目前，特种功能性材料生产商武汉吉和昌新材料股份有限公司（以下简称吉和昌）正冲刺北交所上市。 《每日经济新闻》记者注意到，在吉和昌冲刺IPO（首次公开募股）的关键时期，出现国有股东提 前"撤退"、核心技术人员离职等情况。 不过，奥克股份近两年经营不佳，2023年和2024年分别亏损3.09亿元和1.59亿元，2025年一季度亏损 328.24万元。 此外，《每日经济新闻》记者注意到，在吉和昌冲刺上市的关键时点，还出现了核心技术团队变动的情 况。2025年3月，吉和昌原技术总监任凡因个人发展原因离职。目前公司核心技术人员中，除了宋文超 与戴荣明二人，其他3人中，现任技术总监吴洪特2025年才入职，王亮和张静则均是从武汉特化成长起 来的技术人员。 选择离开的还有国有股东。2022年6月引入的高新投创投等国有股东，曾约定2024年底前未上市即触发 对赌，却在2024年9月提前退出。 财务方面，2022~2024年（以下简称报告期内），虽然吉和昌营收保持增长，但2024年主营业务毛利率 骤降4.3个百分点，部分产品甚至出现负毛利率。值得注意的是，在整体产能利用率不足70%的情况 下，公司仍计划募资扩产。这一反常现象已引 ...

Core Viewpoint - Hubei Botao Fiber Co., Ltd. is currently seeking to go public on the Beijing Stock Exchange (BSE) for an IPO, aiming to raise approximately 345 million yuan for capacity expansion and working capital [1][6]. Financial Performance - The company's revenue during the reporting period was 655 million yuan, 741 million yuan, and 836 million yuan, with net profit attributable to the parent company being 62.19 million yuan, 60.26 million yuan, and 61.04 million yuan respectively [2][6]. - The overseas revenue has been a significant contributor, with figures of 167 million yuan, 253 million yuan, and 314 million yuan, accounting for 26.59%, 34.59%, and 38.57% of total revenue during the same period [2]. Client and Supplier Dynamics - The largest client in 2022, Johann Borgers GmbH, went bankrupt, leading to a write-off of 1.6083 million yuan in accounts receivable by the end of 2024 [1][3]. - The company’s largest clients for 2023 and 2024 are Confidence Infrastructure Ltd. and Western Superior Jute Industries Ltd., both from Bangladesh [2]. - The largest accounts receivable by the end of 2024 is from Debonair Padding And Quilting Solution Ltd., amounting to 13.7088 million yuan, which was not among the top five clients during the reporting period [3]. IPO Fund Utilization - The IPO proceeds will be allocated as follows: 45 million yuan for working capital and 1.21 billion yuan for projects to produce 20,000 tons of polypropylene short fibers and 18,000 tons of polyester fibers [6]. - The planned projects are expected to increase the production capacity of polypropylene short fibers and polyester short fibers by approximately 26.85% and 128.57% respectively [6]. Capacity Utilization - The capacity utilization rates for polypropylene short fibers were approximately 72.96%, 74.20%, and 70.37% during the reporting period, while polyester short fibers had lower rates of 46.38%, 50.72%, and 44.18% [6][7]. - Despite the low utilization rates, the company plans to significantly increase production capacity through the IPO projects, raising questions about the necessity and rationale behind this decision [7].