红板科技IPO：实控人持股超95%，应收与负债双双高企

Core Viewpoint - Hongban Technology's IPO process has progressed to the registration stage after two years, but significant financial and governance issues remain concerning the company [1] Governance Issues - The actual controller of Hongban Technology is Ye Senran, who indirectly controls 95.12% of the company's shares through a series of ownership structures, raising concerns about concentrated power and potential governance risks [3][4] - High concentration of voting rights may lead to a lack of checks and balances, increasing the risk of actions detrimental to minority shareholders, such as asset stripping and financial misconduct [3][4] - Ye Senran serves as both the chairman and general manager, with his son, Ye Yingfeng, also on the board, indicating potential nepotism in governance [3] Financial Concerns - Hongban Technology has high levels of accounts receivable, with balances projected to increase from 591 million yuan in 2022 to 1.087 billion yuan in the first half of 2025, representing a rising percentage of revenue [5][6] - The accounts receivable turnover ratio has declined from 3.19 times in 2022 to 1.66 times in the first half of 2025, indicating worsening collection efficiency [6] - The company's debt-to-asset ratio has remained high, consistently above the industry average by 7.29 percentage points, with figures around 54% from 2022 to mid-2025 [7][8] Research and Development (R&D) Investment - Hongban Technology's R&D expenditure has been lower than industry peers, with R&D expenses of 1.01 billion yuan in 2022, increasing to 1.25 billion yuan in the first half of 2025, but still below the industry average [8][9] - The proportion of R&D expenses relative to revenue has also decreased, from 4.56% in 2022 to 3.65% in the first half of 2025, indicating a potential underinvestment in innovation [8][9] - The educational background of R&D personnel is relatively low, with only 32.09% holding a bachelor's degree or higher by mid-2025, which may impact the company's ability to innovate effectively [11]