产能消化能力待验证，珈凯生物闯关北交所

Core Viewpoint - Shanghai Jiakai Biological Co., Ltd. (referred to as "Jiakai Biological" or "the issuer") has responded to the first round of inquiries from the Beijing Stock Exchange regarding its IPO, addressing issues related to compliance of equity changes, stability of control, business model and product technology advancement, compliance of cosmetic raw material qualifications, product quality risks, sustainability of performance growth, capacity digestion ability, and high supplier concentration and fair pricing of procurement [1] Equity Changes and Control - The exchange focused on the compliance of the company's past equity changes, noting significant price differences in equity transfers in August 2022 and January 2024, questioning the rationale behind these differences and potential conflicts of interest [2] - Jiakai Biological explained that the price differences were due to internal adjustments by the same fund manager and variations in cooperation terms, asserting that the pricing was negotiated based on performance and development expectations, thus justifying the differences without any conflict of interest [2] - The company emphasized the stability of control, stating that the three joint actual controllers maintain a stable control structure through a concerted action agreement and three holding platforms, with no significant disagreements during the reporting period [2] Performance and Capacity - Financial data indicates steady growth in the company's performance, with revenue increasing from 183 million yuan to 242 million yuan and net profit rising from 55 million yuan to 57 million yuan from 2022 to 2024 [3] - Capacity utilization rates for green natural functional raw materials were 151.15%, 61.19%, and 49.87%, while for bio-synthetic functional raw materials, the rates were 93.09%, 19.32%, and 25.33% during the same period [3] - The company reported that sales to its top five customers accounted for 36.61%, 32.30%, and 32.88% of total sales during the reporting period, indicating some volatility in sales amounts [3] Supplier Concentration and Procurement - Jiakai Biological's procurement from its top five suppliers accounted for 64.56%, 62.65%, and 61.57% of total procurement during the reporting period, indicating a higher concentration than industry peers [6] - The largest supplier, Lanzhou Xinweirong Chemical Technology Co., Ltd., had procurement shares of 26.45%, 24.26%, and 29.04% [6] - The company explained that the high supplier concentration is due to industry characteristics, and procurement pricing is determined through market negotiations, with a supplier evaluation and alternative mechanism in place to mitigate risks associated with reliance on single suppliers [6]