Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (referred to as "Future Materials") is progressing with its IPO process despite a decline in revenue and net profit for 2024, although the downward trend has slowed in the first half of 2025 [1][4]. Financial Performance - Future Materials reported revenues of approximately 5.24 billion, 7.21 billion, 6.4 billion, and 3.49 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Corresponding net profits were approximately 1.43 billion, 2.3 billion, 1.65 billion, and 926.69 million [4]. - The company's main business revenue accounted for over 95% of total revenue during the reporting period [4]. - The decline in revenue and net profit for 2024 is attributed to increased industry capacity and intensified competition affecting sales of key products [4]. Research and Development - Future Materials' R&D expenses were 602.95 million, 886.41 million, 610.74 million, and 310.07 million for the years 2022, 2023, 2024, and the first half of 2025, representing 11.51%, 12.29%, 9.54%, and 8.89% of revenue, respectively [6]. - Despite the decline in R&D expense ratio, the company maintained a higher level compared to industry peers, whose average R&D expense ratios were approximately 5.34%, 6.2%, 5.7%, and 5.24% during the same periods [6]. Customer and Supplier Relationships - Future Materials has a close capital relationship with Dongyue Group, with significant transactions occurring between the two entities [8]. - Dongyue Group's subsidiary, Dongyue Fluorosilicon, has been a major customer, accounting for 13.33%, 14.19%, 13.44%, and 15.44% of Future Materials' main business revenue from 2022 to 2025 [8][9]. - Dongyue Fluorosilicon also served as the primary supplier, with procurement amounts representing 43.69%, 31.8%, and 16.02% of total purchases during the reporting period [9]. Control and Independence - Future Materials underwent a change in control in 2022, with the current control held by Zhang Jianhong, who holds 35.5% of the voting rights [10]. - The company asserts its operational independence from Dongyue Group and Dongyue Fluorosilicon, with clear separations in business and production operations [10].
研发费用率走低、与东岳集团关系复杂，未来材料闯关科创板