康华股份IPO：经销商库存水平激增收入真实性或存疑 公司治理隐忧重重且IPO前夕持续大额分红

Core Viewpoint - The listing process of Kanghua Co., Ltd. on the Beijing Stock Exchange is shrouded in uncertainty due to a series of unconventional operations and ongoing inquiries from regulatory authorities, leading to concerns about the company's fundamentals and sincerity in the listing process [1][7]. Financial Performance - Kanghua Co., Ltd. met the financial standards for listing by reporting a net profit of 104 million yuan and a return on equity of 9.3% for 2024, but its 2023 return on equity was only 6.56%, indicating reliance on a single year's data for compliance [2][8]. - In the first half of 2025, the company reported a revenue of 435 million yuan, a year-on-year decrease of 19.32%, and a net profit of 46 million yuan, down 23.4% [2][8]. Inventory and Revenue Recognition Concerns - The inventory level of major distributors reached 26.58% of their procurement by June 2025, significantly higher than 11.73% at the end of 2023, raising doubts about the authenticity of revenue recognition [10]. - By September 2025, only about 36% of the inventory from June had been sold, which is below historical levels, suggesting potential issues with normal business practices [10]. Governance Issues - The company faces significant governance concerns, including potential conflicts of interest due to family-controlled enterprises engaging in similar businesses, which complicates the independence of operations [5][12]. - Kanghua Co., Ltd. has been criticized for a lack of transparency and competitive processes in asset disposal, particularly regarding a write-off of 97.31 million yuan in inventory, raising questions about the fairness and safety of asset recovery [6][13]. Fundraising and Project Viability - The company initially planned to raise 562 million yuan for five projects but reduced the amount to 368 million yuan and cut the number of projects to three after receiving regulatory inquiries, indicating potential issues with project viability and necessity [4][11]. - The reduction in fundraising and project scope has led to skepticism about the company's actual need for capital and the rationale behind its IPO [4][11].