农大科技北交所IPO即将上会：募资缩水25%，俞敏洪押注

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Nongda Technology") is set to undergo an IPO review on November 14, with Guojin Securities as the sponsor [2] Company Overview - Nongda Technology was established in June 2002, focusing on the research, production, sales, and technical services of new fertilizers and their intermediates [2] - Main products include humic acid-enhanced fertilizers, controlled-release fertilizers, water-soluble fertilizers, and coated urea [2] Financial Performance - Revenue for the years 2022 to 2024 and the first half of 2025 is projected to be 2.676 billion, 2.637 billion, 2.363 billion, and 1.495 billion yuan respectively [2] - Net profit for the same periods is expected to be 101 million, 101 million, 145 million, and 127 million yuan respectively [2] - Gross profit margins are forecasted at 13.27%, 15.04%, 18.83%, and 17.49% for the respective years [2] Capital Structure - Total assets as of the first half of 2024 are approximately 1.293 billion yuan, with total equity of about 691.59 million yuan [4] - The company's debt-to-asset ratio has shown a decreasing trend, from 79.56% to 46.53% over the reported periods [4] IPO Fundraising Adjustments - Nongda Technology has revised its IPO fundraising projects, canceling the "Annual Production of 150,000 Tons of Micro-ecological Preparations" project, which was expected to raise 129 million yuan [5] - The total amount intended to be raised has decreased from 552 million yuan to 413 million yuan, a reduction of 25.27% [5] Investment Projects - The adjusted investment projects include: - Annual production of 300,000 tons of humic acid intelligent tower compound fertilizer project with an investment of 201.27 million yuan - Annual production of 150,000 tons of biological fertilizer production line construction project with an investment of 110.03 million yuan - Environmental low-carbon biological research and development center with an investment of 61.22 million yuan - Supplementing working capital with an investment of 40 million yuan [6][7] Shareholding Structure - The company is primarily controlled by Ma Xuewen and his associate Ma Ke, who collectively hold 76.10% of the shares [8] - Xinchen Industrial is the largest external investor, holding a 7% stake, with New Oriental founder Yu Minhong owning 10% of Xinchen Industrial [8]