Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-25 14:48Core Viewpoint - Moku New Materials Group Co., Ltd. has submitted an IPO application to raise 720 million yuan by issuing 13 million new shares for a high-performance environmentally friendly ink project, R&D center construction, and working capital supplementation [1] Group 1: Company Overview - Moku specializes in the research, production, and sales of digital printing inks, including dispersed inks, coating inks, UV inks, and water-based dye inks, utilizing advanced digital printing technology [1] - The company projects revenues of 522 million yuan, 618 million yuan, and 727 million yuan for 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 17.95% [1] - Net profit attributable to shareholders is expected to grow from 57.58 million yuan in 2022 to 143 million yuan in 2024, with a CAGR of 57.84% [1] - In the first three quarters of 2025, the company achieved revenue of 590 million yuan and a net profit of 94.75 million yuan [1] Group 2: Financial Performance and Risks - The company’s actual controllers, Wang Shoubin and Zhang Yujie, hold 55.81% of the shares, with Nar Group as the second-largest shareholder at 27.19% [2] - Accounts receivable surged from 86.5 million yuan at the end of 2022 to 186 million yuan by the end of September 2025, representing an increase in the proportion of accounts receivable to revenue from 16.56% to 23.60% [2] - The net cash flow from operating activities significantly declined to 44.16 million yuan in the first three quarters of 2025, contrasting sharply with the net profit of 94.75 million yuan [2] - The company's weighted average return on equity decreased from 37.54% in 2022 to 14.89% in the first three quarters of 2025, indicating potential dilution of earnings per share due to increased net assets from the IPO [3]