7月18日，北交所审核项目动态显示，北交所对杭州华大海天科技股份有限公司（简称"华大海天"）公 开发行股票并在北交所上市申请文件进行问询，内容涵盖公司业务与技术、募投项目必要性及合理性等 问题。 作为国家级专精特新"小巨人"与高新技术企业，华大海天专注于水性功能材料的研发与应用。自成立以 来，公司深耕不同领域的市场需求，持续拓展业务范围、丰富产品矩阵，形成了以数码纸基新材料、水 性墨材料、食品包装材料及其他为主的三大类主营产品。作为数码纸基新材料的主要生产厂商，华大海 天主导起草了数码热升华转印纸的行业标准及"浙江制造"标准，据中国造纸学会特纸委数据推算，公司 高克重产品市场占有率超30%；水性墨材料方面，公司主打装饰纸水性印刷墨，主持起草了该产品的行 业标准，且据中国日用化工协会证明，2023年在国内装饰纸水性印刷墨领域市场占有率位居第一，成为 细分领域标杆企业，具备广泛行业影响力。 经过多年的研发投入和技术积累，华大海天已构建起一套覆盖产品配方、结构设计及生产工艺控制的核 心技术体系，并将其深度融入各类产品的全生命周期。通过本次公开发行股票并在北交所上市，公司有 望进一步夯实技术研发实力，加速募投项目落地 ...

Core Viewpoint - The approval process for IPOs at the Beijing Stock Exchange has accelerated, as evidenced by the recent case of Huada Haitan, which submitted its prospectus for an IPO [3][4]. Company Overview - Huada Haitan, founded in 2001 at Zhejiang University, specializes in the research, development, and application of water-based functional materials [8]. - The company is co-controlled by Lin Xianfu and Lü Deshui, who hold 73.79% of the shares [9]. IPO Process - Huada Haitan submitted its IPO application on June 25, and the Beijing Stock Exchange issued an inquiry regarding the application on July 18, raising 11 questions related to the actual controller, innovation characteristics, performance authenticity, and the rationality of fundraising projects [5][6]. Financial Performance - In 2024, Huada Haitan reported revenue of 537 million yuan, with the main product categories being digital paper-based new materials (48% of revenue), water-based ink materials (33%), and food packaging materials (19%) [11]. - The company experienced a significant discrepancy between production and sales growth, with production increasing by 151 million square meters (53% growth) while sales revenue only grew by 19% [11]. - The net profit fluctuated during the reporting period, with figures of 51.53 million yuan, 85.34 million yuan, and 63.47 million yuan, indicating a decline of over 25% in 2024 compared to the previous year [12]. Fundraising Projects - Huada Haitan plans to raise 500 million yuan through the IPO, primarily for projects aimed at expanding production capacity and enhancing technological capabilities [13]. - The projects include a new production line for digital transfer paper and high-end food packaging paper, but their necessity and rationality have been questioned by regulators due to low current capacity utilization rates [14]. Regulatory Scrutiny - The Beijing Stock Exchange has requested explanations regarding the authenticity and sustainability of Huada Haitan's financial performance, as well as the rationale behind several of its fundraising projects [12][15]. - The company’s financial position shows total assets of 743 million yuan and total liabilities of 241 million yuan, indicating a relatively low debt pressure [15].