锦华新材IPO揭秘：亿元现金存控股股东处，关联采购价低外采，无偿用商标引关注

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) has received IPO registration approval, bringing the company closer to its public listing [1] Group 1: IPO and Corporate Structure - Jinhua New Materials submitted its IPO application in June 2024 and successfully passed the review on July 4, 2024, after three rounds of inquiries [1] - The controlling shareholder of Jinhua New Materials is Juhua Group Co., Ltd., which is also its largest supplier, accounting for approximately 30% of Jinhua's procurement from 2022 to 2024 [1] Group 2: Financial Transactions and Independence - Jinhua New Materials has maintained significant cash deposits with Juhua Group's financial subsidiary, with balances of 251 million, 161 million, 165 million, and 0 in the years 2021 to 2024, representing 67.02%, 45.25%, 26.72%, and 0% of Jinhua's total monetary funds respectively [1] - To enhance its independence, Jinhua New Materials has terminated the automatic transfer function with Juhua Financial and ceased this related transaction in April 2024 [1] Group 3: Brand and Management - Jinhua New Materials has received free authorization to use Juhua Group's trademark, which will transition to its own brand on product packaging starting March 1, 2025, indicating a move towards greater brand independence [2] - Several key management personnel at Jinhua New Materials previously worked at Juhua Group, bringing valuable experience to the company [2] Group 4: Procurement and Market Concerns - Jinhua New Materials procures a variety of goods and services from Juhua Group, including energy, raw materials, and processing services, while sourcing different products from other suppliers [2] - There are concerns regarding the pricing of commissioned processing of certain products, as the unit cost differs from market prices, raising questions about the fairness of these related transactions [3] Group 5: Future Outlook - As Jinhua New Materials approaches its IPO, there is market anticipation for its future development, despite concerns regarding related transactions [5] - The company has stated its commitment to improving independence and transparency while focusing on technological innovation and market expansion for sustainable growth [5]