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Shenzhen Business Daily·DuChuang Client Reporter Li Wei

Hefei Kobail New Materials Co., Ltd. updated the status of its listing application review on the Beijing Stock Exchange on August 9. The company has responded to the second round of review inquiry letters. The main issues addressed include the authenticity and rationality of performance growth, the rationality of large fluctuations in gross profit margin and the risk of post-period decline, and the fairness and authenticity of purchases from traders.

The prospectus shows that Cobre is a high-tech enterprise specializing in the research and development, production and sales of modified plastics and masterbatches. Its products can be widely used in home appliances, daily consumer goods, automotive parts and other fields. Its main customers include Sichuan Changhong, Midea Group, TCL, Whirlpool, Hisense Group and other well-known companies.

From 2020 to 2022 and from January to September 2023 (hereinafter referred to as the "reporting period"), Cobre achieved operating income of RMB 178 million, RMB 262 million, RMB 307 million and RMB 262 million, respectively, and net profits of RMB 27.5564 million, RMB 26.5549 million, RMB 29.231 million and RMB 28.1838 million, respectively. Revenue continued to grow and profits fluctuated slightly.

It is worth mentioning that although Cobair can make more than 20 million yuan in profits every year, the quality of its profits is not high. During the reporting period, the net cash flow generated by Cobair's operating activities was -25.6495 million yuan, -91.4521 million yuan, 6.4963 million yuan, and -23.7132 million yuan, respectively. Except for 2022, the operating cash flow was net outflow in the remaining time periods, and the total net outflow for three years and one period was 134.319 million yuan. At the same time, combined with the net cash flow and net profit generated by Cobair's operating activities in the same period, it can be calculated that the ratios of the two are -0.93, -3.44, 0.22, and -0.84, respectively.