财务数据“悄然生变”、产能闲置仍扩产：长裕集团IPO疑问待解

Core Viewpoint - Changyu Group's IPO application has raised concerns due to discrepancies in financial data between two prospectuses released four months apart, leading to regulatory inquiries and market skepticism about the reliability of the company's financial information [2][3][4]. Financial Data Discrepancies - The updated prospectus from September shows changes in key financial figures compared to the May version, with 2022-2024 revenues reported as 1.669 billion, 1.608 billion, and 1.638 billion yuan, and net profits as 263 million, 195 million, and 212 million yuan respectively [3][4]. - The differences in reported figures have raised questions about the company's financial data reliability, as such significant changes within the same IPO application period are uncommon [4]. Core Product Performance - Changyu Group, the world's largest zirconium oxychloride producer, has seen its core product prices decline, impacting revenue and profit levels post-2022 [5]. - The revenue contribution from zirconium products has decreased from 76.17% in 2022 to 69.78% in 2025, with sales prices dropping from approximately 24,000 yuan/ton in 2022 to 18,000 yuan/ton in 2024, a decline of over 25% [5][6]. Production Capacity and Utilization - The company has a zirconium production capacity of 75,000 tons per year, but the utilization rates for specialty nylon products have been low, with rates of 34.32%, 40.96%, and 49.64% from 2022 to 2024 [7][8]. - Despite the low utilization rates, Changyu Group plans to raise 700 million yuan through its IPO to expand production capacity, which raises questions about the necessity and feasibility of such expansion given current underutilization [7][8]. Market Strategy and Future Outlook - The company aims to break foreign monopolies and achieve domestic substitution through its expansion projects, but the potential for absorbing new capacity remains uncertain [8].