Whether the first IPO of the Peking Stock Exchange of TEDA New Materials: Exchange points out three key issues

21st Century Business Herald Reporter Lei Chen intern Li Yuchen Beijing reported

On September 19, according to the results of the 43rd review meeting of the Municipal Party Committee of the Bei Stock Exchange, Anhui Teda New Materials Co., Ltd. (hereinafter referred to as the "TEDA New Material") will be or not, becoming the first meeting of the Peking Stock Exchange Whether or not the enterprise is the sponsor is Hua'an Securities.

The prospectus shows that Tedda's new material is a company specializing in the research and development, production and sales of heavy -duty -oxidized products in the oxidation series of aromatics. Its main products are used as raw materials and are widely used in multi -type chemical products.

The company originally plans to openly issue no more than 8.625 million shares, accounting for 16.55%of the total share capital after the issuance. It is planned to raise 112 million yuan. It is mainly used for an annual output of 15,000 tons of benzenate expansion projects and supplementary mobile fund projects.

Judging from the announcement of the listed committee and the previous three rounds of inquiries, the Shanghai Stock Exchange's Shanghai Stock Examination's doubts about Tedda's new materials are mainly concentrated: the rationality of the gross profit margin, whether the income profit growth is sustainable, and Anqing, an agreed trianglene supplier, Anqing Whether Yicheng has three aspects of special interest arrangements.

With the largest supplier "holding the group to warm"

According to public disclosure information, the main raw materials required for the daily production of Tedda's new materials are partial trimophythene, methamphetamine and various catalysts. In December 2019, Tedda's new material and Anqing Yicheng reached a strategic cooperation intention. In 2020, the average price of the main raw materials from Anqing Yicheng's main raw materials was 200-300 yuan lower than the company.

Almost at the same time, the company began to pay for Anqing Yicheng. From 2019 to 2021, the balance of the prepaid accounts of Anqing Yicheng was 19.8627 million yuan, 11.5914 million yuan, and 11.65 million yuan, respectively.

In addition, Anqing Yicheng has built an annual output of 20,000 tons of phenyl acidic acid anhydride device, but it has not been successfully put into production due to technical reasons.

According to the description of Teda's new material in the inquiry letter, Anqing Yicheng's production unstable from 2016 to 2019, so Teda New Materials from 2016 to 2019, the purchase volume of Anqing Yicheng is not large Essence

Coincidentally, at the end of 2019, Anqing Yicheng faced greater pressure on mobile funds. Therefore, in December of that year, at the cost of reducing the price, it reached a large -scale cooperation with Teda's new material to obtain funding support and sales expansion.

In 2020, Anqing Yicheng successfully resumed its production and officially became the main supplier of Tyda New Materials.

Teda's new material also stated that considering the company's largest toluene sales customer for Anqing Yicheng, An Qingyi became Tedda's new material to give a discount of an average of about 200-300 yuan per ton during the same period.

On September 20th, the reporter asked Anqing Yicheng persons on the issue of three toluene procurement. The other party stated that "(quotation) is generally based on the month, and the price will be performed at about half a month or a month." He also said that the company has not specially set up product wholesale prices:

"Our side (customer procurement) is large, and it starts at 500 tons."

According to its introduction, the current 98.5%toluene product of Anqing Yicheng is 8600-8700 yuan per ton. This is more consistent with the recent purchasing price disclosed by Teda's new materials inquiry.

In the announcement of the Municipal Party Committee of the Bei Stock Exchange on September 19, the company asked the company to explain the relationship with Anqing Yicheng's procurement, to purchase the fairness of Anqing Yicheng, and whether there was any use of Anqing Yicheng to regulate profits. Whether the IPO is this time means that the company has not given a reasonable explanation.

Two years of folding the halberd IPO

It is worth noting that although the chemical industry is indeed cyclical, the time of cooperation with Anqing Yicheng just corresponds to the company's own business performance and even prepare for the time of the Beijing Stock Exchange IPO. Causes supervision and vigilance.

In addition to the cooperative relationship with the largest supplier An Qing Yicheng, the company's financial authenticity and sustainability have also been focused on the focus of the Municipal Party Committee.

According to the prospectus, from 2018 to 2021, the gross profit margin of TEDA's new anhydride products was 9.62%, 10.2%, 22.91%, and 30.74%, respectively, showing a rapid growth trend. Zhengdan and Baichuan shares.

Coincidentally, the net profit of Tedda's new material has also surged abnormally in 2020.

According to the application documents, from 2016 to 2019, the net profit of Teda's new materials showed a significant decline, but the prospectus showed that from 2019 to 2021, the net profit of Teda's new materials was 5.7406 million yuan, 35.385 million yuan, and 65.1748 million yuan, respectively. It suddenly turned five times in 2020.

During the review meeting, Teda's new materials were also required to explain the main impact factors of the decline in the decline in net profit in 2020 and the significant rise in the decline, and whether the factor was sustainable, and whether the company had a sharp decline in performance in the future.

It is worth mentioning that before the impact of the IPO of the Beijing Stock Exchange, Tedda New Materials broke through the GEM on July 31, 2017, but failed to pass the review meeting. Therefore, it became the first failure of the transfer board. Innovative company.

During the 2017 GEM Development Council, the CSRC focused on the decline in the decline in main business revenue in 2016, and the net profit of Tedda's new materials did not decrease simultaneously unless recurring profit or loss.

In addition, Tedda's new material was also observed. In its directors and supervisors, the general manager of the highest annual salary was only 76,200 yuan.Reduce core executive salary to improve performance.Based on the reason for the two halberds, Teda's new material can be said to have fallen on the "old disease". The abnormality and financial authenticity of its net profit are subject to the exchanges.

According to data from the official website of the Beijing Stock Exchange, as of September 20, 2022, a total of 79 companies' IPO reviews were terminated, and most of them were actively withdrawing applications for enterprises.After the Tedda New Materials was accepted in June 2021, it was inquired in three rounds and three months in one year and three months, and still chose to attend the meeting.

Analysts believe that whether the new material of Teda will be used to break the precedent of the "0 veto" of the Municipal Party Committee on the Shanghai Stock Exchange, further convey the rigorous signal of the Beijing Stock Exchange's IPO review.A wake -up bell.

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