出品|拾盐士 近日，深交所再次受理了格林生物科技股份有限公司（下称"格林生物"）的创业板IPO申请。这已是这家香料行业"老兵"第三次向创业板发起冲击。 此次卷土重来，格林生物的募资计划大幅上调至6.9亿元，较前次的3.75亿元增长84%。然而，除了产能利用率下滑、研发投入不足、海外市场依赖等老问题 依然待解，监管指出的"研发费用核算不准确"等问题，也为本次IPO之旅增添了新变数。 与此同时，公司权力交接问题成为市场关注的焦点。在第三次申报前，年逾八旬的陆文聪已完成向女儿陆为的股权转让并确立共同控制权，为公司顺利交接 铺路。 研发人员薪酬一年暴涨109% 格林生物被指"突击创新"迎合上市 除了环保问题，产能和研发争议也是格林生物上市路上绕不过的坎。 在第二次申请IPO之时，深交所就曾要求格林生物说明募投项目建设的必要性、募投项目产能消化措施以及是否存在产能过剩风险（包括现有产能和募投产 能）。 前两次IPO申请，皆以格林生物主动撤回告终。回顾其上市历程，2020年12月首次申报，2021年2月撤回；2023年6月二次递表，2024年9月再度撤回。 两次闯关失败背后，合规漏洞和研发短板成为悬在格林生物头上的"达摩 ...

Core Viewpoint - The company is restarting its synthetic vanillin production facility in Saint-Fons, France, to meet the changing market demands in Europe, with production expected to resume by the end of 2025 [1] Group 1: Production Plans - The synthetic vanillin production plant in Saint-Fons was previously suspended in May 2024 and will restart operations by the end of 2025 [1] - The Saint-Fons facility continues to produce natural vanillin and phenol during the suspension period [1] - With the restart of synthetic vanillin production, the company will achieve production capabilities in all major regions [1] Group 2: Business Strategy - The decision to restart synthetic vanillin production does not alter the company's recent plan to divest its flavoring business [1] - The company currently operates synthetic vanillin production facilities in Baton Rouge, Louisiana, USA, and Zhenjiang, China [1] Group 3: Market Environment - The European Commission, supported by the French government, has imposed a 131% anti-dumping duty on related products, while the US has levied an additional tax of at least 232% [1] - These measures are expected to significantly reshape the competitive landscape, enhancing the competitiveness of regional producers [1]

Core Viewpoint - Anhui Huaye Fragrance Co., Ltd. plans to issue shares through a simplified procedure to specific targets, which may dilute immediate returns, and has proposed measures to compensate for this dilution [2][6][14]. Financial Impact Analysis - The company estimates that the total amount raised from this issuance will be 113 million yuan, with a maximum of 22.4394 million shares to be issued [3][4]. - The financial impact of the issuance on key indicators has been analyzed under three scenarios regarding net profit for 2025 compared to 2024: a 10% increase, no change, and a 10% decrease [4][5]. - Before the issuance, the total share capital is 74.798 million shares, which will increase to 97.2374 million shares post-issuance [4]. Scenarios for Financial Indicators - **Scenario 1**: If the net profit increases by 10%, the basic earnings per share (EPS) will rise from 0.30 yuan to 0.32 yuan [4]. - **Scenario 2**: If the net profit remains unchanged, the EPS will stay at 0.30 yuan [4]. - **Scenario 3**: If the net profit decreases by 10%, the EPS will drop to 0.27 yuan [4]. Necessity and Reasonableness of the Issuance - The fundraising project is closely aligned with the company's main business and complies with national industrial policies, aiming to enhance market competitiveness and achieve sustainable development [6][7]. - The new production capacity will help maintain the company's leading position in the fragrance industry [6][10]. Measures to Mitigate Dilution Impact - The company will implement strict management and usage protocols for the raised funds to ensure effective and safe utilization [11][12]. - The company plans to accelerate the construction of the fundraising projects to achieve expected benefits as soon as possible [12]. - A profit distribution system will be established to enhance investor return mechanisms, ensuring continuous and stable profit distribution [12][13]. Commitments from Key Stakeholders - The company's board and senior management have committed to ensuring the effectiveness of the measures to compensate for the dilution of immediate returns [13][14]. - The controlling shareholder has also made commitments to uphold the measures aimed at protecting shareholder interests [14].