新荷花招股书解读：净利润下滑14.3%，计息银行借款增34.63%

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Decoction Pieces Co., Ltd. is pursuing an IPO in Hong Kong, showcasing a compound annual growth rate (CAGR) of 27% in revenue from 2022 to 2024, while net profit is projected to decline by 14.3% in 2024, alongside a significant increase in interest-bearing bank loans by approximately 34.63% from 2023 to 2024 [1][8]. Business Model and Core Competencies - The company employs a dual-pillar strategy, servicing hospitals and pharmacies through offline channels while leveraging digital platforms to cater to smaller clients and retail markets [2]. - Xinhehua is the first TCM decoction piece enterprise to obtain GMP certification, integrating molecular biology into TCM, with its DNA barcode technology adopted by both Chinese and British pharmacopoeias [3]. Financial Data Analysis - Revenue growth is notable, with total revenue increasing from 780.42 million RMB in 2022 to 1,249.40 million RMB in 2024, reflecting a CAGR of 27%. The first half of 2025 shows revenue at 633.51 million RMB, surpassing 78.93% of 2022's total [4][6]. - The revenue structure indicates that toxic decoction piece income rose to 16.8% in 2023 but fell to 13.8% in 2024, while ordinary decoction pieces consistently account for over 80% of total revenue [6]. - Net profit increased by 34.34% in 2023 compared to 2022 but is expected to decline by 14.3% in 2024, primarily due to rising raw material costs and operational expenses [7]. - Gross margin has decreased from 21.1% in 2022 to 17.1% in 2024, attributed to a higher proportion of sales to lower-margin medical trading companies and pharmacies, as well as fluctuations in raw material costs [7]. Financial Challenges and Risks - The company faces rising debt levels, with interest-bearing bank loans increasing from 120.12 million RMB in 2023 to 161.75 million RMB in 2024, leading to a higher leverage ratio of 57% in 2024 compared to 49% in previous years [8]. - The industry is characterized by intense competition, with 2,334 related enterprises in China as of 2023, indicating a fragmented market where Xinhehua, despite its leading position, faces significant competition [8]. Raw Material Prices and Supply Risks - The company relies on various raw materials, which are subject to price volatility and supply shortages, potentially impacting gross margins and profitability [9]. New Business Development Uncertainties - Xinhehua is pursuing several new business initiatives, such as the Golden Lotus platform, but these ventures may encounter challenges related to market acceptance and competitive pressures, posing risks to sustainable revenue generation [10]. Quality Control Risks - The quality of TCM decoction pieces is influenced by multiple factors, and any failure in the quality control system could lead to product quality issues, adversely affecting the company's reputation and financial performance [11].