Company Overview - Company Name: Anhui Zhongcao Fragrance Co., Ltd [1] - Stock Code: 920016.BJ [1] - IPO Application Date: December 29, 2022 [1] - Listing Date: September 13, 2024 [1] - Listing Board: Beijing Stock Exchange [1] - Industry: Chemical Raw Materials and Chemical Products Manufacturing [1] - IPO Sponsor: Minsheng Securities [1] Disclosure and Regulatory Issues - The company has undergone more than three rounds of inquiries regarding its disclosure practices [1] - It faced questions about the contradiction between its claims of a "huge market space" and the actual information disclosed in the prospectus [1] - The company received multiple oral warnings for violations related to external guarantees, related party transactions, and governance issues [2] Financial Performance - The underwriting and sponsorship fees amounted to 8.331 million yuan, with a commission rate of 6.46%, lower than the industry average of 7.71% [5] - On the first day of trading, the stock price increased by 241.33% compared to the issue price [6] - After three months of trading, the stock price rose by 251.26% from the issue price [7] - The company's issuance price-to-earnings ratio was 15.37 times, which is 80.89% of the industry average of 19.00 times [8] - The expected fundraising amount was 164 million yuan, but the actual amount raised was 129 million yuan, reflecting a decrease of 21.29% [9] - For the year 2024, the company's revenue increased by 7.89% year-on-year, while the net profit attributable to shareholders decreased by 10.75%, and the non-recurring net profit dropped by 37.72% year-on-year [10] Overall Assessment - The total score for the IPO project is 65 points, classified as Grade D [12] - Negative factors affecting the score include the need for improved disclosure quality, multiple penalties for disclosure violations, reduced actual fundraising, and declining net profits in the first accounting year [12]
民生证券保荐中草香料IPO项目质量评级D级 上市首年扣非净利润大降37% 报告期内多次因信披违规遭罚