2026年首家IPO终止！过会逾两年未能提交注册！

Core Viewpoint - The company, Zhuhai Saiwei Electronic Materials Co., Ltd., has withdrawn its IPO application after being unable to submit the registration for over two years following initial approval in September 2023. This decision reflects ongoing challenges in the company's operational and financial performance [1]. Group 1: Company Overview - The company was established in 2007 and transitioned to a joint-stock company in March 2016, with a registered capital of 69.270833 million yuan. The controlling shareholder, Dai Xiaobing, holds 43.56% of the voting shares and is also the chairperson and a core technical personnel [3]. - The company specializes in the research, production, and sales of lithium-ion battery electrolytes and is recognized as a national high-tech enterprise. It ranks fifth in domestic electrolyte shipments in the first half of 2023, up from eighth place in 2022 [4]. Group 2: Financial Performance - In 2022, the company reported a revenue of 1.835 billion yuan and a net profit of 210.25 million yuan, with a significant increase in revenue and net profit compared to previous years. However, the net cash flow from operating activities decreased by 358.90% [5][6]. - The company forecasts a decline in revenue and net profit for 2023, with expected decreases of 6.94% in revenue and 40.32% in net profit, projecting a net profit of 121.55 million yuan [7][8]. Group 3: Customer Concentration and Risks - The company has a high customer concentration, with the top five customers contributing 66.14% of total revenue in 2022. Major clients include CATL and EVE Energy [9]. - The company faces questions regarding the stability and sustainability of its partnerships with major clients, particularly concerning the reliance on customer-supplied formulas for production, which accounted for approximately 46.80% of revenue during the reporting period [10][11]. Group 4: IPO Plans - The company plans to raise 1 billion yuan through its IPO, with 300 million yuan allocated for working capital and the remaining 700 million yuan for two specific projects: a production project for lithium-ion battery electrolytes and a research and development center [12][13].