拓客靠中介，剥离子公司却难掩业务依赖，创达新材能否“独立行走”？|读懂IPO

Core Viewpoint - Chuangda New Materials Co., Ltd. (referred to as "Chuangda New Materials") is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 300 million yuan for semiconductor packaging material expansion, R&D center construction, and working capital supplementation. The company has increasingly relied on intermediaries for customer acquisition since 2023, raising concerns from the exchange regarding its dependency on this model and related transactions [2][3][4]. Group 1: Business Model and Financial Performance - Chuangda New Materials specializes in the R&D, production, and sales of high-performance thermosetting composite materials, with products including epoxy molding compounds and liquid epoxy packaging materials, widely used in semiconductor and automotive electronics [3]. - The company reported revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan for the years 2022 to 2025 (first half), with net profits of 22.73 million yuan, 51.47 million yuan, 61.22 million yuan, and 33.18 million yuan, indicating stable growth in both revenue and profit [3][4]. - From 2023 to the first half of 2025, revenue generated through intermediaries accounted for 6.60%, 10.37%, and 12.95% of total revenue, showing a year-on-year increase and highlighting the importance of this model for recent revenue growth [6][4]. Group 2: Intermediary Cooperation Model - Since 2023, Chuangda New Materials has engaged intermediaries to enhance market reach and sales efficiency, paying service fees of approximately 4% to 5% of sales amounts to these intermediaries [4][6]. - The sales amounts facilitated by intermediaries for 2023, 2024, and the first half of 2025 were 22.77 million yuan, 43.46 million yuan, and 27.38 million yuan, with corresponding service fees of 1.05 million yuan, 2.06 million yuan, and 1.27 million yuan [4][5]. - A significant client, Everlight Electronics (China) Co., Ltd., was acquired through intermediary services, with sales amounts of 19.38 million yuan, 34.97 million yuan, and 21.76 million yuan for the respective periods, making it one of the company's top clients [6][7]. Group 3: Concerns and Regulatory Scrutiny - The Beijing Stock Exchange has raised questions regarding the necessity of continuing to pay service fees to intermediaries after securing client recognition, as well as the sustainability of future collaborations initiated through intermediaries [7][8]. - Chuangda New Materials has stated that it continues to pay these fees due to the intermediaries' role in facilitating transactions and the expectation of future client introductions, despite no new contracts being signed with other clients by the intermediary as of the latest response [7][8]. - The company has also faced scrutiny regarding its relationship with its former wholly-owned subsidiary, Wuxi Shaohui Trading Co., Ltd., which has become a major supplier, raising questions about the nature of their transactions and potential conflicts of interest [8][9].