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科马材料IPO:报告期业绩波动 曾存员工代领薪酬为高管避税情形
Sou Hu Cai Jing· 2025-07-17 08:31
Core Viewpoint - The IPO journey of Koma Materials has attracted significant attention due to its fluctuating performance during the reporting period and ongoing concerns regarding its part-time R&D personnel [2] Financial Performance - Koma Materials' main business involves the R&D, production, and sales of dry clutch friction plates and wet paper-based friction plates, with a focus on developing new friction materials [3] - From 2021 to 2023, Koma Materials reported revenues of 223 million yuan, 202 million yuan, and 199 million yuan, respectively, indicating a continuous decline in revenue [3] - Net profits for the same period were 72.52 million yuan, 41.65 million yuan, and 49.05 million yuan, showing volatility in profitability [3] - In 2022, the company experienced a 9.25% decline in revenue and a 42.57% drop in net profit, attributed to geopolitical issues, rising raw material costs, and a significant decrease in commercial vehicle production [5] - For 2024, Koma Materials projected a revenue of 249 million yuan, a 25.16% increase year-on-year, with a net profit of 68.72 million yuan, reflecting a 55.22% growth [6][7] R&D Personnel Structure - The number of part-time R&D personnel at Koma Materials decreased from 18 in 2021 to 10 in 2023, with a significant portion of their salaries accounted for in R&D expenses [8] - The company has been questioned about the specific roles and rationality of non-full-time R&D personnel, including senior management, and the allocation of their working hours and salary distribution [9][11] - As of the end of 2023, Koma Materials had 56 R&D personnel, with 46 being full-time and 10 part-time, and planned to reduce part-time personnel further in 2024 to enhance focus and efficiency [12][13] Governance and Control - Koma Materials is predominantly controlled by the Wang family, with significant shareholding and key management positions held by family members, raising concerns about potential governance risks [14][15] - The company has faced scrutiny regarding its internal control systems and compliance, particularly concerning the high salaries of executives and past tax evasion issues [16][17] - Koma Materials has stated that it does not engage in practices to evade tax obligations through low-income employees and has rectified previous discrepancies with tax authorities [18]