Core Viewpoint - Hongban Technology has successfully passed the IPO review process, with plans to raise 2.057 billion yuan for a high-precision circuit board project, despite concerns over its financial practices and governance structure [2][3]. Group 1: Company Overview - Hongban Technology, established in 2005, specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on the mid-to-high-end application market [3]. - The company has a significant market position in the HDI board segment, capable of mass-producing various interconnect HDI boards and IC substrates [3]. Group 2: Ownership Structure - The ownership structure of Hongban Technology is highly concentrated, with the controlling shareholder, Ye Senran, indirectly holding 95.12% of the shares, maintaining a dominant control even post-IPO [3]. - The Ye family is expected to retain a 71.34% ownership stake after the IPO, indicating a strong influence over company decisions [3]. Group 3: Financial Performance - The company reported revenues of approximately 2.205 billion yuan in 2022, increasing to 2.702 billion yuan in 2024, but experienced a 25% decline in net profit in 2023 [6]. - Despite the revenue growth, the net profit showed a "growth without profit" phenomenon, raising questions about operational efficiency [6]. - The company’s cash flow from operating activities decreased by 18.5% year-on-year, indicating potential liquidity issues [6]. Group 4: Dividend Policy - Hongban Technology distributed a total of 138 million yuan in dividends from 2022 to 2023, which accounted for 56% of its net profit during the same period [3]. - The increase in short-term borrowings from 226 million yuan at the end of 2023 to 379 million yuan at the end of 2024 raises concerns about the sustainability of its dividend policy [4]. Group 5: Research and Development - The company’s R&D expense ratio from 2022 to 2024 was 4.56%, 4.69%, and 4.63%, respectively, which is below the industry average [7]. - Despite claiming to produce advanced HDI boards, the low R&D investment raises questions about the validity of its technological claims [7].

红板科技这种定位与同行公司形成鲜明对比。同样从事PCB生产的深南电路、沪电股份等企业均老实承 认行业的高污染属性，并详细披露环保措施。 值得一提的是，生态环境部自2014年起就已将"印制电路板（PCB）"明确列入《环境保护综合名录》的 高污染风险行业。 红板科技具有明显的家族企业特征，实控人叶森然通过多层股权结构，间接控制公司95.12%的股份。 江西红板科技股份有限公司（以下简称"红板科技"）的上市申请将于10月31日接受上交所上市委审议。 这家为荣耀、OPPO、vivo等知名手机品牌提供电路板的企业，三年营收累计超70亿元，却难掩其背后 环保争议、家族绝对控制以及"以价换量"策略下的业绩隐忧。 作为一家生产工艺涵盖电镀、蚀刻等潜在污染环节的PCB企业，红板科技在招股书中声称不属于重污染 行业，这一结论与监管2014年起将PCB列入高污染风险行业的规定相左，且与同行公司的普遍认知存在 明显差异。 研究认为，PCB（印制电路板）行业传统上被认为是高污染行业，其生产过程中会产生含铜废水、氨 氮、VOCs等污染物。 然而，红板科技在招股书中引述2013年的文件，试图将自身定义为"非重污染"企业。 红板科技在招股书 ...