Core Viewpoint - Liansheng Chemical (301212.SZ) has received a regulatory letter from the Shenzhen Stock Exchange due to violations related to the management of idle raised funds, but the company claims that this issue has not affected its daily operations [1][2]. Group 1: Regulatory Issues - The company has been found to have multiple violations in its management of idle raised funds, including purchasing financial products before the approval period and exceeding the authorized purchase amount [2]. - Key personnel, including the chairman and general manager, have also faced regulatory measures for failing to fulfill their duties and obligations [2]. Group 2: Fundraising and Investment Projects - Liansheng Chemical was listed on the Shenzhen Stock Exchange in April 2022, raising a total of 8.01 billion yuan, with net proceeds of 7.27 billion yuan after deducting issuance costs [3]. - The raised funds are primarily allocated to two major projects aimed at expanding the company's business scale and improving production efficiency, with expected production commencement in mid-2026 [3]. Group 3: Financial Performance - Since its listing, the company has experienced significant fluctuations in its financial performance, with 2022 revenues of 1.041 billion yuan, a 24.98% increase year-on-year, and a net profit of 183 million yuan, up 106.69% [4]. - However, revenues declined to 662 million yuan in 2023, a 36.41% decrease, and further dropped to 632 million yuan in 2024, reflecting ongoing challenges in the market [4][5]. - The first half of 2025 showed signs of recovery, with revenues of 343 million yuan, a 13.95% increase, and a net profit of 18 million yuan, up 9.61% [4][5]. Group 4: Industry Context - The chemical industry is facing challenges such as intensified competition, rising raw material costs, and insufficient effective demand, which have contributed to the company's recent performance issues [5]. - Despite a slight recovery in the first half of 2025, the overall industry remains under pressure, with a reported 1.4% increase in revenue but a 9.0% decrease in profit for the chemical raw materials and products manufacturing sector [5].
联盛化学因闲置募资理财违规收监管函 募投项目仍按计划推进