China Fund News Amman
On May 15, according to the official website of the Shanghai Stock Exchange, due to the company's application to withdraw materials, the IPO of Hubei Xiangyun (Group) Chemical Co., Ltd. (hereinafter referred to as Xiangyun Co., Ltd.) on the main board of the Shanghai Stock Exchange was terminated.
According to public information, Xiangyun's IPO application was accepted by the Shanghai Stock Exchange on March 3, 2023, and the first round of inquiry letters was received on June 28, 2023. However, the company and the sponsor withdrew the IPO and terminated it before they could respond to the inquiry.
The output is the first in the country
According to the prospectus, Xiangyun shares are mainly engaged in the production and sales of phosphate fertilizers and compound fertilizers. The company was listed on the New Third Board on December 22, 2015. The company's products can be divided into ammonium phosphate products, compound fertilizers, synthetic ammonia and other ancillary products according to categories, of which ammonium phosphate products and compound fertilizers account for more than 90% of the company's main business income.
The company's downstream customers include fertilizer production enterprises (production end) and fertilizer distributors/traders (consumer side), and the sales model includes direct sales model and distribution model.
During the reporting period, the company's main customers included overseas companies such as Ameropa, Keytrade and Nitron, as well as domestic enterprises such as Xiamen International Trade, Sinofert, Stanley, Huilong Co., Ltd. and Huachang Chemical. During the reporting period, the issuer's sales area was mainly domestic, and overseas sales revenue accounted for about 20%-40% of the main business revenue. According to the data provided by the China Phosphate Compound Fertilizer Industry Association, the output of monoammonium phosphate ranked first in the country from 2019 to 2020, and the total output of phosphate fertilizer (converted to pure) ranked third in the country.
The revenue exceeded 8.3 billion yuan, and the net profit was only 50 million yuan
According to the prospectus, during the reporting period, the company's operating performance maintained rapid growth.
From 2019 to January to June 2022, the company's operating income was 5.735 billion yuan, 5.630 billion yuan, 6.615 billion yuan and 4.853 billion yuan respectively, with a compound growth rate of 7.40% from 2019 to 2021.
The realized net profit attributable to owners of the parent company after deducting non-recurring gains and losses was 236 million yuan, 416 million yuan, 421 million yuan and 530 million yuan respectively, and the compound growth rate of net profit attributable to owners of the parent company after deducting non-recurring gains and losses from 2019 to 2021 was 12.82%.
But in 2023, the performance of Xiangyun shares will become a bit "crotch-pulling". In 2023, the company will achieve operating income of 8.324 billion yuan, a year-on-year decrease of 4.85%, and a net profit of 50.3085 million yuan after deducting non-profits, a year-on-year decrease of 91.57%.
Industry insiders pointed out that in April 2024, the Shanghai and Shenzhen stock exchanges will significantly increase the financial indicators of listing on the main board. The cumulative net profit target for the last three years in the first set of listing standards will be increased from 150 million yuan to 200 million yuan, and the net profit indicator for the latest year will be increased from 60 million yuan to 100 million yuan. Obviously, the company's financial data for 2023 no longer meets the requirements of the new regulations.
Editor: Captain
Review: Muyu