净利润1.7亿，江苏聚氨酯软质泡沫制造商IPO换道北交所！

Core Viewpoint - Chengfeng New Materials (874801) has announced a change in its plan to go public, shifting from an IPO on the Shanghai Stock Exchange to a public offering on the Beijing Stock Exchange aimed at unspecified qualified investors [1][3]. Company Overview - Chengfeng New Materials was established in 2002 and specializes in the research, production, and sales of technology-based polyurethane soft foam, with applications in transportation equipment, high-performance porous materials, and daily consumer goods [3]. Financial Performance - Projected revenues for 2023 and 2024 are 729.64 million yuan and 832.77 million yuan, respectively, with net profits of 127.28 million yuan and 171.41 million yuan [4]. - The company’s gross profit margin improved from 34.57% in 2023 to 37.47% in 2024 [5]. - The total assets are expected to increase from 1.19 billion yuan in 2023 to 1.40 billion yuan in 2024, while shareholders' equity is projected to rise from 883.74 million yuan to 1.04 billion yuan [5]. Key Financial Ratios - The asset-liability ratio decreased slightly from 25.82% in 2023 to 25.35% in 2024 [5]. - The current ratio improved from 2.00 to 2.07, and the quick ratio increased from 1.65 to 1.67 [5]. Accounts Receivable and Inventory - Accounts receivable balances were 313.09 million yuan and 368.03 million yuan at the end of the reporting periods, representing 42.91% and 44.19% of revenue, respectively [6]. - Inventory values were 97.89 million yuan and 130.58 million yuan, accounting for 17.60% and 19.10% of current assets [6]. Supplier Information - Major suppliers include China National Offshore Oil Corporation, BASF, and Coim Asia Pacific, with the top five suppliers accounting for 70.72% and 64.16% of total purchases in 2023 and 2024, respectively [6][7]. Shareholder Structure - The company has no controlling shareholder, with the largest shareholders being Changzhou Xushun and Changzhou Qiaoshun, each holding 23.06% of shares [9]. - The actual controller of the company is identified as the couple Ruan Guoqiao and Shi Ruhui, who collectively control 82.46% of the voting rights [9].