A股IPO终止辅导备案一年后，转战港交所！年内利润8900万

Core Viewpoint - Xin He Hua is one of the leading and largest suppliers of traditional Chinese medicine (TCM) decoction pieces in China, ranking second in revenue for TCM decoction pieces in 2023 and is the fastest-growing among the top five market participants, with a compound annual growth rate (CAGR) of 27% from 2022 to 2024 [2]. Revenue Summary - The company's revenue for the years 2022, 2023, and 2024 is projected to be 780.417 million RMB, 1,145.571 million RMB, and 1,249.402 million RMB respectively [3][6]. - The revenue breakdown shows that toxic decoction pieces contributed 115.302 million RMB (14.8%) in 2022, 192.492 million RMB (16.8%) in 2023, and is expected to be 172.433 million RMB (13.8%) in 2024. Ordinary decoction pieces accounted for 665.115 million RMB (85.2%) in 2022, 953.079 million RMB (83.2%) in 2023, and is projected to be 1,076.969 million RMB (86.2%) in 2024 [3]. Gross Profit Summary - Gross profit for the years 2022, 2023, and 2024 is reported as 164.641 million RMB, 212.018 million RMB, and 213.073 million RMB respectively, with corresponding gross profit margins of 21.1%, 18.5%, and 17.1% [4][5]. - The gross profit from toxic decoction pieces was 34.298 million RMB (29.7%) in 2022, 46.158 million RMB (24.0%) in 2023, and is expected to be 32.862 million RMB (19.1%) in 2024. For ordinary decoction pieces, gross profit was 130.343 million RMB (19.6%) in 2022, 165.860 million RMB (17.4%) in 2023, and is projected to be 180.211 million RMB (16.7%) in 2024 [5]. Profit Summary - The net profit for the years 2022, 2023, and 2024 is expected to be 77.395 million RMB, 103.974 million RMB, and 89.112 million RMB respectively, with net profit margins of 9.9%, 9.1%, and 7.1% [6]. Company Background and IPO Attempts - Xin He Hua was established in 2001 and has made multiple attempts to go public, including an IPO application in 2010 that was withdrawn due to allegations of financial misconduct. The company re-applied for an IPO in 2020 but withdrew the application again in 2021 [7]. - In October 2023, Xin He Hua registered for counseling with the Sichuan Securities Regulatory Bureau, with plans to terminate the counseling by April 2024. The funds raised are intended for expanding production capacity, upgrading digital production systems, marketing activities, establishing overseas sales channels in Vietnam and Malaysia, strategic investments, and general corporate purposes [8].