IPO雷达｜“家族企业”恒基金属转战北交所！上半年经营现金流净额暴跌，研发费用率低于同行

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has received approval for its IPO application on the Beijing Stock Exchange, with Zhongtai Securities as the sponsor [1][2]. Company Overview - Established in 1997 and located in Foshan, Guangdong, Hengjin Metal specializes in the R&D, production, and sales of customized fittings, valves, and other components for refrigeration systems used in air conditioning and cold chain logistics [2]. - The company plans to list its shares on the Beijing Stock Exchange after previously considering the Shenzhen Stock Exchange [2]. Shareholding Structure - The company has a strong family ownership structure, with Sun Zhiheng, Sun Lingfeng, and Xiao Weiping controlling 87.98% of the shares through Junhui International [3]. - Sun Zhiheng was declared incapacitated in January 2021, leading to Sun Lingfeng acting as his guardian and representative for corporate decisions [3]. Financial Performance - For the reporting period from 2022 to the first half of 2025, Hengjin Metal reported revenues of approximately 950 million yuan, 844 million yuan, 1.019 billion yuan, and 674 million yuan, with net profits of 114 million yuan, 93.9 million yuan, 115 million yuan, and 70.3 million yuan respectively [5]. - The company experienced a decline in both revenue and net profit in 2023 compared to the previous year [5]. Financial Metrics - As of June 30, 2025, total assets amounted to approximately 1.033 billion yuan, with total equity of about 766 million yuan [6]. - The company's debt-to-equity ratio was 22.62% as of June 30, 2025, showing a decrease from 44.65% in 2022 [6]. - The operating cash flow for the first half of 2025 plummeted by 313.49% to -40.5 million yuan, attributed to increased accounts receivable and inventory levels [6]. Accounts Receivable - The book value of accounts receivable at the end of each reporting period was 248 million yuan, 245 million yuan, 272 million yuan, and 387 million yuan, representing significant proportions of current assets [7]. - High accounts receivable levels pose operational funding pressures and potential bad debt risks if customers fail to pay [7]. R&D Expenditure - Hengjin Metal's R&D expense ratio is notably lower than the industry average, remaining below 3% during the reporting periods [8]. - The company offsets R&D costs by selling metal waste generated during production, which reduces the reported R&D expenses [8].