2022年第一大客户破产 招股书显示，报告期内，博韬合纤的营业收入分别为6.55亿元、7.41亿元和8.36亿元，扣非后归母净利 润分别为6218.84万元、6025.84万元和6104.23万元。 目前，湖北博韬合纤股份有限公司（以下简称博韬合纤）正在闯关北交所IPO（首次公开募股）。 《每日经济新闻》记者注意到，博韬合纤2022年第一大客户为Johann Borgers GmbH及其关联方， Johann Borgers GmbH在2022年就已经破产。2024年末，博韬合纤核销对Johann Borgers GmbH的160.83 万元应收账款。 博韬合纤拟通过本次IPO募资约3.45亿元，用于年产2万吨丙纶短纤和1.8万吨涤纶纤维等3个项目以及补 充流动资金。该IPO募投项目预计将为博韬合纤的丙纶短纤和涤纶短纤分别提升产能约26.85%和 128.57%。不过，2022~2024年（以下简称报告期内），博韬合纤的丙纶短纤产能利用率约七成，而涤 纶短纤产能利用率有两年不足五成。 在营业收入不断增长背后，来自境外的收入成了主要贡献点。报告期内，博韬合纤境外主营业务收入分 别为1.67亿元、2.53亿元和3 ...

Core Viewpoint - Hubei Botao Fiber Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, aiming to raise approximately 345 million yuan for capacity expansion and working capital, despite facing challenges such as a major client's bankruptcy and low capacity utilization rates in recent years [1][4][11]. Financial Performance - The company's operating revenues during the reporting period were 655 million yuan, 740 million yuan, and 836 million yuan, with net profits of 62 million yuan, 60 million yuan, and 61 million yuan respectively [2]. - The total assets as of December 31, 2024, are projected to be approximately 647.49 million yuan, with total equity of about 547.31 million yuan [3]. Client and Revenue Dynamics - The primary client in 2022, Johann Borgers GmbH, went bankrupt, leading to a write-off of 1.6083 million yuan in receivables by the end of 2024 [1][4]. - The company has shifted its focus to international markets, with foreign revenue contributing significantly to total sales, increasing from 26.59% in 2022 to 38.57% in 2024 [4]. Capacity and Utilization - The planned IPO projects are expected to increase polypropylene short fiber capacity by approximately 26.85% and polyester short fiber capacity by 128.57% [1][14]. - Despite the planned expansions, the capacity utilization rates for polypropylene short fiber were around 70% and for polyester short fiber were below 50% during the reporting period [1][11]. Investment Projects - The IPO proceeds will be allocated to three main projects, including a 20,000-ton polypropylene short fiber and 18,000-ton polyester fiber project, with a total investment of approximately 35.47 million yuan [12][14]. - The breakdown of the investment includes 13.07 million yuan for fiber production, 9.11 million yuan for smart upgrades, and 8.79 million yuan for R&D center construction [12]. Related Party Transactions - The company has identified Hubei Shunheng New Materials Co., Ltd. as a related party, with discrepancies in shareholder names noted in various disclosures [7][10]. - The company reported sales to Hubei Shunheng of 422,700 yuan and 725,690 yuan in 2023 and 2024, respectively [10].

Core Viewpoint - Hubei Botao Chemical Fiber Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, with Tianfeng Securities as the sponsor [3] Financial Performance - Revenue projections for Botao Chemical Fiber from 2022 to 2024 are 655 million yuan, 741 million yuan, and 836 million yuan respectively [3] - Net profit for the same period is expected to be 63.55 million yuan, 62.07 million yuan, and 63.70 million yuan respectively [3] - Total assets are projected to increase from approximately 485.52 million yuan in 2022 to about 647.49 million yuan in 2024 [4] - Shareholder equity is expected to grow from approximately 308 million yuan in 2022 to about 547 million yuan in 2024 [4] - The company's debt-to-asset ratio is projected to decrease from 33.44% in 2022 to 10.40% in 2024 [4] Profitability Metrics - Gross profit margin is expected to decline from 16.35% in 2022 to 14.50% in 2024 [4] - The return on equity is projected to decrease from 23.76% in 2022 to 13.53% in 2024 [5] - Basic and diluted earnings per share are expected to be 1.59 yuan in 2022, 1.55 yuan in 2023, and 1.46 yuan in 2024 [5] Ownership Structure - Zhang Chuanwu holds 52.06% of the shares, making him the controlling shareholder, while his wife, Qin Jianhua, holds 34.71% [5] - Together, they control 89.46% of the voting rights in the company [5] Management Background - Zhang Chuanwu, born in November 1955, has extensive experience in the chemical fiber industry, having served in various roles since 2000 [6] - Qin Jianhua, born in December 1957, has also held significant positions within the company since its inception [8] - Their sons, Zhang Shitao and Zhang Shibo, are involved in the company's management as well [11]

丙纶短纤是以聚丙烯（ PP ）树脂为主要原料，通过熔融纺丝、拉伸、切断等工艺生产而成的短纤维。丙纶短纤具有质轻（密度 约为 0.91 g/cm ³，为常用纤维中最轻）、强度高、耐化学腐蚀、疏水性好、电绝缘性优异、抗霉菌性强等特点，广泛应用于土工 布、汽车、地毯、过滤、卫材、建材、服装等领域。 丙纶短纤在土工、过滤、汽车、建筑、医卫等领域因其轻质、耐腐蚀、低成本、加工便利、环保性好等特点广泛应用，但在耐热 性、机械性能、染色性、抗老化性等方面存在局限。随着过滤材料、医卫用布、环保新材料需求提升，功能性丙纶短纤（阻燃、 抗菌、抗 UV 等）占比将持续提高，带动产品附加值提升。 根据 QYResearch 最新调研报告显示，预计 2 03 1 年全球 丙纶短纤 市场规模将达到 14.04 亿美元，未来几年年复合增长率 CAGR 为 3.2% 。 丙纶短纤 ，全球市场总体规模 全球 丙纶短纤 市场前 20 强生产商排名及市场占有率（基于 2 02 4 年调研数据；目前最新数据以本公司最新调研数据为 准） 全球范围内， 丙纶短纤 主要生产商包括 Beaulieu Fibres International 、 Inter ...

丙纶，即聚丙烯纤维的商品名，是用石油精炼的副产物丙烯为原料制得的合成纤维。丙纶具有环保、质 轻、强度高、耐酸碱性好、保暖性好、不吸水、染色性差、耐热性差、耐老化性差等特点。丙纶根据纺 丝加工后的产品长度分为丙纶长丝和丙纶短纤。在我国几大化纤品种中，丙纶纤维是发展得较晚的品 种。中国从80年代开始丙纶纤维的研发，到20 世纪末，已相继开发出了细旦、阻燃、抗菌、抗紫外、 抗老化、远红外等差别化丙纶纤维。21世纪初，行业内进一步开展了对高强、抗紫外、可染、细旦、超 细旦等丙纶纤维产品的研发。2010年以来，随着丙纶纤维在功能性面料、工业织物领域的应用推广，丙 纶纤维行业开始大力发展高强、超细旦等差别化丙纶，并不断提升丙纶产品的性能。 内容概况：丙纶供需现状方面，2017-2024年产量从29.41万吨稳步增长至44.2万吨，年均复合增长率约 5.3%，但同期需求量呈现先扬后抑态势，2024年表需求量回落至37.16万吨，供需差额扩大至7.04万 吨，主要系出口量激增所致；需求结构变化反映出国内消费市场对丙纶的刚性需求相对稳定，而海外市 场拓展成为消化过剩产能的重要渠道，特别是2021年后出口量跃升至2024年的7. ...