科马材料三年上市路：研发费用率持续下滑，多起内控不规范行为

Core Viewpoint - The company, Zhejiang Koma Materials Co., Ltd., is preparing for its IPO on the Beijing Stock Exchange after previously withdrawing its application for the Shenzhen Stock Exchange due to various issues, including performance decline and internal control concerns [2][3]. Company Overview - Koma Materials was established in 2002 and specializes in the research, production, and sales of dry and wet friction materials [3]. - The main products include dry friction plates and wet paper-based friction plates, with a shift in focus to T2 products since July 2023 [3]. Financial Performance - The company experienced fluctuating performance from 2022 to 2024, with revenues of 202 million, 199 million, and 249 million respectively, and net profits of 41.65 million, 49.05 million, and 71.03 million [5]. - Revenue growth rates were -1.58% in 2023 and 25.16% in 2024, indicating a recovery after a decline [5]. - For the first half of 2025, revenue is projected to be between 136 million and 141 million, with net profit expected to be between 43 million and 47 million, reflecting a year-on-year growth of approximately 23.49% to 34.98% [6]. Product Revenue Breakdown - The revenue from T1 products significantly decreased from 1.08 billion in 2022 to 236.08 million in 2024, while T2 products saw an increase from 862.43 million to 2.35 billion in the same period [3]. - The company also generates around 2% of its revenue from copper-based friction plate trading, which has been declining [4]. Cash Flow and Working Capital - The company has a high level of accounts receivable, accounting for approximately 40% of revenue, which poses operational pressure [7]. - Cash and cash equivalents have been declining, with balances of 61.64 million, 47.25 million, and 25.12 million over the reporting periods, attributed to significant expenditures on new facilities and dividends [9]. Internal Control and Compliance Issues - The company has faced scrutiny regarding its internal control practices, with multiple instances of non-compliance identified, including issues related to financial management and the handling of funds by actual controllers [13][15]. - The company plans to raise 206 million through its IPO, with a significant portion allocated to upgrading production technology and research [10]. R&D and Human Resources - Koma Materials' R&D expenses have been decreasing, with rates of 6.77%, 6.56%, and 5.51% over the reporting periods, which are slightly below industry averages [12]. - The workforce consists of 474 employees, with a low percentage of individuals holding advanced degrees, indicating a potential gap in technical talent [12].