It is not uncommon for *** to be listed for the second time.
On December 25, Shandong Taipeng Environmental Protection Materials Co., Ltd. (hereinafter referred to as "Taipeng Environmental Protection") was accepted by the share transfer company.
For Taipeng Environmental Protection, this listing is more like "returning to a familiar place".
From 2015 to 2020, Taipeng Environmental Protection has been listed for more than 5 years. After the delisting, Taipeng Environmental Protection will be in the investment promotion**(600999SH) under the sponsorship of the Shenzhen Stock Exchange.
However, due to problems such as the imperfect internal control system, Taipeng Environmental Protection's IPO ended in failure.
This application for listing *** Taipeng Environmental Protection may intend to be on the Beijing Stock Exchange.
It applied for listing again and chose to retreat to the Beijing Stock Exchange, but under the pressure of performance, Taipeng Environmental Protection still faces a lot of challenges.
Taipeng Environmental Protection is mainly engaged in the production and sales of nonwovens, and in 2020, it was stimulated by the market demand for related products, and its performance was soaring, but with the easing of market demand, its performance began to decline sharply in 2021.
In 2021 and 2022, Taipeng Environmental Protection's revenue will be 41 billion yuan, 33.7 billion yuan, and the net profit attributable to the parent company in the same period was 05.3 billion yuan, 03.1 billion yuan, and the revenue and net profit attributable to the parent company in 2022 will decline year-on-year respectively42%。
Although Taipeng Environmental Protection did not explicitly plan to land on the Beijing Stock Exchange, the actual controller made listing on the Beijing Stock Exchange one of the conditions when entering into the validity period of the concerted actor agreement.
The application materials show that Liu Jian, the 7 actual controllers of Taipeng Environmental Protection.
3. Wang Xuhua, Fan Ming, Wang Jian, Li Xuemei, Han Bangyin and Sun Yuanqi have signed the "Concerted Action Agreement" on December 1, stipulating that the agreement will be valid until the expiration date of 36 months from the date of listing of the company.
Among them, the date of listing of the company is subject to the date of listing on the Beijing Stock Exchange, the Shanghai Stock Exchange and the Shenzhen Stock Exchange.
On the afternoon of December 26, Trade Winds (ID: tradewind01) called Taipeng Environmental Protection to verify its listing plan on the Beijing Stock Exchange, but ** was never answered.
Before the declaration, Taipeng Environmental Protection sprinted to the main board of the Shenzhen Stock Exchange IPO has ended in failure.
In June 2021, Taipeng Environmental Protection submitted an IPO application to the Shenzhen Stock Exchange to the China Securities Regulatory Commission under the sponsorship of China Merchants **.
But not long after it was accepted, Taipeng Environmental Protection was selected for on-site inspection.
On July 4, 2021, the China ** Industry Association conducted spot checks on the quality of information disclosure for 372 companies accepted before June 30, 2021, and 17 initial companies, including Taipeng Environmental Protection, were selected for on-site inspection.
In the face of on-site inspection, Taipeng Environmental Protection did not flinch, and also updated the prospectus on December 24, 2021.
But in March of the following year, Taipeng chose to withdraw its IPO application.
In the second month of the same year, a warning letter from the China Securities Regulatory Commission unraveled the mystery of Taipeng's withdrawal.
The CSRC's investigation found that in the IPO process, Taipeng Environmental Protection had problems such as the mixing of controlling shareholders and employees, incomplete disclosure of "third-party payment collection and cash transactions", lack of inventory internal control management, non-compliance with accounting standards and internal control of R&D expense accounting, and weak financial accounting foundation.
Wang Zhipeng and Ge Qi, two insurance agents of Taipeng Environmental Protection and China Merchants **, were also issued warning letters by the Securities Regulatory Commission.
Trade Winds (ID: tradewind01) noticed that Taipeng Environmental Protection still hired China Merchants ** as the host brokerage for this listing, but the previous Bao Dai Wang Zhipeng and Ge Qi are no longer members of Taipeng Environmental Protection's *** listing project.
However, as the co-organizer of Taipeng Environmental Protection's previous IPO on the main board, Wang Yanran was not punished.
In the Taipeng environmental protection listing, Wang Yanran is still one of the members of the project team.
It is worth mentioning that R&D expenses were the most questioned aspects of Taipeng Environmental Protection's previous IPO.
In 2021, when the regulatory authorities conducted an on-site inspection of Taipeng Environmental Protection, it was found that its subsidiaries directly classified the fixed assets in some production lines as R&D equipment, and the relevant depreciation was all included in R&D expenses, and there was no clear distinction between whether the equipment was used for R&D.
In the financial data of this listing, the R&D expense rate of Taipeng Environmental Protection has declined significantly compared with before.
According to the prospectus of the previous main board IPO, from 2018 to the first half of 2021 during the reporting period, the proportion of R&D expenses to revenue of Taipeng Environmental Protection was07% and 599%。
However, in 2021, 2022 and the first half of 2023 during the reporting period of this listing, the proportion of Taipeng Environmental Protection's R&D expenses to revenue has been reduced to ., respectively71% and 391%。
If Taipeng Environmental Protection is successfully listed on the Beijing Stock Exchange, it means that its controlling shareholder, Shandong Taipeng Group, hereinafter referred to as "Taipeng Group"), will have two listed companies on the Beijing Stock Exchange.
As of December 25, 2023, Taipeng Group controls 67In addition to the 35% stake, it also controls Taipeng Intelligent (873132bj）57.With 18% of the shares, whether Taipeng Group can fall another son on the Beijing Stock Exchange as it wishes, the market is continuing to pay attention.
Nonwovens, also known as "non-woven fabrics", are a kind of fabrics formed without spinning and weaving, which have the characteristics of moisture-proof, breathable, and flexible.
As a nonwovens company, Taipeng Environmental Protection has various nonwovens products such as spunbond and needle punching.
Among them, spunbond nonwovens, which are mainly used in liquid, gas filtration and other fields, are the main income of Taipeng Environmental Protection**, and the revenue will be 11.9 billion yuan, accounting for 8126%。
However, the market performance of spunbond nonwovens is hardly ideal. Sales in 2021, 2022 and the first half of 2023 will be 1650,000 tons, 1350,000 tons and 0690,000 tons, and the sales unit price in the same period was 1850,000 tons, 1810,000 tons and 1730,000 tons.
In this regard, Taipeng Environmental Protection explained that starting in 2022, downstream customers represented by swimming pool filter materials have entered the destocking cycle, which has led to a decline in the sales volume and unit price of spunbond nonwovens.
This may only be "half the truth".
After the epidemic in 2020, the market demand for spunbond nonwovens and meltblown nonwovens required in the field of medicine and health has increased, which has stimulated a surge in the revenue of Taipeng's environmental protection-related products.
In 2020, Taipeng Environmental Protection's spunbond nonwovens and meltblown nonwovens revenue will reach 27.2 billion yuan, 06.6 billion yuan, the former increased by 25 percent year-on-year19%, and the latter directly "from nothing".
Taipeng Environmental Protection's performance also reached a historical peak in 2020, with revenue and net profit attributable to the parent company of 4 respectively that year2.1 billion yuan, 10.6 billion yuan, a year-on-year increase of99%。
Taipeng Environmental Protection once pointed out in the main board IPO prospectus, "In response to the requirements of local ** and customers, to meet the needs of all parties for epidemic protection materials during the epidemic, the company actively expands the medical and health field, and the sales of related spunbond nonwovens have contributed a certain amount of income to the company." ”
However, when the market demand gradually stabilized, Taipeng Environmental Protection's performance also returned to the normal level, and its revenue and profit declined sharply for two consecutive years.
In 2021 and 2022, Taipeng Environmental Protection's revenue will be 41 billion yuan, 33.7 billion yuan, and the net profit attributable to the parent company in the same period was 05.3 billion yuan, 03.1 billion yuan.
Not only that, Taipeng Environmental Protection's gross profit margin has also shrunk significantly, with a gross profit margin of only 22 in 202258%, which is down 2531 percentage points.
This may also be the "painful period" of the industry.
As a comparable company of Taipeng Environmental Protection, Norbond shares (603238SH) also admitted in its 2023 semi-annual report that "the demand for medical protective materials such as protective clothing has fallen off a cliff, driving the production, domestic and foreign sales and profits of the entire industrial chain to drop sharply, and at the same time, the rapid expansion of nonwovens production capacity has had a great negative impact on the smooth operation of the industry." ”
Taipeng Environmental Protection is still facing certain performance fluctuation pressure.
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