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 - The company has delayed its global offering and listing due to a civil lawsuit filed by a shareholder, Ji Yuan Jun Yi, who is dissatisfied with the investment returns from its subsidiary, Shou Lang Ji Yuan [1] Group 1: Legal Dispute - Ji Yuan Jun Yi accuses the company of violating the investment agreement by increasing the investment amount in Shou Lang Ji Yuan's production facilities by approximately 159.8 million RMB without prior notice [2] - The lawsuit also claims that the company set the sales price of ethanol products without board or shareholder approval, violating the fairness clause in the investment agreement [2] - Ji Yuan Jun Yi has requested a preservation order to prevent the company from making unilateral major investment and pricing decisions [2] Group 2: Legal Counsel's Opinion - The company's legal advisors believe that the lawsuit lacks legal basis and the likelihood of Ji Yuan Jun Yi's claims succeeding is low [3] - The company plans to actively defend against the claims made in the lawsuit [3] - The company has secured irrevocable commitments from two new gas suppliers to meet its industrial gas supply needs, ensuring quality consistency with the current supplier [3] Group 3: Financial Impact - If Ji Yuan Mei Jin stops supplying industrial gas, the company could see a revenue decline of approximately 6.2%, a gross margin decrease of about 0.9 percentage points, and an increase in net loss of around 7.2% for 2025 [4] - The decline in gross margin is attributed to fixed costs that will still be incurred despite no revenue generation in the worst-case scenario [4] - The company believes that the legal dispute will not have a significant adverse impact on its overall business [4]

来源丨凤凰网《风暴眼》 作者丨广坤 娃哈哈纯净水的生产商怎么成了今麦郎？ 近日，不少网友发现购买的娃哈哈纯净水显示由今麦郎生产，对此感到疑惑： "我为什么不购买今麦郎的纯净水？" 股东纠纷，员工遭殃，也一定程度上波及到了消费者。一位熟悉生产工艺的 20 年娃哈哈老员工介绍，宗庆后在世时，娃哈哈生产线组建完成后几 乎没有找过代工。在其看来，找代加工会影响消费者的品牌认知，既然是今麦郎加工，消费者会疑惑 "为什么不直接买今麦郎？" 同时，从生产角 度来看，品控和质检也不及自家工厂好把控。 5 月 15 日，娃哈哈官方微博发布声明，表示娃哈哈和今麦郎存在委托代工关系，代工期间自查发现个别批次纯净水产品未通过出厂抽样检测。自 2025 年 4 月起，公司已终止与相关代工方的合作。 对于娃哈哈生产线关停事宜是否与股东纠纷有关，凤凰网《风暴眼》咨询娃哈哈官方，截至发稿前未获得回应。 凤凰网《风暴眼》从多位娃哈哈员工处了解到，娃哈哈涉及代工的产品主要是纯净水，原因是其需求量最大。在 2024 年娃哈哈销量大幅上涨、产 能跟不上时，就找到今麦郎代加工；而今年之所以又找到今麦郎，则是因为娃哈哈关闭了 10 余家分厂的生产线 — ...