Ribo Fashion(SH:603196) Xin Lang Cai Jing·2025-12-03 09:40Core Viewpoint - Ribo Fashion Group recently provided a detailed response regarding the acquisition of Sichuan Yindile Material Technology Group, addressing key issues such as capacity utilization, inventory levels, sales prices, customer concentration, and gross margins [1] Group 1: Capacity Utilization - Yindile's capacity utilization rates for 2023, 2024, and January-May 2025 were reported as 68.35%, 115.87%, and 165.33%, respectively, raising regulatory concerns about capacity rationality [2] - The company clarified that there are two measurement standards for capacity: one based on environmental assessment approval and the other on actual equipment capacity, with the latter showing utilization rates of 84.53%, 74.62%, and 80.07%, all below 100% [2] Group 2: Inventory Levels - As of May 31, 2025, Yindile's inventory reached 6,345.63 tons, a 71.05% increase from the end of 2024, with a corresponding decline in the production-sales ratio by 8.73 percentage points [3] - This inventory buildup is attributed to seasonal stocking demands in the electric vehicle industry, with sales in June-July 2025 reaching 15,226.19 tons, which is 239.95% of the May-end inventory [3] Group 3: Sales Prices - The prices of Yindile's main products have decreased by over 30% over three years, with specific reductions of 34.38% for negative and separator binder and 37.02% for positive edge binder and additives [4] - The price decline is primarily driven by significant drops in raw material costs, including lithium salts and solvents, alongside a pricing strategy that increased the market penetration of PAA binders [4] Group 4: Customer Concentration - The top five customers contributed 62% of Yindile's revenue, with a notable growth rate of 309.63% for the customer Zhongchuang Xinhang in the first five months of 2025 [5] - Major clients include industry leaders such as CATL and BYD, with BYD accounting for over 80% of the revenue from positive edge binders [5] Group 5: Gross Margin - Yindile's gross margins from 2023 to January-May 2025 were 52.43%, 51.72%, and 55.70%, significantly higher than the industry average of 23%-26% [6] - The high gross margin is attributed to the performance advantages of PAA binders, customer loyalty, and economies of scale [6] Group 6: Sustainability of Revenue - The accounting firm confirmed the sustainability of Yindile's revenue, with a revenue confirmation ratio of 76%-87% and stable customer relationships [7] - Yindile's asset quality has been reinforced, supporting the ongoing major asset restructuring by Ribo Fashion, with a strong pipeline of new products and capacity expected to drive future revenue growth [7]