Group 1: Financial Performance - The company achieved an operating income of 7.701 billion yuan in 2024, a year-on-year increase of 16.51% [10] - The net profit attributable to shareholders was 307.05 million yuan, a decrease of 32.34% compared to the previous year [10] - The net cash flow from operating activities was 154 million yuan, down 77.14% year-on-year [10] - Total assets at the end of the period reached 7.990 billion yuan, an increase of 24.22% [10] - Net assets attributable to shareholders were 4.043 billion yuan, up 7.55% year-on-year [10] Group 2: Research and Development - R&D expenses in 2024 amounted to 304 million yuan, a 24.93% increase from 243 million yuan in 2023 [3] - R&D investment decreased by 6.92% year-on-year, raising concerns about maintaining technological leadership [3] - The company focuses on new technologies and products related to its main business, including catalyst development and new process innovations [6] Group 3: Project Developments - A 240,000 tons/year maleic anhydride facility was completed and put into operation in April 2025 [4] - Ongoing projects include the first and second phases of the light hydrocarbon comprehensive utilization project and the expansion of maleic anhydride production [4] - The company plans to construct a 200,000 tons/year isopropyl acetate facility, expected to be operational in Q4 2025 [4] Group 4: Market Strategy and Challenges - The company aims to expand its market share by focusing on high value-added, high-tech deep processing products [5] - The green and low-carbon transformation in the chemical industry presents challenges such as increased environmental pressure and urgent innovation needs [4] - The company is diversifying its overseas markets to mitigate risks associated with international trade tensions [8] Group 5: Long-term Goals - The company has set a target to achieve over 1 million tons of capacity, 10 billion yuan in output value, and 10 billion yuan in revenue by 2025 [8] - Future strategies include expanding the carbon four industrial chain and focusing on high-end chemical products [6]

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Hunan Zhongchuang Chemical Co., Ltd.'s application for an initial public offering (IPO) and listing on the main board due to the company's withdrawal of its application [1][2]. Company Overview - Hunan Zhongchuang Chemical Co., Ltd. is a high-tech chemical enterprise focused on the production, research, and sales of new environmentally friendly solvents, with main products including butyl acetate, isopropyl acetate, and methyl ethyl ketone [2][3]. - The company's products are primarily used in various fields such as coatings, inks, adhesives, pesticides, pharmaceuticals, chemical dehydration, extraction, organic synthesis, electronic cleaning, and fragrances, and can also be used as components in gasoline blending [2]. Shareholding Structure - As of the signing date of the prospectus, the shareholders of Zhongchuang Chemical hold shares relatively dispersedly, with no single shareholder owning more than 50% of the total share capital [3]. - Major shareholders holding more than 5% of the shares include Weichuang Partnership (14.29%), Changlian New Materials (8.73%), Derui Fengyuan (8.44%), Engineering Company (5.45%), Tongyi Investment (5.33%), and Liu Liangshuai (5.02%) [3]. - No shareholder can independently exert significant influence over the resolutions of the shareholders' meeting, indicating the absence of a controlling shareholder [3]. IPO Details - The company planned to issue no more than 28 million new shares, representing at least 25% of the total share capital post-issuance, with the final number subject to approval by the China Securities Regulatory Commission [3]. - The intended fundraising amount was 65 million yuan, allocated for a 100,000 tons/year electronic-grade carbonate project [4]. Project Investment - The total investment for the 100,000 tons/year electronic-grade carbonate project is approximately 104.42 million yuan, with the planned fundraising amount being 65 million yuan [4]. - The lead underwriter for the IPO is CITIC Securities Co., Ltd., with representatives Jiang Xiang and Xie Shiqiu [4].