IPO动态|长裕集团更新二轮回复，业绩增长停滞前后两版招股书数据打架

Core Viewpoint - Changyu Group is facing challenges in growth, with inconsistent financial data reported in its IPO application, indicating a need for careful scrutiny of its financial health and future prospects [1][2][3] Financial Performance - The initial prospectus indicated revenues of 1.669 billion, 1.607 billion, and 1.637 billion for 2022-2024, with net profits of 257 million, 188 million, and 205 million respectively [1] - The updated prospectus shows slight adjustments in revenues to 1.669 billion, 1.608 billion, and 1.638 billion, and net profits to 263 million, 195 million, and 212 million for the same periods [2] - The total assets at the end of the reporting periods were reported as 1.319 billion, 1.411 billion, and 1.672 billion in the initial prospectus, while the updated figures are 1.318 billion, 1.409 billion, and 1.671 billion [2] Growth Challenges - The company experienced a peak in performance in 2022 with a net profit of 263 million, but saw a decline in 2023 to 195 million due to falling prices of zircon sand and reduced sales revenue [3] - In 2024, revenue increased by over 29 million, but this was largely attributed to a 34 million increase in sales to a related party, indicating potential underlying issues in organic growth [3] Product Segmentation - The main products include zircon products, specialty nylon products, and fine chemical products, with zircon products accounting for approximately 76.17%, 72.43%, 70.85%, and 69.78% of revenue from 2022 to 2024 [4] - Specialty nylon products represented 14.17%, 17.81%, 18.36%, and 20.48% of revenue during the same period, indicating a gradual increase in their contribution to total revenue [4] IPO Plans - The company plans to raise 700 million through its IPO, which will be allocated to projects including 45,000 tons of ultra-pure zirconium oxychloride and deep processing, 10,000 tons of high-performance nylon elastomer products, and 1,000 tons of bio-ceramics and functional ceramics [4]