Core Viewpoint - Yongda Co., Ltd. is the first IPO project this year to be temporarily suspended by the Beijing Stock Exchange, which has raised concerns regarding the company's operational stability and potential risks of significant performance decline [2]. Group 1: Company Overview - Yongda Co., Ltd. specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [4]. - The company has developed a non-standard pressure vessel product system primarily consisting of reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels [4]. Group 2: Financial Performance - Yongda Co., Ltd. achieved revenues of 696 million yuan, 712 million yuan, 819 million yuan, and 321 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The net profit attributable to the parent company for the same periods was 112 million yuan, 131 million yuan, 107 million yuan, and 71.25 million yuan [4]. - As of June 30, 2025, the total assets of the company were approximately 1.35 billion yuan, with total equity of about 737 million yuan [5]. - The company's asset-liability ratio decreased from 61.13% in 2023 to 41.64% in 2025, indicating improved financial stability [5]. - The gross profit margin has shown an upward trend, increasing from 27.31% in 2023 to 29.39% in 2025 [5].

Core Viewpoint - The IPO application of Jiangsu Yongda Chemical Machinery Co., Ltd. has been postponed by the Beijing Stock Exchange, marking the first IPO project to face such a delay in 2023 [1] Financial Performance - Yongda's revenue from 2022 to 2024 was reported as 696 million, 712 million, and 819 million yuan respectively, while net profit attributable to shareholders was 112 million, 131 million, and 107 million yuan, indicating a "revenue increase without profit increase" trend in 2024 [1] - In the first three quarters of 2025, the company's revenue declined by 25.16% to 361 million yuan, and net profit decreased by 3.34% to approximately 70.42 million yuan, primarily due to project execution progress [1] Business Segments - The photovoltaic business showed significant volatility, with revenue proportions of 13.72%, 3.62%, 19.14%, and 1.98% from 2022 to the first half of 2025 [2] - The listing committee raised concerns regarding the future performance risks of the photovoltaic sector, emphasizing the need for the company to address industry cycle changes, policy impacts, and market demand fluctuations [2] Accounts Receivable - Yongda's accounts receivable at the end of each reporting period were valued at 239 million, 205 million, 264 million, and 253 million yuan, representing 34.44%, 28.73%, 32.24%, and 39.38% of revenue respectively [2] - The company faces potential bad debt risks from its largest customer, Hoshine Silicon Industry Co., Ltd., with accounts receivable and contract assets amounting to approximately 77.98 million yuan [3] Regulatory Scrutiny - The listing committee requested further verification of the company's internal control measures for photovoltaic project sales, the adequacy of revenue recognition criteria, and the recoverability of accounts receivable [3]

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (referred to as "Yongda") has had its IPO application on the Beijing Stock Exchange postponed, marking the first such instance for an IPO this year [1]. Group 1: Company Overview - Yongda specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [1]. - The company has developed a non-standard pressure vessel product system primarily consisting of reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels [1]. Group 2: IPO Details - Yongda's IPO was accepted on April 27, 2025, and it entered the inquiry stage on May 28, 2025 [1]. - The company aims to raise approximately 458 million yuan through this IPO [1]. Group 3: Regulatory Concerns - The listing committee has requested further verification from the sponsoring institution and the reporting accountant regarding the rationality and effectiveness of Yongda's internal control measures for photovoltaic project sales, the sufficiency of revenue recognition basis, and the recoverability of accounts receivable [1][2]. - The committee has also asked Yongda to explain the consistency of revenue recognition standards with the actual sales and production cycles, as well as the reasons for any discrepancies between production, energy consumption, and raw material procurement costs compared to revenue trends [2]. - Concerns regarding the sustainability of Yongda's operating performance have been raised, particularly in relation to industry cycle changes, policy impacts, market demand fluctuations, and potential risks in accounts receivable recovery from the photovoltaic sector [2].

Core Points - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda) faced a delay in its IPO review at the Beijing Stock Exchange, marking it as the first IPO project to be postponed this year [1] - The company specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining, petrochemicals, photovoltaics, and pharmaceuticals [1] - Yongda aims to raise approximately 458 million yuan through its IPO, which was accepted on April 27, 2025, and entered the inquiry stage on May 28, 2025 [1] Review Requirements - The listing committee requested further verification from the sponsoring institution and reporting accountants regarding the rationality and effectiveness of Yongda's internal control measures for photovoltaic project sales, the sufficiency of revenue recognition basis, and the recoverability of accounts receivable [2] - The committee also required Yongda to explain the sufficiency of revenue recognition based on the company's standards and the situation of acceptance documents received at the end of each reporting period [2] - Additionally, Yongda must address the stability of its operating performance in light of industry cycle changes, policy impacts, market demand fluctuations, competitiveness, existing orders, and risks associated with receivables in the photovoltaic sector [2]

Core Viewpoint - The review meeting of the Beijing Stock Exchange for Jiangsu Yongda Chemical Machinery Co., Ltd. has resulted in a postponement of the review process for the company's public offering [1] Group 1: Company Overview - Jiangsu Yongda Chemical Machinery Co., Ltd. specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [1] - The company has developed a product system focused on non-standard pressure vessels, including reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels [1] Group 2: Shareholding Structure - As of the signing date of the prospectus, Li Changzhe holds 86.56% of the company’s shares, making him the controlling shareholder [2] - Li Changzhe's son, Li Jin, and daughter-in-law, Gu Xiuhong, also hold significant shares, with Li Jin owning 1,080,000 shares (7.74%) and Gu Xiuhong owning 2,400,000 shares (17.20%) [2] Group 3: Fundraising and Project - The company plans to publicly issue up to 46,520,000 shares, with a total fundraising target of 457.81 million yuan, aimed at the construction of the first phase of a heavy chemical equipment production base [3] Group 4: Review Opinions and Inquiries - The review committee has requested further verification from the sponsor and the reporting accountant regarding the reasonableness and effectiveness of the sales internal control measures for the photovoltaic project, as well as the sufficiency of revenue recognition basis and the recoverability of accounts receivable [4] - Key inquiries include the adequacy of revenue recognition, the stability of operating performance, and the risks associated with accounts receivable in the photovoltaic business [5]

Group 1: Market Indices - The chemical sector indices experienced significant declines, with the chemical raw materials index down 8.61%, chemical machinery index down 7.11%, pharmaceutical index down 6.63%, and pesticide and fertilizer index down 5.94% [1] - In contrast, the oil sector indices showed mixed results, with the oil processing index up 1.4% and the oil extraction index up 0.67%, while the oil trade index fell by 4.96% [1] Group 2: Oil Prices - The sentiment in the crude oil market turned bearish due to the Trump administration urging Ukraine and Russia to reach a peace agreement, alongside a strengthening US dollar, leading to a decline in oil prices [1] - As of November 21, the settlement price for West Texas Intermediate (WTI) crude oil futures was $58.06 per barrel, down 3.38% from November 14, while Brent crude oil futures settled at $62.56 per barrel, down 2.84% [1] Group 3: Chemical Products - The top five rising petrochemical products included industrial-grade lithium carbonate up 13.67%, dimethyl carbonate up 12.32%, lithium battery electrolyte up 8%, sulfur up 7.54%, and folic acid up 6.25% [2] - Conversely, the top five declining petrochemical products were liquid chlorine down 6.25%, diethylene glycol down 5.35%, isooctyl acrylate down 5.13%, PVC by ethylene method down 3.49%, and tetrachloroethylene down 3.49% [2] Group 4: Stock Performance - In the capital market, the top five gaining listed chemical companies were Guofeng Plastics up 33.33%, Huarong Chemical up 27.82%, Tongyi Co. up 16.51%, Chenguang New Materials up 16.37%, and Tongcheng New Materials up 14.75% [2] - The top five declining listed chemical companies included Annada down 26.13%, Taihe Technology down 25.64%, Jiaao Enpro down 25.62%, Jianye Co. down 24.85%, and Sanfangxiang down 23.33% [2]

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (referred to as "Yongda Co.") is set to hold a review meeting on November 26, 2025, for its listing on the Beijing Stock Exchange, aiming to raise funds for its heavy chemical equipment production base project [1]. Group 1 - Yongda Co. plans to raise a total of 457.81 million yuan (approximately 45.78 million) for the first phase of its heavy chemical equipment production base project [2][3]. - The total investment for the project is estimated at 591 million yuan (approximately 59.1 million), with the raised funds covering a significant portion of this amount [3]. Group 2 - The sponsor for this issuance is Guotai Junan Securities Co., Ltd., with representatives Luo Yunxiang and Chen Yuezhen overseeing the process [3]. - As of the signing date of the prospectus, Li Changzhe holds 86.56% of the company's shares, making him the controlling shareholder, along with his family members who have signed a concerted action agreement [4].

Group 1: Industry Performance - The petrochemical index saw an overall increase, with six indices rising and only the chemical machinery index declining by 4.02% [1] - The chemical raw materials index rose by 3.44%, the pharmaceutical index increased by 3.09%, and the pesticide and fertilizer index went up by 3.18% [1] - In the oil sector, the oil processing index increased by 1.84%, the oil extraction index rose by 1.42%, and the oil trading index surged by 7.39% [1] Group 2: Commodity Prices - International crude oil prices experienced slight upward fluctuations, with WTI settling at $60.09 per barrel, up 0.57% from November 7, and Brent at $64.39 per barrel, up 1.19% [1] - The top five petrochemical products with the highest price increases included DMC (up 18.18%), natural rubber (up 13.22%), D4 (up 13.04%), 107 glue (up 12.71%), and methyl acrylate (up 8.03%) [1] - The five petrochemical products with the largest price declines were isooctyl acrylate (down 7.69%), 2,4-dichlorophenoxyacetic acid (down 4.29%), dichloromethane (down 3.64%), diethylene glycol (down 3.53%), and vitamin D3 (down 3.33%) [1] Group 3: Capital Market Performance - The top five listed chemical companies with the highest stock price increases were Shida Shenghua (up 43.44%), Yongtai Technology (up 33.89%), Aoke Shares (up 23.36%), Taihe Technology (up 23.59%), and Kaisheng New Materials (up 23.03%) [2] - The five listed chemical companies with the largest stock price declines included Xiangyuan New Materials (down 15.42%), Xinhang New Materials (down 14.15%), Dongcai Technology (down 13.52%), Kaili New Materials (down 12.60%), and Asia-Pacific Industry (down 11.16%) [2]

Group 1: Chemical Industry Performance - The chemical raw materials index increased by 3.79%, and the chemical machinery index rose by 8.33% last week, while the chemical pharmaceuticals index decreased by 2.91% [1] - The pesticide and fertilizer index saw an increase of 4.32% [1] - In the oil sector, the oil processing index rose by 3.72%, the oil extraction index increased by 5.63%, and the oil trading index went up by 4.41% [1] Group 2: Oil Price Trends - International crude oil prices experienced slight fluctuations downward, with West Texas Intermediate crude oil futures settling at $59.75 per barrel, down 2.02% from October 31 [1] - Brent crude oil futures settled at $63.63 per barrel, down 2.21% from October 31 [1] Group 3: Chemical Product Price Changes - The top five chemical products with the highest price increases included folic acid up 20%, nitric acid up 10.43%, sulfur up 9.95%, industrial-grade lithium carbonate up 9.51%, and petroleum coke up 7.23% [1] - The top five chemical products with the largest price decreases included liquid chlorine down 34%, butadiene down 7.69%, trichloroethylene down 6%, styrene-butadiene-styrene copolymer (SBS) down 5.9%, and carbon black down 5.53% [1] Group 4: Capital Market Performance of Chemical Companies - The top five chemical companies in the capital market with the highest stock price increases were Qing Shui Yuan up 47.78%, Zhenhua Co. up 37.19%, Fuluo Technology up 33.38%, Unified Co. up 32.93%, and Zhuoyue New Energy up 26.38% [2] - The bottom five chemical companies with the largest stock price decreases were Huidet Technology down 24.78%, Yashichuang Energy down 19.09%, Kaimete Gas down 18.64%, Weike Technology down 8.98%, and Yokogawa Precision down 8.86% [2]

Group 1: Chemical Sector Performance - The chemical raw materials index increased by 3.15%, while the chemical machinery index decreased by 0.71%. The pharmaceutical index rose by 2.38%, and the pesticide and fertilizer index saw a significant increase of 5.83% [1] - In the oil sector, the oil processing index rose by 2.59%, the oil extraction index increased by 7.68%, and the oil trading index saw a rise of 7.1% [1] Group 2: Oil Price Trends - International crude oil prices experienced a slight decline, with the West Texas Intermediate crude oil futures settling at $60.98 per barrel, down 0.85% from October 24. The Brent crude oil futures settled at $65.07 per barrel, down 1.32% [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with the highest price increases included lithium battery electrolyte, which rose by 18.42%, liquid chlorine up by 12.78%, vitamin E increased by 8.7%, sulfur up by 6.04%, and paraquat 42% mother liquor up by 5.38%. The products with the largest price declines included butadiene down by 10.35%, acetic acid down by 8.36%, coal tar down by 4.94%, diglycol down by 4.53%, and isooctyl acrylate down by 4.32% [1] Group 4: Stock Market Performance of Chemical Companies - The top five chemical companies in the stock market with the highest price increases were Pioneer Materials up by 43.49%, Zhenhua Shares up by 34.3%, Duofluor up by 33.15%, Yashi Chuangneng up by 31.72%, and Dongfang Tieta up by 23.43%. The companies with the largest price declines included Shilong Industrial down by 21.91%, Nongxin Technology down by 13.04%, Zhengdan Shares down by 10.58%, Shuiyang Shares down by 10.32%, and Lanfeng Biochemical down by 9.4% [2]