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沧州明珠塑料股份有限公司关于担保额度调剂及为下属公司提供担保的进展公告
Core Viewpoint - The company has approved a guarantee amount of RMB 500 million for its subsidiaries, with a current external guarantee balance of RMB 360.4 million, representing 69.98% of the company's latest audited net assets [1][22]. Summary by Sections Guarantee Review Overview - The company held board meetings on April 25 and May 16, 2025, to approve the guarantee amount for its subsidiaries, which is set at RMB 500 million, effective until the next annual general meeting [1]. Guarantee Amount Adjustment - The company adjusted the unused guarantee amounts of its wholly-owned subsidiaries, transferring RMB 20 million from Cangzhou Mingzhu Lithium Battery Diaphragm Co., Ltd. and RMB 10 million from Wuhu Mingzhu Plastic Co., Ltd. to Cangzhou Mingzhu Diaphragm Technology Co., Ltd., resulting in new available amounts of RMB 47.5 million, RMB 0 million, and RMB 34 million respectively [2]. Guarantee Progress - On September 26, 2025, the company signed a maximum guarantee contract with China Bank for a loan of RMB 10 million for its subsidiary, Dezhou Donghong Membrane Technology Co., Ltd. [3] - On September 28, 2025, the company signed two maximum guarantee contracts with Shanghai Pudong Development Bank for Cangzhou Diaphragm Technology Co., Ltd. and Cangzhou Lithium Battery Diaphragm Co., Ltd., each for RMB 10 million [3]. Basic Information of Guaranteed Entities - Cangzhou Mingzhu Diaphragm Technology Co., Ltd. was established on January 21, 2014, with a registered capital of RMB 62.66 million and is wholly owned by the company [5]. - Cangzhou Mingzhu Lithium Battery Diaphragm Co., Ltd. was established on February 17, 2016, with a registered capital of RMB 50 million and is also a wholly-owned subsidiary [7]. - Dezhou Donghong Membrane Technology Co., Ltd. was established on June 29, 2009, with a registered capital of RMB 8 million and is a wholly-owned subsidiary of Cangzhou Mingzhu Diaphragm Technology Co., Ltd. [9]. Main Content of Guarantee Agreements - The guarantee agreements for Cangzhou Diaphragm Technology and Cangzhou Lithium Battery Diaphragm include a maximum guarantee amount of RMB 10 million each, with a guarantee period extending three years after the debt fulfillment period [10][14]. - The guarantee agreement for Dezhou Donghong Membrane Technology includes a maximum guarantee amount of RMB 1 million, with a similar three-year guarantee period [18][19]. Board of Directors' Opinion - The board believes that the subsidiaries have stable operations and good asset quality, and the guarantee will support their business development and improve operational efficiency, benefiting the company's overall interests [21]. Company’s Cumulative External Guarantee Situation - As of the announcement date, the company has provided guarantees totaling RMB 500 million, which is 66.08% of the total audited assets and 97.08% of the audited net assets as of the end of 2024 [22]. - The current external guarantee balance is RMB 360.4 million, representing 47.63% of total audited assets and 69.98% of audited net assets as of the end of 2024 [22]. Additional Information - The company has no overdue guarantees or litigation related to guarantees as of the announcement date [23].
未来材料IPO:能否从现场检查中安全返回?
Sou Hu Cai Jing· 2025-08-05 22:46
Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has been selected for an IPO site inspection, which is considered one of the strictest IPO reviews, raising concerns about its IPO prospects [1][2]. Group 1: IPO Process and Challenges - Future Materials' IPO application was accepted on June 27, 2023, and it was selected for the second batch of IPO site inspections in 2025 [1]. - The new regulations state that even if a company selected for site inspection withdraws its application, the inspection will still proceed, and regulatory penalties may apply for any issues found [2]. - As of July 18, 2023, Future Materials' IPO review status was updated to "inquiry," indicating that the process is ongoing despite the site inspection [2]. Group 2: Company Performance and Financials - Future Materials has shown overall revenue growth during the reporting period, but 2024 is projected to see a decline in both revenue and net profit compared to 2023 [3]. - Revenue figures for 2022, 2023, and 2024 are 524 million, 721 million, and 640 million respectively, with a year-on-year growth of 37.60% in 2023, but a decline of 11.23% in 2024 [3]. - Net profit for the same years is 143 million, 230 million, and 165 million, with a growth of 60.84% in 2023 and a decline of 28.26% in 2024 [3]. Group 3: Production Capacity and Utilization - The company faces challenges with low capacity utilization rates for its main products, which are critical for its IPO success [6]. - For example, the capacity utilization rates for perfluorinated proton exchange membranes were 9.00%, 10.29%, and 45.25% for 2022, 2023, and 2024 respectively [6]. - Other products also show low utilization rates, such as perfluorinated ion exchange resins at 42.00%, 71.72%, and 53.11% [6]. Group 4: Fundraising and Investment Plans - Future Materials plans to raise 2.446 billion for various projects, including a 3 million m²/a perfluorinated proton membrane project and a 5,000 t/a melt-processable polytetrafluoroethylene (PFA) project [10][12]. - The company aims to significantly increase the production capacity of its high-performance fluorinated functional membranes to meet growing market demand [10]. - However, the necessity of expanding capacity is questioned due to the current low utilization rates of existing production [10][13].