Company Overview - Full Name: Zhongyan Anhui Hongsifang Fertilizer Co., Ltd [1] - Abbreviation: Hongsifang [1] - Stock Code: 603395.SH [1] - IPO Application Date: July 5, 2022 [1] - Listing Date: November 26, 2024 [1] - Listing Board: Shanghai Stock Exchange Main Board [1] - Industry: Chemical Raw Materials and Chemical Products Manufacturing [1] - IPO Sponsor: Guoyuan Securities [1] - Legal Advisor: Anhui Tianhe Law Firm [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure Issues: Required to clarify the adequacy of checks on distributors and their terminal sales; required to disclose specific measures to reduce related party transactions with controlling shareholders; required to provide a special explanation according to regulatory guidelines [1][2] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Scored down due to a listing cycle of 875 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amounted to 20.0755 million yuan, with a commission rate of 5.03%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 1917.42% on the first day compared to the issue price [4] - Three-Month Performance: Stock price increased by 497.24% within three months of listing compared to the issue price [5] - Issuance Price-Earnings Ratio: Issuance P/E ratio was 10.62 times, significantly lower than the industry average of 22.23 times, representing 47.77% of the industry average [6] - Actual Fundraising: Expected to raise 532 million yuan, but actual fundraising was 399 million yuan, a decrease of 24.93% [7] Short-Term Performance Post-Listing - Revenue and Profit Decline: In 2024, the company's operating income decreased by 10.62% year-on-year, net profit attributable to the parent company decreased by 41.16%, and non-recurring net profit attributable to the parent company decreased by 48.64% year-on-year [8] - Abandonment Rate: Abandonment rate was 0.36% [8] Overall Score - Total Score: The IPO project scored 85.5 points, classified as Grade B. Negative factors affecting the score include the need for improved disclosure quality, a listing cycle exceeding two years, reduced actual fundraising, and declines in revenue and net profit in the first accounting year [8]
国元证券保荐红四方IPO项目质量评级B级 扣非净利润大降近5成