Core Viewpoint - Fujian Del Technology Co., Ltd. has withdrawn its IPO application after two years, halting its ambition to become the first fluorine materials company listed in Fujian, with a previous valuation of 17 billion yuan [1][8]. Group 1: Company Overview - Fujian Del is recognized as a "hard technology unicorn" in the semiconductor materials sector, with significant innovations in fluorine electronic materials and 305 domestic and 6 foreign invention patents [3]. - The company is classified as a national-level specialized and innovative "little giant" [3]. Group 2: Shareholding Structure - The largest shareholder, Lai Zongming, holds 15.60% of the shares, with no single shareholder owning more than 50%. The actual controllers are Lai Zongming, Hua Xiangbin, and Huang Tianliang, collectively controlling 35.06% of voting rights [5]. Group 3: IPO Journey and Financial Performance - The IPO application was accepted in June 2023, aiming to raise 1.945 billion yuan, but was voluntarily withdrawn in August 2025 due to financial performance concerns [8][10]. - Financial data shows significant revenue fluctuations and a sharp decline in net profit: revenue dropped from 1.698 billion yuan in 2022 to 1.418 billion yuan in 2023 (a 16.5% decrease), and net profit fell from 221 million yuan to 119 million yuan (a 46% decrease) [8][9]. - Although net profit rebounded to 131 million yuan in 2024, it remained below 2022 levels, raising questions about the company's stability and growth potential during the IPO review process [8][10]. Group 4: Regulatory Environment - In April 2024, the Shanghai Stock Exchange raised the listing threshold, requiring a cumulative net cash flow of at least 250 million yuan over three years for companies applying under the second set of standards, which Fujian Del had to meet [10]. Group 5: Future Prospects - Industry observers suggest that the withdrawal allows the company to avoid negative impacts from a potential rejection and provides time for strategic adjustments, such as improving financial metrics or exploring alternative financing options [11]. - There is potential for Fujian Del to refocus on higher-margin semiconductor materials and possibly consider listing on the Sci-Tech Innovation Board or Hong Kong stock market in the future [13].

Core Viewpoint - The article discusses the termination of the IPO process for Fujian Del Technology Co., Ltd. and the impact of industry cycles on its financial performance, particularly in the lithium battery materials sector [4][5][6]. Group 1: IPO Termination - Fujian Del's IPO was terminated after a two-year process, with the company and its sponsor, Shenwan Hongyuan Securities, voluntarily withdrawing the application without disclosing specific reasons [4][5]. - The new main board listing regulations set a higher cash flow net threshold, which Fujian Del met, but its net profit did not meet the implicit standard of over 100 million yuan for the last year [4][5]. Group 2: Financial Performance - Fujian Del's net profit dropped from 221 million yuan in 2022 to 119 million yuan in 2023, a nearly 50% decline, while its revenue for 2024 is expected to barely reach 2022 levels [4][5]. - The company's revenue from its new energy battery materials business has been declining, accounting for 39.73%, 17.01%, and 12.28% of total revenue over the past three years [7]. Group 3: Market Dynamics - The price of lithium hexafluorophosphate, a key product for Fujian Del, peaked at 590,000 yuan per ton in February 2022 and fell to 54,400 yuan per ton by August 2025, reflecting significant price volatility due to supply-demand imbalances [6][8]. - The average sales price of Fujian Del's lithium hexafluorophosphate decreased from 277,300 yuan in 2022 to 46,400 yuan in 2024, while the gross margin dropped from 44.84% to 7.95% during the same period [6][8]. Group 4: Production Capacity and Future Plans - Fujian Del currently has an annual production capacity of 5,475 tons for lithium hexafluorophosphate, with an additional 10,000 tons under construction [8]. - The company has reduced its IPO fundraising target from 30 billion yuan to 19.45 billion yuan and cut the number of fundraising projects from seven to three, excluding all new energy materials projects [8][9].

(经济观察网杜远/文) 在业绩方面，受六氟磷酸锂价格大幅下跌等市场因素影响，福建德尔近年来业绩大幅波动。2022年至 2024年，公司营业收入分别为169,846.19万元、141,792.63万元和168,705.05万元，扣除非经常性损益后 归属于母公司所有者的净利润分别为18,441.46万元、3,573.55万元和8,618.00万元。 根据2025年2月披露的上交所问询与回复文件，福建德尔表示当前存在先进制程业务收入占比仍较低的 风险。据披露，2021年—2023年，以及2024年1—6月，公司氟化工基础材料业务收入占公司主营业务收 入的比例分别为32.81%、34.02%、39.33%和50.33%，新能源电池材料业务收入占公司主营业务收入的 比例分别为38.11%、39.73%、17.01%和4.28%。 福建德尔表示，上述报告期内，上述两项业务收入合计占公司业务收入比重均超过50%。尽管公司致力 于推动产品结构升级，持续加强高技术、高附加值的电子特气与超净高纯湿电子化学品等新材料产品研 发投入，但报告期内氟化工基础材料业务与新能源电池材料业务收入比重较高，且短期内收入结构可能 较难有大幅调整。 ...

Core Viewpoint - Fujian Del's IPO application has been withdrawn, leading to the termination of its listing review by the Shanghai Stock Exchange [1] Company Overview - Fujian Del Technology Co., Ltd. specializes in the research, production, and sales of fluorinated new materials, including fluorochemical basic materials, new energy lithium battery materials, specialty gases, and semiconductor wet electronic chemicals [4] - The company is recognized as a national high-tech enterprise with core independent intellectual property rights [4] Product Lines - In the field of fluorinated electronic specialty gases, Fujian Del is one of the few domestic manufacturers that cover the entire production process, from hydrogen fluoride preparation to waste gas recovery services [4] - The company has achieved large-scale production of electronic-grade trifluorochlorine, marking a significant technological advancement in the domestic fluorinated electronic specialty gas sector [4] - For new energy lithium battery materials, Fujian Del currently has an annual production capacity of 5,475 tons of lithium hexafluorophosphate, with plans to increase capacity to 10,000 tons [4] Semiconductor Chemicals - Fujian Del produces high-end semiconductor-grade wet electronic chemicals and TFT functional mixed reagents, with capabilities to produce G5 grade electronic-grade hydrofluoric acid and other advanced chemicals [5] - The company holds 305 domestic and 6 foreign authorized invention patents and has participated in the establishment of various national and industry standards [5] Financial Performance - Fujian Del's revenue for 2022, 2023, and 2024 was 1.698 billion yuan, 1.418 billion yuan, and 1.687 billion yuan, respectively, with net profits of 221 million yuan, 119 million yuan, and 131 million yuan [5] IPO Journey - Fujian Del's IPO was accepted in June 2023, with plans to raise 1.945 billion yuan for various projects, but the company ultimately withdrew its application after a series of inquiries [6]

凭借肯钻研与爱创新的拼劲，林德荣从"门外汉"一步步成长为半导体行业专家，带领团队先后完成"高 纯三氟化氯工业化生产成套技术"等7项科技成果，其中电子级三氟化氯填补了国内空白，使我国成为继 日本、美国之后全球第三个实现电子级三氟化氯产业化的国家。 国赛亮剑 高手比拼点亮创新之光 科技是企业创新的核心要素。伴随着科技的飞速发展，半导体材料不断推陈出新。面对技术壁垒，林德 荣带头迎难而上，通过参加创新创业国家级赛事挖掘新的创新潜力，发现新的创新方向和应用场景。 林德荣，福建德尔科技股份有限公司董事会秘书。作为一名科技管理者，林德荣带领团队深耕细作，累 计完成7项科技成果，其中包括国际领先、国际先进和国内领先的项目各2项，获个人发明专利6项，为 企业技术进步和行业发展做出了重要贡献。 今年"五一"前夕，林德荣被中华全国总工会授予"全国劳动模范"荣誉称号。 破茧成蝶 从"门外汉"到行业专家 林德荣是福建省引进的高层次(B类)人才。大学毕业后，他最先从事的是高端酒店照明行业供应链信息 管理工作，通常会与一些技术研发人员沟通交流。渐渐地，林德荣对研发项目的科技管理工作产生了浓 厚兴趣，工作的重心逐步跨界到研发项目的科技管理 ...

Core Viewpoint - Del Technology, a fluorochemical company, is facing significant challenges as it prepares for its IPO, with declining profits and a reduced fundraising target, indicating a critical juncture in its business transformation [1][3][22]. Financial Performance - The company's net profit attributable to shareholders has declined for three consecutive years, from 303 million yuan in 2021 to 119 million yuan in 2023, with only 64.01 million yuan in the first half of 2024 [3][5]. - The adjusted net profit after excluding non-recurring gains and losses dropped from 184 million yuan in 2022 to 86 million yuan in 2024, a decline of over 50% [5]. - The total assets increased from 5.36 billion yuan in 2022 to 6.86 billion yuan in 2024, while the total revenue showed a decrease from 1.70 billion yuan in 2022 to 1.69 billion yuan in 2024 [6][20]. IPO and Fundraising - The IPO fundraising target has been significantly reduced from 3 billion yuan to 1.945 billion yuan, a decrease of 35% [4][9]. - The number of fundraising projects has been cut from seven to three, with all projects related to new energy materials removed [4][9]. Business Transformation - The company is shifting its focus towards semiconductor materials, with revenue from this segment exceeding 50% in the first half of 2024 [7]. - The reliance on lithium hexafluorophosphate, which previously accounted for 38% of revenue, has diminished, with its contribution dropping to 4.28% in 2024 [5][7]. Research and Development - The company's R&D expenditure ratio has been low, ranging from 1.84% to 2.24% from 2022 to 2024, significantly below the industry average of 5.11% to 5.46% [12][15]. - The company claims that the low R&D demand in its fluorochemical materials business justifies the reduced investment, but this raises concerns about its long-term technological competitiveness [12][15]. Governance Issues - The three actual controllers of the company hold only 35.06% of the shares, which may lead to control risks post-IPO due to further dilution of voting rights [16][17]. - Historical issues with shareholding representation have raised concerns about the clarity of ownership, particularly with recent shareholding changes before the IPO application [17][18]. Financial Anomalies - In 2023, despite a 16.52% decline in revenue, accounts receivable increased by 49.83%, raising questions about the reasonableness of revenue recognition [19]. - The gross profit margin has decreased from 29.75% in 2022 to 16.04% in 2024, indicating weakened profitability [19][20]. Market Outlook - The company’s IPO journey has faced multiple challenges, with its status shifting from "suspended" to "inquiry" after financial updates [22]. - The semiconductor materials market is expected to grow at an annual rate of over 15%, but the company’s performance remains highly dependent on the semiconductor industry cycle [8][24].