Group 1 - Two companies have successfully passed the IPO review, with a total fundraising amount of 1.882 billion yuan [1] - Both companies reduced their fundraising scale during the review period, with Hengyun Chang decreasing from 1.55 billion yuan to 1.469 billion yuan [2][4] - Agricultural University Technology also reduced its fundraising from 552 million yuan to 413 million yuan, removing a production project from its plan [4] Group 2 - Agricultural University Technology's main business includes the research, production, and sales of new fertilizers and their intermediates, with significant market recognition [10] - The company reported a decline in revenue from 2.675 billion yuan in 2022 to 2.363 billion yuan in 2023, while net profit increased from 101.16 million yuan to 145.28 million yuan during the same period [10] - The company’s main products accounted for over 70% of its revenue, with a projected increase to 81.7% in 2024 [10] Group 3 - The company faced scrutiny regarding the sustainability of its revenue growth, as its revenue decreased while net profit increased, raising questions about the reasons behind this discrepancy [9][15] - Agricultural University Technology's customer base showed significant concentration, with the top five customers accounting for over 20% of sales, and the largest customer being China Post Group [13] - The company acknowledged that the overall competition in the compound fertilizer industry is intense, with a low concentration of enterprises and serious product homogeneity [19] Group 4 - The company’s production capacity utilization rates have declined, with rates of 65.14%, 68.72%, and 56.63% reported during the review period [26] - The company adjusted its fundraising plan, reducing the total amount to 413 million yuan and removing a specific production project from its plans [28] - The revised fundraising will focus on expanding existing product lines and supplementing working capital, aligning with the company's operational needs and market conditions [29]

本次冲击上市，农大科技拟募集资金约4.13亿元，扣除相应发行费用后拟投资于年产30万吨腐植酸智能 高塔复合肥项目、年产15万吨生物肥生产线建设项目、环保低碳生物研发中心、补充流动资金。 北京商报讯（记者 马换换 王蔓蕾）根据安排，山东农大肥业科技股份有限公司（以下简称"农大科 技"）北交所IPO将于11月14日上会迎考。 据了解，农大科技主营业务为新型肥料及新型肥料中间体的研发、生产、销售和技术服务。公司IPO于 2024年12月24日获得受理，2025年4月14日进入问询阶段。 ...

| 产品 | 项目名称 | 投资总额 | 拟使用募集资金投资额 | 项目建设期(月) | | --- | --- | --- | --- | --- | | | 年产 30 万吨腐植酸智能 高塔复合肥项目 | 20,126.52 | 20,126.52 | 12 | | 2 | 年产 15 万吨生物肥生产 线建设项目 | 11,003.20 | 11,003.20 | 12 | | 3 | 环保低碳生物研发中心 | 6,122.04 | 6,122.04 | 12 | | ব | 补充流动资金 | 4,000.00 | 4,000.00 | | | | 合计 | 41,251.76 | 41,251.76 | | 农大科技本次发行的保荐机构是国金证券股份有限公司，保荐代表人丁峰、付泽胜。 截至招股说明书签署日，铭泉投资持有公司3,257.56万股股份，占公司股本总额的54.29%，系公司的控股股东。马学文直接 持有公司10%的股份，并持有公司控股股东铭泉投资80%的股权，铭泉投资目前持有公司54.29%的股份，故马学文通过直接持股 和控制公司的控股股东铭泉投资实际控制公司64.29%的股份。同时，马学文系公司 ...