农大科技IPO：分红1.8亿后转身募资补流，56%产能闲置的60万吨豪赌

Core Viewpoint - The IPO application of Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Agricultural Technology") is facing significant scrutiny due to declining revenues, questionable expansion plans, substantial dividends alongside fundraising, and complex related-party transactions [1][3][9]. Group 1: Revenue and Performance - Agricultural Technology has experienced a continuous decline in revenue over three years, dropping from 2.676 billion yuan in 2022 to 2.363 billion yuan in 2024, with a compound annual growth rate of -6.02% [6]. - The company's order backlog has also decreased significantly, from 629 million yuan in 2022 to 332 million yuan in 2024, indicating a nearly 50% reduction [6]. - The production capacity utilization rate is low, at only 56.63% in 2024, with production volume decreasing from 865,300 tons in 2023 to 798,000 tons in 2024 [7][8]. Group 2: Financial Health - The gross profit margin has fluctuated, increasing from 13.27% in 2022 to 18.83% in 2024, primarily due to falling raw material prices rather than improved product competitiveness [10]. - Accounts receivable have risen from 320 million yuan in 2022 to 387 million yuan in the first half of 2025, with a dramatic drop in collection rate from 78.58% to 27.16%, indicating potential bad debt risks [11][13]. Group 3: Debt and Liquidity - The company's interest-bearing debt has decreased from 284 million yuan in 2022 to 139.5 million yuan in the first half of 2025, but this reduction is juxtaposed with significant cash dividends of 180 million yuan in 2022, raising concerns about financial management [14][16]. - The current ratio stands at 1.5, and the quick ratio is just above 1, suggesting liquidity issues compared to industry averages [17]. Group 4: Governance and Related Transactions - The company is controlled by a family structure, with the actual controller holding 76.10% of the shares, leading to potential governance concerns [19]. - Related-party transactions have raised eyebrows, particularly the procurement of testing services from a related entity at prices exceeding market rates by 13.75% and 25.36% in 2022 and 2023, respectively [21][24]. Group 5: Asset Integrity and Compliance Risks - Agricultural Technology owns 18 properties without certificates, totaling approximately 7,532.89 square meters, which could face legal challenges if deemed illegal constructions [26][28]. - The existence of these unregistered properties poses risks of administrative penalties and operational disruptions [28]. Group 6: IPO Journey and Market Perception - The company has faced a tumultuous path to IPO, initially planning to list on the Shanghai Stock Exchange before switching to the Beijing Stock Exchange, with multiple audit interruptions along the way [29][32]. - The upcoming IPO review will likely focus on the company's declining revenue, expansion plans amidst industry overcapacity, substantial dividends, governance issues, and the implications of unregistered properties [33].