农大科技过会：今年IPO过关第76家 国金证券过2单

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Nongda Technology") has been approved for IPO on the Beijing Stock Exchange, marking it as the 76th company approved this year, with a focus on the development, production, and sales of new fertilizers and their intermediates [1][3]. Company Overview - Nongda Technology's main business includes the research, production, sales, and technical services of new fertilizers and their intermediates [1]. - The company is controlled by Tai'an Mingquan Investment Group Co., Ltd., which holds 54.29% of the shares, while Ma Xuewen, the actual controller, holds a total of 70.10% of the shares through direct and indirect ownership [1][2]. IPO Details - The company plans to publicly issue up to 20 million shares, with a minimum of 25% of the total shares to be held by public shareholders post-issuance [3]. - The total funds to be raised amount to approximately 41.25 million yuan, which will be allocated to projects including a 300,000-ton annual production of humic acid intelligent high tower compound fertilizer and a 150,000-ton bio-fertilizer production line [3]. Regulatory Insights - The review committee raised inquiries regarding the authenticity of the company's operating performance, specifically the reasons for declining revenue despite increasing net profit and gross margin [5]. - Questions were also raised about the sustainability of the company's operating performance and the feasibility of absorbing the new production capacity from the fundraising projects [5].