IPO过会两年多后， 珠海赛纬撤回创业板上市

Core Viewpoint - Zhuhai Saiwei Electronic Materials Co., Ltd. has withdrawn its IPO application, leading to the termination of its listing review by the Shenzhen Stock Exchange [1] Company Overview - Zhuhai Saiwei specializes in the R&D, production, and sales of lithium-ion battery electrolytes, which are critical materials used in electric vehicles, energy storage, and consumer electronics [1] - The company has established stable partnerships with high-quality clients such as CATL, EVE Energy, Aulton, and others [1] - Founded in 2007, Zhuhai Saiwei is one of the early developers of electrolyte materials in China's lithium battery sector and has received various accolades [1] Industry Analysis - The lithium-ion battery electrolyte industry in China has not yet formed a monopolistic competition structure, with a noticeable concentration among leading companies [2] - In 2022, the top five companies in China's lithium-ion battery electrolyte market accounted for less than 50% of the total shipment volume, with Tianqi Materials leading at 35.8% [2] - In the first half of 2023, the market share of the top five companies remained below 50%, with Tianqi Materials at 36.0% and Zhuhai Saiwei ranked fifth [2] Financial Performance - Zhuhai Saiwei's revenue from 2021 to the first half of 2023 was as follows: 1.266 billion yuan in 2021, 1.835 billion yuan in 2022, and 593 million yuan in the first half of 2023, with net profits of 56 million yuan, 210 million yuan, and 58 million yuan respectively [2] - The company has shown a high customer concentration, with the top five customers accounting for 56.21%, 60.34%, and 66.14% of total revenue from 2020 to 2022 [3] - Accounts receivable have been increasing, with the proportion of accounts receivable to total current assets at 57.44%, 32.66%, and 25.51% over the same period [3] IPO Journey - In September 2022, Zhuhai Saiwei's IPO was accepted, with plans to raise 1 billion yuan for various projects [3] - The IPO was approved in September 2023, but the company did not submit a registration application, leading to the withdrawal of its listing application after nearly two and a half years [3]