深圳商报·读创客户端记者 梁佳彤 2025年12月31日，据北交所官网，湖北博韬合纤股份有限公司（下称"博韬合纤"）回复首轮问询，公司净利润与营收 变动趋势不一致、曾存多项财务不规范行为等情况受到监管层的关切。 | 代码 | 874226 | 简称 | 博韬合纤 | | --- | --- | --- | --- | | 公司全称 | 湖北博韬合纤股份有限公司 | 受理日期 | 2025-06-30 | | 审核状态 | 已问询 | 更新日期 | 2025-12-31 | | 保荐机构 | 天风证券股份有限公司 | 保存代表人 | 马能,占志鹏 | | 会计师事务所 | 容诚会计师事务所（特殊普通合伙 ) | 签字会计师 | 鲍光荣,陈韬,郑鹏飞 | | 律师事务所 | 北京市中伦律师事务所 | 签字律师 | 都伟,尚红超,谢莹 | | 评估机构 | 中水致远资产评估有限公司 | 答字评估师 | 夏志才,袁学根 | 招股书介绍，博韬合纤自2002年成立以来一直专业从事丙纶短纤、涤纶短纤及其他化学纤维的研发、生产和销售。报 告期内，公司丙纶短纤产品销售占比达到90%以上，产品广泛应用于汽车内外饰复合材料、高性能 ...

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].

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]

Core Insights - The article discusses the characteristics, applications, and market outlook of polypropylene short fibers, highlighting their lightweight, high strength, chemical resistance, and environmental benefits [1][6]. Market Overview - The global polypropylene short fiber market is projected to reach USD 1.404 billion by 2031, with a compound annual growth rate (CAGR) of 3.2% over the coming years [1]. Key Manufacturers - Major global manufacturers of polypropylene short fibers include Beaulieu Fibres International, International Fibres Group, Hubei Botao Fiber, Indorama Ventures, and Daiwabo, with the top five companies holding approximately 50% of the market share [5][11]. Driving Factors - Continuous growth in downstream demand is driven by infrastructure investments, which boost the demand for geotextiles, as well as sustained needs in hygiene materials, filtration materials, and automotive interiors [6]. Challenges - The polypropylene short fiber industry faces challenges such as low technical barriers, severe product homogeneity, and the presence of substitute products [7]. Industry Opportunities - Regulatory policies and environmental standards are driving traditional high-energy synthetic fiber companies towards green transformation, presenting opportunities for growth in the industry [8].

Core Viewpoint - The polypropylene fiber industry is experiencing a steady increase in production, with output projected to grow from 294,100 tons in 2017 to 442,000 tons by 2024, reflecting a compound annual growth rate of approximately 5.3%. However, demand is expected to decline after a peak, with a forecasted demand of 371,600 tons in 2024, leading to an expanded supply-demand gap of 70,400 tons primarily due to a surge in export volumes [1][11]. Industry Development Overview - Polypropylene fiber, derived from the byproduct of petroleum refining, has unique characteristics such as being lightweight, high-strength, and resistant to acids and alkalis. The development of differentiated polypropylene fibers has progressed since the 1980s, with significant advancements in functional applications since 2010 [2]. Policy Background - Recent policies from multiple government departments have reinforced support for the functional chemical fiber industry, emphasizing technological innovation and the development of recycled materials. The 2023 "Industrial Structure Adjustment Guidance Catalog" encourages the recycling of polypropylene and the development of differentiated fibers while restricting low-end production capacity [5][6]. Industry Chain - The polypropylene industry chain consists of upstream production of polypropylene, midstream processing into various products like long fibers and non-woven fabrics, and downstream applications across diverse sectors including automotive, construction, and medical [7]. Supply and Demand Status - From 2017 to 2024, production is expected to rise to 442,000 tons, while demand is projected to fall to 371,600 tons, resulting in a supply-demand gap of 70,400 tons. The increase in exports, which are expected to reach 72,500 tons by 2024, indicates a strong international competitiveness of Chinese polypropylene products [11][13]. Trade Dynamics - Export volumes have surged from 10,800 tons in 2017 to 72,500 tons in 2024, with an average annual growth rate of 30.6%. Conversely, imports have decreased from 3,600 tons to 2,100 tons, indicating a significant trade surplus and a shift towards self-sufficiency in the industry [13]. Competitive Landscape - The market is characterized by high fragmentation, with regional leaders like Hubei Botao and Guangdong Montai leveraging differentiation strategies. The industry concentration remains low, with the top five companies holding less than 30% market share, indicating a competitive environment [15]. Development Trends - The polypropylene industry is expected to transition towards a circular economy, focusing on recycling technologies and sustainable practices. The integration of advanced manufacturing and innovative materials will drive the development of high-end functional fibers for emerging applications [17].