天威新材二度闯关失败 高环境风险产品每年营收千万元

Core Viewpoint - Zhuhai Tianwei New Materials Co., Ltd. has had its listing review status on the Beijing Stock Exchange updated to "terminated," marking the second unsuccessful attempt to enter the capital market after withdrawing its IPO application for the ChiNext in 2022 [1][3]. Company Overview - The company was established in 2004 and specializes in the research, production, and sales of digital printing functional materials and related products, being one of the early domestic manufacturers to enter the digital printing ink field [3]. - The company aimed to raise a total of 300 million yuan through its IPO, with plans to use the funds for the construction of a production base for 31,000 tons of digital printing functional materials, a headquarters R&D center, and to supplement working capital [7]. Regulatory and Compliance Issues - Tianwei New Materials faced multiple rounds of inquiries during its IPO process, with issues related to risk management, internal control irregularities, and discrepancies between the information disclosed in the prospectus and actual conditions, leading to written warnings from the Shenzhen Stock Exchange alongside its sponsor, Dongguan Securities [3]. - The second round of inquiries from the Beijing Stock Exchange included questions regarding the environmental and industrial policy compliance of the company's main products [7]. Environmental Concerns - The company's digital printing ink products can be categorized based on the type of ink base used, with some products classified as high environmental risk according to the "High Pollution, High Environmental Risk Products Catalog (2017 Edition)" [7]. - Production data from 2020 to the first half of 2024 indicated that the output of high environmental risk products was 237.08 tons, 177.65 tons, 140.50 tons, and 49.06 tons, contributing revenues of 13.37 million yuan, 12.98 million yuan, 13.21 million yuan, and 5.20 million yuan respectively [7]. - To mitigate environmental risks, the company has committed to reducing production of high environmental risk products by 30 tons annually since 2021 [8]. Operational Challenges - The company faces several operational challenges, including underutilized production capacity, unstable performance, questions regarding the authenticity of financial data, and insufficient competitiveness of its main products [9].