IPO雷达｜“无实控人”中科科化冲科创板，规模瓶颈与内控隐忧并存

Core Viewpoint - Jiangsu Zhongke Kehua New Materials Co., Ltd. (referred to as "Zhongke Kehua") has had its IPO application accepted by the Shanghai Stock Exchange, showcasing steady performance growth, but it faces concerns due to the lack of a controlling shareholder, a small market capacity, and past financial internal control issues [1][8]. Financial Performance - The total assets of Zhongke Kehua are projected to be 587.54 million yuan by June 30, 2025, with equity attributable to the parent company at 406.50 million yuan [2]. - The company reported operating revenues of 159.04 million yuan for the first half of 2025, with a net profit attributable to the parent company of 15.53 million yuan [2][4]. - The operating income for the years 2022, 2023, and 2024 is 200 million yuan, 250 million yuan, and 331 million yuan respectively, with net profits of 4.74 million yuan, 10.03 million yuan, and 33.90 million yuan [4][6]. Market Position - Zhongke Kehua specializes in the research, production, and sales of semiconductor packaging materials, primarily epoxy molding compounds, which are essential in various electronic applications [2][3]. - The company has established stable partnerships with well-known downstream manufacturers such as China Resources Microelectronics and KEC Group [3]. Market Concerns - The market for epoxy molding compounds is relatively small, with an estimated size of 6.02 billion yuan in 2024, which raises concerns about growth potential [6]. - The company has experienced negative operating cash flows in several reporting periods, indicating potential liquidity issues [6]. Corporate Governance - Zhongke Kehua has no actual controlling shareholder, which may affect decision-making efficiency and development opportunities [8][10]. - The company has previously faced issues with financial internal controls, including irregularities in the use of invoices and related party transactions [11]. Fundraising and Investment Plans - The company plans to raise 598 million yuan through its IPO, with 420 million yuan allocated for the industrialization project of high-end epoxy molding compounds [13][14]. - The production capacity utilization rate has shown a declining trend, with rates of 79.50%, 90.80%, 84.99%, and 72.26% over the reporting periods [12][15].