福恩股份IPO：未上市业绩先“变脸”，突击分红3.8亿后募资大扩产

Core Viewpoint - The company, Hangzhou Fu'en Co., Ltd., is facing significant performance fluctuations ahead of its IPO, with expected declines in both revenue and net profit for 2025, raising concerns about its financial stability and operational efficiency [1][6]. Company Overview - Fu'en Co., Ltd. is a leading global supplier of eco-friendly fabrics, focusing on the research, production, and sales of sustainable materials, and has established itself as a leader in recycled fabrics for clothing in China [1]. Financial Performance - The company reported significant revenue fluctuations, with revenues of 17.64 billion yuan in 2022, 15.17 billion yuan in 2023, and an expected 17.08 billion yuan in 2025, indicating a 5.79% decline [5][6]. - Net profit for 2022 was 2.77 billion yuan, with projections for 2025 showing a decrease to 2.29 billion yuan, a drop of 16.61% [6]. - The company’s cash flow from operating activities was 1.14 billion yuan in the first half of 2025, down from 3.72 billion yuan in 2024 [5]. Shareholder Structure - The controlling family of the company holds 83.89% of the voting rights, with significant influence over company decisions [3]. - The largest shareholder, Payia (Zhejiang) Technology Holdings Co., Ltd., holds 36.57% of the shares, controlled by family members [2][3]. Dividend Distribution - Prior to the IPO, the company executed a substantial cash dividend of 381 million yuan, exceeding its net profit of 277 million yuan for that year, raising concerns about financial prudence [8][9]. Capital Raising and Investment Plans - The company plans to raise 1.25 billion yuan through its IPO, with 800 million yuan allocated for a new integrated project for eco-friendly fabrics and 450 million yuan for a high-end recycled materials research institute [10][11]. Production Capacity and Utilization - The company is facing declining capacity utilization rates, with a drop from 93.56% in 2022 to 84.35% in the first half of 2025 [13]. - New projects are expected to add significant production capacity, including 75 million meters of colored fabric and 3,000 tons of high-end recycled knitted fabric annually [12]. Market Concentration - The company’s revenue is highly concentrated, with the top five clothing brand customers accounting for approximately 79.60% of its revenue in 2022 [4][6]. International Revenue Exposure - A significant portion of the company’s revenue comes from international markets, with foreign sales accounting for 45.35% to 53.29% of total revenue from 2022 to 2025 [6]. - The company faces risks related to currency fluctuations, particularly with its high dollar-denominated revenue [7]. Inventory Concerns - The company has seen a rise in inventory levels, with total inventory balances increasing from 2.21 billion yuan in 2022 to 2.77 billion yuan in 2023, indicating potential overproduction or sales challenges [14]. Cost Structure and Profitability - The company anticipates increased fixed costs from new projects, which may burden profitability, with projected annual depreciation and labor costs exceeding 74 million yuan once projects are fully operational [15].