Group 1 - Two companies withdrew their IPO applications last week, one from the Shanghai Stock Exchange and one from the Beijing Stock Exchange [1] - The companies that withdrew their applications are Fujian Del Technology Co., Ltd. and Hubei Chuda Intelligent Equipment Co., Ltd. [2] Group 2 - Fujian Del Technology is engaged in the research, production, and sales of fluorine-based new materials, including lithium battery materials and semiconductor wet electronic chemicals, and is recognized as a national high-tech enterprise [3] - The company's revenue from lithium battery materials significantly declined from 67,279.77 million yuan in 2022 to 20,509.45 million yuan in 2024, indicating a severe oversupply in the lithium battery sector [4] - The company's net profit dropped by 79.72% in 2023 compared to 2022, reflecting ongoing challenges in the market [4][5] Group 3 - Hubei Chuda Intelligent Equipment provides key equipment and intelligent system solutions for glass packaging and production, serving over 600 glass manufacturers globally [6] - The company's total assets increased from 266.14 million yuan in 2021 to 340.74 million yuan in 2023, while its net profit rose from 11.29 million yuan in 2021 to 44.56 million yuan in 2023 [7] - The company faces scrutiny over related party transactions with its largest supplier, which raises concerns about the fairness and rationality of these transactions [8]

Group 1 - Two companies withdrew their IPO applications during the week of June 23 to June 29, 2025, including one from the Shenzhen Main Board and one from the ChiNext Board [1] - The companies that withdrew their applications are Zhejiang Changcheng Mixing Equipment Co., Ltd. from the ChiNext Board and Kaiyuan Securities Co., Ltd. from the Main Board [2] Group 2 - Zhejiang Changcheng Mixing Equipment Co., Ltd. specializes in the research, production, sales, and service of mixing equipment, customizing products based on customer needs [3] - As of December 31, 2022, the total assets of Zhejiang Changcheng were 1.069 billion, with a net profit of 108.46 million for the year [4] - The company has experienced a decline in net profit from 131 million in 2023 to an expected 118 million in 2024, indicating uncertainty in future growth [4][5] Group 3 - Kaiyuan Securities Co., Ltd. offers a range of services including securities brokerage, investment consulting, and asset management [6] - The total assets of Kaiyuan Securities as of June 30, 2024, were approximately 55.20 billion, with a net profit of 28.30 million for the first half of 2024 [7] - The company faced six regulatory penalties during the reporting period, which may have hindered its IPO progress [7]

Group 1: IPO Withdrawals - Three companies withdrew their IPO applications during the week of June 16 to June 22, 2025, including one from the Shanghai Stock Exchange, one from the Shenzhen Stock Exchange, and one from the Beijing Stock Exchange [1] - The companies that withdrew their applications are Qingdao Gulf Chemical Co., Ltd., Zhejiang Qingtian Solar Technology Co., Ltd., and Beijing Zhaoxin Information Technology Co., Ltd. [2] Group 2: Qingdao Gulf Chemical Co., Ltd. - Qingdao Gulf Chemical focuses on the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer new materials, and inorganic silicon products, with key products including PVC, polystyrene, and caustic soda [3] - The company experienced significant growth in performance due to a nearly 50% increase in product prices during the chemical industry upcycle before 2022, but is now facing potential declines in performance as prices revert to pre-cycle levels [4] - The company's total assets as of June 30, 2022, were approximately 1,332.11 million yuan, with a net profit of approximately 100.56 million yuan for the first half of 2022 [4] Group 3: Beijing Zhaoxin Information Technology Co., Ltd. - Beijing Zhaoxin specializes in Product Identity Management (PIDM) technology, offering IoT identification products, SaaS software, and digital solutions for various industries [5] - The company's revenue for 2022 was approximately 22.88 million yuan, which is significantly below the standards required for listing, leading to the withdrawal of its IPO application [6]

Core Viewpoint - Qingdao Qinghe has voluntarily withdrawn its IPO application on the Shanghai Stock Exchange, marking a significant setback for the company after more than two years of attempts to go public [2][3]. Company Overview - Qingdao Qinghe specializes in the research, production, and sales of artificial turf and grass yarn, ranking second globally in production and sales scale [2]. - The company has a global market share of 12.9% in artificial turf as of 2023, according to AMI Consulting [2]. Financial Performance - Revenue has shown consistent growth, but net profit has fluctuated significantly from 2019 to 2023, with figures of 24.71 million, 142 million, 137 million, 100 million, and 129 million yuan respectively [3]. - The net profit decline in 2021 and 2022 was attributed to exchange rate losses, with exchange gains accounting for a significant portion of total profits during the reporting period [3]. Accounts Receivable - As of June 2024, accounts receivable reached 490 million yuan, representing 20.58% of total assets, a 50.81% increase from the end of the previous year [3]. Shareholding Structure - The company has undergone 12 equity transfers and 9 capital increases since its establishment, resulting in a large shareholder base with 14 individual and 22 institutional shareholders [4]. - The actual controller's shareholding is only 36.34%, which may pose risks to control stability and decision-making if the company goes public [4]. International Operations - Qingdao Qinghe has faced operational challenges in its overseas business, particularly in Mexico, where a production base has been less efficient and has led to increased management difficulties [5]. - A fire incident in February 2024 at the Mexican facility resulted in a loss of 59.63 million yuan, significantly impacting the company's financial performance [6]. Legal Issues - The company has been involved in multiple patent disputes since 2020, including two significant cases with the leading artificial turf producer, which have been resolved [6]. - An ongoing lawsuit from POLYLOOM claims that Qingdao Qinghe infringed on its patents in the U.S. [6]. R&D Expenditure - Qingdao Qinghe's R&D expenditure has been notably lower than its competitors, with rates of 1.26%, 1.41%, 1.51%, and 1.03% of revenue during the reporting periods, compared to an average of 3.22% to 3.70% for its peers [7].

Group 1: IPO Withdrawals - Four companies withdrew their IPO applications from the Shanghai, Shenzhen, and Beijing stock exchanges during the week of April 21 to April 27, 2025 [1] - The companies include Zhejiang Shenghua Yunfeng New Material Co., Ltd., Xiamen Duyuan Outdoor Products Co., Ltd., Tangshan Tianhe Environmental Protection Technology Co., Ltd., and Xi'an Boda Software Co., Ltd. [2] Group 2: Company Profiles - Zhejiang Shenghua Yunfeng New Material Co., Ltd. specializes in the design, research and development, production, and sales of indoor decoration materials and customized home products, including artificial boards and wooden flooring [3] - Xiamen Duyuan Outdoor Products Co., Ltd. focuses on the research, design, production, and sales of RV and yacht accessories, as well as water sports products [5] - Tangshan Tianhe Environmental Protection Technology Co., Ltd. manufactures specialized equipment for coal mining and non-coal mining, including crushing and drying equipment [7] - Xi'an Boda Software Co., Ltd. provides intelligent services for multimedia digital content, focusing on software development and implementation for various industries [9] Group 3: Financial Performance and Analysis - Zhejiang Shenghua Yunfeng reported total assets of 2,468.51 million yuan and a net profit of 148.56 million yuan for the first half of 2024, with a significant increase in total assets from 1,523.54 million yuan in 2022 [4] - Xiamen Duyuan's total assets reached 302.98 million yuan in 2022, with a net profit of 70.60 million yuan, but over 80% of its revenue comes from overseas markets, making it vulnerable to international trade tensions [6] - Tangshan Tianhe's revenue for 2023 was 194.32 million yuan, with a net profit of 29.29 million yuan, but it has faced challenges in maintaining consistent profitability [8] - Xi'an Boda reported a net loss of 11.91 million yuan in 2024, with a decline in its net profit from previous years, indicating ongoing financial difficulties [10]

Company Overview - Yunfeng New Materials primarily engages in the design, research and development, production, and sales of indoor decorative materials and customized home products, including engineered wood, wooden flooring, technology wood, and customized home products like wardrobes and wooden doors [2] - The company is recognized as a key leading enterprise in the national forestry sector and ranks second in the sales of "Mogan Mountain" brand plywood within the industry [2] - Over more than 20 years, the company has developed into an innovative enterprise with four core business segments: engineered wood, wooden flooring, technology wood, and whole-house customization [2] Financial Performance - From 2022 to the first half of 2024, Yunfeng New Materials achieved revenues of 2.669 billion yuan, 3.429 billion yuan, and 1.634 billion yuan, with net profits of 245 million yuan, 320 million yuan, and 149 million yuan respectively [2] - The gross profit margins for the main business from 2021 to the first half of 2024 were 22.73%, 21.13%, 20.82%, and 19.30%, indicating a downward trend influenced by product sales structure and fluctuations in gross margins of main products [4] Market Competition - The company faces significant market competition in the engineered wood, wooden flooring, and customized home product sectors, with a relatively low market share in engineered wood and a mid-tier position in the wooden flooring industry compared to larger competitors [3] - The customized home industry is experiencing increasing competition as more traditional furniture manufacturers are entering the market, which may lead to a decline in average industry profit margins [3] Raw Material Procurement - Yunfeng New Materials sources raw materials both through self-production and OEM procurement, with major materials including board products and melamine paper [3] - Fluctuations in the prices of raw materials and OEM procurement significantly impact the company's main business costs and, consequently, its gross income [3] IPO and Future Prospects - In March 2023, the company’s IPO on the Shanghai main board was accepted, with plans to raise 1.249 billion yuan for projects related to intelligent whole-house customization, R&D center enhancements, and brand channel development [4] - The company faced inquiries regarding its IPO in June 2023 but has not disclosed responses, and the IPO was withdrawn in April 2025 [4]