纳百川IPO：招股书疑似遗漏关联方 社保新规冲击下补缴压力陡增

Core Viewpoint - The IPO application of Nabai Chuan New Energy Co., Ltd. faces significant challenges due to incomplete disclosure of related party transactions, non-compliance with social security contributions, declining profits, and tight cash flow [1][2][3]. Related Party Transactions - Nabai Chuan has significant deficiencies in the disclosure of related party transactions, which is a key focus of IPO regulatory scrutiny. The company failed to include certain related parties in its prospectus, raising concerns about the completeness of its disclosures [2][3]. Social Security Compliance Issues - The company faces substantial pressure to rectify social security payment issues, especially with new regulations coming into effect that invalidate any agreements to waive social security contributions. This could lead to significant back payments and legal risks for the company [3][4]. Financial Implications - As of March 2025, Nabai Chuan had 1,319 employees, with a notable number lacking social security coverage. This situation is inconsistent with new regulatory requirements and raises questions about the company's operational practices [4][5]. - The financial burden of social security back payments could severely impact the company's already declining profits. The estimated annual cost for social security contributions for employees lacking coverage could reach approximately 2.6 million yuan, with additional historical liabilities potentially exceeding 4.7 million yuan [5][6]. Revenue and Profit Trends - The company has experienced a widening gap between revenue and profit, with revenue increasing from 1.031 billion yuan in 2022 to 1.437 billion yuan in 2024, while the gross margin from core business activities has decreased from 22.36% to 17.54% during the same period [6].