国亮新材IPO：高中董事长+中专总经理掌舵，亲属扎堆核心岗

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. (referred to as "Guoliang New Materials") is preparing for an IPO, with a focus on its governance structure and compliance issues, particularly concerning its family-controlled management and potential conflicts of interest [3][4]. Group 1: Company Overview - Guoliang New Materials, founded in November 2002, specializes in refractory materials and has an annual revenue of nearly 1 billion yuan [3]. - The company is currently in the IPO process, having received approval on November 7, 2025, and is awaiting registration submission [3][4]. Group 2: Ownership and Governance - The actual controllers, Dong Guoliang and his wife Zhao Sulan, hold a combined 80.22% voting rights, indicating a high concentration of ownership [4]. - The board consists of seven members, with three family members occupying key positions: Dong Guoliang as chairman, Zhao Sulan as a director, and Liu Baosheng (Dong's brother-in-law) as both a director and general manager [4][6]. Group 3: Management and Employee Structure - The management team includes family members, with Dong Guoliang's niece-in-law, Cui Ying, serving as the deputy general manager and financial head [6][7]. - The educational background of the management team is relatively low, with the chairman holding a high school diploma and the general manager a vocational diploma, while over 91% of employees have a college degree or lower [10][13]. Group 4: Compliance and Regulatory Issues - The company has faced scrutiny regarding its revenue recognition practices and compliance with regulatory standards, including concerns about its procurement practices with family-related suppliers [3][8]. - The company has been questioned about the absence of Dong Guoliang's son, Dong Jinfeng, as a recognized co-controller despite holding 4.14% of shares, raising concerns about control and compliance with regulatory requirements [9]. Group 5: Research and Development Concerns - Guoliang New Materials has consistently failed to meet the requirement that at least 10% of its workforce be dedicated to research and development, with current figures at 8.08% [13]. - This is significantly lower than industry peers, highlighting a potential weakness in innovation capacity compared to competitors [13].