Recently, Guangdong Youju Advanced New Materials Co., Ltd. (hereinafter referred to as "Youju New Materials") withdrew its listing application documents, and the sponsor, Haitong Securities, withdrew its sponsorship. As a result, the Shenzhen Stock Exchange decided to terminate the review of the company's initial public offering and listing on the GEM.
According to Beduo Finance, Youju New Materials submitted a prospectus in June 2022 and is ready to be listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. In this sprint listing, Youju New Materials originally planned to raise 650 million yuan, which will be used for the composite modification project of special engineering plastics with an annual output of 16,000 tons, as well as to supplement working capital.
It is worth mentioning that Youju New Materials has submitted a total of 7 versions of the prospectus (declaration draft), and the latest version will be submitted on February 4, 2024. However, as of the time of termination, the company has not yet had the opportunity to attend the meeting. In addition, Youju New Materials has also gone through three rounds of inquiries, all of which have submitted replies.
Tianyancha App shows that Youju New Materials was established in December 2012, formerly known as Jiangmen Youju New Materials Co., Ltd., located in Jiangmen City, Guangdong Province. At present, the registered capital of the company is 66,210,758 yuan, the legal representative is Wang Xianwen, and the shareholders include Wang Xianwen, Hanyu Group (SZ: 300403), Shenzhen Capital Group, etc.
According to the prospectus, the main business of Youju New Materials is mainly the research and development, production and sales of special engineering plastics polyarylethersulfone and upstream key raw materials. Among them, polyarylethersulfone is a kind of transparent special engineering plastics that meet the requirements of food hygiene and safety level, commonly known as "gold plastics", including polyphenylsulfone (PPSU), polysulfone (PSU) and polyethersulfone (PES).
According to the prospectus, the core products of Youju New Materials include polyarylethersulfone resin PPSU, PSU and PES and corresponding modified products, and bisphenol S, the key raw material upstream of polyarylethersulfone, which has been applied to medical devices, food contact, HVAC building materials, automobiles, electronic and electrical, water treatment, household products and maternal and child products and other industries.
Among them, polyarylethersulfone products have been used in Huawei's optical communication equipment connectors, Valeo City Light (China) Automotive Lighting Co., Ltd.'s high-temperature resistant car lights, deSter Co., Ltd.'s new environmentally friendly high-temperature resistant aviation lunch boxes, PPG's high-temperature resistant coatings, Shandong Xinhua Medical Equipment Co., Ltd.'s sterilizable medical devices, etc.
In addition, Youju New Materials has also carried out the production and sales of general engineering plastics such as partially modified PA and modified PP. At the same time, its subsidiary, Guangdong Jinyoubei, began to set foot in the maternal and infant products industry in 2018, and developed maternal and infant products such as feeding bottles, water cups, and breast pumps produced with PPSU as the main raw material, but the business scale is small.
In 2020, 2021, 2022 and the first half of 2023, the revenue of Youju New Materials will be 245 million yuan, 333 million yuan, 411 million yuan and 168 million yuan respectively, the net profit will be 20.4667 million yuan, 57.2131 million yuan, 91.9201 million yuan and 34.7245 million yuan respectively, and the net profit after deducting non-profits will be 16.4619 million yuan, 44.8592 million yuan, 91.711 million yuan and 33.0695 million yuan respectively.
From the perspective of regions, part of the revenue of Youju New Materials comes from overseas. During the reporting period, the company's main business export revenue was about 28.5198 million yuan, 82.6616 million yuan, 161 million yuan and 49.2536 million yuan respectively, accounting for 14.94%, 27.30%, 39.76% and 29.52% of its main business income respectively.
Beduo Finance understands that the main business income of Youju New Materials is mainly composed of polyarylethersulfone and upstream key raw materials and general engineering plastics. During the reporting period, the revenue of this type of business was 179 million yuan, 284 million yuan, 393 million yuan and 159 million yuan respectively, accounting for 93.84%, 93.83%, 97.27% and 95.47% of the main business income respectively.
Among them, the sales revenue of polyarylethersulfone products of Youju New Materials was 123 million yuan, 192 million yuan, 329 million yuan and 144 million yuan respectively, a year-on-year increase of 16.63%, 55.81%, 71.65% and 11.61%, respectively, and the sales revenue of bisphenol S products were 9.6062 million yuan, 60.4787 million yuan, 58.9733 million yuan and 12.937 million yuan respectively, of which the sales revenue of bisphenol S products decreased by 64.98% year-on-year in the first half of 2023.
According to the prospectus, Guangdong Jinyoubei, a subsidiary of Youju New Materials, began to get involved in the downstream industry of polyarylethersulfone in 2018, and gradually produced baby bottles, cups, breast pumps and other maternal and infant products with PPSU as raw materials. During the reporting period, the sales revenue of maternal and infant products accounted for 1.62%, 2.42%, 2.38% and 2.30% respectively.
Youju New Materials said in the prospectus that due to the company's short involvement in the maternal and infant consumer goods industry, maternal and infant products are still in the brand cultivation stage, and the fierce market competition in the maternal and infant consumer goods industry. As of the end of June 2023, the company's maternal and baby products business has not yet made a profit and is still in a loss-making state.
In addition, according to the prospectus, the revenue of Youju New Materials in 2023 will be about 357 million yuan, a decrease of 13.22% from 411 million yuan in 2022, the net profit will be 77.1376 million yuan, a decrease of 16.08% from 91.9201 million yuan in 2022, and the net profit after deducting non-profits will be 68.0955 million yuan, a decrease of 25.75% from 91.711 million yuan in 2022.
It is not difficult to see that the performance of Youju New Materials in 2023 has declined. For the year-on-year decline in operating income and net profit, Youju New Materials said in the prospectus that it was mainly due to the decline in sales and unit price of bisphenol S caused by weak demand in the downstream thermal paper industry and intensified market competition.
As of the end of 2023, the total assets of Youju New Materials were about 1.204 billion yuan, an increase of 343 million yuan or 39.87% from the end of 2022, the total liabilities were about 509 million yuan, an increase of 109.60% from the end of 2022, and the equity attributable to the parent company was about 695 million yuan, an increase of 12.48% from the end of 2022.
Before this listing, the controlling shareholder and actual controller of Youju New Materials was Wang Xianwen. According to the prospectus, Wang Xianwen directly holds 36.8950% of the company's shares and is the controlling shareholder of the company, and Wang Xianwen indirectly controls 11.5540% of the company's shares through Zhuhai Naxian, and controls 48.4490% of the company's voting shares in total, and is the actual controller of the company.
Among them, Zhuhai Naxian is the employee shareholding platform of Youju New Materials. In addition, Hanyu Group holds 19.5903% of the shares, Shenzhen Capital Group (CS) directly holds 3.1745% of the shares, holds 5.4622% of the shares through Hongtu No. 1, and holds 5.0420% of the shares through the Shenzhen Capital Fund, for a total of 13.6785% of the shares.
At the same time, Ye Xintang holds 4.7429% of the shares, Times Bole holds 4.2014% of the shares, Li Yu holds 3.1941% of the shares, Superior Bridge holds 2.5209% of the shares, Luo Daquan holds 1.1671% of the shares, Ma Juntao holds 0.8870% of the shares, Fengfeng Chuangyou holds 0.7983% of the shares, Tan Lin holds 0.4435% of the shares, Guoxin Yihe holds 0.2101% of the shares, and Liu Chunchu holds 0.1167% of the shares.
At present, Wang Xianwen is the chairman and general manager of Youju New Materials, Ma Juntao is the secretary of the board of directors and deputy general manager of the company, Tan Lin is the deputy general manager and technical director, and Liu Chunchu is the deputy general manager of Guangdong Jinyoubei, a subsidiary of Youju New Materials.