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 successfully passed the IPO review on the Beijing Stock Exchange, aiming to raise approximately 175 million yuan for its operations [1] Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials and provides comprehensive solutions and products in this field [1] - The company’s IPO was accepted on June 26, 2024, and it entered the inquiry phase on July 23, 2024 [1] Financial Aspects - The company plans to raise around 175 million yuan through its IPO [1] - The listing committee has requested explanations regarding the profit growth rate and gross margin trends for the second half of 2024, particularly in relation to industry leaders and overall industry conditions [1] - Concerns were raised about the declining accounts receivable turnover rate and the significant increase in accounts receivable as a percentage of revenue, questioning the adequacy of bad debt provisions [1] Future Projections - The listing committee has asked the company to provide insights into the feasibility of its profit forecast for 2025, considering factors such as customer changes, major operational data for January to October 2025, environmental capacity limits, existing orders, and the latest industry trends [1]

文/Ronald 河北国亮新材料股份有限公司（874134）申报北交所IPO于2024年6月26日获得受理，现已完成两轮问 询，即将上会审核。公司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，是业内知名企业。 一、实控人为60后夫妇，两人合计控制公司 80.22%的表决权 公司注册地河北省唐山市，前身国亮有限成立于2002年11月1日，并于 2021年4月13日整体变更为股份 有限公司，公司于 2023年12月8日在全国股转系统挂牌并公开转让。目前公司注册资本6558.9638万元。 公司控股股东及实际控制人为董国亮、赵素兰夫妇，两人合计控制公司 80.22%的表决权。董国亮先 生，公司董事长，1961年8月出生，高中学历，2024年5月至今，任中国耐火材料行业协会轮值会长。赵 素兰女士，公司董事，1960年10月出生，初中学历。 二、2024年扣非净利润同比下降25.56% 2022年、2023年、2024年，公司实现营业收入分别为93747万元、98436万元、90469万元，扣非归母净 利润分别为3773万元、8075万元、6011万元。20 ...

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. (Guoliang New Materials) is facing scrutiny regarding its performance and revenue recognition compliance as it seeks to go public on the Beijing Stock Exchange [2][3] Company Overview - Guoliang New Materials specializes in high-temperature industrial refractory materials and provides comprehensive contracting services and products [2] - The company generates nearly 80% of its main business revenue from Hebei Province, yet holds less than 5% market share in North China [4] Industry Competition - The refractory materials industry in China has over 2,000 companies, characterized by low concentration and intense competition [4] - Guoliang New Materials has plans to expand beyond Hebei to regions like East China, but faces challenges with low profit margins in these areas [5] Revenue Recognition Issues - The company's sales model includes overall contracting and direct sales, with revenue recognized based on specific contractual terms [7] - There are significant issues with missing key elements in settlement documents, such as prices and quantities, which have affected revenue recognition [8][9] - For the reporting period from 2021 to June 2024, amounts lacking signatures or seals were 48.06 million, 56.90 million, 47.19 million, and 6.66 million, representing 5.63%, 6.07%, 4.80%, and 1.52% of main business revenue respectively [8] Market Conditions - The refractory materials industry is currently experiencing an oversupply, with a need for balance that may take time to achieve [5][6] - Guoliang New Materials acknowledges the risks of market fluctuations and competition from industry leaders [5][6]