Core Viewpoint - Tianyongcheng (874432) has terminated its IPO guidance agreement with Changjiang Securities due to various factors including company development strategy and market conditions, with the termination confirmed by Jiangsu Securities Regulatory Bureau [1] Group 1: Company Overview - Tianyongcheng was established in 2010 and specializes in the research, production, and sales of high-performance packaging and thermal materials, including silicone sealants and thermal gels [3] - The company's products are widely used in sectors such as photovoltaic power generation, new energy storage, new energy vehicles, and electronics [3] Group 2: Financial Performance - For the fiscal years 2022, 2023, and 2024, the company's revenue was 310.91 million, 297.77 million, and 159.25 million respectively, with net profits of 40.58 million, 41.29 million, and 3.85 million respectively [3] - In the first half of 2025, the company reported revenue of 80.28 million, a year-on-year increase of 1.13%, and a net profit of 12.34 million, a significant increase of 319.49% [4][5] Group 3: Customer Concentration - The company has a high customer concentration, primarily due to the concentrated nature of the photovoltaic and energy storage industries [6] - In 2022, sales to the top five customers, including JinkoSolar and Enphase, totaled 274.89 million, accounting for 88.41% of total revenue [7][8] Group 4: Ownership Structure - The actual controllers of the company, Chen Weiqing and Chen Weiwen, collectively control 87.72% of the voting rights, with Chen Weiqing serving as the chairman and Chen Weiwen as a director [8]