深圳商报·读创客户端记者 张弛 11月20日，深交所官网显示，杭州福恩股份有限公司（以下简称"福恩股份"）主板IPO披露了对首轮审 核问询函的回复，详细回应了监管关于公司再生面料技术门槛、产能扩张合理性以及合规性等核心问 题。 | | | □ 杭州福恩股份有限公司 | | | | --- | --- | --- | --- | --- | | 已受理 2025-06-24 | 已同演 2025-07-09 | 上市委会议 | 提交注册 | 注册结果 | | @ | | | | 0 | | 项目基本信息 | | | | | | 公司金称 | 杭州福恩龄份有限公司 | 公司简称 | 福恩般份 | | | 受理日期 | 2025-06-24 | 更新日期 | 2025-11-21 | | | 审核状态 | 已回演 | 预计融资金额(亿元) | 125 | | | 保存机构 | 中信画券股份有限公司 | 保存代表人 | 禁斌,郭阳 | | | 会计师事务所 | 天皇会计师事务所(特殊普通合伙) | 签字会计师 | 陈谈童,徐银 | | | 律师事务所 | 国浩律师(杭州)事务所 | 签字律师 | 颜华荣,代其云,许锐 ...

Group 1: Company Overview - Tianfulong (天富龙) is set to issue shares at a price of 23.6 yuan per share with a P/E ratio of 20.93, which is lower than the industry average of 32.3 [1] - Fuen Co., Ltd. (福恩股份) has submitted its prospectus for an IPO on the Shenzhen Main Board, with CITIC Securities as the sponsor [1][3] - Fuen Co. specializes in recycled fabrics for clothing, serving major brands like H&M, Uniqlo, and Zara, but faces risks related to high brand concentration and increasing accounts receivable [1][8] Group 2: Financial Performance - Fuen Co. reported revenues of approximately 17.64 billion yuan in 2022, 15.17 billion yuan in 2023, and an expected 18.13 billion yuan in 2024, with net profits of 2.77 billion yuan, 2.29 billion yuan, and 2.75 billion yuan respectively [22] - The company’s gross profit margins were 27.79%, 29.97%, and 28.65% over the reporting periods, slightly above the average for comparable companies [23] Group 3: Market Position and Risks - Fuen Co. holds a market share of approximately 4% in recycled polyester blended fabrics and 6% in recycled color-spun fabrics in the domestic market [22] - The company faces risks from high customer concentration, with the top five clothing brands accounting for about 70% of its revenue [15] - Accounts receivable have been increasing, with values of approximately 246 million yuan, 255 million yuan, and 274 million yuan over the reporting periods, representing about 30% of current assets [16]