净利承压、实控人手握超九成控制权，元创股份二度IPO迎考

Core Viewpoint - Yuan Chuang Technology Co., Ltd. is preparing for its IPO on the Shenzhen Stock Exchange after previously withdrawing its application for the Shanghai Stock Exchange due to declining performance. The company is facing challenges with net profit expected to decline in 2024 and the first half of 2025 [2][6]. Company Overview - Yuan Chuang Technology specializes in the research, production, and sales of rubber track products, including agricultural and engineering machinery tracks [3]. - The company plans to raise approximately 485 million yuan, with 60 million yuan allocated for working capital and the remainder for production base and technology center construction [3]. Financial Performance - The company has experienced a decline in net profit, with figures for 2022, 2023, and projected 2024 being approximately 139 million yuan, 178 million yuan, and 155 million yuan respectively [6]. - Revenue for 2022, 2023, and projected 2024 is approximately 1.261 billion yuan, 1.141 billion yuan, and 1.349 billion yuan respectively [6]. - In the first half of 2025, revenue is projected to be around 652 million yuan, a year-on-year increase of 6.74%, but net profit is expected to decline by 2.65% [7]. Dividend Policy - Despite planning to raise funds, the company has distributed cash dividends from 2020 to 2023, totaling approximately 45.36 million yuan [3][4]. - The cash dividends during this period were less than 10% of the total profit, indicating a moderate approach to shareholder returns [4]. Control and Governance - The company has a highly concentrated ownership structure, with the actual controller Wang Wenjie holding over 90% of the shares [4]. - The board of directors consists of members nominated solely by Wang Wenjie, raising concerns about the influence of minority shareholders [4][5]. Research and Development - The company has emphasized the importance of R&D but has low R&D expenditure relative to revenue, with figures of approximately 7.14 million yuan, 9.08 million yuan, and 9.77 million yuan for 2022, 2023, and 2024 respectively [10]. - The number of R&D personnel is limited, with only 16 employees, and a significant portion lacking higher education qualifications [10]. Accounts Receivable - The company has reported overdue accounts receivable, with balances of approximately 447 million yuan, 355 million yuan, and 480 million yuan over the reporting periods [9]. - The overdue accounts receivable amounts were approximately 92.49 million yuan, 46.98 million yuan, and 64.83 million yuan, indicating a potential risk in cash flow management [9].