IPO雷达 | 家族控股近75%！凯龙洁能转战北交所：毛利率连降、应收账款激增隐忧待解

Core Viewpoint - The company, Xinjiang Kailong Clean Energy Co., Ltd., has faced challenges in its IPO process and financial performance, with high customer concentration and increasing debt levels posing potential risks to its operations and profitability [1][2][3]. Financial Performance - The company's revenue for the years 2022 to 2024 was reported as 520 million yuan, 596 million yuan, and 537 million yuan respectively, with net profit figures of 95 million yuan, 102 million yuan, and 64 million yuan [3]. - In the first half of 2025, the company reported a revenue increase of 34.10% to 373 million yuan, but net profit decreased by 19.70% to approximately 31 million yuan [4]. - The gross profit margin has declined from 34.78% in 2022 to 24% in the first half of 2025, indicating a significant drop of 10.78 percentage points over two and a half years [4]. Debt and Financial Ratios - The company's asset-liability ratio has been increasing, rising from 39.03% in 2022 to 51.46% in the first half of 2025, indicating growing debt pressure [5]. - The total assets as of June 30, 2025, were approximately 1.54 billion yuan, with total equity of about 794 million yuan [4]. Customer Concentration - The company relies heavily on major clients, specifically China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec), with revenue contributions of 96.79%, 82.71%, 73.38%, and 45.57% from these clients over the years 2022 to 2025 [2]. - The high customer concentration poses risks, as any reduction in collaboration from these major clients could adversely affect the company's financial health [2]. Regulatory and Compliance Issues - The company has faced multiple environmental fines from its subsidiaries between 2024 and August 2025, highlighting potential weaknesses in its internal controls regarding safety and environmental compliance [6].