Core Viewpoint - The incorporation of thiourea in sanitary napkins is aimed at creating a "magic trick" effect during live streaming, using a reducing agent to make iodine-stained water appear clear, thus suggesting "self-cleaning" and "antioxidant" properties to attract consumer purchases [1] Group 1 - The use of thiourea in sanitary napkins is a marketing strategy to enhance product appeal [1] - The technique involves using a reducing agent to alter the appearance of contaminated liquids, creating a visual effect that suggests advanced functionality [1] - This approach is designed to leverage consumer psychology in live streaming sales environments [1]

Core Viewpoint - Yifeng New Materials Co., Ltd. is attempting its second IPO on the ChiNext board after a failed attempt on the Sci-Tech Innovation Board in 2020, despite facing declining revenues for three consecutive years and a significant drop in the prices of its core products [1][3][21] Group 1: Financial Performance - The company's revenue has decreased from 714 million yuan in 2022 to 602 million yuan in 2024, marking a decline of 12.45% in 2023 and 3.81% in 2024 [6][21] - The gross margin for organic sulfur chemicals has plummeted from 61.06% in 2022 to 34.41% in 2024, with the price of the core product, thiourea, dropping by 21.82% in 2024 [8][21] - The company reported net profits of 138.86 million yuan in 2024, slightly up from 137.27 million yuan in 2023, but the basic earnings per share decreased to 0.98 yuan in 2024 from 1.01 yuan in previous years [7][20] Group 2: Business Structure and Dependencies - Yifeng New Materials relies heavily on Jingbo Petrochemical for its supply of acidic gas, which is critical for its production of organic sulfur chemicals, raising concerns about supply chain vulnerabilities [10][21] - The company has a complex ownership structure, with the controlling family, led by Ma Yunsheng, holding 49.96% of the shares, which raises questions about governance and potential conflicts of interest [13][21] Group 3: Research and Development - Despite being a high-tech enterprise, the company's R&D expenditure decreased from 27.3 million yuan in 2023 to 22.07 million yuan in 2024, resulting in a drop in the R&D expense ratio from 4.37% to 3.67% [19][21] - The company claims to have 79 R&D personnel, with 58.23% holding master's degrees or higher, but the reduction in R&D spending may impact its innovation capabilities [19][21] Group 4: Inventory and Cash Flow Concerns - The inventory turnover rate has declined from 9.09 times per year in 2022 to 5.6 times in 2024, indicating potential issues with product sales and excess inventory [17][21] - The proportion of inventory classified as finished goods has increased to 69.57% by the end of 2024, suggesting a risk of unsold products [21]

Core Viewpoint - Yifeng New Materials Co., Ltd. has initiated its IPO process on the ChiNext board, focusing on organic sulfur chemical products and sulfur-based new materials, with significant funding allocated for various projects aimed at enhancing its production capabilities and R&D efforts [1][4]. Group 1: Company Overview - Yifeng New Materials specializes in the organic sulfur chemical industry, with a primary focus on optical new materials, expecting 85.23% of its revenue in 2024 to come from organic sulfur chemicals and sulfur-based new materials [1]. - The company has achieved several domestic firsts in optical technology and has successfully localized key materials such as polysulfide alcohols [1][9]. - The company is recognized as a national champion in manufacturing and a "little giant" enterprise in specialized and innovative sectors [1]. Group 2: Financial Projections - The company anticipates raising 844.26 million yuan, with major allocations including 419 million yuan for high refractive index optical resin materials, 138 million yuan for high-end functional materials, and 134 million yuan for R&D center construction [1][3]. - Projected revenues for 2024 are 602 million yuan, with net profits expected to reach 139 million yuan [4][5]. - The company has shown a steady increase in net profit from 135 million yuan in 2022 to 139 million yuan in 2024, despite a slight decline in revenue [4]. Group 3: Market Position - Yifeng New Materials holds a 26.40% market share in the global thiourea market, which is projected to be worth 851 million yuan in 2024 [6]. - The company also commands a 5.33% share in the global polysulfide curing agent market, valued at approximately 992 million yuan in 2024 [7]. Group 4: R&D and Innovation - The company has invested a total of 68.26 million yuan in R&D over the past three years, with R&D expenses constituting 2.64% to 4.37% of its revenue during this period [8]. - Yifeng New Materials has developed multiple domestic first processes in the optical field and has led the drafting of several international and industry standards [9]. - The company holds 148 domestic invention patents and has made significant advancements in the industrialization of polysulfide materials, reducing reliance on imports [9]. Group 5: Shareholding Structure - The controlling shareholders, Ma Yunsheng and Wan Chunling, collectively hold 49.96% of the company's shares, ensuring significant influence over corporate decisions [10]. - The shareholding structure has remained stable, with Ma Yunsheng consistently holding a majority stake over the past two years [10].

Core Viewpoint - Yifeng New Materials Co., Ltd. is facing scrutiny over its corporate governance and compliance with information disclosure due to recent low-priced share transfers and historical equity holding arrangements before its IPO [1][2]. Group 1: Share Transfer and Equity Holding - Prior to its IPO, Yifeng New Materials' shareholder Yikun Partnership transferred 246,000 shares to the actual controller Wan Chunling at a price of 10 RMB per share, raising questions about the reasonableness of the pricing compared to previous transfers [2][3]. - Historical analysis reveals that Yifeng New Materials has engaged in multiple equity holding arrangements, including a significant transfer of shares to 63 shareholders, with actual control remaining with hidden shareholders like Wan Chunling [3][4]. - The company previously denied any equity holding arrangements in response to inquiries from the Shanghai Stock Exchange, despite evidence of such practices [2][3]. Group 2: Financial Performance - Yifeng New Materials has experienced a decline in revenue over the past three years, with revenues of 710 million RMB, 630 million RMB, and 600 million RMB for 2022, 2023, and 2024 respectively, reflecting year-on-year decreases of 12.4% and 3.8% [7]. - The company’s net profit remained stable at 140 million RMB across the same period, indicating a slight growth despite revenue decline [7]. - The decline in revenue is attributed to the divestiture of its additive business, which has led to an increase in gross margin from 35.28% in 2022 to 38.33% in 2024 [7][8]. Group 3: Business Composition and Margins - The company’s product mix shows that high-margin sulfur-based materials still represent a low proportion of total revenue, while lower-margin organic sulfur chemical products account for nearly 60% of revenue [8][9]. - The gross margin for the highest-margin product, Poly Sulfide 504, is projected to increase to 63.2% by 2024, indicating a shift towards more profitable products [8]. - The company’s foreign sales have historically had higher gross margins compared to domestic sales, with foreign sales gross margin at 37.05% compared to 23.69% for domestic sales [9].

Core Viewpoint - Yifeng New Materials Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise 844 million yuan for various projects, including high-refractive optical resin materials and digital construction [1][4]. Company Overview - Yifeng New Materials, formerly known as Shandong Yifeng Biochemical Environmental Protection Co., Ltd., changed its name in November 2021 after withdrawing its previous IPO application for the Sci-Tech Innovation Board [3]. - The company focuses on organic sulfur chemistry and optical new materials, producing key products such as thiourea and polysulfide materials [6][10]. Financial Performance - The company reported a decline in revenue from 714 million yuan in 2022 to 625 million yuan in 2023, with a further drop to 602 million yuan in 2024 [15][16]. - The net profit for the years 2022, 2023, and 2024 was approximately 135 million yuan, 137 million yuan, and 139 million yuan, respectively, indicating minimal growth [17]. Investment Projects - The planned investment projects include: - High-refractive optical resin materials project: 419.26 million yuan - High-end functional materials cyclic olefin project: 137.97 million yuan - R&D center construction project: 134.48 million yuan - Digital construction project: 112.88 million yuan - Marketing channel construction project: 39.67 million yuan [5]. Market Position - Yifeng New Materials holds a 5.33% market share in the global polysulfide curing agent market, with an estimated market size of 992 million yuan in 2024 [8]. - The company is a leading producer of thiourea, with a 26.40% market share in a global market valued at approximately 851 million yuan in 2024 [8]. Shareholding Structure - The major shareholders include Ma Yunsheng (32.45%) and Wan Chunling (12.66%), with the Ma family collectively holding nearly 50% of the company [23][24]. - The company has undergone shareholding changes, including instances of shareholding representation, which have been resolved [22][23]. R&D and Innovation - Yifeng New Materials has invested in R&D, with expenses of 22.07 million yuan in 2024, representing 3.67% of its revenue [22]. - The company holds 148 domestic patents and has participated in setting international standards for thiourea [21].