IPO雷达 | 关联交易迷雾未散、应收账款高企！创达新材闯关北交所下周迎大考

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to hold its IPO meeting at the Beijing Stock Exchange on December 18, 2025, after being accepted for listing on June 30, 2023 [1][4]. Financial Performance - The company reported revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, showing consistent growth [4]. - Net profits for the same periods were 22.73 million yuan, 51.47 million yuan, 61.22 million yuan, and 33.18 million yuan, indicating a positive trend [4]. - For the first nine months of 2025, the company achieved revenues of 322 million yuan, an increase of 8.84% year-on-year, and net profits of 52.94 million yuan, up 22.20% from the previous year [5]. Business Overview - The main business of the company includes the research, production, and sales of high-performance thermosetting composite materials, with key products such as epoxy molding compounds and conductive silver paste, primarily used in semiconductor and automotive electronics packaging [4]. - The company was listed as a national-level specialized and innovative "little giant" enterprise in October 2025 [4]. Financial Metrics - Total assets as of June 30, 2025, were approximately 644.27 million yuan, with total equity of about 564.70 million yuan [5]. - The company's debt-to-asset ratio was 9.58% as of June 30, 2025, showing a decrease from previous years [5]. - The gross profit margin improved to 33.08% in the first half of 2025, compared to 24.80% in 2022 [5]. Risks and Concerns - The company highlighted risks related to macroeconomic conditions, market demand fluctuations, and competition, which could impact future performance [6]. - There are concerns regarding related party transactions and accounts receivable, with significant reliance on a related company for procurement [7][8]. - The company reported a total accounts receivable balance of 194 million yuan, 223 million yuan, 242 million yuan, and 247 million yuan for the years ending 2022, 2023, 2024, and mid-2025, respectively, which poses a risk of bad debts [10].