实控人手握近九成股权、两年分红1.58亿元，皇冠新材冲击IPO

Core Viewpoint - Crown New Materials Technology Co., Ltd. (Crown New Materials) is initiating an IPO on the A-share market, backed by strong financial performance, including continuous growth in annual net profits, despite significant cash dividends prior to the IPO [1][3]. Financial Performance - Crown New Materials reported revenues of approximately 25.67 billion, 28.95 billion, 31.59 billion, and 15.92 billion for the years 2022 to 2025 (first half) respectively [3]. - Corresponding net profits for the same periods were approximately 2.06 billion, 2.78 billion, 3.02 billion, and 1.55 billion [3]. - The company’s net profit after deducting non-recurring items was approximately 2.26 billion, 2.75 billion, 3.07 billion, and 1.54 billion for the same periods [3]. Dividend Distribution - In 2023 and 2024, Crown New Materials distributed cash dividends of approximately 752.39 million and 825.35 million respectively, totaling around 1.58 billion [4][5]. Fundraising Plans - The company plans to raise approximately 9.19 billion through the IPO, with funds allocated for expansion projects, research and development, and to supplement working capital [5][6]. Shareholder Structure - The actual controllers, Mai Huixia and Mai Huiquan, collectively hold 87.17% of the company's shares, with no single shareholder owning more than 50% [7][8]. - Mai Huiquan directly holds 25.92% of the shares and controls an additional 48.58% through various entities, while Mai Huixia holds 38.59% directly [7]. Governance Concerns - The high ownership concentration raises concerns about potential conflicts of interest, as the actual controllers may prioritize personal interests over those of minority shareholders [8]. Research and Sales Expenses - Crown New Materials has a lower R&D expense ratio compared to industry peers, with rates of 3.9%, 4.59%, 4.77%, and 4.81% against peer averages of 4.42%, 5.48%, 5.21%, and 5.04% [9]. - The company's sales expense ratio is higher than the industry average, recorded at 2.01%, 2.5%, 2.75%, and 2.93% compared to peer averages of 1.74%, 2.22%, 2.14%, and 2.36% [9].