实控人手握超九成股权，红板科技IPO迎考

Core Viewpoint - Hongban Technology is set to undergo an IPO review on October 31, 2025, focusing on its development, production, and sales of printed circuit boards (PCBs) across various applications, including consumer electronics and automotive electronics [2] Group 1: Company Overview - Hongban Technology was established in 2005 and has been dedicated to the research and development of high-end precision circuit board products since its inception [2] - The company is a wholly-owned subsidiary of Hong Kong Hongban, which is indirectly controlled by the actual controller, Ye Senran, who holds 95.12% of the voting rights [5] Group 2: Financial Performance - The company aims to raise approximately 2.057 billion yuan through its IPO, with funds allocated for a project to produce 1.2 million square meters of high-precision circuit boards annually [3] - Revenue figures for the years 2022 to 2025 (first half) are reported as approximately 2.205 billion yuan, 2.34 billion yuan, 2.702 billion yuan, and 1.71 billion yuan, respectively, with corresponding net profits of approximately 141 million yuan, 105 million yuan, 214 million yuan, and 240 million yuan [5] - The company has conducted cash dividends of 60 million yuan in 2022 and 78 million yuan in 2023, indicating strong operational performance [6] Group 3: R&D Expenditure - Hongban Technology's R&D expense ratios from 2022 to 2025 (first half) are reported as 4.56%, 4.69%, 4.63%, and 3.65%, which are below the industry average [3][4] - The company attributes the lower R&D expense ratio to differences in development stages, funding capabilities, and business focus strategies [3] Group 4: Asset and Liability Management - The company's asset-liability ratios for the respective periods are reported as 54.31%, 54.06%, 54.29%, and 54.62%, indicating a relatively high level of debt [6] - The fixed asset investment per unit capacity is reported at 1,734.35 yuan per square meter, significantly higher than comparable companies, raising questions about potential asset idleness or impairment [6][7]