赤诚生物终止IPO：归母净利润逐年下滑，化妆品业务难挑大梁

Core Viewpoint - The company, Wufeng Chicheng Biotechnology Co., Ltd., has decided to terminate its IPO application after experiencing two "suspensions of review" by the Beijing Stock Exchange, primarily due to its declining financial performance [1][4]. Company Overview - Founded in November 2004, Chicheng Biotechnology focuses on the research, production, and sales of hydrolyzed tannin products derived from plants rich in tannins [2]. - The company went public on the New Third Board in February 2024 and has attracted institutional investors since 2021 [2]. IPO Journey - The IPO process began on June 26, 2024, with the submission of application materials to the Beijing Stock Exchange [2]. - The company faced multiple suspensions of its IPO review due to the expiration of the financial report's validity period, leading to a second suspension on December 30, 2024 [3]. Financial Performance - In 2024, the company reported a revenue of approximately 351 million yuan, a 12.49% increase from the previous year, but its net profit decreased by 10.91% to 43.44 million yuan [5][6]. - The company's net profit has been on a downward trend, with a significant drop in 2022 attributed to reduced procurement from key customers [6][7]. Cosmetics Business - Chicheng Biotechnology has been exploring new growth avenues, particularly in the cosmetics sector, establishing a subsidiary focused on daily chemical products [8]. - The cosmetics subsidiary, Hubei Bencao Times Health Industry Co., Ltd., reported revenues of 555,880 yuan in 2024, marking its first profitable year, but its overall contribution remains limited [9]. Future Investments - The company plans to invest approximately 500 million yuan in the construction of a new industrial park aimed at enhancing its production capabilities for cosmetic raw materials and food additives [10]. - The industrial park project has been ongoing since August 2020, with partial completion expected by the end of 2024 [10].