来源丨时代商业研究院 作者丨陆烁宜 编辑丨郑琳 北交所官网显示，9月30日，哈尔滨东盛金材科技（集团）股份有限公司（下称"东盛金材"）因财务报告到期，IPO进程中止。 招股书显示，东盛金材主营业务为铝合金元素添加剂等新型金属功能材料的研发、生产和销售。此次IPO拟募资3.5亿元，用于年产6万吨合金添加剂、3万 吨铝基中间合金和2万吨铝钛硼丝生产项目、研发中心建设项目。 需注意的是，2021—2025年上半年（下称"报告期"），东盛金材的营收和净利润整体呈下降趋势，在第二轮问询中，其经营业绩下滑风险遭到北交所问 询。而东盛金材主营产品年收入不到6亿元，市占率却达到全球第一，其产品市场空间亦遭问询。 另外，2022年东盛金材曾两度分红，分红金额合计约为1.63亿元，占2022—2024年东盛金材净利润总额的71.06%，或逼近北交所政策红线。而截至招股书 签署日（2024年12月23日），实控人一家持股达84.04%，根据东盛金材披露的数据测算，上述分红款至少有1.13亿元流入实控人家族。此外，报告期内东 盛金材还曾对外提供借款近7000万元，并因部分借款方违约而与其"对簿公堂"。 8月6日、10月10日，就公司 ...

Core Viewpoint - Dongsheng Jinmaterial's significant decline in operating performance in 2023 has drawn attention from the exchange, with a notable drop in both revenue and net profit reported in their latest financial disclosures [2][3][10]. Group 1: Financial Performance - In the first half of 2025, the company reported operating revenue of 367 million yuan, a year-on-year decrease of 0.35%, and a net profit attributable to shareholders of 2.021 million yuan, down 34.15% [13][15]. - The company's revenue from 2021 to the first half of 2025 shows a downward trend, with revenues of 9.30 billion yuan in 2021, 10.45 billion yuan in 2022, 6.58 billion yuan in 2023, and 3.68 billion yuan in the first half of 2025 [6][10]. - The net profit figures for the same period were 946.98 million yuan in 2021, 1.22 billion yuan in 2022, 517.59 million yuan in 2023, and 306.93 million yuan in the first half of 2025, indicating a significant decline in profitability [6][10]. Group 2: Business Operations - Dongsheng Jinmaterial specializes in the research, production, and sales of aluminum alloy element additives and other new metal functional materials, with approximately 90% of its revenue derived from aluminum alloy element additives [3][5]. - The company is one of the few globally capable of mass-producing aluminum alloy element additives with a metal content exceeding 95%, showcasing its technological leadership in the industry [3][5]. - The company faced inquiries regarding its performance fluctuations, low R&D investment, and supply chain risks, which were addressed in their responses to the exchange [5][10]. Group 3: R&D and Innovation - The company's R&D expenditure as a percentage of revenue was reported at 1.66% in 2023, which is lower than the 2%-5% range of comparable companies [16][20]. - Dongsheng Jinmaterial attributed its lower R&D spending to its unique industry characteristics and accounting practices, stating that costs related to trial products were not included in R&D expenses [20][21]. - The company plans to raise approximately 350 million yuan for projects including the production of alloy additives and the establishment of a research center [27][28].