Core Viewpoint - Chicheng Biotechnology has voluntarily withdrawn its IPO application from the Beijing Stock Exchange, which aimed to raise 210 million yuan due to various operational challenges and financial pressures [2] Group 1: Company Overview - Chicheng Biotechnology specializes in the research, production, and sales of hydrolyzed tannin products derived from natural plant materials, with applications across multiple industries including pharmaceuticals, chemicals, and textiles [2] - The company’s main products include tannic acid, gallic acid, and related biochemical compounds [2] Group 2: Financial Performance - Chicheng Biotechnology's revenue from 2021 to 2023 showed significant fluctuations, with revenues of 360 million yuan, 291 million yuan, and 312 million yuan respectively, while net profits were 61.9 million yuan, 50.3 million yuan, and 48.8 million yuan [3] - The decline in revenue and profit in 2022 was primarily due to a major client, Zhengbang Technology, facing financial difficulties, which led to a significant reduction in orders [3][4] Group 3: Cost Structure and Risks - The cost of raw materials, particularly the reliance on wubeizi and tara powder, constitutes over 60% of the company's main business costs, making it vulnerable to price fluctuations [4] - In the first half of 2024, revenue increased by 25.10%, but net profit only grew by 14.59% due to rising raw material costs [4] Group 4: Inventory and Cash Flow - The company's inventory value as a percentage of total assets was notably high, with values of 96.2 million yuan, 87.2 million yuan, and 105 million yuan, representing 19.88%, 14.77%, and 17.03% of total assets respectively [5] - High inventory levels can lead to cash flow pressures and operational inefficiencies [5] Group 5: Business Expansion - Chicheng Biotechnology established a subsidiary, Hubei Bencao Times Health Industry Co., Ltd., in 2022 to enter the cosmetics sector, but this venture is still in its early stages with limited online sales [5] - Revenue from this subsidiary was minimal, with figures of 32,200 yuan and 127,570 yuan for 2022 and 2023 respectively, indicating challenges in scaling the new business [5]

上周（2025年05月26日至06月01日）根据上海证券交易所、深圳证券交易所、北京证券交易所发布的信息显示，共有三家企业撤回IPO首发申请材料。其 中，沪市主板1家北交所2家。 小财米 | 板块 | | 企业名称 | 注册地 | 行业 | | --- | --- | --- | --- | --- | | 上交所 | 主板 | 青岛青禾人造草坪股份有限公司 | 山东 | 人造草坪制造 | | 北交所 | | 厦门东昂科技股份有限公司 | 福建 | 电气机械和器材制造业 | | | | 五峰赤诚生物科技股份有限公司 | 湖北 | 化学原料和化学制品制 | 青岛青禾人造草坪股份有限公司 青岛青禾主要从事人造草坪及人造草丝的研发、生产和销售业务，是全球生产和销售规模排名第二的人造草坪企业。公司坚持在环保健康理念的前提下，持 续专注于研发和生产高质量、高标准、高性价比的人造草坪和草丝产品。根据AMI Consulting 的统计，2023年公司人造草坪的全球市场占有率为12.9%。 | | 2024年6月 | 2023年 | 2022 年 | 2021 年 | | --- | --- | --- | --- | - ...

Core Viewpoint - The company, Qicheng Biotechnology, has faced significant challenges leading to the termination of its IPO review, primarily due to declining financial performance and concerns regarding its construction projects and compliance issues [1][4][16]. Group 1: Market Position - Qicheng Biotechnology is a leading player in the hydrolyzed tannin industry, holding a global market share of approximately 7.12% in the tannic acid market and 9.07% in the gallic acid market as of 2023, indicating strong competitive positioning [2][3][24]. - The global market size for tannic acid and gallic acid in 2023 was approximately 1.16 billion and 1.91 billion respectively, highlighting the industry's growth potential [2]. Group 2: Financial Performance - The company's revenue has shown a downward trend, with reported figures of 359.76 million, 291.13 million, and 312.38 million for the years 2021 to 2023, respectively, and a projected decline in 2024 [4][17]. - The net profit attributable to shareholders decreased from 52.91 million in 2021 to 39.40 million in 2022, and slightly increased to 40.37 million in 2023, but is expected to drop to 29.85 million in 2024 [4][17]. - The company anticipates a further decline in revenue and net profit for the first quarter of 2025, with expected decreases of 2.94%-10.84% in revenue and 40.33%-48.86% in net profit [5][17]. Group 3: Construction Projects and Compliance Issues - Significant investments in construction projects, such as the Qicheng Biotechnology Industrial Park, have not yet been capitalized, raising concerns about the authenticity and reasonableness of these expenditures [9][10]. - The company has faced scrutiny for not completing necessary construction permits and for starting projects without proper approvals, although local authorities have indicated that these issues are not severe enough to warrant penalties [11][12][14][15]. - The company has been subject to multiple administrative penalties from various regulatory bodies, indicating ongoing compliance challenges [11][12]. Group 4: Market Dynamics and Competitive Landscape - The company has experienced fluctuations in revenue from its industrial tannic acid product, primarily due to changes in customer procurement strategies and market competition [21]. - The demand for mixed feed additives containing tannic acid has declined significantly, with utilization rates dropping to 7.17% and 9.17% in 2023 and 2024, respectively, largely due to the financial struggles of key customers [22]. - The competitive landscape is characterized by price reductions in response to increased market pressure, which has affected the company's profit margins [24].

Core Viewpoint - The article highlights the journey of Tianjin Jiurui Sheng Technology Co., Ltd. and its founder, Professor Zhao Guofeng, in transforming scientific research into practical applications, particularly in the field of high-end photoinitiators and semiconductor materials, showcasing a successful model of technology commercialization from academic research [1][2][3][4][5][6]. Group 1: Company Development - Tianjin Jiurui Sheng Technology Co., Ltd. was founded by Professor Zhao Guofeng, who aimed to convert laboratory research into production capabilities, becoming a model for the commercialization of university research [1][2]. - The company successfully developed a series of domestically produced photoinitiators, breaking foreign monopolies and significantly reducing production costs for domestic industries [2][3]. - Jiurui Sheng was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2019 and has received multiple national recognitions, including being named a national high-tech enterprise [3]. Group 2: Technological Advancements - The company is now focusing on the more complex field of photoresists, which are critical for the semiconductor industry, addressing the long-standing issue of dependence on imports [4]. - Jiurui Sheng has invested 500 million yuan to establish a semiconductor chemical materials R&D platform and production lines for photoresist materials, with some products already in mass production [4][6]. - The company aims to integrate upstream and downstream production processes in the semiconductor supply chain, enhancing the development of high-end photoresists and related materials [4][6]. Group 3: Industry Impact and Future Directions - The company has expanded its product lines to include special inks and coatings, leveraging core technologies to incubate new business entities [4][6]. - In June 2023, Jiurui Sheng established Tianjin Jiurui Sheng Technology Co., Ltd. to apply synthetic biology in traditional plant extraction, addressing industry challenges such as resource scarcity and high energy consumption [5][6]. - The "mother ship + fleet" model adopted by the company demonstrates strong synergy, allowing seamless integration of research outcomes into production, thereby enhancing the overall value chain [6].