康华股份IPO：被问询后募资缩减35%，营收“腰斩”扩产合理性何在？

Core Viewpoint - Shandong Kanghua Biological Medical Technology Co., Ltd. (Kanghua) is facing significant scrutiny in its IPO process on the Beijing Stock Exchange, particularly regarding its declining performance, the necessity of its fundraising projects, and related party transactions [1][3]. Financial Performance - Kanghua's revenue has sharply declined from 1.48 billion yuan in 2022 to 738 million yuan in 2023, and further to 729 million yuan in 2024, indicating a near halving of revenue in 2023 [3][5]. - Net profit also decreased significantly from 270 million yuan in 2022 to 69 million yuan in 2023, with a slight recovery to 123 million yuan in 2024, still less than half of the 2022 figure [3][5]. - The company's total assets decreased from approximately 1.48 billion yuan in 2022 to about 1.39 billion yuan in 2024, while shareholder equity showed a slight increase from 1.06 billion yuan in 2023 to 1.17 billion yuan in 2024 [4]. Business Segments - Kanghua's main revenue source, Point-of-Care Testing (POCT), saw a drastic drop in emergency business revenue, plummeting by 86.77% from nearly 900 million yuan in 2022 to 119 million yuan in 2023, with no revenue from this segment in 2024 [4][5]. - Regular business POCT reagent revenue growth has also slowed, with a 65.17% increase in 2023 dropping to just 10.37% in 2024, and a decline in the first half of 2025 [5][10]. Fundraising and Investment Projects - Kanghua has reduced its fundraising projects from five to three, cutting the total fundraising amount from 562 million yuan to 368 million yuan, a decrease of 35% [6]. - The company has faced questions from regulators regarding the necessity of its fundraising projects, especially after the reduction, which suggests previous overestimation of funding needs [6][10]. Research and Development - Kanghua's R&D expenditure as a percentage of revenue has been lower than that of comparable companies, with figures of 6.88%, 11.56%, and 11.10% from 2022 to 2024, compared to industry averages of 9.17%, 17.23%, and 17.77% [11][12]. - Despite the lower R&D investment, marketing expenses have surged, with promotional costs rising from approximately 13 million yuan in 2022 to over 64 million yuan in 2024, raising concerns about the company's focus on marketing over R&D [12][13]. Market Environment - The global IVD market is experiencing a downturn, with a 30% decline in 2024 due to the normalization of demand post-pandemic, leading to increased competition in a saturated market [10]. - Major players in the industry, such as Maike Biological and YHLO, have reported net profit declines exceeding 70%, indicating a challenging environment for Kanghua as it attempts to expand despite its own declining performance [10].