Recently, the information disclosed by the Shenzhen Stock Exchange shows that Anhui Tangxing Equipment Technology Co., Ltd. (hereinafter referred to as "Tangxing Technology" or "Tangxing Equipment") withdrew its listing application documents, and the sponsor Guoyuan 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, Tangxing Technology submitted a prospectus in June 2023 to be listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, and originally planned to raise 426 million yuan, which will be used for trenchless equipment industrial park projects, trenchless equipment parts production line transformation projects, and replenishment of working capital.
Tianyancha App shows that Tangxing Technology was established in January 2005, formerly known as Huainan Tangxing Hydraulic Machinery Co., Ltd., located in Huainan City, Anhui Province. At present, the registered capital of the company is 84,437,739 yuan, the legal representative is Tang Suwen, and the shareholders include Tang Suwen, Tang Ximing, Ma Yunshu, etc.
According to the prospectus, Tangxing Technology is a professional enterprise engaged in the research and development, design, manufacturing, sales, leasing and service of trenchless complete sets of equipment, the main products are complete sets of pipe jacking machine equipment, which are used for excavation operations in various complex geology and application scenarios such as municipal pipe network, urban rail transit, underground comprehensive pipe gallery, oil and gas pipeline network and diversion tunnel.
Tangxing Technology said in the prospectus that the company is a leading domestic pipe jacking machine complete equipment manufacturing enterprise, and has successively provided customized trenchless complete sets of equipment for key projects such as the domestic West-East Gas Pipeline, South-to-North Water Diversion, Yellow River to Zhengzhou, Yangtze River to Huai, and Sino-Russian Oil Pipelines.
From 2020 to the first half of 2023, Tangxing Technology's revenue was 231 million yuan, 278 million yuan, 323 million yuan and 172 million yuan respectively, the net profit was 64.1591 million yuan, 58.7162 million yuan, 66.9552 million yuan and 32.5636 million yuan respectively, and the net profit after deducting non-profits was 58.3936 million yuan, 54.7898 million yuan, 59.7024 million yuan and 27.633 million yuan respectively.
According to the revenue structure, Tangxing Technology's revenue is mainly contributed by the sales and maintenance of complete sets of equipment and parts for pipe jacking machines. During the reporting period, the company's revenue from complete sets of equipment for pipe jacking machines was 179 million yuan, 216 million yuan, 229 million yuan and 118 million yuan respectively, accounting for 78.53%, 78.96%, 71.76% and 69.42% of its main business income respectively.
During the reporting period, Tangxing Technology's parts sales and maintenance business income were 43.34 million yuan, 49.6541 million yuan, 77.7264 million yuan and 40.3662 million yuan respectively, accounting for 19.01%, 18.13%, 24.30% and 23.75% of its main business income respectively. In addition, the company derives some of its revenue from the leasing business.
It is worth mentioning that Tangxing Technology's gross profit margin has fluctuated. During the reporting period, the gross profit margin of the company's main business was 44.98%, 40.22%, 38.60% and 41.29% respectively, mainly depending on the product sales price and cost. Based on this, the scale of the company's net profit has also fluctuated.
In addition, the book value of accounts receivable of Tangxing Technology is large. At the end of the reporting period, the book value of the company's accounts receivable was 31.1844 million yuan, 67.3821 million yuan, 94.042 million yuan and 108 million yuan respectively, accounting for 19.06%, 29.90%, 30.67% and 30.27% of current assets respectively, which was a large amount.
Not only that, Tangxing Technology also has the risk of a large amount of inventory. At the end of the reporting period, the book value of the company's inventory was 77.7949 million yuan, 104 million yuan, 111 million yuan and 121 million yuan respectively, accounting for 47.56%, 46.21%, 36.05% and 33.88% of current assets respectively, with a high amount and proportion.
Before this listing, the controlling shareholders and actual controllers of Tangxing Technology were Tang Suwen, Tang Ximing and Ma Yunshu, who directly held 31.09%, 31.09% and 20.73% of the company's shares respectively. In addition, Tang Suwen indirectly controls 13.03% of the voting rights of the company's shares by serving as the executive partner of Anhui Juntong, Anhui Junxian and Anhui Junwei.
Accordingly, the three directly and indirectly control a total of 95.94% of the voting rights of Tangxing Technology. Among them, Tang Suwen is the chairman and general manager of the company, and Tang Ximing and Ma Yunshu are both directors and deputy general managers of the company. According to the prospectus, Tang Suwen and Tang Ximing are brothers, and Ma Yunshu and Tang Suwen and Tang Ximing are cousins.