福建德尔IPO折戟：无控股股东，研发投入不足

Group 1 - The core point of the article is that Fujian Del's IPO application on the Shanghai Stock Exchange has been terminated due to the withdrawal of the application by the company and its sponsor, marking the second such case in two months after Qingdao Gulf Chemical's withdrawal [1] - Fujian Del's IPO application was accepted in June 2023 but faced slow progress and regulatory inquiries regarding the lack of a controlling shareholder and the specifics of its core technology and fundraising projects [1][2] - The company has no controlling shareholder, with the largest shareholder holding only 15.60% of the shares, raising concerns about decision-making and management risks [2][3] Group 2 - Fujian Del has a history of shareholding issues, including shareholding on behalf of others, which was addressed close to the IPO application date [3][4] - The company reported low R&D expense ratios of below 3%, with R&D expenses for 2022-2024 being 31.26 million, 39.77 million, and 37.72 million respectively, representing 1.84%, 2.80%, and 2.24% of revenue [5][6] - Compared to its peers, Fujian Del's R&D expense ratio is significantly lower, with industry averages for the same period being above 5% [6][8] Group 3 - Fujian Del's financial performance has fluctuated, with revenues of 1.255 billion, 1.698 billion, 1.418 billion, and 1.687 billion from 2021 to 2024, and net profits dropping to only 30% of 2021 levels by 2024 [8][9] - The decline in performance is attributed to oversupply in the new energy battery materials sector, with the price of core product lithium hexafluorophosphate dropping from 277,300 yuan/ton to 46,400 yuan/ton [9][10] - Despite the challenging market conditions, Fujian Del plans to raise funds through its IPO, initially seeking 3 billion yuan for expansion projects, which was later reduced to 1.945 billion yuan in the revised prospectus [12][14]