瞭望塔财经前言：公司账上躺着可购买8000万理财的闲置资金，却要通过IPO募集3.35亿元；实控人父子既收着公司122.4万元的年租金，又准备从上市中获 取更大利益——这些矛盾交织在一起，构成了瑞尔竞达IPO路上最真实的写照。 瞭望塔财经获悉，距北交所上市委员会2026年第3次会议仅数日之遥，明光瑞尔竞达科技股份有限公司的IPO之路再添变数。这家曾于2024年11月终止上市 申请的公司，二次闯关的招股书中暴露出更多矛盾与疑点。 瞭望塔财经查阅招股书后发现公司隐患慢慢浮现：公司在募资3.35亿元的同时计划动用8000万元闲置资金理财；与实控人的高额关联租赁交易；突然出现的 卫生健康委员会行政处罚；以及债务结构在IPO前的急剧恶化。 1、背景透视：不均衡的业务与模糊的技术来源 瑞尔竞达的业务构成显示其发展极不均衡。公司两大传统产品占营收高达85%，而智慧主沟、热风炉非金属炉箅子及支柱等新产品在近两年间几乎未产生收 入，新产品推广明显受阻。 | | | | | | | 单位:元 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年1月-6月 | ...

Core Viewpoint - The authenticity of the financial performance of Ruierjinda Technology Co., Ltd. is under scrutiny, particularly regarding its 2024 operating data, which appears inconsistent with industry trends and peer performance [2][3][6]. Financial Performance - Ruierjinda reported revenues of 403 million yuan, 467 million yuan, and 476 million yuan for the years 2022 to 2024, respectively, with net profits of 59.85 million yuan, 92.27 million yuan, and 84.84 million yuan, indicating continuous revenue growth but fluctuating net profits [3][4]. - The company's net profit after deducting non-recurring gains was 54.96 million yuan, 77.21 million yuan, and 79.45 million yuan for the same years, suggesting a strengthening core business profitability [3][4]. Industry Comparison - In 2024, Ruierjinda's net profit after deducting non-recurring gains increased by 2.90%, contrasting sharply with the declining profits of comparable companies in the refractory materials industry, which faced significant downturns [4][6]. - The refractory materials industry is experiencing operational pressures, with a reported 3.73% decline in national production in 2024, highlighting the challenging environment in which Ruierjinda operates [4][6]. Production and Capacity - Ruierjinda's production capacity increased from 51,600 tons to 53,320 tons from 2023 to 2024, with production rising from 46,709.82 tons to 50,707.03 tons, reflecting an 8.77% year-on-year increase in output [6][7]. - Despite the increase in production and capacity, the company's electricity consumption decreased from 490.23 thousand kWh in 2023 to 459.49 thousand kWh in 2024, raising questions about the consistency of its operational data [7][8][9]. Profitability Metrics - The gross profit margin for Ruierjinda was reported at 32.26%, 37.74%, and 39.72% over the three years, consistently outperforming the industry average, which declined from 23.22% to 19.28% during the same period [10][11]. - The company's research and development (R&D) expense ratio was lower than that of its peers, raising concerns about the sustainability of its high gross margins without significant R&D investment [10][11].