瑞尔竞达招待费金额远超同业，产能利用率数据存疑

Core Viewpoint - Mingguang Rier Jinda Technology Co., Ltd. is a high-tech enterprise specializing in providing comprehensive technical solutions and key refractory materials for blast furnace ironmaking systems, currently applying for an IPO [1] Group 1: Product Overview - The main products of Rier Jinda include functional consumption materials for blast furnaces, internal linings, smart main troughs, and other amorphous refractory products, with functional consumption materials accounting for 57.67% of sales in 2024 [1] - The production capacity utilization rates for internal linings, smart main troughs, and other amorphous refractory products in 2024 are relatively low at 62.10% and 76.68%, compared to 81.12% and 72.87% in 2023 [1] - The overall production capacity utilization rate for 2024 is projected to be 95.29%, an increase from 90.52% in 2023, indicating a significant discrepancy with the specific product utilization rates [1] Group 2: Financial Performance - Revenue from functional consumption materials for the first half of 2025 is projected at 139.86 million, representing 63.54% of total revenue, while for 2024, it is expected to be 261.34 million, accounting for 57.67% [5] - Revenue from internal linings for 2024 is reported at 125.72 million, with a first-half realization of 40.97 million for 2025, showing a notable difference in reported figures [2][3] - Total revenue for 2024 is projected to reach 453.17 million, with a breakdown of 261.34 million from functional consumption materials, 125.72 million from internal linings, and 58.93 million from other amorphous refractory products [3] Group 3: Employee and Expense Analysis - The company has 37 sales personnel, accounting for 13.12% of total employees, with sales expenses for the first half of 2025 amounting to 3.76 million, averaging about 100,000 per employee [7] - Business entertainment expenses for the first half of 2025 are reported at 3.57 million, nearly equivalent to the personnel costs, indicating a high spending level on entertainment compared to industry peers [7] - Compared to similar companies, Rier Jinda's per capita business entertainment expenses significantly exceed industry standards, with the highest among comparable firms being less than half of Rier Jinda's spending [7]