Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Qingdao Gulf Chemical Co., Ltd.'s initial public offering (IPO) and listing on the Shanghai Main Board due to the company's withdrawal of its application [1][3]. Group 1: Company Background - Qingdao Gulf Chemical's main business includes chlor-alkali chemicals, organic chemical raw materials, polymer new materials, and inorganic silicon products, with key products such as PVC, styrene, polystyrene, and caustic soda [3]. - The controlling shareholder of Gulf Chemical is Qingdao Gulf Group Co., Ltd., which holds 62% of the company's shares. The actual controller is the Qingdao State-owned Assets Supervision and Administration Commission through its ownership of Qingdao Investment [3]. Group 2: IPO Details - Gulf Chemical initially planned to issue no more than 25,344,990 shares, accounting for no more than 15% and no less than 10% of the total share capital after issuance [4]. - The company aimed to raise 300 million yuan for various projects, including a green circular economy project for epoxy chloropropane, an epoxy resin project, and an expansion project for ethylene oxychlorination [4][6]. - The total investment for the planned projects is approximately 460.69 million yuan, with specific allocations for each project detailed in the funding table [6].

Core Viewpoint - Qingdao Bay Chemical Co., Ltd. has withdrawn its application for an initial public offering (IPO) on the Shanghai Stock Exchange, leading to the termination of the review process for its stock listing [1][3]. Company Overview - Qingdao Bay Chemical was established in September 1999, originally as a state-owned enterprise, and has a registered capital of approximately 144 million yuan [3]. - The main shareholders include Qingdao Bay Group and Qingdao State Investment, with the company focusing on the development, production, and sales of chlor-alkali chemicals, organic chemical raw materials, and high polymer new materials [5]. IPO Process - The company initially disclosed its prospectus in January 2023, aiming to raise 3 billion yuan through the IPO [3]. - The Shanghai Stock Exchange issued its first round of inquiries in July 2023, but the company has not responded, leading to multiple suspensions of the review due to outdated financial data [3][5]. Financial Performance - Revenue figures for Qingdao Bay Chemical over the years are as follows: approximately 7.04 billion yuan in 2019, 6.05 billion yuan in 2020, 13.03 billion yuan in 2021, and 6.96 billion yuan in the first half of 2022 [5][6]. - Net profits for the same periods were approximately 485 million yuan, 301 million yuan, 2.08 billion yuan, and 1.01 billion yuan, respectively [5][6]. - The company has a history of significant cash dividends, distributing around 741 million yuan in 2019, 508 million yuan in 2020, 481 million yuan in 2021, and 1.58 billion yuan in the first half of 2022 [6]. Future Projections - For 2022, the company expects revenue between 12.445 billion yuan and 14.410 billion yuan, with a projected decline in net profit of 47.85% to 39.62% due to rising raw material prices [7].

Core Viewpoint - Qingdao Gulf Chemical Co., Ltd. has had its IPO review status changed to "terminated" due to the withdrawal of its listing application by the company and its sponsor [1] Group 1: Company Overview - Gulf Chemical's main business includes the research, production, and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer new materials, and inorganic silicon products [1] - The company has established a production capacity of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate [2] - Gulf Chemical ranks first in domestic ethylene-based PVC production capacity according to the China Chlor-Alkali Industry Association [2] Group 2: Financial Performance - The company's revenue for the years 2019, 2020, 2021, and the first half of 2022 was approximately 7.038 billion, 6.053 billion, 13.028 billion, and 6.962 billion RMB respectively [2] - The net profit for the same periods was approximately 485 million, 301 million, 2.076 billion, and 1.006 billion RMB respectively [2][3] - As of June 30, 2022, the company's revenue was 696.23 million RMB, and the net profit was 100.56 million RMB [3]

Core Viewpoint - The document outlines the underwriting and issuance process for Ningxia Yinglite Chemical Co., Ltd.'s stock issuance to specific investors, detailing the roles of the underwriters and the company's compliance with relevant regulations [1][18]. Group 1: Issuer Information - Ningxia Yinglite Chemical Co., Ltd. was established in November 1996 and is listed on the Shenzhen Stock Exchange under the stock code 000635 [5]. - The company has a registered capital of 303,486,737 RMB and operates in the chemical production sector, including hazardous chemicals and general chemical products [6][7]. Group 2: Underwriter Details - CITIC Securities is the underwriter for this issuance, with Yang Xuele and Xu Xingwen designated as the lead underwriters, both having extensive experience in managing public offerings [3][4]. - The underwriting team has a strong track record, having previously managed significant IPOs and private placements [3][4]. Group 3: Issuance Details - The issuance involves offering A-shares to no more than 35 specific investors, including the controlling shareholder, Yinglite Group [14][22]. - The pricing for the shares will be based on the average stock price over the 20 trading days prior to the issuance date, ensuring it does not fall below the net asset value per share [22]. Group 4: Financial Performance - As of March 31, 2025, the total assets of the company were reported at 266,184.15 million RMB, with total liabilities of 164,021.86 million RMB, indicating a debt ratio of approximately 61.62% [9][10]. - The company reported a net profit of -8,223.50 million RMB for the first quarter of 2025, reflecting ongoing financial challenges [10]. Group 5: Compliance and Governance - The underwriting process has undergone rigorous internal review and compliance checks, ensuring adherence to the Company Law and Securities Law of the People's Republic of China [11][15]. - The underwriter has committed to maintaining transparency and integrity throughout the issuance process, with no conflicts of interest identified [11][16].

Core Viewpoint - Ningxia Yinglite Chemical Co., Ltd. has faced continuous losses in 2024 and the first quarter of 2025, primarily due to low prices of its main products, PVC and E-PVC, which have negatively impacted its financial performance [1][3]. Financial Performance Summary - The company's operating revenue for 2024 was CNY 400.12 million, a decrease of 2.32% year-on-year, while the operating cost was CNY 436.25 million, down 1.43% year-on-year [2]. - The gross profit margin was negative CNY 36.13 million, reflecting a decline of 9.68% year-on-year, indicating significant operational challenges [2]. - The net profit attributable to shareholders was negative CNY 82.24 million, representing a year-on-year increase in losses of 17.75% [2][3]. - The company reported a net profit after deducting non-recurring gains and losses of negative CNY 85.05 million, with a year-on-year increase in losses of 21.17% [2]. Operational Insights - The company’s main business includes the production and sales of calcium carbide, polyvinyl chloride (PVC), caustic soda, hydrochloric acid, and liquid chlorine, with a stable customer base and a flexible production plan [4]. - The operational model emphasizes a structured procurement strategy and production planning that adapts to market changes, ensuring a stable supply of raw materials [4]. Future Outlook - Despite the reported losses, the company asserts that these will not significantly impact its operational capabilities or the ongoing projects funded by the recent stock issuance [5]. - The total amount raised from the stock issuance is expected to be no more than CNY 700 million, aimed at enhancing the integrated industrial chain and improving profitability [5]. Compliance and Governance - The company has confirmed that it meets the conditions for issuing shares to specific investors, with no significant adverse impacts from recent financial performance on the issuance process [6][7].

Core Viewpoint - The Gansu Jinchuan Group is leveraging its local resources and innovative capabilities to enhance its competitive position in the nickel-cobalt and copper industries, driving growth and collaboration among over 100 related enterprises in the region [1][4][6]. Group 1: Production and Cost Efficiency - The company produces batteries with lower manufacturing costs, approximately 12% less than coastal regions, by sourcing most raw materials locally [1]. - The Jinchuan Group's smart copper smelting factory has implemented intelligent control in its operations, enhancing efficiency [2]. Group 2: Innovation and Product Development - The establishment of the "Gansu Nickel-Cobalt Resource Efficient Utilization and New Product Development Innovation Consortium" has facilitated collaborative innovation and technology research [3]. - New products such as 4N5 oxygen-free copper and 6N5 high-purity nickel have been developed, breaking foreign monopolies and meeting critical material demands [3]. Group 3: Economic Impact and Industry Collaboration - The industrial cluster around Jinchuan Group achieved a production value of 2.8 billion yuan in the first quarter of the year, reflecting a year-on-year growth of 27.3% [4]. - The collaboration with other companies has effectively addressed long-standing issues related to hazardous waste and by-product utilization in the region [4]. Group 4: Market Expansion and High-End Products - The company is expanding into high-end nickel alloys and copper foil markets, with products like "hand-torn nickel" achieving significant market differentiation [6]. - The copper foil project has reached full production capacity, with a monthly output of 900 tons, catering to high-end applications such as lithium batteries and 5G base stations [7]. Group 5: Future Development Strategy - Jinchuan Group aims to deepen the integration of its supply chain, focusing on vertical and horizontal expansion of its industrial chain to enhance product quality and production capabilities [7].

Core Points - Anhui Hwasu Co., Ltd. is issuing A-shares to specific investors, with a total of 87,336,244 shares to be issued at a price of 2.29 RMB per share, raising approximately 200 million RMB [1][7][9] - The shares will be subject to a lock-up period of 36 months for the investors, with specific restrictions for Huai Mining Group, the controlling shareholder [1][9] - The issuance will not change the control structure of the company, as Huai Mining Group remains the controlling shareholder [1][17] Issuance Details - The total number of shares issued is 87,336,244, which is 70% of the proposed issuance [7] - The total funds raised from this issuance amount to 199,999,998.76 RMB, with net proceeds after expenses being 196,924,966.30 RMB [9][10] - The issuance price is based on the average trading price of the company's shares over the 20 trading days prior to the pricing date [7][8] Shareholder Structure - Before the issuance, the total share capital of the company was 3,507,401,812 shares, with the top ten shareholders holding 82.22% of the shares [17] - After the issuance, Huai Mining Group will hold 2,958,139,670 shares, representing 82.29% of the total shares [17] - The issuance will add 87,336,244 shares as restricted shares, which will be released after the lock-up period [17] Financial Overview - As of March 31, 2025, the company reported total assets of 1,009,912.47 million RMB and total liabilities of 424,544.64 million RMB [18] - The company reported a net loss of 5,542.75 million RMB for the first quarter of 2025, with total revenue of 106,566.82 million RMB [18] - The company has been focusing on a circular economy and resource utilization, primarily producing PVC and caustic soda [5][18]

Core Viewpoint - Jiang'an County is focusing on building a new development pattern that integrates urban and rural areas, emphasizing green development and innovation to enhance the county's economic capabilities [4][6]. Group 1: Economic Development - Jiang'an County has established small micro-industrial parks to boost local economies, attracting 21 enterprises and creating over 500 jobs for returning migrant workers [6][7]. - The county's "Industrial Strong County" strategy aims to develop local economies through small micro-parks, with a total of 66 enterprises generating an annual output value of 600 million yuan [6][7]. - In 2023, Jiang'an County signed over 50 new projects, expected to create more than 2,500 jobs, focusing on labor-intensive industries [7]. Group 2: Technological Advancement - Jiang'an County is promoting digital transformation in industries, with over 70 companies receiving free digital maturity assessments and 28 companies getting tailored transformation plans [9]. - The county has implemented 18 "smart transformation" projects, leading to a total investment exceeding 2 billion yuan in technological upgrades [9]. Group 3: Environmental Sustainability - Jiang'an County is enhancing its ecological environment, with a focus on water management and the protection of rare fish species in the Yangtze River [12]. - The industrial park in Jiang'an County has achieved a 98.5% reuse rate of industrial water, showcasing the effectiveness of circular economy practices [11]. - The county has developed a circular economy industrial park, gathering 41 industrial enterprises, including 3 national-level green factories [11].

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoint of the Report The fundamental outlook for PVC is weak, and the market is in a downward trend seeking a bottom. Although there has been a marginal improvement in the fundamentals with a decent inventory reduction rate recently and the absolute price is at a low - valuation level, there is still significant pressure due to high production rates and weak domestic demand. Without a halt in the decline of the cost side and large - scale production cuts by upstream producers, it is difficult for the market to stage a strong rebound. The previous short positions can be held, and attention should be paid to capital dynamics and device changes [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - In May, the V2509 contract fluctuated between 4700 and 5057, first falling and then rising, with the center of gravity continuing to move down. On May 15, driven by the expectation of tariff - induced pre - export, the contract reached a monthly high of 5057 but failed to fill the gap after the Tomb - Sweeping Festival. Due to weak fundamental expectations and cost collapse, the contract continued to decline after the rebound, and on May 29, it broke through the previous low, reaching 4700, only 6.8% away from the historical low [3]. - The weighted monthly line has seen four consecutive negative candles, and the 09 contract has had eight consecutive negative candles. The absolute price is at the bottom, the basis is relatively strong year - on - year, the 9 - 1 spread is biased towards positive arbitrage, and the term structure maintains a Contango structure. The open interest of the 09 contract has exceeded 1 million lots, and attention should be paid to capital dynamics [5]. 3.2 Macroeconomic Situation - **Domestic Macroeconomics**: In April, the PMI decreased by 1.5 percentage points month - on - month. The profits of manufacturing enterprises have marginally improved, but the PPI has been in negative territory for 31 consecutive months. From January to April, the decline in real estate completion area has widened, the area of commercial housing under construction is weak year - on - year, and the decline in the price index has narrowed [23]. - **Demand**: Terminal real estate data remains weak. From January to April 2025, the cumulative year - on - year changes in new construction, construction, completion, and commercial housing sales areas of real estate were - 23.8%, - 9.7%, - 16.9%, and - 2.8% respectively. The decline in new construction and sales areas has narrowed, while the decline in construction and completion areas has widened [33]. 3.3 Supply - Demand Balance - **Supply**: In the first quarter, Xinpu Chemical added 500,000 tons of new production capacity. In the second quarter, attention should be paid to the commissioning progress of multiple sets of devices such as those of Qingdao Bay and Wanhua. In June, a total of 900,000 tons of new devices from Qingdao Bay, Jiahua Energy, and Wanhua Fujian are planned to be put into production. The capacity utilization rate is expected to continue to increase, and the maintenance intensity in June is insufficient, with only a total of 2.41 million tons of devices from Wanhua, Qilu, etc. having maintenance plans [38][41][46]. - **Demand**: **Domestic Demand**: The downstream operating rate is at a low level year - on - year. The real estate price has not stopped falling, the high - frequency transaction data of commercial housing is at a low level year - on - year, and the rainy season is unfavorable for terminal construction, resulting in weak demand for pipes and profiles. **External Demand**: From January to April 2025, the cumulative domestic PVC exports reached 1.34 million tons, a cumulative year - on - year increase of 54%. However, with the approaching of the BIS certification on June 24, exports may face pressure based on previous experience [50][55]. - **Inventory**: The inventories of the upper and middle reaches continue to decline. The basis has strengthened, and the warehouse receipts have begun to gradually decrease [58][60]. - **Cost and Profit**: The cost of electricity, the largest cost for chlor - alkali enterprises, has continued to decline due to the continuous fall in the coal market. Coupled with the overall firm price of the co - product caustic soda, the dynamic cost center of enterprises has continued to move down, and the integrated profit has improved compared with last year, resulting in insufficient motivation for unexpected production cuts [4]. 3.4 Future Outlook - The fundamental outlook remains weak, and the market is in a downward trend seeking a bottom. Although the recent inventory reduction rate in the social inventory is decent, the fundamentals have marginally improved, and the absolute price is at a low - valuation level, there is still significant pressure due to high production rates and weak domestic demand. There is no obvious upward driving force in the fundamentals. Without a halt in the decline of the cost side and large - scale production cuts by upstream producers, it is difficult for the market to stage a strong rebound. The previous short positions can be held, and attention should be paid to capital dynamics and device changes. The V2509 contract is expected to fluctuate between 4600 and 4950 [4].

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