宏明电子：两版招股书核心财务数据不一致，分红2.8亿募4.5亿补流

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. faces significant financial inconsistencies and operational challenges as it prepares for its IPO, raising concerns about its financial health and governance practices [1][6][24]. Financial Discrepancies - The company’s two versions of the prospectus show inconsistencies in key financial data, particularly in revenue and net profit for 2024, raising questions about transparency [19][24]. - The total assets reported for the end of 2024 are 53.99 billion yuan, with a net profit of 4.18 billion yuan, down from 6.90 billion yuan in 2022, indicating a declining trend in profitability [20][24]. Revenue and Profit Trends - Revenue has declined from 31.46 billion yuan in 2022 to 25.25 billion yuan in 2024, while net profit has dropped from 4.76 billion yuan to 2.93 billion yuan during the same period [24]. - The company attributes this decline to adjustments in defense sector client equipment models, project delays, and a sluggish consumer electronics market [24]. High Accounts Receivable and Inventory - Accounts receivable and notes receivable have remained high, with values of 1.87 billion yuan in 2022 and increasing to 2.26 billion yuan by mid-2025, constituting over 55% of current assets [25]. - Inventory levels are also significant, with a book value of 1.02 billion yuan in 2022, and a provision for inventory impairment reaching 258 million yuan by the end of 2024 [25]. Dividend Payments and R&D Investment - The company has distributed a total of 280 million yuan in dividends prior to its IPO, despite a notable decline in R&D investment, which fell from 295 million yuan in 2022 to 208 million yuan in 2024 [26][27]. - The R&D expense ratio has decreased significantly, dropping to 5.97% in the first half of 2025, contrasting sharply with the company's emphasis on technological innovation [27]. Over-Financing Concerns - Despite having 770 million yuan in cash and a low debt ratio of 34.66%, the company plans to raise an additional 450 million yuan, leading to suspicions of excessive financing and profit transfer to original shareholders [29]. - The juxtaposition of substantial dividend payouts and new fundraising efforts raises regulatory concerns about the company's financial practices [29]. Historical Context and Governance Issues - The company has a complex history involving a unique shareholding structure and past legal disputes related to its privatization process, which may affect its governance and operational integrity [7][10][19]. - The transition from a state-owned enterprise to a public company has been fraught with challenges, including a high number of shareholders and issues related to shareholding rights [13][15].