Shandong Sanyuan Biotechnology Co., Ltd
Shandong Sanyuan Biotechnology Co.,Ltd.
(No. 89, ZhangFu Road, Binbei, Binzhou City, Shandong Province)
Initial public offering and listing on GEM
Listing announcement
Sponsor (lead underwriter)
(Building 4, No. 66 Anli Road, Chaoyang District, Beijing)
February, 2002
hot tip
The shares of Shandong Sanyuan Biotechnology Co., Ltd. (hereinafter referred to as "company", "issuer" or "Sanyuan biotechnology") will be listed on Shenzhen Stock Exchange on February 10, 2022.
GEM companies have the characteristics of unstable performance, high operation risk and high delisting risk, and investors are facing greater market risk. Investors should fully understand the investment risks of the gem and the risk factors disclosed by the company, and make investment decisions prudently.
The company reminds investors to fully understand the risks of the stock market and the risk factors disclosed by the company, avoid blindly following the trend of "speculation" in the initial stage of IPO, and make prudent decision and rational investment.
Unless otherwise specified, the abbreviations or terms in this listing announcement have the same meanings as those in the prospectus of the company's initial public offering of shares.
Section I important statements and tips
1、 Important statement
The company and all directors, supervisors and senior managers guarantee the authenticity, accuracy and completeness of the listing announcement, promise that there are no false records, misleading statements or major omissions in the listing announcement, and bear legal liabilities according to law.
The opinions of Shenzhen Stock Exchange and relevant government authorities on the listing of the company's shares and related matters do not indicate any guarantee to the company.
The company reminds investors to carefully read the information published on cninfo (website: www.cn. Info. Com. CN.) The contents of the "risk factors" section of the company's prospectus on the website should pay attention to risks, make prudent decisions and make rational investment.
The company reminds the majority of investors to pay attention to the relevant contents not involved in this listing announcement. Please refer to the full text of the company's prospectus. 2、 Special tips on investment risk at the initial stage of gem IPO
The offering price is 109.30 yuan / share, which does not exceed the median and weighted average of offline investors' quotations after excluding the highest quotation, as well as the Securities Investment Fund (hereinafter referred to as "public fund") and the National Social Security Fund (hereinafter referred to as "social security fund") established through public offering after excluding the highest quotation The lower of the median and weighted average of the quoted prices of the basic endowment insurance fund (hereinafter referred to as "pension"), the enterprise annuity fund established in accordance with the measures for the administration of enterprise annuity fund (hereinafter referred to as "enterprise annuity fund") and the insurance fund (hereinafter referred to as "insurance fund") in accordance with the measures for the administration of the use of insurance funds. According to the industry classification guidelines for listed companies (revised in 2012) issued by the China Securities Regulatory Commission, the industry of the company is food manufacturing, and the industry code is "C14". As of January 18, 2022 (T-4), the average static P / E ratio of the industry released by China Securities Index Co., Ltd. in the latest month is 43.85 times.
As of January 18, 2022 (T-4), the valuation levels of comparable listed companies are as follows:
The closing price of T-4 stock in 2020 minus the static securities corresponding to the deduction in 2020 is referred to as the securities code for short (yuan non front EPS non rear EPS P / E ratio minus non P / E ratio minus non / share) (yuan / share) (yuan / share) before (2020) and after (2020) Baolingbao Biology Co.Ltd(002286) 002286 SZ 13.10 0.1341 0.0975 97.71 134.36
Zhejiang Huakang Pharmaceutical Co.Ltd(605077) 605077. SH 42.43 1.8823 1.7818 22.54 23.81
Anhui Jinhe Industrial Co.Ltd(002597) 002597. SZ 43.29 1.2810 1.0163 33.79 42.60
Average 51.35 66.92
Data source: wind information, data as of January 18, 2022 (T-4).
Note 1: if there is mantissa difference in the calculation of P / E ratio, it is caused by rounding;
Note 2: EPS before / after deduction of non recurring profit and loss in 2020 = net profit attributable to the parent before / after deduction of non recurring profit and loss in 2020 / total share capital on T-4 day. The issuance price of 109.30 yuan / share corresponds to the lower diluted P / E ratio of the issuer before and after deducting non recurring profits and losses in 2020, which is 63.39 times higher than the average static P / E ratio of the industry in the latest month published by China Securities Index Co., Ltd. and lower than the average static P / E ratio of comparable companies after deducting non recurring profits and losses in 2020, However, there is still a risk that the decline of the issuer's share price will bring losses to investors in the future.
There is a risk that the net asset scale will increase significantly due to the acquisition of raised funds, which will have an important impact on the issuer's production and operation mode, operation management and risk control ability, financial status, profitability and long-term interests of shareholders. The issuer and the recommendation institution (lead underwriter) remind investors to pay attention to investment risks, carefully study and judge the rationality of issuance pricing, and make investment decisions rationally.
The company reminds investors to pay attention to the investment risks in the initial stage of IPO (hereinafter referred to as "new shares"), and investors should fully understand the risks and rationally participate in the trading of new shares.
Specifically, the risks at the initial stage of the company's IPO include but are not limited to the following: (I) the restrictions on rise and fall are relaxed
The competitive trading of GEM stocks is subject to a wide range of rise and fall limits. For stocks that are IPO and listed on the gem, there is no rise and fall limit in the first five trading days after listing, and then the rise and fall limit is 20%. On the first day of the listing of new shares on the main board of Shenzhen Stock Exchange, the increase limit was 44%, the decrease limit ratio was 36%, and the increase and decrease limit was 10% from the next trading day. The gem further relaxed the limit on the rise and fall range at the initial stage of stock listing, improving the trading risk.
After this issuance, the total share capital of the company is 134883800 shares, of which 31981529 shares are tradable without restrictions, accounting for 23.71% of the total share capital after issuance.
At the initial stage of listing, the number of circulating shares is small, and there is a risk of insufficient liquidity. (III) the shares can be used as the subject matter of margin trading on the first day of listing
The stock can be used as the subject matter of margin trading on the first day of listing, which may produce certain price fluctuation risk, market risk, margin increase risk and liquidity risk. Price fluctuation risk refers to that margin trading will aggravate the price fluctuation of the underlying stock; Market risk refers to that when investors use stocks as collateral for financing, they need to bear not only the risks caused by the change of the original stock price, but also the risks caused by the change of the stock price of new investment, and pay the corresponding interest; Margin call risk means that investors need to monitor the level of guarantee ratio in the whole process of trading to ensure that it is not lower than the maintenance margin ratio required by margin trading; Liquidity risk refers to that when the price of the underlying stock fluctuates violently, the financed purchase of securities or the repayment of securities, the sale of securities or the repayment of securities may be blocked, resulting in greater liquidity risk. (IV) there may be a risk of falling below the issue price after listing
Investors should pay full attention to the risk factors contained in the pricing marketization, know that the stock may fall below the issue price after listing, effectively improve the risk awareness, strengthen the value investment concept, and avoid blind speculation. Regulators, issuers and recommendation institutions (lead underwriters) can not guarantee that the stock will not fall below the issue price after listing. 3、 Special risk tips
The company specially reminds investors to pay attention to the following risk summary tips. For detailed understanding, please carefully read all the contents of "section IV Risk Factors" in the prospectus of the company. (I) risk of intensified market competition
With the improvement of consumers' health awareness and the upgrading of consumption demand for sugar substitute products, the prosperity of erythritol industry continues to improve, which is promoting the original manufacturers to expand production capacity and attract new investors, which will make the market competition of erythritol industry more intense. The intensification of market competition may lead to the decline of the price of erythritol and its complex products and the increase of the proportion of sales expenses. If the company cannot adapt to the competitive development trend of the industry through capacity expansion and technological upgrading, the company's industry status and market share will face certain risks, which will have an adverse impact on the company's operating performance. (II) product quality control risk and improper consumption risk of consumers
Erythritol and compound sugar produced by the company are used as food additives in the fields of table sugar, seasoning sugar, beverage, candy food and baking food. Product quality control and food safety are the lifeline of the enterprise. With China's increasing emphasis on food safety and the continuous enhancement of consumers' awareness of food safety, production enterprises need to carry out strict quality control in all links such as procurement, processing and sales. If unexpected product quality problems occur, it will have an adverse impact on the company's brand and operating performance.
In addition, although scientific research has made it clear that erythritol is safe and non-toxic, and there are no safety risks such as carcinogenesis, teratogenicity, mutagenicity, acute or subchronic and chronic toxicity, reproductive toxicity and so on, and the human tolerance of erythritol is much higher than that of xylitol and other sugar alcohols. Even if taking high-dose erythritol, it will not produce any toxicity. However, due to the diverse physique of consumers, excessive consumption of erythritol at one time may lead to certain adverse physiological reactions: for example, a very small amount of erythritol consumed by the human body that is not absorbed by the small intestine will enter the large intestine and become a low-energy carbon source for intestinal bacteria fermentation, and excessive consumption may produce flatulence; For another example, the one-time intake of large amounts of non absorbed carbohydrates on an empty stomach will lead to the accumulation of high concentrations of carbohydrates on the inner wall of the small intestine, resulting in high osmotic pressure, which may lead to diarrhea. For example, some consumers will have diarrhea after drinking a large amount of milk on an empty stomach, and the one-time high-dose consumption of erythritol on an empty stomach may also cause diarrhea in some consumers.
In conclusion, although erythritol products are produced by fermentation and are generally considered to be more natural and safe sweeteners, due to the great differences in individual physique of consumers, if consumers have adverse reactions due to improper consumption of erythritol or products containing erythritol, it may have an adverse impact on erythritol market consumption and the company's business performance. (III) risk of unsustainable high gross profit margin
From January to June in 2018, 2019, 2020 and 2021, the company's comprehensive gross profit margin was 36.85%, 45.77%, 42.27% and 41.09% respectively, and the gross profit margin remained at a high level. From 2018 to 2019, affected by the expansion of erythritol production capacity and process improvement, the unit cost continued to decline and the gross profit margin continued to increase. Since January 1, 2020, the company has implemented the new revenue standard, and listed the transportation insurance expenses and port miscellaneous expenses directly related to the performance of the contract into the operating cost, resulting in a decrease in the gross profit margin. If the company faces such adverse factors as intensified market competition, falling sales prices of main products, high raw material prices and rising labor costs in the future, the comprehensive gross profit margin may decline, which will have an adverse impact on the profitability of the company, and the company may face the risk that the high gross profit margin cannot be maintained. (IV) risk of rising purchase price of raw materials
From January to June in 2018, 2019, 2020 and 2021, raw materials accounted for 68.00%, 72.64%, 67.69% and 73.97% of the main business costs respectively. The main raw material of erythritol and compound sugar of the company is glucose, and the processing raw material of glucose is mainly corn. Therefore, the fluctuation of corn price will have an impact on the price of glucose, and then on the cost of erythritol and compound sugar of the company. Corn prices are affected by climate, planting area, national grain collection and storage policies, as well as other complex factors, such as the corn market in the international market and the performance indicators of corn itself. If the price of corn increases greatly in the future, resulting in a sharp rise in the price of glucose, it will have an adverse impact on the profitability of the company. (V) risk of high customer concentration
From January to June in 2018, 2019, 2020 and 2021, the total sales revenue of the company's top five customers accounted for 45.30%, 55.93%, 47.87% and 51.38% of the current operating revenue respectively, of which the sales of saroya accounted for 7.15%, 35.04%, 20.28% and 7.57% respectively. The company has the risk of relatively concentrated sales customers. If there are major adverse changes in the production, operation and cooperative relationship of major customers in the future, or the reduction of purchase orders to the company, or the company fails to continuously develop new customers, it will have an adverse impact on the company's operating performance. (VI) risk of single product structure
Since its establishment, the company has focused on the R & D, production and sales of erythritol products, gradually accumulated industry-leading product quality, production efficiency and many well-known customers, and gradually grew into an enterprise with a leading market share in the global erythritol industry. Although the company complied with the market demand, gradually launched compound sugar products and actively developed new products such as rebaudioside m and alodonose during the reporting period, the company's product structure is still dominated by erythritol. From 2018 to January June 2021, the revenue of erythritol accounted for 84.65%, 59.87%, 78.80% and 91.48% of the operating revenue respectively, and the gross profit of erythritol accounted for 84.67%, 57.06%, 78.59% and 90.62% of the comprehensive gross profit respectively. Erythritol has a significant impact on the operating performance of the company. If the demand or supply of erythritol industry fluctuates significantly, or the company's new product R & D fails to meet expectations, it will have an adverse impact on the company's operating performance, and the company faces the risk of relatively single product structure. (VII) risk of Sino US trade friction
2018, 2019, February
