心虚了？康华股份猛砍IPO募资额，疑似调节费用满足上市要求，监管反复问询是否向经销商压货

Group 1 - The core point of the article is that Kanghua Co., Ltd. has significantly reduced its fundraising amount and the number of investment projects in its IPO plan amid regulatory scrutiny, with the total fundraising amount decreasing from 562 million yuan to 368 million yuan, a reduction of 35% [1][23][30] - Kanghua Co., Ltd. received a second round of inquiries from the North Exchange on December 9, questioning the necessity and rationality of its fundraising projects, particularly regarding the ability to absorb new production capacity and whether the projects align with market demand [3][25][29] - The company’s main business has shown rapid growth from 420 million yuan in 2022 to 730 million yuan in 2024, with net profit increasing from 63.44 million yuan to 104 million yuan during the same period [3][26] Group 2 - The company has faced pressure to meet net asset return requirements for its IPO, which has raised concerns about potential inventory pressure on its downstream distributors [3][26][37] - Kanghua Co., Ltd. has seen a decline in production capacity for its POCT products from 51.76 million units to 24.86 million units between 2022 and 2024, with a drop in capacity utilization from 103.13% to 94.99% [6][28][29] - The company’s expenses have decreased significantly compared to its revenue decline, with sales, management, and R&D expenses dropping by 30%, 11%, and 22% respectively, indicating a potential strategy to maintain profitability despite revenue challenges [12][34][35] Group 3 - Kanghua Co., Ltd. has been questioned about whether it has pressured distributors to increase revenue, as evidenced by a significant rise in distributor inventory levels, which reached 26.58% by mid-2025 [14][37][41] - The company’s main products have not experienced significant price drops post-collective procurement, maintaining high gross margins, but there are concerns about the sustainability of these margins in the face of increasing procurement pressures [21][43][44] - The overall environment for domestic in vitro diagnostic companies is challenging, with over 30% of listed companies expected to report losses in the first half of 2025, highlighting the competitive pressures in the industry [22][44]