瑞财经 赵盼盼11月7日，据北交所官网，河北国亮新材料股份有限公司（以下简称：国亮新材）IPO过 会，保荐机构为东兴证券。 在审议会议上，关于业绩真实性，北交所要求国亮新材说明2024年下半年利润增速、毛利率变动趋势与 行业龙头企业及行业整体情况存在差异的原因。说明应收账款周转率逐年下降及最近一期应收账款占营 收比例大幅增长的原因，坏账准备计提方法是否合理，计提金额是否充分。 同时，关于盈利预测。北交所要求国亮新材结合报告期内客户变化情况、公司2025年1-10月主要经营数 据、环评批复产能限额、在手订单、行业最新趋势等，说明2025年度盈利预测的可实现性。 国亮新材成立于2002年，是一家专业从事高温工业用耐火材料整体解决方案的高新技术企业，为客户提 供耐火材料整体承包服务及耐火材料产品。 此次IPO，国亮新材计划募集资金1.75亿元，主要用于滑板水口产线技术改造、年产5万吨镁碳砖智能制 造、年产15万吨耐材用再生料生产线建设及补充流动资金。 业绩方面，2022年、2023年、2024年及2025年上半年，公司实现营业收入分别为9.37亿元、9.84亿元、 9.05亿元和5.11亿元，净利润分别为4036. ...

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. has been approved for its initial public offering (IPO) on the Beijing Stock Exchange, marking it as the 72nd company to pass the review this year [1]. Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials and provides comprehensive contracting services and products in this field [1]. - The company plans to issue up to 21.86 million shares, with a public shareholder ownership ratio of no less than 25% post-issuance [2]. Shareholding Structure - The major shareholders, Dong Guoliang and Zhao Sulan, hold a combined 71.99% of the company's shares, with Dong Guoliang directly owning 63.15% and Zhao Sulan 8.84% [1]. - The couple, being the actual controllers, can significantly influence the company's decisions [2]. Fundraising and Use of Proceeds - The company aims to raise approximately 175.02 million yuan, which will be allocated to various projects including technological upgrades and new production lines for refractory materials [3]. Regulatory Inquiries - The review committee raised questions regarding the authenticity of the company's financial performance, particularly concerning profit growth and accounts receivable management [4]. - The company is also required to clarify its profitability forecasts in light of customer changes and industry trends [5].

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. is preparing for a critical review by the North Exchange's listing committee on November 7, 2025, after a lengthy IPO process lasting 16 months, with plans to raise 175 million yuan for various production enhancements and working capital [1] Financial Performance - The company's revenue from 2022 to 2024 shows fluctuations, with figures of 937 million yuan, 984 million yuan, and 905 million yuan, reflecting a year-on-year change of 5.00% and -8.09% respectively. Net profit figures were 40.37 million yuan, 83.80 million yuan, and 70.96 million yuan, with year-on-year changes of 107.59% and -15.31% [3] - The expected net profit for 2024, after deducting non-recurring items, is projected to be 60.11 million yuan, indicating a decline of over 20% year-on-year, raising concerns about the sustainability of the company's performance [3] Debt Structure - The company's debt structure indicates potential short-term repayment pressure, with short-term debt rising from 133 million yuan in 2022 to 184 million yuan in 2023, and then fluctuating in subsequent years [4] - The asset-liability ratio has consistently been above the industry average, with figures of 55.25%, 52.12%, 52.24%, and 49.79% during the reporting periods, compared to the industry average of 44.10%, 43.77%, 43.66%, and 44.20% [4] Regional Dependency - Over 70% of the company's revenue is generated from Hebei province, with the proportion of revenue from this region increasing from 77.35% to 81.35% over the reporting periods [5] - The company's heavy reliance on the Hebei market poses risks, especially as the steel industry faces contraction, with crude steel production in Hebei expected to decline by 5.1% in 2024 [6][7] Production Capacity and Strategy - Despite a declining capacity utilization rate, the company plans to expand production capacity through its IPO fundraising, which contradicts the current industry trend of reduced steel production [7] - The company's production capacity utilization rates were 93.55%, 86.81%, 86.77%, and 96.41% over the reporting periods, indicating volatility [7] Environmental Compliance - The company faces risks of exceeding its approved production capacity for magnesium-carbon bricks, with actual production in the first nine months of 2025 reaching 85,000 tons against an approved capacity of 80,000 tons, leading to potential administrative penalties [8] Governance and Control - The company's governance structure raises concerns, with the controlling shareholders holding 80.22% of voting rights, which may lead to regulatory scrutiny regarding governance risks [9] - There are potential conflicts of interest due to familial ties among key management, which could raise issues related to related-party transactions and compliance with regulatory requirements [9]

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. plans to raise CNY 300.68 million for various projects, including technology upgrades and new production lines [1][3]. Fundraising Projects - The company intends to invest in five key projects: 1. **Slab Water Outlet Production Line Technology Upgrade**: Total investment of CNY 36.49 million, with the same amount raised [3]. 2. **Annual Production of 50,000 Tons of Magnesium Carbon Brick Intelligent Manufacturing Project**: Total investment of CNY 84.42 million, with the same amount raised [3]. 3. **Annual Production of 150,000 Tons of Recycled Materials for Refractory Use**: Total investment of CNY 24.11 million, with the same amount raised [3]. 4. **Research and Development Center Construction Project**: Total investment of CNY 65.66 million, with the same amount raised [3]. 5. **Supplementing Working Capital**: Total investment of CNY 90 million, with the same amount raised [3]. Shareholding Structure - As of the signing date of the prospectus, Dong Guoliang holds 41,419,206 shares, accounting for 63.15% of the total share capital, while Zhao Sulan holds 5,799,330 shares, accounting for 8.84% [4]. - Together, they control 71.99% of the shares and 80.22% of the voting rights, making them the actual controllers of the company [4].