"五大基地"包括昆明植物护肤研发实验室、北京亚太皮肤科学研究所、广州顺德植物护肤配方及临床研 究基地、日本东京汉方护肤科学研究中心和植物医生—江南大学中国化妆品原料成分研发基地，主要负 责活性原料、产品配方、生产工艺、品质保证等研发。 截至2025年5月31日，公司已取得专利212项，其中发明专利59项，这些专利是公司研发实力的有力证 明，也体现了品牌在技术创新上的不懈追求。 除了研发架构和专利成果，公司在研发投入上也毫不吝啬。报告期各期，公司研发投入金额分别为 7,377.39万元、7,587.63万元和6,633.45万元，占营业收入的比例均在3%以上。要知道，在护肤品行业， 能保持这样的研发投入比例并不容易，这背后是品牌对研发的重视和对消费者的负责。 现在打开购物软件，各种护肤品品牌让人眼花缭乱，尤其是越来越多后起之秀冒出来，宣传语一个比一 个花哨。但用过之后你会发现，真正能站稳脚跟、让人反复回购的，往往还是那些在研发上下足功夫的 品牌。 毕竟护肤品不是简单的"面子工程"，从成分有效性到皮肤兼容性，每一个环节都离不开扎实的科研支 撑。研发能力就像品牌的隐形地基，看不见摸不着，却直接决定着产品能不能经得住 ...

Core Viewpoint - Yuan Chuang Technology Co., Ltd. is attempting its third IPO since 2021, facing significant challenges due to financial data and governance issues revealed in its latest prospectus [1][3][23] Group 1: Ownership and Governance Issues - Yuan Chuang Technology has a high family ownership ratio of 95.24%, raising concerns about corporate governance effectiveness [3][5] - The actual controller, Wang Wenjie, has a history of legal issues, including a bribery case, which has led to scrutiny from regulatory bodies [6][7] - The management team is also characterized by familial ties, with several key positions held by relatives of the actual controller, indicating a lack of professional governance [8] Group 2: Customer Dependency and Financial Risks - The company faces significant customer concentration risk, with the top five customers contributing over 46% of sales revenue from 2022 to 2024 [11] - A major customer, Wo De Agricultural Machinery, accounts for 22.91% of revenue but represents 40.43% of accounts receivable, indicating a potential cash flow crisis [12] - The overdue accounts from Wo De Agricultural Machinery have been substantial, with overdue amounts reaching 96.08 million yuan at the end of 2022 [12] Group 3: Financial Performance and Cash Flow Concerns - The company's revenue showed fluctuations, with 2024 net profit declining by 12.94% year-on-year, while accounts receivable surged by 35.18% [14] - The net cash flow from operating activities decreased by 35.88% in 2024, raising concerns about the company's ability to convert revenue into cash [16] - The company has distributed 47.16 million yuan in cash dividends from 2020 to 2023, while planning to raise 60 million yuan for working capital, raising questions about the rationale behind this financial strategy [16] Group 4: R&D and Capacity Expansion Issues - The company reported a sudden increase in patents and claimed to have 14 R&D personnel, despite previously stating a lack of dedicated R&D staff [18] - R&D expenditure remains low at 0.72% of revenue in 2024, which is below industry standards, questioning the claimed technological advantages [19] - The efficiency of fixed asset output has been declining, indicating potential issues with asset utilization amid expansion plans [20] Group 5: Regulatory Scrutiny and Data Discrepancies - The introduction of a rebate policy for traders during a period of declining performance raises concerns about potential financial manipulation [21] - Discrepancies in reported sales figures between the company and its major customer, Wo De Agricultural Machinery, have led to questions about financial transparency [21] - Changes in the educational qualifications of key technical personnel shortly after IPO scrutiny have raised further doubts about the company's credibility [21]