新广益IPO注册生效背后：募投金额缩水，夏超华兄弟获2.2亿元分红

Core Viewpoint - Suzhou Xinguangyi Electronics Co., Ltd. has received approval for its IPO application, moving closer to listing on the A-share market, with plans to raise 638 million yuan for functional materials projects [1][2]. Group 1: IPO Process and Fundraising - The IPO journey of Xinguangyi took over two years, from application acceptance in June 2023 to receiving registration approval in October 2025 [2]. - The company plans to issue no more than 10 million ordinary shares, with the raised funds directed towards functional materials projects [2]. - The initial fundraising plan included 800 million yuan, with 500 million yuan allocated for functional materials and 300 million yuan for new energy lithium battery materials, but the latter was removed in the final plan [15][17]. Group 2: Financial Performance - Xinguangyi reported revenues of 455 million yuan, 516 million yuan, 657 million yuan, and 313 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with a compound annual growth rate of approximately 20.15% from 2022 to 2024 [4]. - The net profit for the same periods was 81.51 million yuan, 83.28 million yuan, 116 million yuan, and 59.21 million yuan, showing steady growth [5]. - The company’s gross profit margins fluctuated, with rates of 31.74%, 32%, 32.27%, and 31.36% during the reporting periods [6]. Group 3: Market Position and Product Development - Xinguangyi holds the top market share in the anti-overflow special film segment in China, with a 30% market share projected for 2024 [4]. - The company has developed over 40 types of special functional films and coatings, with 15 core technologies and 38 invention patents [10]. - The R&D expenses have been increasing, with amounts of 22.33 million yuan, 27.62 million yuan, 31.04 million yuan, and 14.17 million yuan reported for the respective years [11]. Group 4: Challenges and Concerns - The company faces scrutiny regarding its performance metrics, R&D expenses, and the rationale behind its significant cash dividend of 220 million yuan prior to its IPO application [3][19]. - Xinguangyi's capacity utilization rates have shown variability, with rates of 79.73%, 75.52%, 99.64%, and 90.18% during the reporting periods, raising questions about operational sustainability [16][17]. - The company’s R&D expense ratio is lower than that of peers, attributed to limited financing channels and a smaller capital scale [13][14].