净利增速放缓，股东套现……彤程新材冲击A+H

Core Viewpoint - Tongcheng New Materials (彤程新材) is applying for a dual listing on the A+H stock markets, facing slowing profit growth and declining average selling prices in its business segments, with trade receivables rising to 730 million RMB [1][3]. Financial Performance - For the fiscal years 2023 to 2025, the company's revenue figures are 2.944 billion RMB, 3.270 billion RMB, and 2.523 billion RMB respectively, with net profits of 407 million RMB, 517 million RMB, and 494 million RMB, showing significant deceleration in growth rates of 36.37%, 27.10%, and 12.65% [3][6]. - The overall gross profit margins remained relatively stable at approximately 23.3%, 24.4%, and 25.2%, with gross profits of about 685 million RMB, 796 million RMB, and 634 million RMB [8]. Business Segments - The company operates in three main segments: electronic materials, tire rubber additives, and fully biodegradable materials. The tire rubber additives segment is the largest revenue contributor, accounting for 77.5%, 74.7%, and 69.7% of total revenue in the respective periods [6][7]. - The electronic materials segment's revenue share increased from 19.1% to 27.8% over the same period, with average selling prices rising from 44,300 RMB to 53,900 RMB [7]. Trade Receivables and Inventory - Trade receivables have increased to 730 million RMB, with turnover days rising from 71 to 75 days, indicating potential collection challenges [8][9]. - Inventory levels have also increased, with amounts of 431 million RMB, 486 million RMB, and 511 million RMB, and inventory turnover days extending from 68 to 73 days [10]. Market Performance - As of February 6, the company's stock price rose by 1.42% to 55.55 RMB per share, with a total market capitalization of approximately 34.225 billion RMB, reflecting a more than 60% increase in stock price over the past year [11].