红板科技IPO：陷入高污染风险行业“漂白”争议 一股独大结构下巨额分红
Xin Lang Zheng Quan·2025-10-30 02:57

Core Viewpoint - Hongban Technology's IPO application will be reviewed by the Shanghai Stock Exchange on October 31, despite concerns over environmental issues, family control, and performance risks associated with its pricing strategy [1][2]. Group 1: Environmental Concerns - Hongban Technology claims it is not a heavy polluter, contradicting the PCB industry's classification as a high pollution risk sector since 2014 [1][2]. - The company cites a 2013 document to support its non-polluting status, while competitors like Shennan Circuit and Huitian Technology acknowledge the industry's pollution risks and disclose their environmental measures [2]. Group 2: Family Control and Governance Issues - The controlling shareholder, Ye Senran, indirectly holds 95.12% of the company's shares, maintaining absolute control even post-IPO with a 71.34% stake [3]. - The company has engaged in multiple related-party transactions, including property leases and service procurements, raising concerns about governance and fairness in decision-making [3]. - High dividend payouts totaling 138 million yuan from 2022 to 2023, against a net profit of 246 million yuan, suggest potential issues with financial management, especially given the family's significant ownership [3]. Group 3: Financial Performance and Risks - Revenue growth from 2.205 billion yuan in 2022 to 2.702 billion yuan in 2024 is noted, but the quality of this growth is questioned due to significant fluctuations in net profit, including a 25% decline in 2023 [4]. - The company's strategy of "price for volume" is under scrutiny, with a 19.94% drop in the price of its core HDI boards in 2023 and a further 5.26% decline expected in 2024 [4]. - Research and development expenditures are below industry averages, with rates of 4.56%, 4.69%, and 4.63% from 2022 to 2024 [4]. - Accounts receivable have increased from 591 million yuan in 2022 to 873 million yuan in 2024, indicating weakened collection capabilities and raising concerns about the sustainability of revenue growth [4].