犇星新材闯关北交所！期内毛利率持续下滑还涉巨额诉讼 曾有环保“前科”

Core Viewpoint - Hubei Benxing New Materials Co., Ltd. plans to go public on the Beijing Stock Exchange, shifting from its initial plan to list on the Shenzhen Stock Exchange, with the aim of raising funds for various projects and expanding its operations in fine chemical products [1] Financial Performance - Revenue for the years 2022 to 2024 and the first half of 2025 is projected to be 3.726 billion, 3.606 billion, 4.445 billion, and 2.287 billion yuan respectively, while net profit for the same periods is expected to be 451 million, 356 million, 389 million, and 199 million yuan [1][2] - Total assets increased from approximately 3.554 billion yuan in 2022 to about 4.623 billion yuan by June 30, 2025, while total equity rose from approximately 2.215 billion yuan to about 2.885 billion yuan during the same period [2] - The company’s gross profit margin has been declining, recorded at 23.34%, 21.34%, 17.43%, and 16.98% over the respective years [3] Business Operations - Benxing New Materials specializes in the research, production, and sales of PVC heat stabilizers, pesticide active ingredients, and intermediates, with significant revenue derived from overseas markets, accounting for 44.21%, 30.24%, 28.30%, and 31.93% of total revenue during the reporting period [1][4] - The company’s main raw materials include tin ingots and various chemicals, with raw material costs significantly impacting the gross profit margin [3] Legal and Environmental Risks - The company is currently involved in a lawsuit concerning alleged commercial secret infringement, with potential damages of 160 million yuan, which could adversely affect its future operations [5] - Environmental risks are present due to the nature of the company’s products, which generate pollutants during production, although no significant incidents have been reported in the recent past [5][6]