揭秘慧谷新材IPO“掏空术”：一边大额分红买房产，一边募资补流

Core Viewpoint - The IPO journey of Huigu New Materials faces significant challenges due to safety incidents, governance issues, and questionable financial practices, despite showing impressive revenue growth on the surface [1][3]. Group 1: Financial Performance - Huigu New Materials reported a revenue increase from 664 million yuan in 2022 to 817 million yuan in 2024, with net profit soaring from 26.83 million yuan to 142 million yuan during the same period [4]. - The company's growth is largely attributed to a "price-for-volume" strategy, with significant price declines in key products: home appliance materials dropped from 9.64 yuan/kg to 8.93 yuan/kg, and new energy materials plummeted from 24.11 yuan/kg to 17.16 yuan/kg [6][7]. Group 2: Accounts Receivable and Inventory Concerns - The accounts receivable ballooned from 184 million yuan in 2022 to 289 million yuan in 2024, indicating a growing proportion of total assets [8]. - The inventory turnover rate has been below industry averages for two consecutive years, suggesting cash flow issues and declining operational efficiency [9][10]. Group 3: Governance Structure Issues - The actual controller, Tang Jing, holds 11.8% of the shares directly and controls 59.02% of the voting rights through family members and related parties, raising concerns about governance independence [11][14]. Group 4: Related Party Transactions - In late 2023, the board approved a 65 million yuan purchase of real estate from Guangzhou Henghui, a company previously controlled by Tang Jing, which raises questions about the transaction's purpose [16][19]. - Huigu New Materials has engaged in significant leasing transactions with Guangzhou Henghui, with rental payments totaling 6.28 million yuan, 6.54 million yuan, and 2.27 million yuan from 2022 to 2024 [19][20]. Group 5: Safety Management Failures - A fatal explosion in 2019 at a subsidiary highlighted severe safety management failures, including inadequate oversight and poor emergency response measures [31][32]. Group 6: Fundraising and Financial Health - Huigu New Materials plans to raise 900 million yuan through its IPO, with 250 million yuan earmarked for working capital, despite having a cash balance of approximately 231 million yuan as of December 2024 [33][35]. - The company has distributed 82.2 million yuan in dividends during the reporting period while simultaneously planning to raise funds, which raises concerns about the rationale behind the fundraising [37].