恒基金属IPO：或触及“清仓式分红”审核红线 矛盾表述拷问信披真实性

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. (referred to as "Hengjin Metal") has submitted an application for listing on the Beijing Stock Exchange, but its "clear-out dividend" strategy may pose a significant obstacle to its IPO due to excessive cash dividends that raise concerns about the authenticity of its financial disclosures [1][5][19]. Financial Performance - Hengjin Metal's revenue and net profit have shown significant fluctuations, with revenue of 9.5 billion yuan in 2022, 8.44 billion yuan in 2023, and projected growth to 10.19 billion yuan in 2024, while net profit figures were 1.14 billion yuan, 0.94 billion yuan, and expected to rise to 1.15 billion yuan in 2024 [3][16][17]. - The company has implemented cash dividends totaling 264 million yuan over the last three years, which accounts for 81.73% of its net profit of 323 million yuan during the same period, exceeding the 80% threshold set by regulatory guidelines [4][18][19]. Dividend Concerns - The cash dividends have raised questions regarding the authenticity of financial disclosures, as discrepancies exist between the reported dividend amounts in the prospectus and previous filings, particularly regarding the 2022 dividend of 24.885 million yuan [5][21]. - The majority of the cash dividends have flowed to the controlling shareholder, Junhui International, and its affiliates, leading to a significant reduction in the company's cash and assets [1][8][22]. Research and Development - Hengjin Metal has the lowest R&D expense ratio compared to its peers, with R&D expenses of 20.637 million yuan in 2022, representing only 2.17% of revenue, while the average for comparable companies exceeds 3% [15][23][24]. - The company attributes its low R&D expense ratio to the sale of metal waste generated during R&D activities, which reduces the reported costs [24][25]. Sales Performance - The company relies heavily on export sales, with export revenue accounting for over 55% of total revenue in recent years, and the gross margin for export sales significantly exceeds that of domestic sales, with a difference of 18-27 percentage points [10][25][26]. - The gross margin for export sales was reported at 30.44% in 2022, while domestic sales only achieved a margin of 12.65% [10][25]. Control and Governance Issues - The actual controller of Hengjin Metal, Sun Zhiheng, has been declared legally incapacitated, raising questions about the governance and decision-making capabilities within the company [12][27][28]. - Despite being recognized as the actual controller, concerns remain regarding whether Sun Zhiheng can effectively protect the company's interests and make significant strategic decisions [27][28].