IPO雷达｜跑14年IPO马拉松！新荷花产能利用率下滑仍募资扩产，曾被举报虚增收入

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Co., Ltd. (referred to as "Xinhehua") has once again submitted its prospectus to the Hong Kong Stock Exchange, marking its ongoing struggle to achieve a successful IPO after multiple failed attempts over the past 14 years [3][4]. Financial Performance - Xinhehua's revenue for 2024 is projected to be 12.49 billion RMB, reflecting a year-on-year growth of 9.06%, but this is a significant decline from the 46.79% growth seen in 2023 [11]. - The company's net profit for 2024 is expected to drop by 14.25% to 890 million RMB, following a 34% increase in 2023 [11]. - In the first half of 2025, Xinhehua reported revenues and net profits of 634 million RMB and 51 million RMB, respectively, showing year-on-year growth of 5.8% and 19.93% [11]. Profitability Metrics - The company's gross margin has decreased from 21% in 2022 to 17.05% in 2024, while the net profit margin has fallen from 9.92% to 7.13% during the same period [13][14]. - The decline in profitability is attributed to rising raw material costs outpacing product price increases, alongside rigid pricing mechanisms for hospital clients [15][16]. Market Position - Xinhehua is the second-largest producer in the traditional Chinese medicine market, holding a market share of 0.4% as of 2024, with the top five players collectively holding only 2.7% of the market [8][9]. - The market for traditional Chinese medicine is highly fragmented, with 2,334 licensed producers in China [8]. Ownership Structure - Xinhehua exhibits a family-controlled ownership structure, with the founder holding 31.5% of shares and family members collectively controlling 65.24% [20][24]. - The low participation of institutional investors and the high concentration of individual investors indicate a lack of confidence in the company's growth prospects [17][19]. Financial Challenges - The company has seen a significant increase in short-term borrowings, rising from 1.62 billion RMB at the end of 2024 to 2.1 billion RMB by mid-2025, primarily to fund share buybacks [25][23]. - Xinhehua's cash flow from operating activities has shown instability, with a net outflow of 467,000 RMB in 2024, highlighting the challenges in converting revenue into cash [28]. Production Capacity - Xinhehua's production capacity has increased from 6,783 tons in 2022 to 8,576 tons in 2024, but the capacity utilization rate has declined from 86.8% to 83.9% [29]. - The company plans to use the funds raised from the IPO for capacity upgrades and expansion, despite underutilization of current capacity [29]. Regulatory and Market Risks - The overlapping relationships between suppliers and customers pose risks related to transaction fairness and compliance, which could further complicate the IPO process [30]. - Xinhehua's ability to successfully navigate regulatory scrutiny and market feedback remains uncertain as it attempts to finalize its IPO [31].