Core Viewpoint - Fujian Del Technology Co., Ltd. is attempting to re-enter the capital market after withdrawing its IPO application less than six months ago, indicating a renewed interest in public listing and potential growth opportunities in the fluorine chemical materials sector [1] Company Overview - Fujian Del was established on June 13, 2014, with a registered capital of 1.039 billion yuan [1] - The company has no controlling shareholder, with actual control held by Lai Zongming, Hua Xiangbin, and Huang Tianliang, who collectively own 35.06% of the shares [1] Business Focus - The company specializes in the research, production, and sales of fluorine-based new materials, including fluorochemical basic materials, new energy lithium battery materials, special gases, and semiconductor wet electronic chemicals [1] - Its products are widely used in various applications such as semiconductor chips, LED chips, flat panel displays, communication optical fibers, power and energy storage batteries, ultra-high voltage transmission and transformation, and photovoltaic power generation [1] IPO History - Prior to the current listing guidance, Fujian Del had previously attempted to list on the Shanghai Stock Exchange, with its IPO application accepted on June 30, 2023, and entering the inquiry stage on July 27, 2023, but ultimately withdrew the application on August 22, 2025 [1]

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a favorable outlook with expected relative performance greater than 15% [8]. Core Insights - The company is experiencing a rise in PVDF product prices, which are essential for lithium battery binders. Current production capacity stands at 8,000 tons, with an additional 6,000 tons under construction. The domestic total capacity for PVDF is projected to exceed 220,000 tons by 2024, with industry output reaching 120,000 tons. Despite a downward pressure on lithium-grade PVDF prices due to capacity expansion, market sentiment is turning bullish as companies in the coating sector push for price increases amid rising costs and losses [1]. - The company is actively repurchasing shares, with a total repurchase amount between 50 million and 100 million RMB, and a maximum repurchase price of 8.00 RMB per share. As of November 30, 2025, the company has repurchased 12,104,900 shares, representing 1.13% of its total share capital, with a total transaction amount of approximately 50.19 million RMB [1]. Company Overview - The company specializes in the research, production, and sales of fluorinated new materials, having developed a self-sufficient industrial system essential for fluorochemical production. This includes a complete fluorochemical industry chain comprising basic raw materials, fluorinated refrigerants, fluorinated polymers, and fluorinated fine chemicals. The company is also collaborating with Sun Yat-sen University on a solid electrolyte project, which is currently in the small-scale testing and process design phase [4]. - The company is positioning itself in the fourth generation of refrigerants, as the second generation is being phased out and the third generation enters quota management in 2024. The fourth generation refrigerants are expected to be more environmentally friendly and are anticipated to become the preferred solution under increasing environmental pressures. The company has made significant early investments in this area, achieving a mature level of industrialization [4].

Core Viewpoint - Fujian Del Technology Co., Ltd. has voluntarily withdrawn its IPO application, leading to the termination of its listing review by the Shanghai Stock Exchange. The company initially aimed to raise 3 billion yuan but later reduced its fundraising target to less than 2 billion yuan due to performance fluctuations and governance concerns [2][4]. Group 1: Fundraising and IPO Process - Fujian Del primarily engages in the research, production, and sales of fluorinated new materials, which are considered a "golden industry" with significant downstream market potential [3]. - The company submitted its IPO application in June 2023, initially planning to raise 3 billion yuan for projects related to electronic-grade trifluorochlorine production and fluorinated semiconductor materials [3][4]. - The latest prospectus indicates a revised fundraising target of 1.945 billion yuan, reflecting a significant reduction from the original plan [4]. Group 2: Financial Performance - Fujian Del's financial performance has shown volatility, with revenues of 1.698 billion yuan in 2022, 1.418 billion yuan in 2023 (a 16.52% decline), and an expected 1.687 billion yuan in 2024 [6]. - The company's net profit attributable to shareholders has also decreased, with figures of 221 million yuan in 2022, 119 million yuan in 2023 (a 46.26% decline), and an anticipated 131 million yuan in 2024 [6]. Group 3: Governance Issues - The company lacks a controlling shareholder, with the actual controllers holding a combined voting power of only 35.06%. This low ownership percentage raises potential risks in decision-making and management [8]. - Fujian Del has acknowledged the governance risks associated with its ownership structure, despite efforts to stabilize control through a signed agreement among the actual controllers [8]. Group 4: Market Environment and Regulatory Scrutiny - The IPO process has faced scrutiny from regulators, who have requested detailed disclosures regarding market size, competition, pricing mechanisms, and customer distribution for Fujian Del's products [7]. - The current trend of IPO withdrawals is attributed to internal company issues, stricter regulatory standards, and changing market conditions, leading to a cautious investor sentiment [9].

Core Viewpoint - Fujian Del's IPO application has been withdrawn, leading to the termination of its listing review by the Shanghai Stock Exchange [1] Company Overview - Fujian Del Technology Co., Ltd. specializes in the research, production, and sales of fluorinated new materials, including fluorochemical basic materials, new energy lithium battery materials, specialty gases, and semiconductor wet electronic chemicals [4] - The company is recognized as a national high-tech enterprise with core independent intellectual property rights [4] Product Lines - In the field of fluorinated electronic specialty gases, Fujian Del is one of the few domestic manufacturers that cover the entire production process, from hydrogen fluoride preparation to waste gas recovery services [4] - The company has achieved large-scale production of electronic-grade trifluorochlorine, marking a significant technological advancement in the domestic fluorinated electronic specialty gas sector [4] - For new energy lithium battery materials, Fujian Del currently has an annual production capacity of 5,475 tons of lithium hexafluorophosphate, with plans to increase capacity to 10,000 tons [4] Semiconductor Chemicals - Fujian Del produces high-end semiconductor-grade wet electronic chemicals and TFT functional mixed reagents, with capabilities to produce G5 grade electronic-grade hydrofluoric acid and other advanced chemicals [5] - The company holds 305 domestic and 6 foreign authorized invention patents and has participated in the establishment of various national and industry standards [5] Financial Performance - Fujian Del's revenue for 2022, 2023, and 2024 was 1.698 billion yuan, 1.418 billion yuan, and 1.687 billion yuan, respectively, with net profits of 221 million yuan, 119 million yuan, and 131 million yuan [5] IPO Journey - Fujian Del's IPO was accepted in June 2023, with plans to raise 1.945 billion yuan for various projects, but the company ultimately withdrew its application after a series of inquiries [6]

Core Viewpoint - Fujian Del Technology Co., Ltd. has withdrawn its IPO application, leading to the termination of its listing review by the Shanghai Stock Exchange [1] Company Overview - Fujian Del was established in 2014 and specializes in the research, production, and sales of fluorine-based new materials, including fluorochemical basic materials, new energy lithium battery materials, special gases, and semiconductor wet electronic chemicals. It is recognized as a national high-tech enterprise with core independent intellectual property rights [2] Financial Performance - The company ranked 422nd in the 2024 Hurun Global Unicorn List [3] - Revenue figures for the years 2022, 2023, and 2024 are 1.698 billion, 1.418 billion, and 1.687 billion CNY respectively, showing a decrease from 2022 to 2023 and a recovery in 2024 [3][4] - Net profit attributable to the parent company for the same years is 221 million, 119 million, and 130 million CNY, indicating a significant drop in 2023 [3][4] - The net profit after deducting non-recurring gains and losses for the years is 184 million, 36 million, and 86 million CNY, reflecting a similar trend [3][4] Key Financial Metrics - Total assets for 2024 are 6.856 billion CNY, up from 6.071 billion CNY in 2023 and 5.361 billion CNY in 2022 [4] - Equity attributable to shareholders of the parent company increased to 4.818 billion CNY in 2024 from 4.680 billion CNY in 2023 and 4.543 billion CNY in 2022 [4] - The company's gross profit margin for its main business is 16.04% in 2024, down from 16.79% in 2023 and significantly lower than 29.75% in 2022 [4] - The debt-to-asset ratio is 28.81% in 2024, compared to 21.95% in 2023 and 14.50% in 2022, indicating increasing leverage [4] Recent Developments - In the first quarter of 2025, the company achieved a revenue of 481 million CNY, a year-on-year increase of 46.03%, and a net profit after deducting non-recurring gains of 30 million CNY, up 43.10% year-on-year [4] - The company has proposed to raise funds for several projects, including a production line for electronic-grade trifluorochlorine and semiconductor materials, with a total planned investment of 19.45 billion CNY [7][8] Shareholder Structure - The company does not have a controlling shareholder, with the largest shareholder, Lai Zongming, holding 15.60% of the shares. Lai Zongming, Hua Xiangbin, and Huang Tianliang collectively control 35.06% of the voting rights and have signed a joint action agreement [8]

Core Viewpoint - Zhongxin Fluorine Materials (002915.SZ) reported a revenue of 774 million yuan for the first half of 2025, marking a year-on-year growth of 19.81% [1] Financial Performance - The company achieved a net profit attributable to shareholders of 5.412 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.8648 million yuan [1] - Basic earnings per share were 0.0166 yuan [1] Business Development - The company is advancing its strategic layout in fluorine-containing new materials, focusing on high-performance polymers, fluorine-based new energy and electronic chemicals, and new environmentally friendly refrigerants [1] - Key products include fluorine high-performance polymer monomers (DFBP, BPEF), sodium battery electrolytes (NaPF6), lithium battery additives (LiTFSI), and fourth-generation refrigerants (R1234ze/yf) [1] - The company continues to make breakthroughs in the high-end product market [1]

Core Viewpoint - The report highlights the financial performance of Shandong Lianchuang Industrial Development Group Co., Ltd. for the first half of 2025, showing significant improvements in revenue and net profit compared to the same period last year, despite challenges in the industry [1][5]. Financial Performance - Operating revenue for the reporting period reached approximately 443.21 million yuan, an increase of 12.83% compared to 392.82 million yuan in the same period last year [1]. - The net profit attributable to shareholders was approximately 11.70 million yuan, representing a 191.96% increase from a loss of 12.72 million yuan in the previous year [1]. - The net cash flow from operating activities improved significantly to approximately 15.92 million yuan, up 186.74% from a negative cash flow of 18.36 million yuan [1]. - Basic and diluted earnings per share were both 0.0110 yuan, a 195.65% increase from a loss of 0.0115 yuan per share in the previous year [1]. Asset and Equity Status - Total assets at the end of the reporting period were approximately 2.50 billion yuan, while net assets attributable to shareholders decreased by 1.91% to approximately 1.92 billion yuan [2]. - The weighted average return on net assets was 0.60%, an increase from a negative 0.64% in the previous year [1]. Shareholder Information - The largest shareholder, Li Hongguo, holds 12.14% of the shares, with a total of 129,721,810 shares, of which some are pledged [2][3]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [3]. Important Events - The company has decided to terminate the investment in a project to build an annual production capacity of 8,000 tons of end amino polyether due to market conditions and increased competition [3][5]. - The company is currently involved in legal proceedings to recover shares and cash, having retrieved approximately 98.54 million shares valued at 51.27 million yuan and 22.47 million yuan in cash [4][5]. - The company received an administrative penalty notice from the China Securities Regulatory Commission, leading to a risk warning for its stock starting March 25, 2025 [5][6].

中船（邯郸）派瑞特种气体股份有限公司 Peric Special Gases Co., Ltd. （河北省邯郸市肥乡区化工工业聚集区纬五路 1 号） 业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充 分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 联席主承销商 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、 首次公开发行股票并在科创板上市 中船（邯郸）派瑞特种气体股份有限公司 招股意向书 招股意向书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 中船（邯郸）派瑞特种气体股份有限公司 招股意向书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | 发行股数 | 本次公开发行股票数量为 79,411,765 股，占发行后总股本的比例为 | | | 15%，本次发行全部为发行新股，不涉及公司股东公开发售股份 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 【】元 | | 预计发行日期 | 2023 年 4 月 1 ...

科创板风险提示：本次股票发行后拟在科创板市场上市，该市场具有较高 的投资风险。科创板公司具有研发投入大、经营风险高、业绩不稳定、退 市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板 市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 中船（邯郸）派瑞特种气体股份有限公司 Peric Special Gases Co., Ltd. （河北省邯郸市肥乡区化工工业聚集区纬五路 1 号） 免责声明:本公司的发行申请尚需经上海证券交易所和中国证监会履行相应 程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书作为投资决定的依据。 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 联席主承销商 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 中船（邯郸）派瑞特种气体股份有限公司 招股说明书 声 明 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | 发行股数 | 本次发行股数不低于发行后总股本的 10%且不超过 15%，即发行股数 不 ...