纳真科技赴港IPO 三年半累计分红5.4亿元 多项合规问题被关注

Group 1 - The core focus of the article is on the explosive growth of AI computing power demand and the significance of CPO (Co-Packaged Optics) technology as a key infrastructure in this context, attracting capital market attention [2] - Companies in the optical communication sector, such as NewEase, Zhongji Xuchuang, and Tianfu Communication, have seen impressive stock performance, leading to a capital frenzy that is spreading from the secondary market to IPOs and mergers and acquisitions [2] - Nazhen Technology has recently submitted its prospectus to the Hong Kong Stock Exchange, planning to initiate an IPO amid this capital market enthusiasm [2] Group 2 - Nazhen Technology, a supplier of optical communication and connection solutions, has shown significant improvement in performance, with projected revenue of 4.216 billion yuan for the first half of 2025, a substantial year-on-year increase of 124%, and a net profit of 510 million yuan, reversing previous losses [4] - Despite the impressive financial results, there are concerns regarding the company's ongoing profitability, as its overall gross margin remains below 20%, significantly lower than comparable companies in the industry [4] - The core business of Nazhen Technology, which focuses on data communication optical module solutions, accounts for over 75% of its revenue, but its gross margin has declined from 31.2% in 2022 to 22.6% in the first half of 2025, indicating pricing pressure or challenges in cost control [4] Group 3 - Prior to the IPO, Nazhen Technology executed a substantial dividend distribution, totaling 542 million yuan over four occasions from 2022 to the first half of 2025, which is nearly half of its cumulative net profit of 1.244 billion yuan during the same period [4] - The dividend payout ratio reached an astonishing 68% when considering the complete fiscal years from 2022 to 2024, raising questions about the rationale behind such a distribution strategy while seeking public market investment [5] - The company’s unique shareholding structure and historical background have drawn regulatory scrutiny, particularly regarding its offshore structure, compliance with return investment regulations, and potential litigation risks, which could add uncertainty to its IPO process [5]