Core Viewpoint - Huangshan Gujie (301581.SZ) reported a disappointing first financial statement post-IPO, with both revenue and net profit declining due to falling product prices and rising raw material costs [1][2]. Financial Performance - In 2024, the company achieved revenue of 725 million yuan, a year-on-year decrease of 4.53%, and a net profit of 112 million yuan, down 28.84% [2]. - The main product, copper pin heat dissipation substrates, contributed over 70% of revenue, generating 548 million yuan, which represents a 7.11% decline compared to the previous year [2][3]. - The revenue from copper flat heat dissipation substrates was only 2.89 million yuan, accounting for less than 1% of total revenue [2]. Product Segmentation - The company’s revenue breakdown shows that copper pin heat dissipation substrates are critical, while copper flat heat dissipation substrates and other businesses contribute minimally [3]. - The revenue from by-products, such as copper scrap, was 156 million yuan, making up 21.65% of total revenue, but with a very low gross margin of 0.69% [3]. Cash Flow and Accounts Receivable - Accounts receivable increased by 32% year-on-year to 218 million yuan, representing 30% of total revenue, indicating cash flow pressure [5][6]. - The net cash flow from operating activities fell by 45.62% to 51 million yuan [5]. Profitability and Cost Structure - The gross margin for the company dropped to 22.5%, down 6.2 percentage points year-on-year, primarily due to a decrease in product prices and an increase in raw material costs [6][8]. - The average selling price of products decreased by 8%, while sales volume increased by only 1.05% [6][7]. Research and Development - The company’s R&D expense ratio remains below the industry average, with 2024 R&D expenses at 211 million yuan, representing only 2.92% of revenue [8][9]. - A significant portion of the R&D team, over 70%, has a college degree or lower, raising concerns about the quality of research personnel [9][10]. Market Expansion - The company has made efforts to expand into international markets, including Germany, Hungary, and Malaysia, but revenue from overseas operations fell by 45.67% to 137 million yuan [5].

以下文章来源于新经济IPO ，作者海川 导 语 ：最大出资人纪仲林退出股东时机的敏感性及其关联人继续控制公司的行为，可能被视 为规避法律责任的潜在风险。 同宇新材料（广东）股份有限公司创业板IPO于2025年4月14日正式提交注册，标志着公司冲击上市 进入最后阶段。然而，在这一关键节点，公司不仅面临业绩持续下滑的压力，还因第三大股东纪仲 林在公司的实际角色、负面信息等引发市场对"口碑声誉"风险的广泛关注。 在证监会2024年强化关键少数"声誉监管"的大背景下，纪仲林关联企业的失信记录、司法诉讼及退 出津东车队的敏感时机，可能成为IPO审核的重点关注点。 同宇新材需进一步澄清纪仲林的角色及声誉问题，以确保IPO进程顺利推进。资本市场以法治化为 基石，严防声誉风险不仅是监管要求，更是维护投资者信心和市场健康发展的必然选择。 新经济IPO . 新经济、新技术、新金融动向、趋势、IPO观察 作 者 | 海川 来源 | 新经济IPO 下滑下的上市冲刺 2025年4月14日，深交所官网显示，同宇新材创业板IPO审核状态变更为"提交注册"，标志着公司在 历经近三年排队后，终于进入IPO的最后关卡。 2025年一季度，公司营 ...