福恩股份生产人员人均成本下降，境外子公司投产却无创收

Core Viewpoint - Hangzhou Fu'en Co., Ltd. is applying for an IPO, focusing on the research, production, and sales of eco-friendly fabrics, primarily recycled materials. The company has faced scrutiny regarding its production capacity and order sustainability amid declining utilization rates and production figures [1]. Group 1: Production Capacity and Utilization - The company reported a production capacity of 36.7594 million meters in the first half of 2025, which is projected to be lower than the 73.9656 million meters for the entire year of 2024 [2]. - The capacity utilization rate for the first half of 2025 was 84.35%, a significant drop from 92.63% in 2024, marking the lowest level in recent years [2]. - The order scale for the first half of 2025 was 4.4 million meters, compared to a projected total of 10 million meters for 2024, indicating a potential mismatch between capacity and demand [1][2]. Group 2: Workforce and Labor Costs - The number of production personnel has increased from 624 in 2022 to 926 in the first half of 2025, reflecting a growth of nearly 50% [3]. - Despite the increase in workforce, the direct labor costs for 2024 were reported at 64.8457 million yuan, slightly lower than the 65.7772 million yuan in 2022, suggesting inefficiencies in labor cost management [3][4]. - The annualized direct labor cost for the first half of 2025 is estimated at approximately 71 million yuan, showing less than a 10% increase compared to 2022, despite a significant rise in employee numbers [3]. Group 3: Project Developments and Financials - The company has completed a project for producing 3,800 tons of high-end environmentally friendly yarn, which began mass production in June 2025 [4]. - However, the total contract amount for the project remains unfulfilled, indicating potential delays in project execution [5]. - The upcoming IPO includes a project for a high-end eco-friendly recycled materials research institute, which will have a capacity of 3,000 tons per year, lower than the recently completed yarn project, with an investment requirement of 816 million yuan [8].