泰金新能IPO将上会，业绩被反复问询

Core Viewpoint - The company, Xi'an Taijin New Energy Technology Co., Ltd. (Taijin New Energy), is preparing for its IPO, having received the "Opinion Implementation Letter" from the Sci-Tech Innovation Board, but faces scrutiny regarding its future operational stability and potential revenue decline [2][6]. Company Background - Taijin New Energy originated from the Northwest Nonferrous Metal Research Institute, a state-owned research institution established in 1965, with the actual controller being the Shaanxi Provincial Finance Department [2]. - The company was restructured from Taijin Limited, which was founded in November 2000, with initial shareholding by the Northwest Institute and its employee stockholding committee [3][4]. Shareholding Structure - As of the latest data, the employee stockholding committee represents 951 employees holding 58% of the company’s shares, with no disputes over share ownership [4][5]. - The largest shareholder is the Northwest Institute, holding 22.83% of Taijin New Energy, followed by Western Materials at 20% [5]. Financial Performance - Taijin New Energy has shown significant revenue growth, with projected revenues increasing from 919 million yuan in 2022 to 2.13 billion yuan in 2024, and 1.15 billion yuan in the first half of 2023 [6][8]. - The company specializes in high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products, with a notable increase in revenue contribution from electrolysis equipment [6][7]. Regulatory Scrutiny - The company has faced multiple inquiries from regulators regarding its revenue recognition policies and business stability, particularly in light of its rapid revenue growth [6][8]. - The Sci-Tech Innovation Board has requested further evidence to substantiate claims of no significant risk of revenue decline [6]. Fundraising Adjustments - Taijin New Energy has reduced its IPO fundraising target from 1.5 billion yuan to 990 million yuan, a decrease of 34%, which has raised market concerns [8]. - The company has scaled back funding for its projects, particularly those aimed at expanding production capacity, in response to regulatory inquiries [8]. Market Outlook - The company anticipates a recovery in the lithium copper foil industry, projecting a market size of 29 billion yuan by 2028, which underscores the need for expanded operational capacity and innovation [9].