陕西瑞科三战IPO 营收增长停滞、利润下行 三年分红1.46亿

Core Viewpoint - Shaanxi Ruike New Materials Co., Ltd. is undergoing its third IPO attempt, having received a second round of inquiry from the Beijing Stock Exchange, focusing on its financial performance and capital raising plans [1][4]. Company Background - Established in August 2003, Shaanxi Ruike was listed on the New Third Board in January 2014 and upgraded to the innovation layer in June 2022 to initiate its listing guidance [1][4]. IPO Attempts - The company terminated its main board listing plan in March 2023 and shifted to the ChiNext board, only to withdraw its application in March 2024. In March 2025, it changed its underwriter and signed a guidance agreement with Kaiyuan Securities to pursue a listing on the Beijing Stock Exchange [2][5]. Fundraising Plans - The upcoming IPO aims to issue no more than 39 million shares, raising 308 million yuan, which will be allocated to a new production base for precious metal catalysts (195 million yuan) and a phase one project for the recycling of precious metal resources (112 million yuan) [2][5]. Financial Performance - Revenue for Shaanxi Ruike from 2022 to 2024 is reported as 1.185 billion yuan, 1.152 billion yuan, and 1.052 billion yuan, respectively, while net profit decreased from 111 million yuan to 69.03 million yuan, indicating a strong correlation with precious metal prices [2][5]. Cost Structure - The primary raw materials for the company's precious metal catalysts are high-value platinum group metals and their compounds, which account for 95% of production costs. The company warns that increased market competition or rising raw material prices could adversely affect its performance [2][5]. Inquiry Focus - The Beijing Stock Exchange's second round of inquiries is centered on risks related to declining performance, counterintuitive growth in gross margin, accuracy of inventory accounting, clarity and stability of equity, and the necessity of the fundraising projects [6]. Dividend Distribution - Shaanxi Ruike has distributed significant dividends from 2021 to 2023, totaling 146 million yuan, with major shareholders collectively holding 55.28% of the shares and receiving over 80 million yuan in dividends [3][6].