Xin Lang Zheng Quan·2025-08-12 09:44Company Overview - Company Name: Zhejiang Taihu Yuanda New Materials Co., Ltd [1] - Abbreviation: Taihu Yuanda [1] - Stock Code: 920118.BJ [1] - IPO Application Date: November 30, 2023 [1] - Listing Date: August 22, 2024 [1] - Listing Board: Beijing Stock Exchange [1] - Industry: Rubber and Plastic Products [1] - IPO Sponsor: China Merchants Securities [1] - Lead Underwriters: Peng Yong, Yan Kun [1] - Legal Advisor: Beijing Dacheng Law Offices [1] - Audit Firm: Notarization Tianye Accounting Firm [1] Disclosure and Evaluation - Disclosure Issues: The company was asked to clarify its compliance with the market positioning of the Beijing Stock Exchange and to adequately disclose related risks [1]. It was also required to explain the reasons for the unaudited financial data of its subsidiary and whether the financial data is accurate and complete [1]. Additionally, the company needed to justify the selection of comparable companies and the rationale behind its expense ratios compared to industry peers [1]. - Regulatory Penalties: No penalties were imposed [2]. - Public Supervision: No deductions were made for public supervision [2]. - Listing Cycle: The average time from application to listing for A-share companies in 2024 is 629.45 days, while Taihu Yuanda's listing cycle is 266 days, which is below the average [2]. Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 12.36 million yuan, with a commission rate of 9.96%, higher than the average of 7.71% [3]. - Initial Listing Performance: The stock price increased by 36.06% on the first day of listing [4]. - Three-Month Performance: The stock price rose by 73.76% compared to the issuance price within three months of listing [5]. - Issuance Price-Earnings Ratio: The issuance P/E ratio is 12.06 times, which is 60.57% of the industry average of 19.91 times [6]. - Actual Fundraising: The expected fundraising amount is 146 million yuan, while the actual amount raised is 124 million yuan, reflecting a decrease of 15.03% [7]. Post-Listing Performance - Short-Term Financial Performance: In 2024, the company's operating revenue increased by 4.64% year-on-year, while the net profit attributable to shareholders decreased by 8.97%, and the net profit excluding non-recurring gains and losses dropped by 12.71% year-on-year [8]. Overall Assessment - Total Score: Taihu Yuanda's IPO project received a total score of 85.5, classified as Grade B [9]. Negative factors affecting the score include the need for improved disclosure quality, high issuance costs, reduced actual fundraising, and declines in net profit in the first accounting year [9]. This indicates that the company's short-term profitability and disclosure quality require attention [9].