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]

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, having completed two rounds of inquiries and is set for review. The company specializes in high-temperature industrial refractory materials and is recognized in the industry [1]. Company Overview - The actual controllers of the company are a couple born in the 1960s, holding a combined 80.22% voting rights. The company was established in 2002 and transformed into a joint-stock company in 2021, with a registered capital of 65.589638 million yuan [2]. - The company’s main business includes providing overall contracting services for refractory materials and selling refractory products, with a focus on the North China region [12][13]. Financial Performance - In 2024, the company expects a decline in revenue and net profit, with projected revenues of 904.69 million yuan, down 8.09% year-on-year, and a net profit of 60.11 million yuan, down 25.56% year-on-year [5][7]. - The company reported revenues of 937.47 million yuan in 2022, 984.36 million yuan in 2023, and a projected 90.469 million yuan in 2024 [5]. - The company anticipates a recovery in 2025, projecting revenues of 1.05363 billion yuan, a 16.46% increase, and a net profit of 79.81 million yuan, a 12.47% increase [7][8]. Market Position - The company’s market share in the domestic refractory materials market is less than 2%, with a declining trend in market share from 1.72% in 2022 to 1.62% in 2024 [12][13]. - The company’s market share in North China was 4.69% in 2022, 4.62% in 2023, and 4.83% in 2024, indicating a relatively stronger position in this region compared to other areas [12][13]. Customer Base - The company’s revenue is heavily reliant on the steel industry, with a significant portion of its sales coming from major steel producers. The top five customers accounted for 52.39% of total revenue in 2024 [17][18]. - The company’s sales are concentrated in Hebei province, with 79.96% of revenue coming from this region in 2024, highlighting a risk of over-reliance on a single geographic area [17][24]. Industry Challenges - The refractory materials industry faces challenges such as overcapacity and low market concentration, with many small enterprises competing, which could lead to price wars and reduced profitability [12][26]. - The company has indicated risks associated with the steel industry’s overcapacity, which could impact its business stability and growth prospects [17][26].

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]