Core Viewpoint - The company, Zhejiang Koma Materials Co., Ltd., is preparing for its IPO on the Beijing Stock Exchange after previously withdrawing its application for the Shenzhen Stock Exchange due to various issues, including performance decline and internal control concerns [2][3]. Company Overview - Koma Materials was established in 2002 and specializes in the research, production, and sales of dry and wet friction materials [3]. - The main products include dry friction plates and wet paper-based friction plates, with a shift in focus to T2 products since July 2023 [3]. Financial Performance - The company experienced fluctuating performance from 2022 to 2024, with revenues of 202 million, 199 million, and 249 million respectively, and net profits of 41.65 million, 49.05 million, and 71.03 million [5]. - Revenue growth rates were -1.58% in 2023 and 25.16% in 2024, indicating a recovery after a decline [5]. - For the first half of 2025, revenue is projected to be between 136 million and 141 million, with net profit expected to be between 43 million and 47 million, reflecting a year-on-year growth of approximately 23.49% to 34.98% [6]. Product Revenue Breakdown - The revenue from T1 products significantly decreased from 1.08 billion in 2022 to 236.08 million in 2024, while T2 products saw an increase from 862.43 million to 2.35 billion in the same period [3]. - The company also generates around 2% of its revenue from copper-based friction plate trading, which has been declining [4]. Cash Flow and Working Capital - The company has a high level of accounts receivable, accounting for approximately 40% of revenue, which poses operational pressure [7]. - Cash and cash equivalents have been declining, with balances of 61.64 million, 47.25 million, and 25.12 million over the reporting periods, attributed to significant expenditures on new facilities and dividends [9]. Internal Control and Compliance Issues - The company has faced scrutiny regarding its internal control practices, with multiple instances of non-compliance identified, including issues related to financial management and the handling of funds by actual controllers [13][15]. - The company plans to raise 206 million through its IPO, with a significant portion allocated to upgrading production technology and research [10]. R&D and Human Resources - Koma Materials' R&D expenses have been decreasing, with rates of 6.77%, 6.56%, and 5.51% over the reporting periods, which are slightly below industry averages [12]. - The workforce consists of 474 employees, with a low percentage of individuals holding advanced degrees, indicating a potential gap in technical talent [12].

Core Viewpoint - Zhejiang Kema Material Co., Ltd. is applying for an IPO on the Beijing Stock Exchange after previously attempting to list on the ChiNext, with discrepancies in production and sales data between the two applications [1][2]. Group 1: Company Overview - Kema Material has been involved in the transmission friction materials industry for 20 years and has participated in drafting multiple national and industry standards [1]. - The company’s clients include major domestic clutch manufacturers such as Fuda Co., Ltd., Fastech Eaton, and Zhejiang Qidi [1]. Group 2: Financial Data Discrepancies - The production and sales figures for dry clutch friction plates reported in the 2021 financial data differ between the two IPO applications, with the ChiNext application stating a production of 26.39 million pieces and sales of 26.55 million pieces, while the Beijing Stock Exchange application reported production of 26.58 million pieces and sales of 26.34 million pieces [1][2]. - Despite the discrepancies in production and sales data, the reported sales revenue and inventory balance for 2021 remained consistent across both applications [1]. Group 3: Production Capacity and Utilization - The company’s production capacity has increased from 2.7 million pieces in 2021 to 2.85 million pieces in 2023, with a projected capacity of 3.17 million pieces in 2024 [3][9]. - The capacity utilization rate has fluctuated, with a peak of 98.44% in 2021, dropping to 80.58% in 2023 [3][9]. Group 4: Investment Projects - In the previous ChiNext IPO application, Kema Material proposed an investment project for expanding the production of environmentally friendly solvent-free clutch friction materials, with a total investment of 177.36 million yuan, aiming to add an annual production capacity of 22 million pieces [4][8]. - In the current Beijing Stock Exchange IPO application, the proposed project is for a technical upgrade of dry impregnated environmentally friendly clutch friction materials, with a total investment of 151.17 million yuan, aiming to add an annual production capacity of 10 million pieces [6][8]. Group 5: Financial Performance - Kema Material has achieved profits in the range of tens of millions of yuan from 2022 to 2024, with a cumulative net profit exceeding 150 million yuan [9]. - However, the company's cash balance has significantly decreased from 114 million yuan at the end of 2021 to 25 million yuan at the end of 2024, indicating substantial investments in infrastructure without a corresponding increase in revenue [9].