国际实业应收账款6.4亿拟募6.62亿补血 大股东质押率70%

Core Viewpoint - After a change in ownership, International Industry (000159.SZ) is initiating a refinancing plan through a private placement to its controlling shareholder, Xinjiang Rongneng Investment Development Co., Ltd., aiming to raise no more than 662 million yuan to supplement working capital [2][4] Group 1: Financing Details - The company plans to issue up to 144 million shares at a price of 4.59 yuan per share, with total fundraising expected to be around 662 million yuan, all of which will be used to supplement working capital [4][6] - Xinjiang Rongneng's funding sources for the 662 million yuan include 61.9 million yuan from its own funds and 600 million yuan from self-raised funds, primarily through stock pledge loans and bank loans [3][6] Group 2: Historical Context - In 2022, International Industry attempted a similar fundraising plan to raise 963 million yuan but was ultimately unsuccessful due to the withdrawal of its then-controlling shareholder, Jiangsu Rongneng [3][5] - The company has faced multiple failed attempts at private placements, with previous plans to raise 665 million yuan in 2024 also falling through [6] Group 3: Financial Performance - The company's financial performance has been unstable, with reported revenues of 1.611 billion yuan, 4.514 billion yuan, 2.576 billion yuan, and 1.302 billion yuan from 2022 to the first three quarters of 2025, reflecting significant fluctuations [8] - Net profit figures show a drastic decline, with a loss of 439 million yuan in 2024 and a slight profit of 20 million yuan in the first three quarters of 2025, indicating severe profitability issues [8] Group 4: Operational Challenges - International Industry faces high accounts receivable, with values increasing from approximately 249 million yuan in 2022 to 639 million yuan by September 2025, raising concerns about potential bad debt [9] - The company also has high prepaid accounts, which have previously led to legal disputes due to uncollectible amounts [9]