Text|The first financial article was heard.Improving the quality of listed companies and protecting the interests of investors is never an empty word.Edit|Junjie.
For example, under the questioning of "clearance dividends", a large number of companies such as Fuhua Chemical, Zhejiang Guoxiang, and World Agricultural Machinery chose to withdraw orders.
On November 27, information on the official website of the Shanghai Stock Exchange showed that Nanfeng withdrew its IPO application. According to the prospectus, Nanfeng intends to raise 141.7 billion yuan, and the company's total assets as of the end of June 2022 are only 92.1 billion yuan, of which 300 million yuan is intended to be used to supplement liquidity.
01 Dividends of more than 400 million, but to raise 300 million to replenish the flow of public information shows that Nanfeng is an enterprise dedicated to the research and development, production and sales of high-purity fluorine chemical products, the company's main products include anhydrous hydrogen fluoride, lithium hexafluorophosphate, ammonium bifluoride, etc.
According to the information of the China Securities Regulatory Commission, Nanfeng submitted its listing application as early as June 2022, and then moved it to the Shanghai Stock Exchange for review. The first round of inquiries was received on March 20, 2023. It took more than five months for Nan Gao Feng to respond to the first round of inquiries.
In 2019 and the first half of 2021 and 2022 (reporting period), Nanfeng's revenue was 60.4 billion yuan, 52.3 billion yuan, 94.4 billion yuan, 46.2 billion yuan. The net profit attributable to the parent company was 9538190,000 yuan, 6301420,000 yuan, 23.4 billion yuan, 9507130,000 yuan.
In addition to performance fluctuations and robustness to be improved, the company made four cash dividends in each period of the reporting period, with an amount of 7122600,000 yuan, 7122600,000 yuan, 23.7 billion yuan and 42 million yuan, with a total dividend of more than 400 million yuan. In 2020 and 2021, the dividends exceeded the net profit of the year.
As the actual controller, the three brothers Cheng Yangxiang, Cheng Hongbo and Cheng Hao are the biggest beneficiaries of the high proportion of dividends. According to the prospectus, the three people control a total of 87 of the company17% equity. On the other hand, Nanfeng wants to raise 300 million yuan through IPO to replenish the flow, which inevitably makes the outside world question whether the company is short of moneyHow much rationality and rigor is there in the use of fundraising?
Inquiries about cash dividends, capital flow and other issues of the Shanghai Stock Exchange. Nanfeng's reply shows that during the reporting period and before the period, the company's controlling shareholder and actual controller obtained 54.6 billion yuan, and the actual dividend fund is 5$1.6 billion. The dividend funds are mainly used for the purchase of financial assets, the repayment of the principal and interest of loans, the lending of funds, the lending of funds to affiliated enterprises, equity investment, share repurchase, etc.
Among them, the investment in financial assets is the largest, with a total amount of 30.8 billion yuan.
02 The industry is changing, how much do you know about the risk of expansion 2021-2022 is the first period of the lithium battery market, and Nanfeng has really made a lot of money relying on lithium hexafluorophosphate. During the reporting period, the gross profit of the company's lithium hexafluorophosphate was 498070,000 yuan, 1911470,000 yuan, 24476160,000 yuan, 10,92630,000 yuan, accounting for the total gross profit of the current period. 5%。
However, in terms of product revenue structure, lithium hexafluorophosphate is not the company's main business. During the reporting period, the company's anhydrous hydrogen fluoride sales revenue was 46038460,000 yuan, 36,917550,000 yuan, 47,901440,000 yuan, 24101940,000 yuan, accounting for the main business income of the current period. 18%, which is the largest product.
After tasting the sweetness of lithium hexafluorophosphate, Nanfengfeng wants to make a big lithium hexafluorophosphate cake in this IPO, and plans to raise about 37.8 billion yuan for a new lithium hexafluorophosphate project with an annual output of 5,000 tons.
The consideration is that the tuyere comes and goes quickly. Today, unlike in the past, the lithium battery industry in the Chinese market in 2023 is already another situation, with market involution, high profits in the industrial chain, and product quality causing profit concerns.
On the evening of November 28, Polyfluoride, a leading A-share lithium hexafluorophosphate company, released its 2023 performance forecast, which is expected to be attributable to shareholders of listed companies with a net profit of 56 billion yuan—62 billion yuan, a year-on-year decrease of 6817%—71.25%；Deduct non-net profit 47.1 billion yuan—53.1 billion yuan, down 70 percent year-on-year87%—74.16%。
An important reason for the decline in polyfluorinated profits is the continuous decline of lithium hexafluorophosphate**.
According to wind data, since July 2023, lithium hexafluorophosphate** has shown a continuous ** trend, **from 16. on July 3750,000 tons ** to 9 on October 19450,000 tons. Compared with the high of 590,000 tons in January 2022, it has fallen by 8398%。
After entering November, lithium hexafluorophosphate** has fallen below 90,000 tons, constantly refreshing new lows in recent years.
The underlying cause is overcapacity.
Since 2021, as lithium hexafluorophosphate** continues to rise, related companies have also begun to expand their production capacity, according to Zhiyan consulting data, China's lithium hexafluorophosphate production will reach 10140,000 tons, an increase of 4 compared with 2021940,000 tons, a year-on-year increase of 95%.
Entering 2023, lithium hexafluorophosphate production is still expanding. For example, Tianci Materials, another industry leader, said on the interactive platform on September 26 that the company's existing lithium hexafluorophosphate production capacity is discounted by about 620,000 tons, in addition to an annual output of 15The 20,000-ton lithium battery new material project has recently started trial production, and the current production capacity is ramping.
In this context, what are the advantages of Nanfeng choosing to follow up on the expansion?Once the adverse derivative risks are removed, how much do you know and who will pay for them?
03 Surprise shareholding, good abacus failed?The growth prospects are doubtful, the large amount is divided, and the southern peak also has questions about the pre-IPO surprise shareholding.
According to the prospectus, Nanfeng has a total of 8 shareholders, of which 4 shareholders are new shareholders in the 12 months before the first declaration, namely Li Guohui, Hangzhou Zhiyan, Wu Hongxin, and Ningbo Kunchang.
Among them, Li Guohui was obtained by the shares held by the controlling shareholder (North Peak) and the actual controller Cheng Hongbo, ** 1150 yuan share;Hangzhou Zhiyan and Wu Hongxin were obtained through the transfer of shares held by Shengfu Investment controlled by Wu Hongxin, ** 16 yuan shares;Ningbo Kunchang is a shareholding platform for the implementation of employee equity incentives, and the capital increase subscription is low.
After a series of transfers, the equity ratio of the actual controller of Nanfeng fell to 5693%。In this IPO, Nanfeng originally planned to issue no more than 40 million shares to the public, and planned to raise 141.7 billion yuan.
Based on this calculation, the South Peak issuance ** is more than 35 yuan. In other words, the profit of the new shareholders more than doubled in 12 months. It's just that the premise of everything is a successful listing. Now with the "cancellation of orders", the good calculation is still in vain. Can it make a comeback?