分红近亿元后又募资补流？墨库股份IPO激进扩产背后的“资金迷局”

Core Viewpoint - The financial performance of Moku New Materials Group appears impressive, with revenue growth from 522 million yuan in 2022 to 727 million yuan in 2024, and net profit increasing from 57.58 million yuan to 143 million yuan. However, underlying structural issues raise concerns about the sustainability of this growth [2][4]. Group 1: Company Governance and Control Issues - The founding history of Moku New Materials is complex, involving multiple family members, which may impact corporate governance [5][8]. - The current actual controllers, Wang Shoubin and Zhang Yujie, hold 55.81% of the shares, but the previous involvement of family members in the ownership structure could have long-term implications for governance [9]. - The company has experienced unusual control transactions with Nar Holdings, which raised regulatory concerns due to the atypical nature of the control transfer and return [9][15]. Group 2: Financial Health and Risks - Accounts receivable have surged from 86.50 million yuan at the end of 2022 to 186 million yuan by September 2025, indicating a potential risk in revenue recognition practices [11][12]. - The net cash flow from operating activities was only 44.16 million yuan, despite a net profit of 94.75 million yuan, suggesting a significant portion of profits is not translating into cash [13][14]. - The rising accounts receivable growth rate outpaces revenue growth, indicating aggressive sales strategies that may not be sustainable [12]. Group 3: Customer Concentration and Market Dependency - Moku's customer concentration appears low, with the top five customers accounting for only 12.36% to 13.85% of revenue from 2022 to 2025, suggesting a broad customer base [19][20]. - However, the company is heavily reliant on specific industries, such as textiles and advertising, which could expose it to risks from economic fluctuations in these sectors [21]. Group 4: Cost Structure and Profitability Concerns - The proportion of direct materials in the cost structure has increased, reaching over 81.66%, indicating vulnerability to raw material price fluctuations [22][23]. - Legal issues regarding property rights for production facilities could pose operational risks and potential administrative penalties [23]. Group 5: Aggressive Expansion Plans and Financial Integrity - Moku plans to raise 720 million yuan for aggressive expansion, including a new project to double production capacity, despite existing capacity not being fully utilized [24][25]. - The company has distributed significant cash dividends totaling 94.60 million yuan during the same period it seeks to raise funds, raising questions about the urgency of its funding needs [26][27]. Conclusion - Moku New Materials' IPO journey is fraught with uncertainties, as underlying governance issues, financial quality concerns, and aggressive expansion plans may hinder its path to successful public listing [28].