, and 836 million yuan, with net profits of 62 million yuan, 60 million yuan, and 61 million yuan respectively [2]. - The total assets as of December 31, 2024, are projected to be approximately 647.49 million yuan, with total equity of about 547.31 million yuan [3]. Client and Revenue Dynamics - The primary client in 2022, Johann Borgers GmbH, went bankrupt, leading to a write-off of 1.6083 million yuan in receivables by the end of 2024 [1][4]. - The company has shifted its focus to international markets, with foreign revenue contributing significantly to total sales, increasing from 26.59% in 2022 to 38.57% in 2024 [4]. Capacity and Utilization - The planned IPO projects are expected to increase polypropylene short fiber capacity by approximately 26.85% and polyester short fiber capacity by 128.57% [1][14]. - Despite the planned expansions, the capacity utilization rates for polypropylene short fiber were around 70% and for polyester short fiber were below 50% during the reporting period [1][11]. Investment Projects - The IPO proceeds will be allocated to three main projects, including a 20,000-ton polypropylene short fiber and 18,000-ton polyester fiber project, with a total investment of approximately 35.47 million yuan [12][14]. - The breakdown of the investment includes 13.07 million yuan for fiber production, 9.11 million yuan for smart upgrades, and 8.79 million yuan for R&D center construction [12]. Related Party Transactions - The company has identified Hubei Shunheng New Materials Co., Ltd. as a related party, with discrepancies in shareholder names noted in various disclosures [7][10]. - The company reported sales to Hubei Shunheng of 422,700 yuan and 725,690 yuan in 2023 and 2024, respectively [10].