康瑞新材IPO：业绩腰斩、套现超亿、内控存瑕

Core Viewpoint - Jiangsu Kangrui New Materials Technology Co., Ltd. (Kangrui New Materials) faces significant challenges in its IPO journey, marked by declining performance, financial scrutiny, and management controversies [1][16]. Group 1: Financial Performance - Kangrui New Materials has experienced a dramatic decline in its core business, particularly in the titanium-aluminum composite materials segment, which saw revenue drop from 19.31 billion yuan in 2024 to 5.62 billion yuan in the first half of 2025, resulting in a decrease in gross margin [2][3]. - The company's net profit for 2025 is projected to fall below 2 billion yuan, a decline of over 50% compared to 4.11 billion yuan in 2024, indicating a near "halving" of profits [4]. - Revenue figures from 2022 to 2024 show a growth from 10.53 billion yuan to 29.98 billion yuan, but the growth momentum has significantly slowed in 2025, with only 10.70 billion yuan reported in the first half [2][4]. Group 2: Cash Flow and Financial Health - The company's cash flow has deteriorated, with a net cash flow from operating activities of 2.66 billion yuan in the first half of 2025, a 69% decrease year-on-year, indicating weakened collection capabilities [7]. - High levels of accounts receivable and inventory have been identified as major issues, with accounts receivable reaching 6.45 billion yuan and inventory at 3.99 billion yuan by the end of 2024, collectively accounting for over 70% of current assets [8]. - Despite a reduction in the debt-to-asset ratio from 50.42% to 42.42%, the company's debt levels remain above the industry average, indicating ongoing financial pressure [7]. Group 3: Management and Governance Issues - The actual controllers of Kangrui New Materials, Zhu Wei and Li Li, have engaged in significant cash-out activities, totaling over 1.2 billion yuan through dividends and share sales prior to the IPO, raising concerns about the motivations behind the IPO [10][11]. - Executive compensation has increased sharply, with total remuneration for directors and senior management rising from 7.85 million yuan in 2022 to 29.55 million yuan in 2024, despite declining company performance [12]. - The company has faced multiple financial irregularities, including unauthorized lending practices and administrative penalties for regulatory violations, which have raised questions about its internal controls and financial integrity [9][10]. Group 4: Market Position and Future Outlook - Kangrui New Materials' revenue is heavily reliant on a few major clients, with the top five customers accounting for 79.03% of revenue in the first half of 2025, highlighting vulnerability to client demand fluctuations [5][6]. - The company plans to raise 11.05 billion yuan through the IPO, with 2 billion yuan earmarked for working capital, amidst concerns about the necessity and rationale for such fundraising given the recent cash-out by major shareholders [10][14]. - The proposed expansion projects may exacerbate existing capacity underutilization issues, as current production rates for key products are already inconsistent, raising concerns about future operational efficiency [14][15].