【观察】慧谷新材IPO：子公司爆燃事故致2人死亡，竟注销了之？

Core Viewpoint - Guangzhou Huigu New Materials Technology Co., Ltd. (Huigu New Materials) has submitted its IPO registration on the ChiNext board, aiming to raise 900 million yuan, despite facing scrutiny over its financial practices and safety record [1] Financial Performance and Concerns - The company's revenue is projected to grow from 664 million yuan in 2022 to 817 million yuan in 2024, with a non-net profit increase from 26.83 million yuan to 142 million yuan, representing a growth of over 400% [2] - The gross profit margin is expected to rise from 29.56% to 40.68%, further increasing to 45.16% in the first half of 2025 [2] - However, the prices of core products have significantly declined, with the price of new energy materials dropping by 36% from 24.11 yuan/kg to 15.40 yuan/kg, and packaging materials decreasing from 23.71 yuan/kg to 19.36 yuan/kg [2] - The company has distributed a total cash dividend of 82.2 million yuan from 2022 to the first half of 2025, raising questions about its financial logic as it simultaneously seeks to raise funds [2] Fundraising and Cash Flow - Huigu New Materials plans to allocate 250 million yuan, or 27.78% of its total fundraising, to supplement working capital, despite having a cash balance of 275 million yuan and no short-term or long-term debt [3] - The company’s financial health appears robust, leading to skepticism about the necessity of public fundraising [3] Subsidiary Divestiture Issues - The company divested its loss-making subsidiary, Guangzhou Huigu Functional Materials, for 18.96 million yuan, raising concerns about the fairness of the transaction as it lacked an audit report and showed inconsistent financial data [3][4] - The valuation of fixed assets and patents transferred in the divestiture exhibited an unusually high appreciation rate of 225.99%, which is significantly above industry norms [3] Safety Record and Management Concerns - A fatal explosion in 2019 at a subsidiary resulted in two deaths, leading to serious questions about the company's safety management and response to the incident [5][6] - The company has been criticized for its lack of transparency regarding the incident and subsequent actions, including the quiet dissolution of the involved subsidiary [6] - Employees have reported ongoing safety issues within the company, indicating that safety training and equipment are inadequate, which raises further concerns about the company's commitment to safety [7] Conclusion - Huigu New Materials' IPO journey is fraught with financial inconsistencies, safety management issues, and governance challenges, which could undermine its credibility and market position if not addressed [7]