拟终止北交所IPO！报告期内业绩大幅波动，第一大供应商破产重整

Core Viewpoint - Dongsheng Jin Cai Technology (Group) Co., Ltd. has announced the termination of its public offering of shares and the withdrawal of its listing application on the Beijing Stock Exchange due to ongoing inquiries and performance updates [1][2] Group 1: IPO and Regulatory Concerns - The company's IPO was accepted on December 30, 2024, but faced multiple delays and inquiries, with the latest round of inquiries still unanswered as of the announcement date [1] - Regulatory scrutiny has focused on the company's declining performance and the rationale behind its fundraising projects [2][7] - The bankruptcy restructuring of the company's largest supplier raised concerns about the stability of raw material supply [2][3] Group 2: Financial Performance - Dongsheng Jin Cai's main business involves the research, production, and sales of aluminum alloy element additives, with approximately 90% of revenue derived from this segment [3] - The company experienced significant revenue fluctuations, with reported revenues of 930 million yuan in 2021, 1.045 billion yuan in 2022, and a drop to 658 million yuan in 2023, marking a 37.05% year-on-year decline [4][9] - The net profit attributable to the parent company also saw a decline from 88.34 million yuan in 2021 to 41.39 million yuan in 2023, a decrease of 66.16% [4][9] Group 3: Supply Chain and Raw Material Dependency - The company has been heavily reliant on its largest supplier, Tianyuan Manganese Industry, which accounted for over 46% of its raw material purchases until its bankruptcy restructuring in September 2023 [3][4] - Despite the bankruptcy, the company claims it has alternative suppliers capable of meeting its raw material needs, thus mitigating supply risks [4][9] Group 4: Sales Model and Market Conditions - The company employs a long-term sales model, which has been criticized for potentially amplifying revenue volatility [7][8] - The decline in 2023 performance was attributed to a combination of factors, including a decrease in sales volume and rising costs, as well as a shift in customer behavior towards inventory reduction [9][10] Group 5: Future Outlook and Expansion Plans - Dongsheng Jin Cai plans to raise 350 million yuan for expansion projects, including the production of 60,000 tons of alloy additives and 30,000 tons of aluminum intermediate alloys [11][12] - The company aims to enhance its research capabilities with a new R&D center, although concerns remain regarding the feasibility of its expansion given current production capacity and market conditions [11][15] - The company anticipates a recovery in demand and profitability in 2024, with projected revenues of 745 million yuan and a net profit of 51 million yuan [9][10]