A股三次退货后转战港交所 IPO“钉子户”新荷花曾被举报虚增收入

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Co., Ltd. (referred to as "Xinhehua") has made its fourth attempt to go public by submitting a prospectus to the Hong Kong Stock Exchange, marking a 14-year journey filled with challenges and setbacks in its IPO efforts [1][3]. Group 1: IPO Journey - Xinhehua's IPO journey began in 2011 with an attempt to list on the Shenzhen Stock Exchange's Growth Enterprise Market, which was followed by a series of rejections and withdrawals, including a failed attempt in 2023 and a voluntary termination of guidance in 2024 [2][3]. - The company has now shifted its focus to the Hong Kong market after three unsuccessful attempts to list on the A-share market [3][4]. Group 2: Financial Performance - Xinhehua's revenue has shown a compound annual growth rate (CAGR) of 27% from 2022 to 2024, with revenues of 780 million RMB in 2022, 1.146 billion RMB in 2023, and 1.249 billion RMB in 2024 [6][7]. - Despite revenue growth, the company's profitability has raised concerns, with net profits declining from 104 million RMB in 2023 to 89 million RMB in 2024, a drop of 14.24% [7][9]. - The gross profit margin has been on a downward trend, decreasing from 21.1% in 2022 to 17.1% in 2024, with toxic and ordinary medicinal pieces also experiencing significant declines in their respective margins [9][10]. Group 3: Market Position and Competition - Xinhehua ranks second in the Chinese market for traditional Chinese medicine pieces, holding a market share of only 0.4%, amidst a highly fragmented industry with 2,334 licensed manufacturers [6][9]. - The company's customer base primarily consists of hospitals, medical institutions, and pharmacies, with revenue contributions of 40%, 32%, 14.6%, and 13.4% from these segments in the first half of 2025 [6]. Group 4: Operational Challenges - Xinhehua's production capacity has increased from 6,783 tons in 2022 to 8,576 tons in 2024, yet the capacity utilization rate has declined from 86.8% to 79.4% [16][17]. - The company plans to use the funds raised from the IPO to expand production capacity despite underutilization, raising questions about the rationale behind this decision [15][17]. Group 5: Quality and Compliance Issues - Xinhehua has faced multiple quality control issues, with several batches of its products failing to meet regulatory standards, which poses risks to its brand reputation and operational viability [24][25]. - The company has also been under scrutiny for allegations of financial misconduct, including accusations of inflating revenue figures and engaging in fictitious transactions with customers [19][21].