调节费用满足上市要求？向经销商压货？康华股份猛砍IPO募资额！

Core Viewpoint - Kanghua Co., Ltd. has announced a significant reduction in its IPO fundraising amount and the number of investment projects, from 5.62 billion yuan to 3.68 billion yuan, a decrease of 35%, amid regulatory scrutiny and questions regarding the necessity and rationality of its fundraising projects [1][4][6]. Group 1: IPO and Fundraising Adjustments - The company has reduced its investment projects from five to three, cutting the fundraising amount for each project, resulting in an overall decrease in the total fundraising amount [1][4]. - The initial fundraising plan included five projects, with a total investment of 56.19 million yuan, but the revised plan now totals 42.66 million yuan [7][10]. - The company did not provide specific reasons for these adjustments, only stating it was in line with relevant laws and its actual development and future planning [1][4]. Group 2: Regulatory Scrutiny and Financial Performance - Kanghua Co., Ltd. received a second round of inquiries from the Beijing Stock Exchange regarding the necessity and rationality of its fundraising projects, particularly questioning the ability to achieve expected economic benefits [4][8]. - The company has shown rapid growth in its conventional business, with revenue increasing from 420 million yuan in 2022 to 730 million yuan in 2024, and net profit rising from 63.44 million yuan to 104 million yuan during the same period [4][6]. - Despite this growth, the company faces pressure to meet net asset return requirements for its IPO, which has raised concerns about potential inventory issues with its distributors [4][12]. Group 3: Inventory and Sales Concerns - There are suspicions that Kanghua Co., Ltd. may be pushing inventory onto its distributors, as evidenced by a significant increase in distributor inventory levels, which rose from 11.73% at the end of 2023 to 26.58% by mid-2025 [16][18]. - The company's sales performance has raised questions, as the proportion of sales from distributors has not aligned with typical inventory turnover rates, suggesting potential issues with sales recognition [16][21]. - The company has been asked to clarify the reasons for high inventory levels and whether there are any practices of pushing inventory to distributors [21]. Group 4: Impact of Centralized Procurement - Kanghua Co., Ltd. faces risks related to centralized procurement, particularly concerning its main product lines, which may be subjected to price reductions in the future [22][25]. - The company claims that the impact of centralized procurement on its products has been minimal so far, with some products even experiencing price increases post-procurement [23][24]. - However, the sustainability of high profit margins in the face of increasing procurement pressures remains uncertain, especially as its POCT products are likely to face centralized procurement soon [25].