Core Viewpoint - Zhejiang Kema Material Co., Ltd. is applying for an IPO on the Beijing Stock Exchange after previously attempting to list on the ChiNext, with discrepancies in production and sales data between the two applications [1][2]. Group 1: Company Overview - Kema Material has been involved in the transmission friction materials industry for 20 years and has participated in drafting multiple national and industry standards [1]. - The company’s clients include major domestic clutch manufacturers such as Fuda Co., Ltd., Fastech Eaton, and Zhejiang Qidi [1]. Group 2: Financial Data Discrepancies - The production and sales figures for dry clutch friction plates reported in the 2021 financial data differ between the two IPO applications, with the ChiNext application stating a production of 26.39 million pieces and sales of 26.55 million pieces, while the Beijing Stock Exchange application reported production of 26.58 million pieces and sales of 26.34 million pieces [1][2]. - Despite the discrepancies in production and sales data, the reported sales revenue and inventory balance for 2021 remained consistent across both applications [1]. Group 3: Production Capacity and Utilization - The company’s production capacity has increased from 2.7 million pieces in 2021 to 2.85 million pieces in 2023, with a projected capacity of 3.17 million pieces in 2024 [3][9]. - The capacity utilization rate has fluctuated, with a peak of 98.44% in 2021, dropping to 80.58% in 2023 [3][9]. Group 4: Investment Projects - In the previous ChiNext IPO application, Kema Material proposed an investment project for expanding the production of environmentally friendly solvent-free clutch friction materials, with a total investment of 177.36 million yuan, aiming to add an annual production capacity of 22 million pieces [4][8]. - In the current Beijing Stock Exchange IPO application, the proposed project is for a technical upgrade of dry impregnated environmentally friendly clutch friction materials, with a total investment of 151.17 million yuan, aiming to add an annual production capacity of 10 million pieces [6][8]. Group 5: Financial Performance - Kema Material has achieved profits in the range of tens of millions of yuan from 2022 to 2024, with a cumulative net profit exceeding 150 million yuan [9]. - However, the company's cash balance has significantly decreased from 114 million yuan at the end of 2021 to 25 million yuan at the end of 2024, indicating substantial investments in infrastructure without a corresponding increase in revenue [9].