Core Viewpoint - Green Biological Technology Co., Ltd. (hereinafter referred to as Green Biological) is making another attempt to go public (IPO) after two previous unsuccessful attempts, amidst a renewed wave of IPOs in the cosmetics raw material sector [1][2][5]. Company Overview - Green Biological was established in December 1999, focusing on the research, production, and sales of bio-based and fully synthetic fragrances. Its product lines include turpentine, cedarwood oil, and various synthetic fragrances [2][5]. - The company is one of the largest suppliers of methyl cedryl ketone in China, with significant usage in household and high-end perfume products [2][5]. - The founder, Lu Wencong, holds 27.11% of the company's shares, and his daughter holds an additional 9%, making them the actual controllers of the company [6][7]. IPO Attempts - Green Biological's first IPO attempt began in 2018, but it was halted in early 2021 due to issues related to information disclosure and a significant expected drop in net profit [5][9]. - The second attempt in June 2023 also ended in withdrawal due to similar concerns raised by the Shenzhen Stock Exchange regarding environmental issues and innovation capabilities [5][9]. Financial Performance - The company has shown strong revenue growth, with revenues of 594 million, 631 million, and 735 million yuan from 2021 to 2023, representing growth rates of 6.23%, 16.48%, and a compound annual growth rate of 10.92% [9][10]. - Net profits for the same period were 201.7 million yuan, with growth rates of 65.85% and 32.35% in 2022 and 2023, respectively, leading to a compound growth rate of 48.43% [9][10]. - As of the end of 2023, total assets reached 1.433 billion yuan, with a net profit of 92.92 million yuan and a return on equity of 20.65% [10][11]. Market Context - The cosmetics raw material market in China is projected to grow from 1147.80 billion yuan in 2019 to 1603.90 billion yuan by 2024, with a compound annual growth rate of 6.9% [14]. - The recent surge in IPOs among raw material suppliers is attributed to the booming cosmetics industry and favorable regulatory changes, including the establishment of the Beijing Stock Exchange and reforms in the Sci-Tech Innovation Board [15][16][17]. - Green Biological's export revenue has been significant, accounting for over 84% of its main business from 2021 to 2023, with major clients including Procter & Gamble and other international raw material suppliers [11][12].

Core Viewpoint - Recently, the Zhejiang Securities Regulatory Bureau accepted the application for the initial public offering (IPO) and listing of Green Biological Technology Co., Ltd., with the filing date set for July 24, 2025, and the sponsoring institution being Changjiang Securities [1] Group 1: Company Background - Green Biological was established in 1999 and focuses on the research, production, and sales of fragrance products, forming three product series: turpentine oil, cedar oil, and fully synthetic fragrances [6] - The company has previously attempted to apply for an IPO on the ChiNext board, with its last application being withdrawn in September 2024 after multiple updates to the prospectus [5][6] Group 2: Financial Performance - The company's revenue for the years 2021, 2022, and 2023 was 594.38 million, 631.28 million, and 734.76 million yuan respectively, while the net profit attributable to the parent company was 40.74 million, 68.14 million, and 92.92 million yuan [6][7] - In the first quarter of 2024, the company reported a revenue of 238.09 million yuan, representing a year-on-year growth of 51.05%, and a net profit of 40.48 million yuan, showing a year-on-year increase of 123.45% [7] Group 3: Market and Clientele - The company's main export markets are Europe and North America, with foreign sales accounting for 84.38%, 85.95%, and 87.08% of total revenue in 2021, 2022, and 2023 respectively [8][9] - Major clients include Givaudan, Firmenich, and International Flavors & Fragrances (IFF), with sales to the top five customers accounting for 43.90%, 43.98%, and 40.51% of total revenue during the reporting periods [10] Group 4: Future Plans and Funding - The previous IPO application aimed to raise funds for projects including the annual production of 6,800 tons of high-grade fragrance, smart factory construction, and working capital supplementation, with a total planned fundraising of 375 million yuan [10][11] - The total investment for the high-grade fragrance project is estimated at 575.45 million yuan, with 217 million yuan planned to be raised from the IPO [11]

Core Viewpoint - Yunnan Jinggu Forestry Co., Ltd. faces significant operational challenges due to declining demand in the artificial board industry, exacerbated by increased competition and a downturn in the real estate market, leading to substantial financial losses in 2024 [1][3][16]. Financial Performance - In 2024, the company reported a revenue of 447 million yuan, a year-on-year decrease of 24.20%, and a net profit of -73 million yuan, marking a shift from profit to loss [3][12]. - The company's gross profit margin fell to 1.74%, indicating severe profitability issues [3][12]. - The company’s net assets were reported at 80 million yuan, with cash reserves dwindling to 14 million yuan, and a debt-to-asset ratio of 75.44% [3][12]. Market Conditions - The artificial board market is experiencing a significant supply-demand imbalance, with a notable increase in production capacity leading to intensified competition [6][10][17]. - The real estate sector's downturn has directly impacted the demand for artificial boards, as these products are closely tied to the housing market [5][6][16]. - The company’s primary products, particleboard and fiberboard, are heavily influenced by the performance of the downstream furniture and home decoration industries, which are currently facing challenges [5][6][16]. Industry Dynamics - In 2024, the artificial board industry saw the largest annual increase in production capacity in history, with 48 new production lines adding 15.41 million cubic meters per year [10][11]. - The competitive landscape has shifted, with larger companies leveraging their financial strength to engage in price wars, further squeezing smaller players like Yunnan Jinggu [14][17]. - The company’s main customer, PIANO, has ceased orders due to its own operational challenges, reflecting broader market difficulties [9][15]. Strategic Responses - The company plans to optimize its cost structure, adjust market positioning, and enhance internal management to navigate the current downturn [18][19]. - A strategic shift towards customized products and improved production technology is being considered to regain market competitiveness [19][20]. - The company has decided not to renew its lease for production lines in the chemical forestry business, reallocating resources to more profitable segments [20][22].

Core Viewpoint - China is the largest producer of rosin globally, with significant production areas in provinces such as Guangxi, Jiangxi, Yunnan, Guangdong, Fujian, and Hunan. The production of rosin increased from 410,000 tons in 2022 to 475,000 tons in 2023, marking a growth of 15.8% [2]. Group 1: Production and Import/Export Trends - In the 2018-2022 period, China's rosin imports exceeded exports for the first time in 2018, with imports continuing to rise while exports declined. The peak import volume was 96,500 tons in 2021, but there was a significant drop of 24.76% in 2022 due to reduced price differentials [4]. - The export volume of deep-processed rosin products has been consistently higher than imports. However, since 2018, the export volume of these products has been declining, with a total export volume of 52,300 tons in 2022, down 12.34% from 2021 [6]. Group 2: Related Products and Market Demand - Turpentine, a byproduct of the rosin production process, is primarily derived from fatty rosin in China. The production of turpentine is closely linked to rosin production, with approximately 0.13 to 0.26 tons of turpentine produced for every ton of rosin. The production figures for turpentine were 82,000 tons in 2022 and 87,000 tons in 2023 [8]. - The global deep-processing industry for rosin is expanding, with applications across various industrial sectors, including adhesives, coatings, inks, synthetic rubber, plastics, food, and cosmetics. Developed countries like Japan and the USA have a long history in this sector, with a higher proportion of rosin entering deep-processing stages [10][11]. Group 3: Industry Structure and Key Players - The report outlines the competitive landscape of the rosin industry, highlighting key players such as Kraton Corporation, Arakawa Chemical Industries, and various domestic companies like 日成林化 and 江西飞尚, which are involved in the production and processing of rosin and its derivatives [12].

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-011 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第十三 号——化工》有关规定和披露要求，现将浙江新化化工股份有限公司（以下简称"公 司"）2024 年年度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 产品大类 | 产量(吨) | 销售数量（吨） | 销售金额（万元） | | --- | --- | --- | --- | | 脂肪胺 | 127,338.14 | 127,642.31 | 145,269.04 | | 有机溶剂 | 55,236.60 | 55,949.31 | 43,357.53 | | 合成香料 | 24,078.84 | 23,383.18 | 78,986.34 | 注 1： 上述产量、销量为折百数量（下同）。 二、主要产品的价格变动情况（不含税） 浙江新化化工股份有限公司 | 产品大类 | 2023 | 年平均价格 （元/吨） | 2024 | 年平均价格 （元 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-012 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 2025年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第十三 号——化工》有关规定和披露要求，现将浙江新化化工股份有限公司（以下简称"公 司"）2025 年第一季度主要经营数据披露如下： 二、主要产品的价格变动情况（不含税） | 产品大类 | 2024 年 1-3 月平 | | 2025 年 1-3 月平 | 变动比率 | | --- | --- | --- | --- | --- | | | 均价格（元/吨） | | 均价格（元/吨） | | | 脂肪胺 | | 11,750.78 | 11,337.61 | -3.52% | | 有机溶剂 | | 8,341.14 | 6,664.64 | -20.10% | | ...