当一家企业营收呈现不稳定状态、利润如"过山车"般大幅波动，实控人夫妇持有美国绿卡，却在三年内 获得高额分红，一边看似资金紧张计划募资补充流动性，一边又进行大额分红，这样的公司竟还试图登 陆主板市场，跻身优质企业行列？ 道生天合材料科技（上海）股份有限公司（简称：道生天合）的沪主板IPO申请于2025年7月25日提交 注册，尽管该公司已成功通过上市委会议，但其IPO进程仍充满了诸多引人关注的情节——股东之间存 在纠纷、股权转让价格偏低，业绩表现不佳、新业务扩张前景不明朗，产品与"高污染、高环境风险"产 品疑似相似、环保整改存在"先推进后完善"的现象。 主板一直是优质蓝筹企业竞争的舞台，道生天合究竟是有实力来挑战上市，还是仅仅想"参与其中"？ 道生天合的发展历程，宛如一部创始股东的"纷争史"： 招股书显示，2012年，季刚、张婷夫妻从风电材料贸易起步，2015年与彭赛共同创立公司。股权代持从 一开始就杂乱无章——季刚夫妻让岳父代持75%股权，彭赛则找亲属代持25%，就连1500万实缴资金都 是季刚出借。彭赛入职8个月后离职，双方因乐巍新材股权问题产生激烈矛盾，多次打官司，和解后又 反复，将公司内部矛盾完全暴露在公 ...

Core Viewpoint - Douyu, once a leading game live-streaming company, is facing significant challenges as its primary revenue source declines, leading to concerns about its future sustainability [1][2][5]. Revenue Decline - Douyu's revenue has decreased for 13 consecutive quarters, with reported revenues of 71.08 billion, 55.3 billion, and 42.71 billion from 2022 to 2024, reflecting year-on-year declines of 22.44%, 22.2%, and 22.78% respectively [5]. - In Q1 2024, revenue further dropped to 9.47 billion, a year-on-year decline of 8.91% [5]. - Live-streaming revenue fell from 8.01 billion in Q1 2024 to 5.65 billion, marking a 29.5% decrease [6]. Financial Management - Despite ongoing losses, Douyu distributed a total of 6 billion USD (approximately 43 billion) in dividends within six months, raising concerns about financial sustainability [3][14]. - The company’s market capitalization has plummeted to 260 million USD, only one-third of the funds raised during its IPO [20]. Operational Challenges - Douyu has significantly reduced its workforce from 2,155 employees at the end of 2021 to 819 by the end of 2024, a decrease of over 60% [11]. - The company has faced criticism for the increasing number of low-quality and inappropriate content on its platform, which has negatively impacted user experience [2][9]. Leadership Issues - The arrest of former CEO Chen Shaojie for gambling-related charges and controversies surrounding the new co-CEO Ren Simin have added to the company's turmoil [4][29]. - Ren Simin, appointed as co-CEO, has faced skepticism regarding her leadership capabilities, especially given her limited experience in managing a large public company [30][32]. Content Regulation - Douyu has been criticized for allowing inappropriate content to proliferate on its platform, despite claims of enforcing strict content regulations [22][28]. - The platform has been accused of using euphemisms to circumvent regulations against promoting low-quality or explicit content [28].

Core Viewpoint - Douyu, once a leading game live-streaming company, is facing significant challenges as its primary revenue source has been declining for 13 consecutive quarters, leading to concerns about its sustainability and future prospects [1][3][23]. Group 1: Revenue Decline - Douyu's revenue has decreased from 71.08 million yuan in 2022 to 42.71 million yuan in 2024, reflecting a year-on-year decline of 22.44%, 22.2%, and 22.78% respectively [3]. - In Q1 2024, Douyu's revenue further dropped to 94.7 million yuan, a year-on-year decline of 8.91%, with live-streaming revenue falling 29.5% to 56.5 million yuan compared to the same period in 2024 [3]. - The decline in live-streaming revenue is attributed to a decrease in both the total number of paying users and the average spending per paying user [3]. Group 2: Cost-Cutting Measures - Douyu has reduced its workforce from 2,155 employees at the end of 2021 to 819 by the end of 2024, representing a reduction of over 60% in just three years [6]. - The company has also implemented cost-cutting measures, with R&D expenses dropping by 39.5% to 32.7 million yuan in Q1 2025, while sales expenses decreased by 3.5% to 72.9 million yuan [14]. Group 3: Controversial Dividends - Douyu has made unexpected dividend payments totaling 6 billion USD (approximately 4.3 billion yuan) within six months, raising concerns about depleting its financial resources [2][9]. - The first dividend payment of 3 billion USD was approved in July 2024, with a second similar payment announced in January 2025, coinciding with the appointment of the new co-CEO [9][10]. - Despite the substantial dividends, Douyu's profitability has been poor, with only two profitable years since 2020, and a total net profit of less than 500 million yuan, which is significantly lower than the dividend payouts [10][14]. Group 4: Content Quality Issues - Douyu has been criticized for allowing low-quality and borderline content to proliferate on its platform, with reports of inappropriate behavior from some streamers [15][19]. - The platform has issued announcements to combat lowbrow and pornographic content but has been accused of using euphemisms to circumvent regulations, leading to a stark contrast between stated policies and actual practices [21][22]. Group 5: Leadership Challenges - The arrest of former CEO Chen Shaojie for gambling-related charges has led to instability within the company, with several prominent streamers also implicated in gambling scandals [23][24]. - The new co-CEO, Ren Simin, aged 29, faces skepticism regarding her ability to lead a large public company, especially during a challenging period for Douyu [23][24].