未来材料科创板IPO：独立性、成长性与时间检验的多重审视

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (referred to as "Future Materials") is undergoing a substantive review by regulatory authorities regarding its governance structure, financial quality, reliance on related parties, and technological independence as part of its IPO application process [1] Governance Structure and Control - The actual controller, Zhang Jianhong, indirectly controls 35.50% of the voting rights through multiple partnership enterprises and has signed a concerted action agreement with his son, Zhang Ke [2] - The control structure is set to be finalized in 2024, involving share transfers and adjustments in partnership structures [2] - Future Materials emphasizes its independence from Dongyue Group, which has a dispersed shareholding and no actual controller, creating a firewall to avoid issues related to competition and related transactions [4] - Analysts express concerns that this structure may allow Future Materials to be used as a tool for profit adjustment and cost transfer by Dongyue Group, lacking institutional protection for minority shareholders [5] Financial Performance and Inventory Pressure - Future Materials' revenue increased from 5.24 billion in 2022 to 7.21 billion in 2023 but fell to 6.40 billion in 2024, marking an 11.23% year-on-year decline [6] - Net profit attributable to shareholders decreased from 2.30 billion in 2023 to 1.65 billion in 2024, a decline of 28.26% [6] - The company's total assets rose to 211.36 billion in 2024 from 198.00 billion in 2023, while the debt-to-asset ratio improved to 31.72% [7] - Inventory levels doubled over three years, with a significant increase in finished goods, raising concerns about inventory turnover and impairment provisions [7][8] Related Transactions and Independence - Future Materials has a long-standing relationship with Dongyue Group, with related party purchases accounting for 66.74% and 67.65% of total costs in 2022 and 2023, respectively [10] - In 2024, the company reduced related party purchases to 30.15% by introducing external suppliers, although analysts question the sustainability of this change [10] - The company has a significant reliance on related parties for patents and other resources, raising concerns about the independence of its operations [12] Market Position and Expansion Constraints - Future Materials is often labeled as a leader in hydrogen energy materials, but its current revenue is still heavily reliant on fluorinated functional membranes and derivatives [15] - The company plans to raise 24.46 billion, with over 80% allocated for expansion projects, but the necessity and market absorption of this expansion are questioned given the low current capacity utilization [18] - The hydrogen energy sector faces challenges such as increased competition and uncertain demand, which may impact profitability [15][20]