Investors looking at stock trends can rely on the research reports from Golden Unicorn analysts, which are authoritative, professional, timely, and comprehensive, helping to uncover potential investment opportunities. Source: Fundamentals Arena

A company is currently applying for an IPO, with its full name being Hansen (Shanghai) Marine Equipment Technology Co., Ltd., and its stock abbreviation being Hansen Marine Equipment (837291.NQ). The sponsor is Shenwan Hongyuan (000166.SZ) Securities, with the sponsor representatives being Gao Fei and Yu Jinyang.

Public information shows that Hansen Marine Equipment is engaged in the manufacturing of marine energy-saving and environmental protection equipment and marine engineering equipment, primarily involving marine equipment such as seawater desalination devices, marine engineering equipment like water supply systems, and anti-pollution equipment such as oil-water separators. In recent years, its performance has been quite impressive, with year-on-year revenue growth rates of 47.88%, 52.7%, and 28.95% from 2023 to 2025, alongside rapid growth in net profit.

That gives a general overview, but there is one specific data point that stands out to Fundamentals Arena. The prospectus reveals that Hansen Marine Equipment has a relatively high sales expense ratio, reaching 6.61% in 2025, while the industry average is only 2.7%. Even excluding the extremely low ratio of 0.2% for China State Shipbuilding Corporation, a central state-owned enterprise strictly bound by the eight-point regulations, another private enterprise, Zhongzhou Environmental Protection (430264.NQ), also listed on the third board, has a ratio of only 5.2%, which is noticeably lower than that of Hansen Marine Equipment.

Drilling down further, among Hansen Marine Equipment's sales expenses, staff compensation amounts to 13.7557 million yuan, and business entertainment expenses total 5.2192 million yuan. Calculated across the company's total of 19 sales personnel that year, the average per capita compensation is approximately 700,000 yuan, while the per capita entertainment spending is nearly 300,000 yuan.

Fundamentals Arena will not make a simple judgment on this spending standard, but will instead compare it with the other private enterprise in the same industry, Zhongzhou Environmental Protection. The latter had only 8 sales personnel in 2025, with sales expenses including staff compensation of 512,000 yuan and business entertainment expenses of 90,000 yuan. Calculated per salesperson, the average per capita compensation is approximately 60,000 yuan, and the per capita entertainment spending is only 10,000 yuan.

To be fair, Hansen Marine Equipment's revenue exceeds that of Zhongzhou Environmental Protection by more than 10 times, and its sales personnel also achieve several times higher per capita revenue generation, so it is reasonable for the compensation portion to be higher—greater contribution deserves greater reward. However, regarding the business entertainment expense item, everyone understands that it essentially means spending money on dining and drinking with clients.

Considering that Hansen Marine Equipment's downstream clients are mostly central and state-owned enterprises, such as the largest client being China State Shipbuilding Corporation (600150.SH) Group, the second largest being CIMC Group (000039.SZ), and the third largest being China Merchants Group, all of which are strictly bound by the eight-point regulations, being entertained by clients with meals, drinks, and leisure activities would be a major taboo.

To cite a typical example, the Supreme People's Procuratorate previously forwarded a case published in the Procuratorial Daily: a former procurement administrator in the bidding work department of State Grid Materials Co., Ltd. used his position to accept cash from heads of three winning bidder enterprises on 29 occasions. Among them, the sales director of a Beijing subsidiary of one winning enterprise told the Procuratorial Daily that he borrowed cash from the finance department under the names of entertainment fees, consulting fees, and technical service fees, and then transferred it to the other party.

So now the question arises: for Hansen Marine Equipment, which faces a large number of central and state-owned enterprise clients downstream, is it normal that its sales personnel spend an average of 25,000 yuan per month, nearly 1,000 yuan per day, on entertaining clients with meals, drinks, and leisure activities? On whom is this money being spent, and shouldn't a question mark be raised about it?