格林生物IPO：债务高企递表前仍大额分红 产能利用率低迷仍募资扩产

Core Viewpoint - The company, Green Biotechnology Co., Ltd., has submitted its prospectus to the Shenzhen Stock Exchange's ChiNext, aiming to raise approximately 690 million yuan. This marks the company's third attempt at an IPO, following two previous withdrawals due to issues related to environmental disclosures, performance fluctuations, and uncertainties regarding its ChiNext positioning. Despite showing growth in performance, the company faces significant uncertainties regarding its listing prospects due to high debt levels, weak R&D, insufficient capacity utilization, environmental compliance concerns, and issues related to excessive dividends [1][9]. Financial Performance - Green Biotechnology has shown a growth trend in revenue and net profit in recent years. From 2022 to 2024, the company's revenue is projected to increase from 631 million yuan to 961 million yuan, with a compound annual growth rate (CAGR) of 23.35%. The net profit attributable to shareholders is expected to rise from 68.14 million yuan to 150 million yuan, with a CAGR of 48.59%. In the first half of 2025, revenue reached 548 million yuan, and net profit was 94.58 million yuan, maintaining a high level [2][10]. R&D Investment Concerns - The company's R&D investment intensity is significantly below industry standards. From 2022 to 2024, the R&D expenditure as a percentage of revenue was 2.34%, 2.52%, and 2.73%, respectively, consistently falling short of the 3% threshold required for high-tech enterprises. In contrast, comparable companies had average R&D expenditure ratios of 4.31%, 4.59%, and 4.28% during the same period. Notably, the structure of R&D investment showed abnormal fluctuations, with personnel costs surging by 109% in 2024, raising concerns about potential "window dressing" to meet IPO standards [3][11]. Debt and Liquidity Issues - As of June 30, 2025, the company's debt-to-asset ratio stood at 62.13%, significantly higher than the highest ratio of 41.2% among comparable companies. The total interest-bearing debt increased from 600 million yuan at the end of 2022 to 891 million yuan by mid-2025, a rise of 48.5%. The company faced a liquidity gap of 244 million yuan, with cash and cash equivalents amounting to only 95.96 million yuan [5][13]. Dividend Policy - Despite high debt levels and liquidity constraints, the company distributed substantial cash dividends totaling 160 million yuan from 2022 to 2024, representing 51.36% of the cumulative net profit of approximately 311 million yuan during the same period. This raises questions about the rationale behind prioritizing dividends over retaining earnings to address liquidity issues [6][14]. Capacity Utilization and Expansion Plans - The company's capacity utilization rates have been declining, with the main production facility's utilization dropping from 76.15% in 2022 to 53.87% in the first half of 2025. Despite this, the company plans to invest 420 million yuan in a new project to increase production capacity by over 50%, which raises concerns about the necessity and effectiveness of such expansion given the current overcapacity [7][15]. Environmental Compliance Issues - The company has faced multiple administrative penalties, particularly related to environmental compliance, with five out of seven penalties directly linked to environmental issues. The major project for which the company seeks funding is still awaiting environmental approval, posing risks of delays or project cancellations. Previous IPO attempts were hindered by undisclosed environmental penalties, indicating ongoing compliance challenges [8][16].