7月4日，浙江锦华新材料股份有限公司（以下简称"锦华新材"）将在北京证券交易所进行IPO上会审核。公司的保荐机构为浙商证券股份有限公司。锦华 新材拟募集资金总额为7.68亿元。 报告期内（2022年-2024年），锦华新材营业收入从2022年的9.94亿元增长至2024年的12.39亿元，2025年一季度实现营业收入2.82亿元，但扣非后净利润 波动显著且一季度同比下降16.89%。且应收账款随营收上涨，资产负债率虽逐年下降降至36.26%仍高于行业均值35.23%，2024年经营活动现金流对净利 润仅0.42，覆盖能力弱。 锦华新材存在向控股股东巨化集团（巨化集团有限公司）关联采购占比高（2022-2024年38.08%-28.93%）、向关联方衢州硅宝（浙江衢州硅宝化工有限公 司）销售价格低于非关联方1%-4%等关联交易问题，丁酮肟委托加工价格较非关联方低0.52%-12.75%，且股东洪根入股资金由衢州硅宝代付虽已还清但锦 华新材因向衢州硅宝销售价格低于向非关联方销售价格而被交易所质疑。 作者：小熊 来源：IPO魔女 报告期锦华新材核心产品硅烷交联剂单价三年累计下跌35.4%、毛利率从47.46%跌至2 ...

Core Viewpoint - Zhejiang Jinhua New Materials Co., Ltd. is applying for listing on the Beijing Stock Exchange, focusing on the development, production, and sales of ketoxime products, establishing a green circular industry chain [1][3]. Group 1: Company Background - The company has developed a green circular industry chain consisting of ketoxime/aliphatic oxime, oxime silane, and hydroxylamine series products [1]. - The chairman, Lei Jun, previously held positions at Juhua Co., Ltd., including general manager and deputy general manager [1][3]. Group 2: Related Party Transactions - The company has significant related party transactions with Juhua Group, with procurement amounts of 32,965.04 million, 29,940.15 million, and 26,620.75 million yuan over the past three years, accounting for 38.28%, 35.65%, and 28.38% of total procurement respectively [3][4]. - In 2023 and 2024, the company plans to procure raw materials from Juhua Group amounting to 81,949,053.10 yuan and 65,417,991.14 yuan respectively [4]. Group 3: Raw Material Supply and Production Capacity - Juhua Group sold ketoxime materials to Jinhua New Materials for 16,276.9 million yuan and 13,365.89 million yuan in 2023 and 2024, respectively, which exceeds the procurement amounts disclosed by Jinhua [5]. - Jinhua New Materials is expanding its own production capacity for ketoxime, with a planned production start in June 2024, aiming to reduce reliance on external procurement [5]. Group 4: Market Conditions and Product Pricing - The utilization rate of the company's core product, silane crosslinking agent, decreased from 96.19% in 2023 to 76.15% in 2024, with no explanation provided in the prospectus [7]. - The company has been reducing the sales prices of silane crosslinking agents due to a downturn in downstream market demand, particularly in the construction and photovoltaic sectors [8].

精细化工产品也称为"精细化学品",是在基础化学品上进行深加工而制取的具有特定功能、特定用途的化工产品，其直接服务于国民经济的诸多行业和高 新技术产业的各个领域，是当今化学工业中最具活力的新兴领域之一。 向北交所发起冲击的浙江锦华新材料股份有限公司（以下简称"锦华新材"）主要从事酮肟系列精细化学品的研发、生产和销售，产品涵盖硅烷交联剂、羟 胺盐、乙醛肟等。公开信息显示，公司将于7月4日登陆北交所上市委审议会议，接受上市委员们的裁决。 倘若只看最近三年的业绩——锦华新材营收持续增长、利润翻倍，但若将2021年纳入观察时段便能发现，彼时的经营状况才是其巅峰，转折点发生在2022 年，不仅营收下探至10亿元以下，毛利率更是接近砍半。虽然公司2024年营业收入已赶超2021年水平，毛利率也进一步回升，但净利润规模仍不及2021 年，最近两年的高速增长更像是2022年"滑铁卢"所营造的假象。 此外，锦华新材还长期维系着诸多关联采购，因为部分原材料采购价格与市场价及同行采购价存在较大偏差，关联采购公允性屡遭问询。而2024年采用承 兑汇票进行结算收款的比例大幅增加，甚至较2023年提高了23.59个点，更是将公司业绩的真实 ...