近期，无锡创达新材料股份有限公司（下称"创达新材"）收到了北交所下发的第二轮问询函。创达新材主营高性能热固性 复合材料的研发、生产和销售，目前正在北交所IPO，拟公开发行不超过1232.93万股，募集资金3亿元，用于年产12000吨半导 体封装用关键配套材料生产线建设、研发中心项目以及补充流动资金。 尽管公司近年来业绩保持增长，但其"含金量"却不太稳定。公司净利润增幅变化大，且应收账款高企。IPO受理之前，公 司已连续三年半现金分红5400万元，这次又欲募6300万元补流。 应收账款高企 公司主营业务为高性能热固性复合材料的研发、生产和销售，目前主要产品包括环氧模塑料、液态环氧封装料、有机硅 胶、酚醛模塑料和导电银胶等电子封装材料，广泛应用于半导体、汽车电子及其他电子电器等领域的封装，同时提供电子行业 洁净室工程领域环氧工程材料及服务。 根据招股书及问询回复材料，报告期内公司应用于半导体领域的产品收入增速高于下游市场增速，但并未分析汽车电子、 电机电器及其他下游市场需求在报告期内的变化情况。 在业绩方面，2022年至2024年，创达新材营业收入逐年上升，分别为3.11亿元、3.45亿元、4.19亿元，但每年都 ...

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is undergoing an IPO on the Beijing Stock Exchange, aiming to raise 300 million yuan for the construction of a production line for semiconductor packaging materials, a research center, and to supplement working capital. Despite revenue growth, the company's profitability is inconsistent, with high accounts receivable and significant fluctuations in net profit growth [1][5][8]. Group 1: Business Overview - The company specializes in the research, production, and sales of high-performance thermosetting composite materials, including epoxy molding compounds, liquid epoxy packaging materials, silicone gels, phenolic molding compounds, and conductive silver pastes, primarily used in semiconductor and automotive electronics packaging [4]. - Revenue from the semiconductor sector is expected to grow faster than the downstream market, but the company has not analyzed changes in demand for automotive electronics and other sectors during the reporting period [11] [10]. Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to increase from 311 million yuan to 419 million yuan, but over half of the revenue each year is not collected in a timely manner. Accounts receivable and related items accounted for approximately 37.85% of total assets by the end of 2024 [5][6]. - The net profit for the reporting period shows significant volatility, with figures of 22.55 million yuan, 51.37 million yuan, and 61.20 million yuan, reflecting a 127.83% increase in 2023 but only a 19.15% increase in 2024 [8][9]. Group 3: Profitability and Margins - The company's gross profit margin has improved from 24.80% in 2022 to 31.80% in 2024, although there are significant discrepancies in gross margins for the same products sold to different customers [12][13]. - The company has received tax incentives amounting to 12.54 million yuan, 16.36 million yuan, and 17.52 million yuan from 2022 to 2024, which constituted 55.88%, 28.49%, and 25.00% of total profits, respectively [20]. Group 4: Capital Structure and Funding - The company plans to use 63 million yuan of the raised funds to supplement working capital, despite having distributed a total of 54 million yuan in cash dividends over the past three and a half years [17][16]. - As of 2024, the company's asset-liability ratio is only 14.79%, with no long-term or short-term borrowings, and cash reserves of 133 million yuan [18].

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has submitted a second round of inquiry response regarding its public stock issuance and listing application on the Beijing Stock Exchange, highlighting concerns about customer relationships and revenue stability [1][2]. Group 1: Company Overview - Chuangda New Materials was established in 2003 and specializes in the R&D, production, and sales of high-performance thermosetting composite materials, including epoxy molding compounds, liquid epoxy encapsulants, silicone gels, phenolic molding compounds, and conductive silver pastes [1]. Group 2: Customer Relationships - The company has reported that several of its top twenty customers in various fields began cooperation during the reporting period but ceased collaboration in the following year, or showed a declining revenue trend for the first half of 2025 [1][2]. - The company has entered the supplier system of major automotive suppliers such as Aildor, Diamond, and BorgWarner [1]. Group 3: Inquiry from the Beijing Stock Exchange - The Beijing Stock Exchange has requested Chuangda New Materials to explain the reasons and rationality behind the cessation of cooperation with certain customers, as well as to clarify any potential related party relationships or profit arrangements [2]. - The company is required to differentiate its customers across various industry chains, including semiconductors, automotive electronics, and electrical machinery, and to provide details on customer stability and revenue contributions from each segment [2]. Group 4: Revenue and Growth Analysis - Chuangda New Materials must detail the revenue growth from both existing and new customers for each product segment, including the driving factors behind revenue increases from existing clients [2]. - The company is also expected to assess whether its sales growth aligns with the production volumes of new and existing customers, and to evaluate the sustainability of its performance growth and potential risks of revenue decline [2].

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. (Chuangda New Materials) is responding to the first round of inquiries regarding the necessity and rationality of related party transactions, as well as the background and financial implications of its equity transfer involving Wuxi Shaohui Trading Co., Ltd. [1][2] Group 1: Company Overview - Chuangda New Materials was established in 2003 and specializes in the research, production, and sales of high-performance thermosetting composite materials, including epoxy molding compounds and conductive silver paste [1]. - Wuxi Shaohui, previously a wholly-owned subsidiary of Chuangda New Materials, is engaged in the trade of chemical products and raw materials [2]. Group 2: Equity Transfer and Financials - In November 2023, Chuangda New Materials transferred 15.01% of its shares in Wuxi Shaohui, reducing its stake to 4.99%, thus making it an associate company [2]. - The revenue of Wuxi Shaohui for the fiscal years 2022, 2023, and 2024 was reported as 169.12 million, 155.91 million, and 176.27 million respectively, with net profits of 11.04 million, 5.47 million, and 17.42 million [4]. Group 3: Related Party Transactions - Chuangda New Materials has engaged in purchasing transactions with Wuxi Shaohui and its affiliates, with procurement amounts increasing from 5.09 million to 8.46 million over the reporting period [2][3]. - The company clarified that the transactions with Wuxi Shaohui are necessary for its operations, and there are no other third-party suppliers that fulfill the same role [4][5]. Group 4: Control and Ownership Changes - Since April 2014, Chuangda New Materials has gradually reduced its ownership in Wuxi Shaohui, losing control over the company, with ownership percentages changing from 35.09% to 4.99% [5][6]. - The company has confirmed that it has genuinely disposed of its equity in Wuxi Shaohui and does not maintain actual control over it [6].

Company Overview - Wuxi Chuangda New Materials Co., Ltd. (Chuangda New Materials) has submitted a prospectus for an IPO on the Beijing Stock Exchange, with Shenwan Hongyuan Securities as the lead underwriter [1] - The company is based in Wuxi, Jiangsu Province, and is controlled by Zhang Jun and Lu Nanping, who hold a combined 51.87% of the shares [1] Industry Insights - The global semiconductor materials market is projected to reach $67.5 billion in 2024, with a year-on-year growth of 3.8%, driven by the recovery of the semiconductor market and increased demand for advanced materials in high-performance computing [1] - In 2024, the semiconductor materials sales in mainland China are expected to be $13.5 billion, representing a 5.3% increase and accounting for approximately 20% of the global market [1] Financial Performance - Chuangda New Materials reported revenues of approximately 311 million yuan, 345 million yuan, and 419 million yuan for the years 2022, 2023, and 2024, respectively [2] - The net profits for the same years were approximately 22.55 million yuan, 51.37 million yuan, and 61.20 million yuan, with gross margins of 24.80%, 31.47%, and 31.80% [2] - For Q1 2025, the company achieved revenues of about 10 million yuan, reflecting a year-on-year growth of 21.68%, and a net profit of approximately 1.6 million yuan, up 37.83% [3] Financial Metrics - Total assets as of December 31, 2024, were approximately 640 million yuan, with total equity of about 545 million yuan [3] - The company's debt-to-asset ratio was 14.79% for the consolidated entity and 10.79% for the parent company as of December 31, 2024 [3] - The earnings per share (EPS) for the parent company was 14.75 yuan as of December 31, 2024 [3] Investment Plans - Chuangda New Materials plans to raise 300 million yuan through the IPO, which will be allocated to the construction of a production line for semiconductor packaging materials, a research and development center, and to supplement working capital [5][6] - The production line project has a total investment of 236 million yuan, with 200 million yuan to be funded from the IPO proceeds [6]

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has completed its listing guidance and plans to list on the Beijing Stock Exchange, with Shenwan Hongyuan Securities as the underwriting sponsor [3] Company Overview - Chuangda New Materials was established in 2003 and specializes in the research, production, and sales of high-performance thermosetting composite materials [3] - The main products include epoxy molding compounds, liquid epoxy encapsulants, silicone gels, phenolic molding compounds, and conductive silver pastes [3] Financial Performance - In 2024, Chuangda New Materials reported a revenue of 419 million yuan, representing a year-on-year increase of 21.53% [3] - The net profit attributable to shareholders was 61.22 million yuan, up 18.95% year-on-year [3] - The gross profit margin was 31.8%, slightly up from 31.47% in the previous year [3] Shareholding Structure - The actual controllers, Zhang Jun and Lu Nanping, collectively control 51.87% of the company's shares [3] - Zhang Jun holds 26.98% of the voting rights and serves as the Chairman and General Manager [3] - Lu Nanping holds 24.89% of the voting rights and serves as the Vice Chairman and Deputy General Manager [3] - They, along with other investors, have signed a "Joint Action Agreement" [3]