纳百川：净利润和毛利率持续下滑，5家子公司3家亏损

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. is preparing for an IPO on the ChiNext board, aiming to raise 729 million yuan for a production project and working capital [1] Financial Performance - Revenue for Nanbaichuan during the reporting period (2022-2024 and Q1 2025) was 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 337 million yuan respectively, while net profit was 113 million yuan, 98 million yuan, 95 million yuan, and 15 million yuan [3] - The company's gross profit margin has been declining, with figures of 22.00%, 19.43%, 17.54%, and 14.34% over the same period, which is below the industry average [4] Accounts Receivable - Accounts receivable have been increasing, with balances of 340 million yuan, 403 million yuan, 593 million yuan, and 489 million yuan, representing 33.00%, 35.44%, 41.24%, and 145.11% of revenue respectively [4] - As of May 2025, the accounts receivable turnover rate has decreased, indicating a growing collection issue [4][5] Cash Flow - The net cash flow from operating activities has fluctuated, with figures of 20 million yuan, 111 million yuan, 39 million yuan, and -56 million yuan, indicating a negative cash flow in Q1 2025 [5] Subsidiary Performance - Out of five wholly-owned subsidiaries, three reported negative net profits in 2024, highlighting poor operational performance [6][8] - Specific losses for subsidiaries include -12.47 million yuan for Nanbaichuan (Chuzhou), -2.48 million yuan for Nanbaichuan (Taizhou), and -2.41 million yuan for Nanbaichuan (Shanghai) [8] Financial Ratios - The company has a high debt ratio, with figures of 65.93%, 65.18%, 66.80%, and 67.55% over the reporting period, and liquidity ratios below industry averages [8] Related Party Transactions - The prospectus indicates potential undisclosed related party transactions involving significant ownership stakes by family members of company executives [9]