慧谷新材冲刺创业板IPO 与A股新莱福“同出一脉”

Core Viewpoint - Guangzhou Huigu New Materials Technology Co., Ltd. (Huigu New Materials) is currently pursuing an IPO on the ChiNext board, with significant connections to A-share listed company Xinlaifu, including shared historical ownership and cross-shareholding among major stakeholders [1][4][5]. Financial Performance - Huigu New Materials' main business focuses on the research, production, and sales of functional resins and functional coating materials, with reported revenues of 664 million, 717 million, and 817 million yuan for the years 2022, 2023, and 2024 respectively, showing substantial growth [2]. - The company's net profit attributable to the parent company, after deducting non-recurring gains and losses, was 26.84 million, 96.01 million, and 142 million yuan for the same years, indicating significant year-on-year increases [2]. - The gross profit margins for the same periods were 29.56%, 38.51%, and 40.68%, reflecting an upward trend attributed to declining raw material prices and the divestment of certain business lines [2]. Capital Raising and Use of Proceeds - Huigu New Materials plans to raise 900 million yuan through the IPO, with 250 million yuan earmarked for replenishing working capital, despite having 275 million yuan in cash by the end of 2024 [3]. - The company reported a decrease in financial expenses from 3.15 million yuan in 2022 to -3.38 million yuan in 2024, with interest income exceeding interest expenses in 2024 [3]. Historical Connections and Shareholding Structure - The founding shareholders of Huigu New Materials and Xinlaifu were both linked to Jinde Industrial Trade, establishing a historical connection between the two companies [4][5]. - The current actual controllers of Huigu New Materials and Xinlaifu are Tang Jing and Wang Xiaoming, respectively, with a shared second-largest shareholder, Yishang Investment, holding 28.33% and 13.72% of their shares [6]. Transactions and Financial Activities - Huigu New Materials redeemed all financial products in 2024 and purchased large-denomination time deposits, including 51.78 million yuan acquired from Xinlaifu, which the company claims was a market-driven transaction [7]. - Xinlaifu announced plans to issue shares and pay cash for asset acquisitions in April 2025, raising questions about the financial relationship between the two companies [7].