Core Business and Financial Performance - Jiangsu Sruida Material Technology Co., Ltd. specializes in the research, production, and sales of functional polymer materials, primarily focusing on high polymer coating materials for consumer electronics and new energy vehicles [2][11] - The company reported significant revenue growth, with operating income increasing from 96.26 million yuan in 2022 to 313.44 million yuan in 2024, and net profit rising from 5.04 million yuan to 84.67 million yuan during the same period [2][11] - The main revenue drivers include electronic multifunctional composite materials, precision protection materials for optoelectronic processes, and functional materials for new energy battery modules, with the precision protection materials segment showing the most substantial growth [3][12][13] Customer Dependency and Market Risks - Sruida's revenue is heavily reliant on a single major customer, Visionox, which accounted for 36.44% and 50.91% of total revenue in 2023 and 2024, respectively [4][14] - The concentration of sales to the top five customers represents 64.98% and 72.35% of total revenue for the same years, raising concerns about the sustainability of these relationships [4][14] - The company's international revenue share has decreased significantly from 13.11% in 2022 to 3.06% in 2024, indicating challenges in expanding its global market presence [5][14] Governance and Internal Control Issues - Sruida is a family-controlled enterprise, with the actual controllers holding 46% of the shares, which may lead to governance and financial control issues [5][15] - The company has engaged in significant fund transfers, totaling 93.5 million yuan from 2022 to 2023, with a portion being used for personal consumption by the controlling family [6][15] - Internal control deficiencies have been identified, including irregularities in salary payments and the use of third-party entities for financial transactions, which could pose compliance risks [8][17] Future Outlook and Regulatory Scrutiny - The company faces intense scrutiny from regulators regarding the sustainability of its business model and the potential risks associated with its customer concentration and internal controls [1][9] - Sruida has stated that it has implemented measures to improve its internal controls and governance practices, but the effectiveness of these measures remains to be seen [8][17] - The ability to demonstrate sustainable operations and robust governance will be critical for Sruida's success in its IPO process [9][18]

深圳商报·读创客户端记者 梁佳彤 11月28日，据北交所官网，江苏斯瑞达材料技术股份有限公司（下称"斯瑞达"）回复首轮问询，公司转贷、关联方资金占用、第三方代发职工薪酬等财务内 控不规范情况受到监管层的关切。 | 代码 | 874570 | | | --- | --- | --- | | 公司全称 | 江苏斯瑞达材料技术股份有限公司 | 류 | | 审核状态 | 已问询 | ਦੇਵ | | 保荐机构 | 国海证券股份有限公司 | 保存 | | 会计师事务所 | 容诚会计师事务所 (特殊普通合伙) | 签字 | | 律师事务所 | 国浩律师（北京）事务所 | 容 | | 评估机构 | 中水致远资产评估有限公司 | 종후 | 招股书介绍，斯瑞达主要从事功能高分子材料研发、生产及销售，产品主要是以高分子涂层为核心的功能胶带材料和膜材料，为消费电子、新能源汽车等终 端行业领域的客户提供全方位、深层次的电子胶粘、电磁兼容与屏蔽、转移保护、耐老化等系统化解决方案。 公司以OLED制程保护膜材料为突破口，成功帮助国内显示屏龙头企业维信诺实现该材料的供应链本土化；公司开发的新能源电池模组功能材料已稳定向比 亚迪、宁德时代等国 ...