慧谷新材IPO：有必要取消2.5亿元的补充流动资金项目

Core Viewpoint - The IPO of Guangzhou Huigu New Materials Technology Co., Ltd. (Huigu New Materials) is under scrutiny due to concerns about its financial practices and safety history, despite its promising performance in the polymer materials sector [3][10]. Financial Performance - Huigu New Materials focuses on the research, production, and sales of functional resins and coatings, aiming to become a global leader in functional material technology [3]. - The company has shown impressive financial results, but there is a significant increase in accounts receivable, raising concerns about its revenue recognition practices [3]. - The prices of products in major business segments, except for electronic materials, have been declining during the reporting period, suggesting a potential strategy of sacrificing price for volume [3]. Research and Development - The company's R&D expenses are heavily weighted towards employee compensation, with over 80% allocated to salaries, while direct materials and depreciation account for only about 8% of total R&D costs [4]. - More than 50% of the R&D personnel hold a college degree or lower, raising questions about the capability of the team to support future growth [4][5]. Safety Concerns - A significant safety incident in September 2019 at a subsidiary resulted in two fatalities and was deemed the deadliest chemical accident in the province's history, highlighting serious safety management issues [6][7]. - The parent company, Huigu New Materials, may still face safety risks due to the unresolved issues from the subsidiary's past [7][8]. IPO Fundraising and Use of Proceeds - The company plans to raise 900 million yuan through its IPO, with 250 million yuan earmarked for working capital, which is questioned given the company's strong cash position [10][12]. - The asset-liability ratio was only 12.18% at the end of 2024, and the company had 270 million yuan in cash with no short-term or long-term debt as of mid-2025 [12]. - The company has engaged in significant related-party transactions, indicating a robust financial position, which raises further questions about the necessity of raising additional funds [12][14]. Dividend Policy - Huigu New Materials has consistently paid cash dividends, totaling 82.2041 million yuan from 2022 to mid-2025, which contrasts with its current fundraising efforts [12][14]. - The company's commitment to dividends amidst its IPO fundraising raises concerns about potential over-financing and compliance with regulatory guidelines [14].