道生天合IPO：实控人母子1.25亿巨额资金往来引关注，主板适配性待解

Core Viewpoint - The company DaoShengTianHe Materials Technology (Shanghai) Co., Ltd. is facing significant operational and financial challenges despite its IPO submission, raising concerns about its independence and the rationale for its listing [1][12]. Financial Performance - DaoShengTianHe's revenue growth has stagnated, with a mere 1.13% increase in 2024, and net profit growth of only 2.45%, while the net profit attributable to the parent company grew by just 0.01% [2][3]. - The company's gross profit margin has declined from 12.34% to 11.61%, indicating weakening market competitiveness of its core products [2][3]. - The total revenue for 2024 is projected at 323.8 million yuan, with a gross profit of 37.6 million yuan, reflecting a decrease in gross profit of 4.85% year-on-year [3]. Operational Concerns - DaoShengTianHe has experienced inefficiencies in fixed asset utilization, with a new planetary vacuum mixer taking a year to be operational due to customer-specific requirements, highlighting poor capacity planning [4]. - The company's expansion plans, particularly in the wind power and new energy vehicle materials sector, are questionable, as projected additional gross profits for 2024 and 2025 are significantly lower than expected [5]. Market Position and Strategy - The company is heavily reliant on the wind power industry, which is facing a slowdown, and its attempts to diversify into the new energy vehicle adhesive market have been slow, with only 5.04% of revenue coming from this segment in 2023 [6]. - Research and development investment is low, at only 2.7%-3.2% of revenue, which is below industry averages, further diminishing its competitive edge [6]. Family Capital and Governance Issues - There are significant financial transactions between the controlling shareholder, Ji Gang, and his mother, amounting to 125 million yuan from 2021 to 2023, raising questions about the company's financial independence [7][10]. - The nature of these transactions appears to be akin to "interest-free loans," which could mask the company's actual debt repayment capabilities [11]. Historical Context and Implications - The timeline of Ji Gang's family background and the establishment of DaoShengTianHe raises suspicions about potential undisclosed capital injections and asset transfers from previous family business dealings, particularly with YaBaiTe [12][13]. - The company's reliance on family capital rather than its operational capabilities poses risks to its long-term viability and compliance with listing requirements [13].