浙江台州一家IPO实控人高度控股还分红，产能未饱和仍扩产近一倍

Core Viewpoint - Yuan Chuang Technology Co., Ltd. is facing challenges with increasing revenue but declining profits, alongside rising raw material costs and high customer concentration risks [2][3][4]. Financial Performance - The company's revenue for the years 2022 to 2024 was 1.261 billion, 1.141 billion, and 1.349 billion respectively, while the net profit attributable to the parent company was 137 million, 176 million, and 150 million respectively [3]. - The gross profit margin fluctuated, with values of 21.58%, 28.28%, and 22.75%, indicating a decline of 5.53 percentage points in 2024 [3]. - The price of a key raw material, rubber, increased from 10,350.30 yuan/ton in 2023 to 13,023.12 yuan/ton in 2024, a rise of 25.82% [3]. Customer Concentration and Accounts Receivable - The top five customers accounted for 50.10%, 46.56%, and 49.94% of sales during the reporting period, with the largest customer, Wo De Agricultural Machinery, contributing significantly [4]. - Accounts receivable balances were 447 million, 355 million, and 480 million, representing 35.43%, 31.09%, and 35.56% of revenue, indicating high customer concentration risk [4]. Inventory and Foreign Sales - Inventory values were 230.28 million, 184.68 million, and 217.31 million, making up 24.53%, 20.98%, and 17.39% of current assets [5]. - Over 40% of revenue came from overseas sales, with foreign sales figures of 603 million, 556 million, and 598 million, representing 48.36%, 48.90%, and 44.75% of total revenue [5]. R&D and Patent Issues - R&D expenses were 7.14 million, 9.08 million, and 9.77 million, with a ratio to revenue of 0.57%, 0.80%, and 0.72%, indicating insufficient investment in R&D [6]. - Discrepancies in the number of R&D personnel were noted, raising concerns about transparency in disclosures [7][9]. - The company faced a patent infringement lawsuit, which was settled after the company sought to invalidate the patent in question [8][9]. Ownership and Dividend Concerns - The actual controller, Wang Wenjie, holds 90.93% of the company, raising concerns about potential conflicts of interest in dividend distributions [10][11]. - Cumulative dividends from 2020 to 2023 amounted to 45.36 million, with a significant portion benefiting the controlling family [11]. Capital Raising and Production Capacity - The company plans to raise 600 million for working capital, despite having sufficient cash flow, leading to questions about the necessity of this fundraising [12]. - Production capacity utilization rates have not reached saturation, yet the company plans to significantly expand capacity, which raises concerns about the rationale behind this decision [12][13].