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博汇股份: 宁波博汇化工科技股份有限公司二〇二五年度向特定对象发行A股股票募集说明书(申报稿)
Zheng Quan Zhi Xing· 2025-07-14 11:17
Company Overview - Ningbo Bohui Chemical Technology Co., Ltd. is planning to issue A-shares to specific investors, aiming to raise a total of no more than RMB 416.8268 million, which will be used to supplement working capital and repay bank loans [2][5] - The company has a registered capital of RMB 245,481,453 and was established on October 12, 2005, with its shares listed on the Shenzhen Stock Exchange since June 30, 2020 [9][10] - The company focuses on the research, production, and sales of specialty oil products, particularly in the fuel oil deep processing sector [16][23] Shareholding Structure - As of April 30, 2025, the major shareholder is Wuxi Huishan Yuanxinxiwang Industrial Upgrade M&A Investment Partnership, holding 65.08% of the shares [9][10] - The controlling shareholder, Wenquai Group, holds 39.19% of the shares, with the actual controllers being Jin Bihua and Xia Yaping [10][11] Industry Characteristics - The company operates within the refined petroleum products manufacturing industry, which is characterized by government macro-control and self-regulation [11][12] - The industry is subject to various regulations and policies, including environmental protection and safety standards, which are enforced by multiple government agencies [12][13] Market Trends - The fuel oil deep processing industry is experiencing a shift towards high-end products, driven by increasing demand for specialty chemicals and materials [15][16] - The white oil market in China is growing, with production increasing from 1.082 million tons in 2016 to 1.9 million tons in 2023, reflecting a compound annual growth rate of 8.38% [19][20] - The lubricating oil base oil market is also expanding, with a projected increase in demand for both conventional and unconventional base oils [22] Competitive Landscape - The fuel oil deep processing industry has relatively few competitors due to high entry barriers related to technology and environmental standards [23][24] - Major competitors include Hengli Petrochemical and China National Petroleum Corporation, which have significant refining capacities and product offerings [24][25] Competitive Advantages - The company emphasizes specialization in the chemical sector, focusing on the development and production of specialty oil products, which enhances its competitive edge [16][23] - The integration of upstream and downstream operations is a key strategy for the company, aimed at improving supply chain resilience and competitiveness [16][23]
还记得去年“以死相逼”宁波税务局的博汇股份吗?真相出炉,老板出局,十年利润一朝亏光,套现2.6亿胜利离场!
市值风云· 2025-05-29 12:23
Investment Rating - The report does not explicitly provide an investment rating for the company Core Insights - The company, Bohui Co., has experienced a drastic decline in profitability, with a cumulative loss of 5.1 billion in just two years, erasing nearly 80% of its ten-year accumulated profits of 6.5 billion [15][35] - The significant losses are attributed to changes in tax policies that have imposed new consumption taxes on its main product, heavy aromatic hydrocarbons, which previously benefited from tax exemptions [19][35] - The company has attempted to pivot by producing derivative products to circumvent the new tax regulations, but this strategy has raised concerns with tax authorities [36][44] Summary by Sections Company Background - Bohui Co. has been in the fuel oil deep processing industry for 20 years, primarily producing heavy aromatic hydrocarbons, which are essential for asphalt and rubber [10] - The company saw substantial revenue and profit growth from 2013 to 2022, peaking in 2022 with revenues of 2.97 billion and profits of 152 million [12] Recent Developments - In early 2025, the company announced a change in control, with state-owned Wuxi Guozi acquiring a significant stake [3][5] - The acquisition process involves multiple stages, including share transfer and capital increase, with the original owner set to exit with 263 million [5][7] Financial Performance - In 2023, the company reported a 6.32% decline in revenue to 2.78 billion, with a notable shift to losses due to reduced trade income and increased tax burdens [15] - The new consumption tax policy introduced in June 2023 has drastically affected the company's profitability, leading to a situation where selling its main product results in losses [21][35] Tax Policy Impact - The new tax policy requires the company to pay approximately 2200 per ton in taxes for heavy aromatic hydrocarbons, which significantly exceeds its profit margins [21][22] - The company has attempted to adapt by producing derivative products that are not explicitly covered by the new tax regulations, but this has led to scrutiny from tax authorities [36][44] Strategic Responses - Bohui Co. has reduced production and announced plans to stop producing aromatic series products, citing operational difficulties while simultaneously managing idle funds [29][30] - Despite these challenges, the company has resumed production of its aromatic products, indicating a struggle to maintain operations amid financial pressures [34]
还记得去年“以死相逼”宁波税务局的博汇股份吗?真相出炉,老板出局,十年利润一朝亏光,套现2.6亿胜利离场!
市值风云· 2025-05-29 10:03
Core Viewpoint - The article discusses the recent acquisition of Bohui Co., Ltd. by Wuxi State-owned Assets, highlighting the company's significant financial struggles and the impact of tax policy changes on its profitability [3][10][32]. Group 1: Acquisition Details - Wuxi State-owned Assets plans to invest 680 million yuan to acquire Bohui Co., Ltd., which has been a topic of public discussion [3]. - The acquisition process involves three stages: transfer of shares, capital increase subscription, and relinquishment of voting rights by the previous owner [8]. - As of May 20, 2025, the first stage of the acquisition has been completed, with the second stage underway [9]. Group 2: Financial Performance - Bohui Co., Ltd. experienced a significant increase in revenue and profit from 2013 to 2022, reaching peak figures of 2.97 billion yuan in revenue and 152 million yuan in profit in 2022 [12][13]. - However, in 2023, the company reported a 6.32% decline in revenue to 2.78 billion yuan and incurred losses of 510 million yuan over two years, erasing 80% of its ten-year accumulated profits [16][32]. Group 3: Tax Policy Impact - The introduction of a new tax policy in June 2023 required Bohui Co., Ltd. to pay consumption tax on its main product, heavy aromatic hydrocarbons, which previously enjoyed tax exemptions [20]. - The new tax burden resulted in a loss of approximately 1,800 yuan for every ton of heavy aromatic hydrocarbons sold, leading to severe financial distress for the company [21][32]. - The company's previous profitability was largely dependent on government tax incentives, raising concerns about its competitive position in the market [26]. Group 4: Strategic Responses - In response to the tax changes, Bohui Co., Ltd. attempted to pivot by producing derivative products of heavy aromatic hydrocarbons, which were not subject to the same tax [33][36]. - Despite these efforts, the company faced scrutiny from tax authorities, leading to a significant tax liability of nearly 500 million yuan for the period from July 2023 to March 2024 [41][42]. - The ongoing financial challenges and strategic missteps have raised questions about the company's long-term viability and operational focus [43].