9月19日，深交所上市审核委员会召开2025年第19次上市审核委员会审议会议，审议元创科技股份有限公司首发事项，最终该公司顺利过会。 招股书显示，元创股份前身三门胶带厂设立初期主营胶带业务，并逐步启动新产品的研发试制，先后实现了农用履带、工程履带、履带板的生产和销售。 其专注深耕橡胶履带类领域，凭借领先的技术工艺、稳定的产品质量、优质的服务水平，获得了行业内多家知名主机厂以及境内外优质贸易商客户的高度 认可。 2022年至2024年，元创股份营业收入整体呈增长趋势，分别为12.61亿元、11.41亿元和13.49亿元；净利润分别为1.37亿元、1.76亿元和1.5亿元。 本次IPO，元创股份拟募资4.85亿元，投入到生产基地建设项目、技术中心建设项目和补充流动资金项目。 审核：郝章程 其中，生产基地建设项目围绕当前主营业务展开，系原有橡胶履带及履带板产能的搬迁及扩建。 责编：陈志炳 ...

Core Viewpoint - Yuan Chuang Technology Co., Ltd. has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant step in its growth within the rubber track industry [1][2]. Company Overview - Yuan Chuang Technology, formerly known as Sanmen Rubber Tape Factory, initially focused on tape production and has since expanded into the research and production of agricultural and engineering rubber tracks and track plates [2]. - The company specializes in the rubber track sector, recognized for its advanced technology, stable product quality, and excellent service, leading to strong partnerships with well-known manufacturers and quality traders both domestically and internationally [2][3]. Market Position - Yuan Chuang holds the top position in the domestic market for rubber tracks, as confirmed by recent research reports and industry associations [3]. - The company has established solid business relationships with major manufacturers such as Wode Agricultural Machinery, Weichai Lovol, and SANY Heavy Industry, with sales extending across Asia, Europe, North America, Oceania, South America, and Africa [3]. Financial Performance - The company's revenue has shown an upward trend, with figures of 1.261 billion yuan in 2022, 1.141 billion yuan in 2023, and a projected 1.349 billion yuan in 2024 [3]. - The net profit, adjusted for non-recurring gains and losses, was 137 million yuan in 2022, 176 million yuan in 2023, and is expected to be 150 million yuan in 2024, indicating strong operational stability and profitability [3]. IPO Details - The IPO aims to raise 485.13 million yuan, which will be allocated to projects including the construction of production bases, a technology center, and to supplement working capital [4]. - The production base project focuses on relocating and expanding existing rubber track and track plate production capacity, which is expected to enhance business scale and economic benefits [4]. - The technology center project is designed to improve the company's R&D and innovation capabilities, providing robust technical support for business development [4].

Core Viewpoint - Yuan Chuang Technology Co., Ltd. is facing challenges with increasing revenue but declining profits, alongside rising raw material costs and high customer concentration risks [2][3][4]. Financial Performance - The company's revenue for the years 2022 to 2024 was 1.261 billion, 1.141 billion, and 1.349 billion respectively, while the net profit attributable to the parent company was 137 million, 176 million, and 150 million respectively [3]. - The gross profit margin fluctuated, with values of 21.58%, 28.28%, and 22.75%, indicating a decline of 5.53 percentage points in 2024 [3]. - The price of a key raw material, rubber, increased from 10,350.30 yuan/ton in 2023 to 13,023.12 yuan/ton in 2024, a rise of 25.82% [3]. Customer Concentration and Accounts Receivable - The top five customers accounted for 50.10%, 46.56%, and 49.94% of sales during the reporting period, with the largest customer, Wo De Agricultural Machinery, contributing significantly [4]. - Accounts receivable balances were 447 million, 355 million, and 480 million, representing 35.43%, 31.09%, and 35.56% of revenue, indicating high customer concentration risk [4]. Inventory and Foreign Sales - Inventory values were 230.28 million, 184.68 million, and 217.31 million, making up 24.53%, 20.98%, and 17.39% of current assets [5]. - Over 40% of revenue came from overseas sales, with foreign sales figures of 603 million, 556 million, and 598 million, representing 48.36%, 48.90%, and 44.75% of total revenue [5]. R&D and Patent Issues - R&D expenses were 7.14 million, 9.08 million, and 9.77 million, with a ratio to revenue of 0.57%, 0.80%, and 0.72%, indicating insufficient investment in R&D [6]. - Discrepancies in the number of R&D personnel were noted, raising concerns about transparency in disclosures [7][9]. - The company faced a patent infringement lawsuit, which was settled after the company sought to invalidate the patent in question [8][9]. Ownership and Dividend Concerns - The actual controller, Wang Wenjie, holds 90.93% of the company, raising concerns about potential conflicts of interest in dividend distributions [10][11]. - Cumulative dividends from 2020 to 2023 amounted to 45.36 million, with a significant portion benefiting the controlling family [11]. Capital Raising and Production Capacity - The company plans to raise 600 million for working capital, despite having sufficient cash flow, leading to questions about the necessity of this fundraising [12]. - Production capacity utilization rates have not reached saturation, yet the company plans to significantly expand capacity, which raises concerns about the rationale behind this decision [12][13].

Core Viewpoint - Yuan Chuang Technology Co., Ltd. (referred to as "Yuan Chuang") is facing a contradiction of increasing revenue but decreasing net profit, raising concerns about its future sustainable growth and profitability [2][3]. Financial Performance - In the reporting period from 2022 to 2024, Yuan Chuang's revenue figures were 1.2607 billion yuan, 1.1415 billion yuan, and 1.3491 billion yuan, respectively, with a revenue growth of 18.19% in 2024. However, net profit figures were 138.9 million yuan, 177.6 million yuan, and 154.7 million yuan, indicating a decline of 12.94% in 2024 [3][4]. - The main products include agricultural rubber tracks, engineering rubber tracks, and rubber track plates, with agricultural rubber tracks generating significant revenue, accounting for 49.86%, 48.89%, and 53.5% of total revenue in the respective years [3][4]. Customer Concentration Risk - Yuan Chuang's sales are highly concentrated among its top five customers, with sales revenue of 631.6 million yuan, 531.5 million yuan, and 673.7 million yuan, representing 50.1%, 46.56%, and 49.94% of total revenue during the reporting period [4][5]. IPO Fundraising and Project Viability - The company plans to raise 48.5 million yuan through its IPO for production base construction, technology center construction, and working capital supplementation. The necessity of these projects is questioned, especially given the declining production capacity and utilization rates of rubber track plates [6][7]. - The production base project aims to add 550,000 rubber tracks and 1.6 million rubber track plates, despite a downward trend in production and utilization rates from 2022 to 2024 [6][7]. - The company has maintained a strong cash position, with cash reserves significantly exceeding short-term borrowings, raising questions about the need for additional working capital [7][8].

Core Viewpoint - The article discusses the complexities and ambiguities in the prospectus of Yuan Chuang Co., a company specializing in rubber track products, raising concerns about its production capacity, research and development (R&D) capabilities, and overall transparency in its IPO process [1][12]. Production Capacity - Yuan Chuang Co. claims that after the completion of its fundraising project, its rubber track production capacity will reach 550,000 units, which raises questions since its actual capacity was already 609,300 units at the end of 2022 and is projected to increase to 679,400 units by 2024 [2][3]. - The prospectus does not clearly explain whether the stated 550,000 units is an addition to existing capacity or the total capacity, leading to confusion [3][4]. - The company has been quietly expanding its production capacity over the years, but the lack of clear communication in the prospectus creates ambiguity [5][6]. Environmental Compliance - Concerns are raised regarding the compliance of the company's production with environmental regulations, as it is listed among key monitored units by the local environmental authority, yet no environmental impact assessment documents for the new capacity could be found [7]. Research and Development - The article highlights issues with Yuan Chuang's R&D efforts, noting that the company has only filed 13 patents since 2022, which is fewer than its competitor Jin Li Long [8]. - There are questions about the legitimacy of a named inventor on the patents, as this individual does not appear to be part of the company's staff, raising doubts about the authenticity of its R&D claims [8][9]. - The company has faced criticism for product quality, with significant returns reported and specific complaints from agricultural machinery departments regarding product failures [9][10]. High-tech Enterprise Status - Yuan Chuang claims to be a high-tech enterprise, but the article points out that it does not meet the criteria for such a designation, including insufficient R&D expenditure relative to sales and a lack of qualified technical personnel [10][12]. - The company’s self-identified status as a high-tech enterprise appears to be misleading, as it has not been listed as such since 2016 [10]. Market Positioning - The company aims to list on the main board, which typically favors larger, more established firms, yet its market position in the niche rubber track sector is questioned, especially in comparison to industry giants like Zhongce Rubber [11][12]. - The article suggests that Yuan Chuang's focus on a narrow market segment may not justify its ambitions for a main board listing, raising concerns about its overall viability and transparency [12].

Core Viewpoint - Yuan Chuang Technology Co., Ltd. has updated its prospectus after being stuck in the inquiry phase for two years, planning to raise 485 million RMB despite significant declines in gross profit margin [1][4]. Company Overview - Yuan Chuang was established on June 9, 2006, focusing on the research, production, and sales of rubber track products used in agriculture and engineering [3]. - The company attempted to list on the Shanghai Stock Exchange in December 2021 but withdrew its application in November 2022 before the meeting [3]. Financial Performance - The company reported increasing revenue but declining net profit from 2022 to 2024, with revenues of 1.261 billion RMB, 1.141 billion RMB, and 1.349 billion RMB, and net profits of 139 million RMB, 178 million RMB, and 155 million RMB respectively [5]. - The gross profit margins fluctuated significantly during the reporting period, recorded at 21.58%, 28.28%, and 22.75% [7]. Asset and Liability Metrics - Total assets increased from 1.588 billion RMB in 2022 to 1.990 billion RMB in 2024, while equity attributable to shareholders rose from 888 million RMB to 1.232 billion RMB [6]. - The company's debt-to-asset ratio improved from 44.06% in 2022 to 38.09% in 2024 [6]. Production Capacity and Utilization - The production capacity utilization for rubber tracks was 88.32% in 2022, dropped to 71.90% in 2023, and rebounded to 91.41% in 2024 [9]. - The utilization rate for track plates decreased from 72.48% in 2022 to 63.88% in 2024 [9]. Investment Plans - The company plans to issue up to 19.6 million shares to raise 485 million RMB, with 400 million RMB allocated for the construction of a new production base [10][11]. - The new production base aims to increase the output of rubber tracks by 16.5% and track plates by 29.8% compared to 2021 levels [11]. Related Issues - The company has a family business structure, with the controlling shareholder holding 90.93% of the shares, and several family members in key positions [14][15]. - There are past allegations involving the controlling shareholder giving money to public officials, although it did not impact the company's operations [16].