Core Viewpoint - Jiangsu Kangrui New Materials Technology Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange, driven by its role as a supplier for Apple's titanium alloy frames, despite facing internal control issues and tax violations [2][10]. Group 1: Company Overview - Kangrui New Materials, established in 2001, specializes in precision metal materials and has successfully entered Apple's supply chain since 2019 [2][3]. - The company has seen a significant increase in revenue, with projections showing growth from 1.053 billion yuan in 2022 to 2.998 billion yuan in 2024, and net profit rising from 47.55 million yuan to 404 million yuan during the same period [5][9]. Group 2: Financial Performance - Revenue from the consumer electronics sector is expected to grow from 759 million yuan in 2022 to 2.683 billion yuan in 2024, increasing its share of total revenue from 74.52% to 90.61% [5][9]. - Major clients include Foxconn and BYD, with a significant portion of revenue derived from a key client, referred to as X Company, which accounted for 74.39% of revenue in 2022 [5][7]. Group 3: Compliance Issues - The company has faced multiple compliance issues, including a tax violation resulting in a fine of 33,000 yuan for underreporting taxes by 110,000 yuan [10][12]. - Kangrui New Materials has also engaged in problematic fund transfers, with a total of 519 million yuan in loans transferred between 2020 and 2023, raising concerns about potential legal risks [10][12]. Group 4: Ownership and Governance - The company is controlled by a couple, Zhu Wei and Li Li, who hold 72.52% of the shares and have received over 65 million yuan in dividends over the past three years [15][18]. - Historical issues with shareholding arrangements have been addressed, and the company claims that all past ownership disputes have been resolved [20].
康瑞新材靠iPhone钛边框逆袭！“70后夫妻”干出一个IPO
Sou Hu Cai Jing·2025-09-26 00:56