Recently, according to the information disclosed by the Shenzhen Stock Exchange, Baoding Weisai New Material Technology Co., Ltd. (hereinafter referred to as "Weisai New Materials") and its sponsor Everbright Securities withdrew their application for issuance and listing. As a result, the Shenzhen Stock Exchange has decided to terminate its review of its initial public offering and listing on the Main Board.
According to Bedo Finance, Weisai New Materials pre-disclosed the prospectus in June 2022 and is preparing to be listed on the main board of the Shenzhen Stock Exchange. After the implementation of the full registration system, Weisai New Materials will submit a prospectus in March 2023 to continue the IPO process. In this sprint listing, Weisai New Materials plans to raise 494 million yuan.
Among them, 300 million yuan will be used for the annual output of 170,000 cubic meters of high-performance lightweight structural core material project, 50 million yuan for 50,000 cubic meters of renewable high-performance lightweight structural core material processing and new material R&D center construction project (phase I), 60 million yuan for the technical transformation project of Lianyungang production base, and 33.495 million yuan for the technical transformation project of Weisai new material production line.
It is worth mentioning that Weisai New Materials once ushered in an opportunity to attend the meeting. On January 11, 2024, the Listing Committee of the Shenzhen Stock Exchange disclosed that it planned to review Weisai New Materials on January 18. On the eve of the meeting, the company was canceled due to major issues after the announcement of the listing committee review meeting.
Tianyancha App shows that Weisai New Materials was established in September 2011 and is located in Baoding City, Hebei Province, formerly known as Baoding Weisai Composite Materials Technology Co., Ltd. At present, the registered capital of the company is about 111 million yuan, the legal representative is Yuan Chuming, and the shareholders include Yuan Chuming, Shenzhen Capital and so on.
According to the prospectus, Weisai New Materials is mainly engaged in the research and development, production and sales of high-performance structural foam materials, and its core products include PVC structural foam, PET structural foam, etc. Among them, structural foam material refers to the foam material that uses resin as the matrix and is molded by a specific foaming method.
In 2020, 2021, 2022 and the first half of 2023, the revenue of Weisai New Materials will be 1.268 billion yuan, 807 million yuan, 801 million yuan and 433 million yuan respectively, the net profit will be 210 million yuan, 107 million yuan, 123 million yuan and 64.0972 million yuan respectively, and the net profit after deducting non-profits will be 389 million yuan, 107 million yuan, 111 million yuan and 60.7519 million yuan respectively.
According to the disclosure in the prospectus, the revenue of Weisai New Materials is mainly contributed by PVC foam and PET foam. During the reporting period, the company's PVC foam revenue was 1.058 billion yuan, 690 million yuan, 649 million yuan and 348 million yuan respectively, accounting for 83.69%, 85.46%, 80.99% and 80.51% of its main business income.
It is worth mentioning that the gross profit margin of Weisai New Materials has declined. During the reporting period, the company's comprehensive gross profit margin after deducting the impact of freight was 49.34%, 33.06%, 33.36% and 31.74% respectively. Weisai said in the prospectus that the selling price and gross profit margin of its products are affected by various factors such as the macro economy, the industry conditions of downstream customers, the sales situation and production costs.
At the same time, there is a high concentration of customers. During the reporting period, the company's sales revenue to the top five customers accounted for 68.34%, 73.97%, 78.82% and 71.61% respectively. Among them, the total sales of Sinoma Blade and Zhongfu Lianzhong, the largest customers under the same control, accounted for 36.47%, 36.36%, 42.62% and 42.58% respectively.
Prior to this listing, Yuan Chuming directly held 55.88% of the shares of Weisai New Materials, and indirectly controlled 13.73% of the shares through Caprui, directly and indirectly controlling a total of 69.60% of the company's shares, and was the controlling shareholder and actual controller of Weisai New Materials. At present, Yuan Chuming is also the chairman of the company.
In addition, Shenzhen Capital New Materials Fund holds 6.10% of the shares, Weisai Investment holds 5.34% of the shares, Yin Jinlong holds 4.40% of the shares, Sany Venture Capital holds 3.39% of the shares, Ningbo Aosheng holds 3.05% of the shares, Weisai Huijie holds 1.96% of the shares, Guoxin Investment holds 1.83% of the shares, Zhang Shaoyan holds 1.38% of the shares, Shenzhen Capital holds 1.36% of the shares, Nanchang Laterite holds 1.00% of the shares, Pengyun Fund holds 0.60% of the shares, and Jiongqian Technology holds 0.01% of the shares.
In particular, many shareholders of Weisai New Materials belong to surprise shares. Among them, Shenzhen Capital New Materials Fund, Ningbo Aosheng, Guoxin Investment, Pengyun Fund, and Jiongqian Technology all invested in December 2021, with a cost of about 14.71 yuan per share. Sany Venture Capital, Shenzhen Venture Capital, and Nanchang Laterite invested in January 2022 at a cost of about 13.24 yuan per share.
Beduo Finance learned that Yuan Chuming's younger brother Yuan Qianqian and brother-in-law Chen Xiaodong were the vice chairman and deputy general manager of Weisai New Materials, respectively, indirectly holding 1.37% and 0.90% of the shares.