江苏苏州一家IPO业绩增速放缓，连续三年分红又补流3亿元

Core Viewpoint - Gude Electric Material is preparing for an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise 1.17571 billion yuan, with 300 million yuan allocated for working capital supplementation despite having sufficient cash reserves and no short-term debt [2][3][5]. Financial Health - The company has 271 million yuan in cash and no short-term loans, with a low debt-to-asset ratio and only 7.6842 million yuan in current liabilities, indicating minimal repayment pressure [3][5]. - Gude Electric Material has consistently paid dividends over the past three years, totaling approximately 74.76 million yuan, raising questions about the necessity of additional liquidity [3][5]. Revenue and Profitability Trends - Revenue and gross margin have shown an upward trend from 2022 to 2024, but growth has slowed significantly in 2025, with a revenue increase of only 15.72% in the first half of the year compared to over 70% in the previous two years [3][7]. - The gross margin for the main business decreased from 37.73% in 2024 to 33.92% in the first half of 2025, indicating potential challenges in maintaining profitability [3][7]. International Sales and Cost Structure - A significant portion of the company's revenue comes from international sales, which accounted for 44.29% in 2024, although this figure has shown signs of slowing in 2025 [3][7]. - Logistics costs and import duties have surged, rising from 12.01 million yuan in 2022 to 61.69 million yuan in 2024, representing 11.44% of the main business costs in 2025 [3][7]. Research and Development (R&D) Expenditure - Gude Electric Material's R&D expense ratio has consistently been below the industry average, remaining around 4%, while actual R&D spending has increased significantly, with a compound annual growth rate of 36.65% from 2022 to 2024 [4][12]. - The company has faced scrutiny regarding the rapid increase in R&D projects and expenditures, with questions raised about the necessity and authenticity of these investments [12][13]. Compliance and Governance Issues - The company has been subject to multiple administrative penalties related to safety, environmental protection, and information disclosure, highlighting potential weaknesses in internal management and compliance controls [4][16]. - A warning letter from the Jiangsu Securities Regulatory Bureau revealed a long-standing issue of concealed shareholding arrangements, raising concerns about governance and transparency [3][6].