湖北一植物原料公司IPO终止，大客户正邦订单流失致业绩大幅下滑

Core Viewpoint - Chicheng Biotechnology has voluntarily withdrawn its IPO application from the Beijing Stock Exchange, which aimed to raise 210 million yuan due to various operational challenges and financial pressures [2] Group 1: Company Overview - Chicheng Biotechnology specializes in the research, production, and sales of hydrolyzed tannin products derived from natural plant materials, with applications across multiple industries including pharmaceuticals, chemicals, and textiles [2] - The company’s main products include tannic acid, gallic acid, and related biochemical compounds [2] Group 2: Financial Performance - Chicheng Biotechnology's revenue from 2021 to 2023 showed significant fluctuations, with revenues of 360 million yuan, 291 million yuan, and 312 million yuan respectively, while net profits were 61.9 million yuan, 50.3 million yuan, and 48.8 million yuan [3] - The decline in revenue and profit in 2022 was primarily due to a major client, Zhengbang Technology, facing financial difficulties, which led to a significant reduction in orders [3][4] Group 3: Cost Structure and Risks - The cost of raw materials, particularly the reliance on wubeizi and tara powder, constitutes over 60% of the company's main business costs, making it vulnerable to price fluctuations [4] - In the first half of 2024, revenue increased by 25.10%, but net profit only grew by 14.59% due to rising raw material costs [4] Group 4: Inventory and Cash Flow - The company's inventory value as a percentage of total assets was notably high, with values of 96.2 million yuan, 87.2 million yuan, and 105 million yuan, representing 19.88%, 14.77%, and 17.03% of total assets respectively [5] - High inventory levels can lead to cash flow pressures and operational inefficiencies [5] Group 5: Business Expansion - Chicheng Biotechnology established a subsidiary, Hubei Bencao Times Health Industry Co., Ltd., in 2022 to enter the cosmetics sector, but this venture is still in its early stages with limited online sales [5] - Revenue from this subsidiary was minimal, with figures of 32,200 yuan and 127,570 yuan for 2022 and 2023 respectively, indicating challenges in scaling the new business [5]