聚仁新材IPO：部分主要客户业绩下滑 业绩增长远高于同行被问询

Core Viewpoint - Hunan Juren New Materials Co., Ltd. (referred to as "Juren New Materials") has received a second-round inquiry letter from the Beijing Stock Exchange regarding the rationality and sustainability of its performance growth, the necessity and reasonableness of fundraising project construction, the accuracy of cost accounting, and issues related to shareholding representation and its解除 [2][4]. Company Overview - Juren New Materials was established in 2014 and primarily engages in the research, production, and sales of caprolactone series products, which are mainly used in electric vehicles, environmentally friendly coatings, biodegradable materials, biomedical applications, and equipment manufacturing [3]. - The company plans to raise 292 million yuan through its IPO, which will be allocated to a special polycaprolactone intelligent factory project, a research and development center project, and to supplement working capital [3]. Financial Performance - In the first half of 2025, Juren New Materials reported revenue of 312 million yuan, representing a year-on-year increase of 50.81%. The net profit reached 64 million yuan, marking a year-on-year growth of 74.45%, indicating a sustained high growth trend [4]. - Despite the impressive performance, concerns have arisen as some major customers of Juren New Materials experienced a decline in performance during the same period. In contrast, comparable companies in the industry showed average revenue growth rates of 6.74%, 8.32%, and 1.92% from 2022 to 2024, significantly lower than Juren New Materials' growth [4]. - The Beijing Stock Exchange has requested Juren New Materials to explain the reasons for its revenue growth significantly exceeding that of its downstream customers, the alignment with end-user demand, and the rationale behind the substantial increase in revenue and net profit [4].