There are related parties to rely on risks Tengmao technology declaration to list the New Third Board

Recently, Shanxi Tengmao Technology Co., Ltd. (hereinafter referred to as Tengmao Technology), which is being listed on the New Third Board, replied to the first feedback and received the second feedback from the listing review department. Tengmao Technology is mainly engaged in the R & D, production and sales of catalytic cracking catalysts, additives and molecular sieves, of which catalyst income accounts for more than 90%.

Data source: Reporter sorted out the visual Chinese map Yang Jing map

In 2020 and 2021, Tengmao Technology's largest supplier was Hejin Chenhao Chemical Co., Ltd. (hereinafter referred to as Chenhao Chemical), and the proportion of procurement accounted for 54.04%and 45.98%, respectively.

"Daily Economic News" reporter noticed that Chen Hao Chemical is a company controlled by Xue Ming, a nephew of Tengmao Technology's actual controller Chen Zehong. The registered addresses of the two companies are Yanyang Village, Sanglou Town, Hejin City. In response, the second feedback asked Teng Mao Technology whether to cooperate with Chen Hao Chemical in the "factory" model, whether Chen Hao Chemical was produced by Tengmao Technology.

The unit price of the main product has declined

Tengmao Technology's main products include catalytic cracking catalysts, auxiliary agents and molecular sieves. The products are mainly used for petrochemical, coal chemical industry, industrial and adsorbent industries. The main consumer groups of refining catalysts are large domestic refining manufacturers.

In 2020 and 2021, Tengmao Technology realized operating income of 205 million yuan and 206 million yuan, respectively, and realized net profit of 27.5834 million yuan and 32.629 million yuan, respectively. Among them, the catalyst is its main source of revenue, with revenue amounts of 191 million yuan and 189 million yuan, respectively, and revenue accounted for 93.13%and 91.92%, respectively.

Tengmao Technology said that the income of catalysts in 2021 decreased slightly, mainly due to the decline in the unit price of catalysts. Compared with 2020, the sales increase of catalysts in 2021 was 4.22%, and the average sales unit price decreased by 4.97%. The drop in sales unit prices exceeded the increase in sales. As a result, the overall income of the catalyst decreased slightly by 0.96%.

Regarding the decline in the unit price of catalysts, Tengmao Technology stated in the feedback response that due to the sufficient competition of the catalyst and the auxiliary industry, the increase in sales of customer demand, the price of the company's catalysts and average units of the auxiliary agent declined. Tengmao Technology also reminds the "market competition risk": the refinement trend of the refining catalyst industry is obvious, the number of newly entered market competitors is increasing, and the sales market competition has intensified.

Among the three major products of Tengmao Technology, the proportion of molecular sieves has the smallest income, but the income increase in 2021 is the largest, from 1.305 million yuan in 2020 to 3.6874 million yuan, and the proportion of revenue has also increased from 0.64%to 1.79%. Molecular sieve is an intermediate product of the refining catalyst, which mainly provides the catalyst's cracking activity, selectivity, water and heat stability, and anti -poisoning ability.

Although the molecular screening income is small, Tengmao Technology has invested huge amounts of funds for the molecular screening line. In the public transfer instructions (declaration draft), the project under construction showed that in 2020, the second production line of the molecular screen project was transferred to 130 million yuan in fixed assets, and the fixed assets were transferred to 11.845 million yuan in 2021.

Tengmao Technology said that the molecular screen products were previously rented by the company's production workshop and equipment for other companies, and met the production needs of catalysts through some outsourcing molecular sieves. In order to solve the problem of production capacity, the company decided to build a self -built molecular screening line. After the molecular screening line was completed and put into production, the main products were used for the production needs of catalysts, and a small part of it was sold outside.

In this regard, the listing review department requested Tengmao Technology to supplement the instructions in the secondary feedback. Is the output ratio of catalysts reasonable?

In addition, the reporter of "Daily Economic News" noticed that Tengmao Technology has not been used for a long time in inventory molecular screening products. At the end of 2020 and at the end of 2021, the book balance of inventory goods in the company's inventory was 16.0794 million yuan and 50.117 million yuan, respectively, and the preparations for the price decline were 718,100 yuan and 1.7971 million yuan, respectively. Tengmao Technology said that the price of inventory products decline is the loss of price loss of NAY molecular screening. The product has not been used for a long time. Based on caution, the inventory price preparation has been provided at the end of the reporting period.

The largest supplier is the affiliate

In the public transfer instructions (declaration draft), Tengmao Technology reminded "the major risk of related parties dependence on the party": Chen Haohua worker as the company's affiliated parties and an important supplier, mainly providing the company with raw materials such as aluminum solids, sodium sodium silicate, and other raw materials for the company In 2020 and 2021, the procurement amount was 49.978 million yuan and 41.838 million yuan, respectively, and the procurement accounted for 54.04%and 45.98%respectively. Purchasing such products, corresponding transportation costs, etc. will increase, which may adversely affect the company's performance.

Qixinbao Information showed that Chen Hao Chemical was established in September 2016. Before April 2020, the controlling shareholder was Chen Hao. After the change, the controlling shareholder was Xue Ming. Chen Hao is Chen Zehong's nephew of Tengmao Technology's actual controller, and Xue Ming is Chen Ze's nephew.

As a related partner, Chenhao Chemical has a large dependence on Tengmao Technology. In 2020 and 2021, the sales amount to Tengmao Technology accounted for 99.27%and 97.57%of its operating income. Other customers purchased sporadic sporadic. According to Tengmao Technology, suppliers of the company's inquiry of the same type of materials include Changlonglong and inorganic salt manufacturing Co., Ltd., and Yichang Hengjun Silicon Co., Ltd., which are located in Fujian and Hubei, respectively. Tengmao Technology said, "Chenhao Chemical is the only company in the city that produces aluminum -soluble gels and sodium sodium sodium siliconate. The cooperation between the two parties is good and the transportation distance is closer, and the remaining suppliers are far away." The reason why larger and far exceeds other suppliers is reasonable and necessary.

However, Qixinbao showed that the registered address of Chen Hao and Tengmao Technology were both Yanlou Village, Sanglou Town, Hejin City. In this regard, the second feedback opinion requires the company to supplement the instructions for the reporting company to cooperate with Chen Hao Chemical in the "factory" model, whether Chen Hao Chemical is produced by the company's actual organization, whether the company and Chen Hao Chemical exist in finance, institution Personnel, business, assets, production, etc. are mixed. At the same time, the listing review department requires the host brokers and accountants to combine the company and actual controller, Chen Hao Chemical and the front and back controlling shareholders (Chen Hao, Xue Ming) the flow of funds, on -site inspection of production and operation, etc. And whether Xue Ming is the company's actual controller Chen Zehong or the company holds Chen Hao Chemical equity on his behalf, whether Chen Zehong or the company is the actual controller of Chen Hao Chemical, whether the company can control the production and operation of Chenhao Chemical.

In order to reduce the related transactions of the company and Chenhao Chemical, Tengmao Technology said that in 2022, the company increased the proportion of non -related parties related materials to the proportion of single suppliers.

Regarding the relevant matters related to listed on the New Third Board, on July 6, 2022, a reporter from "Daily Economic News" called Tengmao Technology, but the company did not accept an interview.

Daily Economic News

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