IPO雷达｜中塑股份追溯调整三年财报，牵出补税旧账，多项合规问题受监管关切

Core Viewpoint - The company, Guangdong Zhongsu New Materials Co., Ltd., is facing regulatory scrutiny due to declining product prices and retrospective adjustments to financial data over the past three years [1][7]. Financial Performance - The company's revenue for the years 2022 to 2025 (Q1) was approximately CNY 493 million, CNY 537 million, CNY 700 million, and CNY 152 million respectively, with net profits of CNY 51.92 million, CNY 79.24 million, CNY 100 million, and CNY 25.81 million [3][4]. - The gross profit margins for the same periods were 26%, 31.52%, 30.63%, and 33.20% respectively, indicating an overall improvement in profitability despite declining product prices [4]. Product Pricing Trends - The average selling price of high-performance engineering materials decreased from CNY 25,400 per ton in 2022 to CNY 18,700 per ton in 2023, while the price of specialty functional materials remained relatively stable [5]. - The company attributes the price decline of high-performance materials to fluctuations in upstream raw material prices and changes in product mix [5]. Customer Dynamics - The company’s largest customer, Yuyiao Ke, was noted to have fluctuated in its status as a top client, raising concerns about the stability and authenticity of sales [6]. - Sales to Yuyiao Ke dropped by 86.74% in 2024, and there were no transactions in the first quarter of 2025, attributed to changes in downstream demand and the customer's operational decisions [6]. Compliance and Financial Adjustments - The company is undergoing retrospective adjustments to its financial statements for 2022 to 2024, including changes to R&D expenses and operating costs, which have raised compliance concerns [8]. - The company reported a total of CNY 2.979 million in tax penalties due to prior year corrections, asserting that these issues do not indicate significant violations of regulations [8]. Internal Control and Operational Issues - The company has acknowledged issues with low inventory turnover rates, which were below industry averages, and a decline in capacity utilization rates from 84.01% in 2023 to 68.37% in 2025 [12][14]. - The company plans to address these operational challenges by introducing new clients in the automotive and energy storage sectors and gradually replacing existing production capacity with new investments [14].