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 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].