IPO雷达丨彩客科技回应北交所二轮问询：业绩跳升是否靠“同行破产”？销售真实性如何验证？

Core Viewpoint - The article discusses the response of Caike Technology to the second round of inquiries from the Beijing Stock Exchange, focusing on the company's performance growth, sales authenticity, and the fairness of related party transactions [1][2]. Group 1: Performance Growth - Caike Technology reported a revenue of 454 million yuan and a net profit of 115 million yuan for 2024, representing year-on-year growth of 20.6% and 36.3% respectively [4]. - For the first half of 2025, the company achieved a revenue of 283 million yuan, reflecting a year-on-year increase of 28.3% [4]. - The company attributes its performance growth to three factors: volume, price, and cost, with a total sales volume increase of 996 tons contributing 48.69 million yuan to revenue in the first half of 2025 [4]. Group 2: Sales Authenticity - The company confirmed that over 96% of its reported revenue was verified by the sponsor institution, with discrepancies mainly due to timing issues in accounting for domestic and foreign sales [4][5]. - The largest customer, Wenzhou Jinyuan, utilized a "ship first, settle later" revenue recognition model from 2022 to 2024, accounting for 100% of sales to this customer [5]. Group 3: Related Party Transactions - The company explained its continuous procurement of steam and wastewater treatment services from the related party Caike Huayu, totaling over 200 million yuan over four years, citing unified pricing based on local market rates [5]. - The average procurement price for steam in 2024 was reported at 269 yuan per ton, which aligns with the pricing of nearby enterprises [5]. Group 4: Market Dynamics and Risks - The company highlighted that the bankruptcy of German pigment manufacturer Heubach created a demand gap for pigment intermediates, which it has been able to fill, leading to a sustained increase in orders [3]. - The company anticipates that if Heubach resumes production, it may not significantly impact its performance due to competitive advantages in pricing, quality, and delivery stability [3].