Core Viewpoint - Yongda Co., Ltd. is the first IPO project this year to be temporarily suspended by the Beijing Stock Exchange, which has raised concerns regarding the company's operational stability and potential risks of significant performance decline [2]. Group 1: Company Overview - Yongda Co., Ltd. specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [4]. - The company has developed a non-standard pressure vessel product system primarily consisting of reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels [4]. Group 2: Financial Performance - Yongda Co., Ltd. achieved revenues of 696 million yuan, 712 million yuan, 819 million yuan, and 321 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The net profit attributable to the parent company for the same periods was 112 million yuan, 131 million yuan, 107 million yuan, and 71.25 million yuan [4]. - As of June 30, 2025, the total assets of the company were approximately 1.35 billion yuan, with total equity of about 737 million yuan [5]. - The company's asset-liability ratio decreased from 61.13% in 2023 to 41.64% in 2025, indicating improved financial stability [5]. - The gross profit margin has shown an upward trend, increasing from 27.31% in 2023 to 29.39% in 2025 [5].

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (referred to as "Yongda") has had its IPO application on the Beijing Stock Exchange postponed, marking the first such instance for an IPO this year [1]. Group 1: Company Overview - Yongda specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [1]. - The company has developed a non-standard pressure vessel product system primarily consisting of reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels [1]. Group 2: IPO Details - Yongda's IPO was accepted on April 27, 2025, and it entered the inquiry stage on May 28, 2025 [1]. - The company aims to raise approximately 458 million yuan through this IPO [1]. Group 3: Regulatory Concerns - The listing committee has requested further verification from the sponsoring institution and the reporting accountant regarding the rationality and effectiveness of Yongda's internal control measures for photovoltaic project sales, the sufficiency of revenue recognition basis, and the recoverability of accounts receivable [1][2]. - The committee has also asked Yongda to explain the consistency of revenue recognition standards with the actual sales and production cycles, as well as the reasons for any discrepancies between production, energy consumption, and raw material procurement costs compared to revenue trends [2]. - Concerns regarding the sustainability of Yongda's operating performance have been raised, particularly in relation to industry cycle changes, policy impacts, market demand fluctuations, and potential risks in accounts receivable recovery from the photovoltaic sector [2].

Core Points - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda) faced a delay in its IPO review at the Beijing Stock Exchange, marking it as the first IPO project to be postponed this year [1] - The company specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining, petrochemicals, photovoltaics, and pharmaceuticals [1] - Yongda aims to raise approximately 458 million yuan through its IPO, which was accepted on April 27, 2025, and entered the inquiry stage on May 28, 2025 [1] Review Requirements - The listing committee requested further verification from the sponsoring institution and reporting accountants regarding the rationality and effectiveness of Yongda's internal control measures for photovoltaic project sales, the sufficiency of revenue recognition basis, and the recoverability of accounts receivable [2] - The committee also required Yongda to explain the sufficiency of revenue recognition based on the company's standards and the situation of acceptance documents received at the end of each reporting period [2] - Additionally, Yongda must address the stability of its operating performance in light of industry cycle changes, policy impacts, market demand fluctuations, competitiveness, existing orders, and risks associated with receivables in the photovoltaic sector [2]

Core Viewpoint - The review meeting of the Beijing Stock Exchange for Jiangsu Yongda Chemical Machinery Co., Ltd. has resulted in a postponement of the review process for the company's public offering [1] Group 1: Company Overview - Jiangsu Yongda Chemical Machinery Co., Ltd. specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [1] - The company has developed a product system focused on non-standard pressure vessels, including reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels [1] Group 2: Shareholding Structure - As of the signing date of the prospectus, Li Changzhe holds 86.56% of the company’s shares, making him the controlling shareholder [2] - Li Changzhe's son, Li Jin, and daughter-in-law, Gu Xiuhong, also hold significant shares, with Li Jin owning 1,080,000 shares (7.74%) and Gu Xiuhong owning 2,400,000 shares (17.20%) [2] Group 3: Fundraising and Project - The company plans to publicly issue up to 46,520,000 shares, with a total fundraising target of 457.81 million yuan, aimed at the construction of the first phase of a heavy chemical equipment production base [3] Group 4: Review Opinions and Inquiries - The review committee has requested further verification from the sponsor and the reporting accountant regarding the reasonableness and effectiveness of the sales internal control measures for the photovoltaic project, as well as the sufficiency of revenue recognition basis and the recoverability of accounts receivable [4] - Key inquiries include the adequacy of revenue recognition, the stability of operating performance, and the risks associated with accounts receivable in the photovoltaic business [5]

Core Viewpoint - The Beijing Stock Exchange has issued the first round of inquiry regarding the IPO of Yongda Co., highlighting concerns over the company's declining net profit despite revenue growth and the stability of its control rights [1][5]. Financial Performance - Yongda Co. operates in various sectors including basic chemicals, coal chemicals, refining, petrochemicals, photovoltaics, and pharmaceuticals, focusing on the development, design, manufacturing, and sales of pressure vessels [2]. - From 2022 to 2024, Yongda Co. reported revenues of 696 million yuan, 712 million yuan, and 819 million yuan, with net profits of 112 million yuan, 131 million yuan, and 107 million yuan respectively. The net profit for 2023 and 2024 showed year-on-year changes of 16.28% and -18.35% [2][4]. - The decline in net profit for 2024 is attributed to a cautious provision for bad debts and impairment losses totaling 33.04 million yuan related to a specific customer, which is considered an incidental matter. Excluding this impact, net profit is expected to grow by 3.14% year-on-year [4]. Control Rights and Shareholding Structure - The actual controllers of Yongda Co. are Li Changzhe, Gu Xiuhong, and Li Jin, who collectively hold 86.56% of the shares. Li Changzhe holds 61.62%, Li Jin 7.74%, and Gu Xiuhong 17.20% [6]. - Li Jin and Gu Xiuhong are married, while Li Jin and Li Changzhe are father and son. In 2016, Li Jin transferred 71% of his shares to Li Changzhe without compensation [6]. - The inquiry from the exchange focuses on the stability of control rights, requiring clarification on the share transfer agreement, management participation, and potential disputes related to the shareholding structure [7]. Fundraising and Future Plans - Yongda Co. plans to raise approximately 608 million yuan, which will be allocated to the construction of a heavy chemical equipment production base and to supplement working capital [7].

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Shares) has submitted an IPO application to raise 608 million yuan, but faces scrutiny over its financial practices and related party transactions [1][2]. Financial Performance - Yongda Shares reported revenues of 696 million yuan in 2022, projected to increase to 819 million yuan by 2024, while its net profit attributable to shareholders (excluding non-recurring gains and losses) showed a compound annual growth rate of -2.13% from 2022 to 2024, with a year-on-year decline of 16.75% in 2024 [2][3]. Related Party Transactions - Concerns have been raised regarding Yongda Shares' historical related party transactions, particularly with Zhangjiagang Yongda Petrochemical Equipment Co., Ltd. (Yongda Petrochemical), which is controlled by the same actual controller, Li Jin. Yongda Petrochemical has acted as a middleman for nearly a decade despite lacking production capabilities [2][3][4]. Ownership Structure - The actual controllers of Yongda Shares, Li Changzhe, Gu Xiuhong, and Li Jin, collectively hold 86.56% of the shares. Li Jin holds 7.74%, while Li Changzhe holds 61.62% and Gu Xiuhong holds 17.20% [2][3]. Share Transfer Controversy - In 2016, Li Jin transferred 71% of his shares to his father, Li Changzhe, raising questions about potential proxy holding and the rationale behind this transfer, given Li Changzhe's limited experience in managing a chemical machinery company [3][4][5]. Dividend Distribution - From 2021 to 2024, Yongda Shares distributed a total of 203 million yuan in dividends, which is four times the amount intended for fundraising. The dividends raised concerns about a potential "clearance-style dividend" situation, as the cash dividends nearly equaled the net profits during the reporting period [7][8].