中仑新材回应可转债审核问询 10.68亿元募资用于印尼产能扩张

Core Viewpoint - Zhonglun New Materials Co., Ltd. is responding to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, citing performance decline primarily due to fluctuations in crude oil prices and intensified industry competition [2][3]. Financial Performance - The company reported a slight increase in revenue but a continuous decline in net profit from 2022 to 2025, with revenues of 2.297 billion, 2.352 billion, 2.473 billion, and 1.537 billion yuan, and net profits of 285 million, 206 million, 113 million, and 67 million yuan respectively [2]. - The decline in performance is attributed to the correlation between raw material costs, particularly caprolactam, and crude oil prices, which dropped from $117.5 per barrel to $64.01 per barrel, a decrease of 45.53% [2]. Cash Flow and Debt Servicing - The company's operating cash flow turned positive by the end of September 2025, reaching 29.29 million yuan after being negative at -142 million yuan in the first half of 2025 [3]. - The company has sufficient debt servicing capability, with a coverage ratio of 183.13% based on the average operating cash flow over the past three years [3]. Profitability and Revenue Verification - There is a significant difference in gross margins between domestic and overseas sales, with domestic gross margin at 9.87% and overseas at 18.56% for the first nine months of 2025 [4]. - The company’s overseas revenue accounted for 54.22% of total revenue, with verification confirming the authenticity of overseas sales through various audit procedures [4]. Accounts Receivable and Inventory Management - As of the end of 2024, the company had accounts receivable of 234 million yuan, with a turnover rate of 7.23 times per year, indicating effective credit policies [5]. - Inventory management is also robust, with 96.13% of inventory aged less than one year and a low provision for inventory impairment at 1.23% [5]. Fundraising Projects - The company plans to use 868 million yuan from the convertible bond issuance for the industrialization project of high-performance membrane materials in Indonesia, which is expected to add 90,000 tons per year of BOPA membrane capacity [6][7]. - The project is anticipated to generate an additional net profit of 170 million yuan annually, with a gross margin of 17.74% [7].