这家锂电企业IPO终止！

Core Viewpoint - The article discusses the termination of the IPO process for Fujian Del Technology Co., Ltd. and the impact of industry cycles on its financial performance, particularly in the lithium battery materials sector [4][5][6]. Group 1: IPO Termination - Fujian Del's IPO was terminated after a two-year process, with the company and its sponsor, Shenwan Hongyuan Securities, voluntarily withdrawing the application without disclosing specific reasons [4][5]. - The new main board listing regulations set a higher cash flow net threshold, which Fujian Del met, but its net profit did not meet the implicit standard of over 100 million yuan for the last year [4][5]. Group 2: Financial Performance - Fujian Del's net profit dropped from 221 million yuan in 2022 to 119 million yuan in 2023, a nearly 50% decline, while its revenue for 2024 is expected to barely reach 2022 levels [4][5]. - The company's revenue from its new energy battery materials business has been declining, accounting for 39.73%, 17.01%, and 12.28% of total revenue over the past three years [7]. Group 3: Market Dynamics - The price of lithium hexafluorophosphate, a key product for Fujian Del, peaked at 590,000 yuan per ton in February 2022 and fell to 54,400 yuan per ton by August 2025, reflecting significant price volatility due to supply-demand imbalances [6][8]. - The average sales price of Fujian Del's lithium hexafluorophosphate decreased from 277,300 yuan in 2022 to 46,400 yuan in 2024, while the gross margin dropped from 44.84% to 7.95% during the same period [6][8]. Group 4: Production Capacity and Future Plans - Fujian Del currently has an annual production capacity of 5,475 tons for lithium hexafluorophosphate, with an additional 10,000 tons under construction [8]. - The company has reduced its IPO fundraising target from 30 billion yuan to 19.45 billion yuan and cut the number of fundraising projects from seven to three, excluding all new energy materials projects [8][9].