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Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is undergoing an IPO on the Beijing Stock Exchange, aiming to raise 300 million yuan for the construction of a production line for semiconductor packaging materials, a research center, and to supplement working capital. Despite revenue growth, the company's profitability and accounts receivable levels raise concerns about financial stability [1][2]. Financial Performance - The company's revenue has shown a steady increase from 311 million yuan in 2022 to 419 million yuan in 2024, but over half of the revenue each year is not collected in a timely manner [2]. - Accounts receivable, notes receivable, contract assets, and financing receivables totaled 194.26 million yuan, 223.02 million yuan, and 242.28 million yuan at the end of each reporting period, representing 36.58%, 37.49%, and 37.85% of total assets, and 62.38%, 64.64%, and 57.76% of revenue, respectively [2]. - The accounts receivable turnover ratio improved from 1.68 to 2.11 but remains below the industry average [3]. Profitability - Net profit increased from 22.55 million yuan in 2022 to 61.20 million yuan in 2024, with a significant year-on-year growth of 127.83% in 2023, followed by a much lower growth of 19.15% in 2024, indicating volatility in profit growth [4]. - The company's gross profit margin improved from 24.80% in 2022 to 31.80% in 2024, but there are significant discrepancies in gross margins for the same products sold to different customers [5]. Regulatory Scrutiny - The Beijing Stock Exchange has issued a second round of inquiries regarding the reasonableness of the company's gross margin fluctuations and the sustainability of its performance growth [6]. Dividend and Fundraising Strategy - The company has consistently paid cash dividends totaling 54 million yuan over three and a half years, with plans to raise 300 million yuan through the IPO, including 63 million yuan for working capital [7]. - The company has maintained a low debt ratio of 14.79% in 2024, with no short or long-term loans and cash reserves of 133 million yuan [8]. Tax Incentives - The company has benefited from tax incentives amounting to 12.54 million yuan, 16.36 million yuan, and 17.52 million yuan from 2022 to 2024, constituting 55.88%, 28.49%, and 25.00% of total profits, respectively [9].