上市：成长性企业的“新思考” ——从新荷花14年IPO长跑，看未上市企业的生存焦虑

Core Viewpoint - Sichuan Xinhehua has submitted its prospectus to the Hong Kong Stock Exchange for the fourth time in fourteen years, highlighting its struggles and persistence in the IPO process, transitioning from A-shares to H-shares, and facing various challenges along the way [1][3]. Company Overview - Xinhehua is a leading supplier of quantified traditional Chinese medicine pieces, often recognized by consumers through its packaging used in hospitals [3]. - The company has experienced significant fluctuations in revenue and profitability, with revenue increasing from 780 million yuan in 2022 to 1.249 billion yuan in 2024, while profit peaked at 104 million yuan in 2023 before dropping to 89.112 million yuan [4][5]. Financial Performance - The company's revenue has shown volatility, with production volume dropping from 6,712.55 tons in 2010 to 3,824.87 tons in 2019, before surging to 8,576 tons in 2024, marking a 45% increase over two years [4]. - Xinhehua's gross profit margin has declined from 21.1% to 17.1% during the same period, indicating challenges in maintaining profitability amidst growth [4]. Employee and Operational Changes - The employee count has increased from 319 in 2020 to 616 in 2024, with production staff doubling to 336, suggesting a rapid expansion to meet IPO expectations [5]. - The company has faced cash flow challenges, with negative net operating cash flow of 467,000 yuan in 2024 and trade receivables reaching 5.58 billion yuan, leading to extended turnover days of 155 [5]. Governance and Ownership Structure - To meet implicit control requirements for listing, the controlling family's shareholding increased from less than 30% in 2011 to 65.2% [5]. - The company has engaged in share buybacks and transfers to stabilize its ownership structure, reflecting instability in its pre-IPO governance [5]. Industry Context - The traditional Chinese medicine industry relies heavily on capacity upgrades and quality control, with Xinhehua's DNA identification technology recognized by both Chinese and British pharmacopoeias, yet financial constraints hinder its large-scale application [6]. - The company has faced challenges in product quality, with multiple instances of non-compliance in product testing, indicating insufficient investment in research and quality control [6]. IPO Significance - For growth-oriented companies, going public is not an end but a starting point for building stable development capabilities, providing lower-cost financing and improving governance structures [8]. - Xinhehua's long IPO journey reflects the common experiences of many growing enterprises, emphasizing the importance of transitioning from chaotic growth to regulated maturity [8].