山东东岳未来氢能材料股份有限公司（简称：未来材料）真是撞大运了！该公司IPO申请今年6月27日 获上交所科创板受理，7月3日，中证协就发布公告称，未来材料被抽中，成为2025年第二批IPO现场检 查12家公司之一。而现场检查被称为是最严厉的IPO审核，多少IPO公司曾为之谈虎色变，以至不少IPO 公司因此而撤单，撤回IPO申请。 不过，随着现场检查制度的完善，IPO公司一查就撤的做法再也行不通了。根据新的规定，即便抽中现 场检查的公司撤单，也不影响现场检查的照常进行，而且也不妨碍监管部门对发现存在问题的撤单公司 进行处罚，如此一来，抽中现场检查的IPO公司也只能硬着头皮来迎接现场检查了。 从未来材料的IPO进程来看，虽然抽中现场检查，但交易所的问询还在正常推进。根据上交所官网更新 的资料显示，7月18日，未来材料的审核状态已更新为"已问询"。当然，接下来，该公司要进入上会阶 段，还必须等待现场检查的结果。只不过，以前有太多的IPO公司在现场检查中倒下了，所以，对于未 来材料IPO的命运，能否从现场检查中安全返回是关键。 作为一家高新技术企业，未来材料的身上还是不乏闪光点的。招股书显示，作为行业领先的高性能含氟 ...

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has restarted its IPO process and submitted its application to the Shanghai Stock Exchange, marking its third attempt to go public after previous failures due to various issues. The company aims to raise 2.446 billion yuan for R&D, expansion, and working capital, with a significant portion allocated for production expansion despite rising inventory levels and declining turnover rates [1][2][3]. Financial Performance - Future Materials has experienced fluctuating financial performance, with revenues increasing initially but then declining. For the years 2022 to 2024, the company reported revenues of 524 million yuan, 721 million yuan, and 640 million yuan, respectively, with net profits of 143 million yuan, 230 million yuan, and 165 million yuan. The revenue for 2024 is projected to decrease by 11.23%, and net profit is expected to drop by 28.26% [2][3][4]. Product Pricing and Market Pressure - The company faces market price pressures for several products, particularly the perfluorinated proton exchange membrane, which saw its price drop from 909.68 yuan per square meter in 2022 to 655.41 yuan in 2024, a decrease of 27.95%. The overall revenue contribution from high-performance fluorinated functional membranes has also declined from 93.99% in 2022 to 60.20% in 2024 [4][5][6]. Key Customer Relationships - Future Materials has established a significant partnership with Dalian Rongke, a leading vanadium flow battery company, which has become its largest customer, contributing 66.45% of the sales revenue from perfluorinated proton exchange membranes in 2024. This relationship is crucial for maintaining stable order sources amid declining overall revenue [6][7][8]. Inventory and Production Capacity - The company has a production capacity of 625,000 square meters for perfluorinated proton exchange membranes, with a utilization rate of 45.25% and a sales-to-production ratio of 84.98%. Future Materials plans to invest 559 million yuan in expanding its production capacity significantly [11][12]. Related Party Transactions - Future Materials has frequent related party transactions, with significant sales and purchases involving its major customer and supplier, Dongyue Fluorosilicon Technology Group. The company has taken steps to reduce the scale of these transactions by engaging third-party suppliers [14][16][17]. Control and Ownership Structure - The ownership structure of Future Materials is complex, with control shifting among shareholders over the years. As of now, Zhang Jianhong is the controlling shareholder, holding the highest voting rights, while the previous controlling parties have seen their influence diminish due to financial difficulties and restructuring [20][22][24].