客户集中度高。 《投资者网》张伟 据官方消息，再生面料供应商杭州福恩股份有限公司（下称"福恩股份"或"公司"）在深交所主板上市（IPO）的申请将于12月26日上会。 2023年，福恩有限完成股份制改造，变更为福恩股份，公司也彻底走上了家族化经营的道路。截至《招股书》签署日，王恩伟及其女儿王内 利、女婿王学林合计控制福恩股份83.89%的表决权。 2000年，福恩股份迎来第一次关键转折：义南村经济合作社将其所持的股份全部转让给王恩伟，公司从集体合资企业逐步由民营主导。此后， 王恩伟通过解除代持等操作，进一步巩固控制权。 目前，王内利担任福恩股份的董事长、王学林出任总经理，完成了企业管理权的代际传承。不过，家族化经营模式也为福恩股份的公司治理埋 下治理隐患，尤其是其在IPO前进行大额分红，引发市场争议。 《招股书》显示，2022年，福恩股份在股改之前分红3.81亿元，相当于当年净利润1倍多。以王氏家族持股比例计，IPO前落袋超过3亿元。这 一操作被质疑为上市前套现，加剧了市场对福恩股份资金规划合理性的担忧。 七成收入来自五大品牌 福恩股份为国内再生面料行业龙头企业，公司凭借绿色环保概念与优衣库、H&M等国际大牌达 ...

Core Insights - The article discusses the IPO process of Fuen Co., Ltd., highlighting a significant cash dividend distribution among family members totaling 300 million yuan prior to the IPO [1][2] - Fuen Co., Ltd. aims to raise 1.25 billion yuan through its IPO, with 800 million yuan allocated for an integrated project on recycled eco-friendly fabric and 450 million yuan for a research institute focused on high-end eco-friendly materials [1] Company Overview - Fuen Co., Ltd. is a global supplier of eco-friendly fabrics, emphasizing sustainable development in its operations, which include design, research, spinning, weaving, dyeing, finishing, and sales [1] - The actual controllers of the company are Wang Neili, Wang Xuelin, and Wang Enwei, who collectively control 83.89% of the voting rights [1] Financial Performance - In 2022, Fuen Co., Ltd. distributed a cash dividend of 381 million yuan, with the family members receiving 320 million yuan based on their shareholding proportions [2] - The revenue from recycled fabrics is projected to increase from 75.61% in 2022 to 83.20% in 2024, while the share of virgin fabrics is expected to decrease from 24.39% to 16.8% during the same period [2] - The main product, recycled polyester-cotton blended fabric, is forecasted to generate revenues of 1.18 billion yuan, 1.02 billion yuan, and 1.22 billion yuan from 2022 to 2024, maintaining a revenue share of 67% to 68% [2] Pricing Trends - Despite revenue growth in both recycled polyester-cotton blended and all-polyester fabrics, the average selling prices have been declining [2] - The average selling price of recycled polyester-cotton blended fabric is projected to decrease from 21.61 yuan/meter in 2022 to 20.92 yuan/meter in 2024 [2]

Core Viewpoint - The company, Hangzhou Fu'en Co., Ltd., is responding to the Shenzhen Stock Exchange's inquiries regarding its IPO, focusing on its recycled fabric technology, production capacity expansion, and compliance issues [1][3]. Company Overview - Hangzhou Fu'en Co., Ltd. is a global supplier of eco-friendly fabrics, emphasizing sustainable development in its operations [6]. - The company aims to raise approximately 1.25 billion yuan through its IPO, which was accepted on June 24, 2025 [6]. Market Position - The company claims a market share of 4% in recycled polyester-cotton blended fabrics and 6% in recycled color-spun fabrics, positioning itself as a leading player in the domestic recycled fabric sector [3]. - Fu'en's export scale ranks among the top in its category, recognized by the China National Textile and Apparel Council [3]. Technology and Innovation - The company has developed customized equipment and specialized processes to address challenges in recycled fabric production, claiming a high level of non-replicability of its core technologies [3][4]. - Fu'en asserts that the industry has not faced disruptive technological changes in the midstream fabric sector, with upcoming products expected to enhance performance and cost-effectiveness [4]. Compliance and Regulatory Issues - The company reported three administrative penalties, including fines totaling approximately 17.42 thousand yuan, which it claims do not constitute significant violations [4]. - Fu'en emphasizes that the penalties are minor and have been addressed appropriately [4]. Production Capacity and Financial Projections - The company plans to produce 73.97 million meters of fabric in 2024, with a capacity utilization rate of 92.6% and a sales rate of 98.7% [5]. - Fu'en's external procurement of color-spun yarn and fabric exceeds the planned production capacity from its fundraising projects, indicating a strong demand [5]. - The company anticipates an annual depreciation expense of approximately 86.71 million yuan from the new projects, which could negatively impact profitability if performance does not meet expectations [5].

Core Viewpoint - The IPO of Hangzhou Fu'en Co., Ltd. has been accepted but is currently suspended, raising concerns about the company's financial health and compliance issues [2][4][16]. Company Overview - Fu'en Co., Ltd. is a leading domestic supplier of recycled fabrics, focusing on sustainable development and eco-friendly materials [3][16]. - The company has established strong relationships with major global clothing brands, including H&M, Uniqlo, GU, and ZARA, and is recognized as a key supplier in their supply chains [3][16]. IPO Details - The company plans to raise 1.25 billion yuan through its IPO, with 800 million yuan allocated for an integrated color-spun fabric project and 450 million yuan for a high-end eco-friendly materials research institute and green manufacturing project [2][6]. - The IPO review status is currently suspended, which may impact the company's future listing prospects [4][16]. Financial Performance - From 2022 to 2024, the company reported revenues of 1.76 billion yuan, 1.52 billion yuan, and 1.81 billion yuan, with net profits of 277 million yuan, 229 million yuan, and 275 million yuan respectively [6][13]. - The top five clothing brands account for approximately 70% of the company's revenue, indicating a high dependency on a few major clients [6][16]. Product Analysis - The proportion of revenue from recycled fabrics increased from 75.61% in 2022 to 83.20% in 2024, while the share of virgin fabrics decreased from 24.39% to 16.8% [7][9]. - The average selling price of recycled polyester-cotton blended fabric has declined from 21.61 yuan/meter in 2022 to 20.92 yuan/meter in 2024 [9][10]. Shareholder Structure - The actual controllers of the company hold 83.89% of the shares, which raises concerns about the influence on decision-making and potential risks for minority investors [11][12]. - The company distributed a cash dividend of 380 million yuan in 2022, exceeding its net profit for that year, which has led to discussions about "last-minute dividends" before the IPO [13][16]. Inventory and Receivables - The company's inventory has been increasing, with balances of 221 million yuan, 239 million yuan, and 277 million yuan from 2022 to 2024, indicating potential inventory management risks [14][15]. - Accounts receivable have also risen, with balances of 246 million yuan, 255 million yuan, and 274 million yuan during the same period, and the accounts receivable turnover ratio has consistently been below industry averages [15][16].

Core Viewpoint - The company, Fuen Co., Ltd., has been accepted for IPO on the Shenzhen Main Board, positioning itself as a leading global supplier of sustainable ecological fabrics, focusing on innovation and differentiation in the textile industry [1] Financial Performance - Fuen Co., Ltd. achieved revenues of 1.764 billion yuan, 1.517 billion yuan, and 1.813 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 277 million yuan, 229 million yuan, and 275 million yuan during the same period [1] Fundraising and Projects - The company plans to raise 1.25 billion yuan through its IPO, with key projects including the integrated project for recycled environmental wool-type colored spinning fabric (800 million yuan) and a high-end recycled materials research institute (450 million yuan) [2] - The integrated project aims to produce 75 million meters of colored fabric, 5 million meters of plain fabric, and 7,200 tons of colored spinning yarn annually, utilizing modern production technologies to enhance automation and product quality [2] Research and Development - The high-end recycled materials research institute will have a construction period of three years, aiming to produce 3,000 tons of high-end recycled knitted fabric annually, enhancing the company's capabilities in the entire textile supply chain [3] - The company has established a comprehensive service capability from trend analysis to garment design, meeting the high customization demands of international brands like Uniqlo, H&M, and ZARA [3] Market Position and Growth - Fuen Co., Ltd. holds a significant market share in the recycled polyester-cotton blended fabric and recycled colored fabric sectors, with sales of approximately 50 million meters and 32 million meters respectively in 2023, and projected increases in 2024 [4] - The company has expanded its overseas market presence, achieving 932 million yuan in overseas revenue in 2024, accounting for 51.71% of total revenue, and has established subsidiaries in Singapore and Hong Kong to optimize overseas services [4] Industry Trends - The textile industry is undergoing a green transformation towards low-carbon, circular, and clean production, with Fuen Co., Ltd. aiming to strengthen its position in the supply chains of major international brands and increase its market share in the domestic market [5]

Core Viewpoint - The IPO application of Hangzhou Fu'en Co., Ltd. has been accepted by the Shenzhen Stock Exchange, with CITIC Securities as the sole sponsor, marking a significant event in the textile industry after a two-year hiatus in A-share IPO projects [1][3]. Group 1: Company Overview - Fu'en Co., Ltd. specializes in eco-friendly fabrics, primarily focusing on recycled materials, and has established itself as a leading player in the domestic market for recycled fabrics, collaborating with major brands like H&M, Uniqlo, and Zara [1][5]. - The company has a comprehensive business model that includes fabric design, research and development, spinning, weaving, dyeing, finishing, and sales [5]. Group 2: Financial Performance - Fu'en's revenue for the years 2022, 2023, and 2024 was reported at 1.764 billion, 1.517 billion, and 1.813 billion yuan respectively, indicating a 14% decline in 2023 followed by a 19.51% recovery in 2024 [5][6]. - The company's net profit for the same years was 277 million, 229 million, and 275 million yuan, showing a similar trend of decline and recovery [9]. Group 3: Market Position and Risks - Fu'en holds a significant market share in the recycled polyester-cotton blended fabric sector, but its revenue is heavily reliant on a few major clients, with approximately 70% of total revenue coming from the top five brands, indicating a concentration risk [11][21]. - The company has faced challenges due to the reduction of physical stores by major fast fashion brands, which may impact future sales [11]. Group 4: Dividend Policy and Ownership Structure - Fu'en's dividend policy has raised concerns, as it distributed 381 million yuan in dividends in 2022, exceeding its net profit for that year, leading to questions about the necessity of its IPO fundraising [12][19]. - The ownership structure is heavily concentrated, with the Wang family controlling approximately 83.89% of the voting rights, raising potential governance issues [19][21]. Group 5: Future Prospects - The company plans to raise 1.25 billion yuan through the IPO, with significant investments earmarked for projects related to recycled fabric production and high-end eco-friendly material research [20][21]. - Fu'en aims to enhance its position in the sustainable fabric market, aligning with global trends towards low-carbon and eco-friendly development [21].