格林生物三冲IPO：陆文聪左手给女儿转股，右手向股东发钱

Core Viewpoint - The company, Green Biological Technology Co., Ltd., has submitted its IPO application for the third time, significantly increasing its fundraising target to 690 million yuan, up 84% from the previous 375 million yuan, despite ongoing issues such as declining capacity utilization, insufficient R&D investment, and reliance on overseas markets [1][4]. Group 1: IPO Application and Fundraising - Green Biological's third IPO attempt comes after two previous withdrawals, with the latest application submitted on November 21, 2025, aiming to raise approximately 690 million yuan [4][10]. - The funds will be allocated to projects including a 6,300-ton high-grade spice production project, factory facility upgrades, and R&D innovation projects [5][6]. Group 2: Operational Challenges - The company has faced compliance issues, including environmental violations leading to administrative penalties totaling over 1 million yuan, which have raised regulatory concerns [3][4]. - Capacity utilization rates have been declining, with figures of 76.15%, 67.51%, 73.79%, and 53.87% from 2022 to the first half of 2025, indicating underutilization of existing production capacity [6][7]. Group 3: R&D Investment - R&D investment has been a point of contention, with a total of 59.45 million yuan spent over the last three years, and R&D expense ratios barely meeting the minimum threshold for high-tech enterprises [8][10]. - The structure of R&D spending shows a significant increase in personnel costs, which rose by 109% in 2024, raising concerns about the company's commitment to genuine innovation [8][9]. Group 4: Financial Performance - Despite operational challenges, the company has reported impressive revenue and net profit growth rates of 23.35% and 48.59% respectively over the past three years, which supports its renewed IPO efforts [10][11]. - The company's total assets have increased from 1.19 billion yuan in 2022 to 1.75 billion yuan in the first half of 2025, while the debt-to-asset ratio has remained high, averaging around 62% [11][17]. Group 5: Governance and Control - The transition of control from founder Lu Wenchong to his daughter Lu Wei has raised governance concerns, particularly regarding the concentration of power within the family [12][15]. - The family now controls 36.11% of the shares, with management holding over 57%, which may lead to a lack of external checks and balances in decision-making [12][15]. Group 6: Market Dependency - The company heavily relies on overseas markets, with export revenues constituting approximately 85% of total sales, which poses risks if market conditions change [20][21]. - Customer concentration is also high, with the top five clients accounting for around 43.98% to 42.30% of sales from 2022 to the first half of 2025, indicating vulnerability to shifts in these key relationships [21][22].