嘉德利回应深圳商报质疑

Core Viewpoint - The company, 嘉德利, is preparing for an IPO amidst concerns regarding its supply chain and customer concentration, while showcasing strong financial metrics such as high gross margins and robust demand in key sectors like electric vehicles and photovoltaics [2][3]. Group 1: Financial Performance - 嘉德利's gross margin for ultra-thin films is 59%, significantly higher than the industry average of 37% [4]. - The company reported that its top five customers account for 54% to 61% of sales, with the largest customer, 法拉电子, contributing over 30% of revenue [3]. - The production capacity utilization rate exceeds 105%, driven by strong demand in the new energy vehicle and photovoltaic sectors [3]. Group 2: Supply Chain and Production - Over 95% of 嘉德利's polypropylene resin is sourced from 博禄, with all production lines imported from Germany's 布鲁克纳, raising concerns about foreign control over the supply chain [3]. - 嘉德利 has signed a strategic cooperation agreement with 博禄 to secure supply and is actively participating in domestic resin development projects [3]. Group 3: Corporate Governance and Shareholder Agreements - 嘉德利's actual controllers, 黄泽忠 and 黄炎煌, hold a combined 95.89% of the company and have signed a consensus agreement to vote against any disagreements [5][6]. - The company has introduced four state-owned investors to its shareholder structure and maintains that family members will hold a minority of board seats post-IPO [6]. - A dual supervision mechanism involving independent directors and an audit committee has been established to protect minority shareholders from potential conflicts of interest [6]. Group 4: Regulatory and Compliance Issues - The Shanghai Stock Exchange has raised questions about 嘉德利's customer structure and the stability of its partnerships, particularly regarding the concentration of sales [3]. - 嘉德利 clarified that its transactions with 龙辰科技 were independent and not indicative of any double-dealing, with all transactions adhering to standard pricing practices [5].