Statement: after this stock issuance, it is planned to be listed on the science and innovation board market, which has high investment risk. Kechuang board company has the characteristics of large R & D investment, high operation risk, unstable performance and high delisting risk, and investors are facing great market risk. Investors should fully understand the investment risks of the science and innovation board market and the risk factors disclosed by the company, and make investment decisions prudently.
China catalyst new materials Co., Ltd
China Catalyst Holding Co., Ltd.
Songmudao chemical park, puwan new area, Dalian, Liaoning Province
Initial public offering and listing on the science and Innovation Board
Letter of intent
Sponsor (lead underwriter)
Room 2004, 20th floor, Dacheng International Building, No. 358, Beijing South Road, high tech Zone (new urban area), Urumqi, Xinjiang
statement
Any decision or opinion made by the CSRC and the stock exchange on this issuance does not indicate that they guarantee the authenticity, accuracy and integrity of the registration application documents and the information disclosed, nor do they indicate that they make substantive judgment or guarantee on the profitability, investment value of the issuer or the income of the investor. Any statement to the contrary is a false statement.
According to the provisions of the securities law, the issuer shall be responsible for the changes in the operation and income of the issuer after the shares are issued according to law; Investors independently judge the investment value of the issuer, make investment decisions independently, and bear the investment risks caused by changes in the operation and income of the issuer or changes in the stock price after the shares are issued according to law.
The issuer and all directors, supervisors and senior managers promise that the prospectus and other information disclosure materials are free from false records, misleading statements or major omissions, and bear individual and joint legal liabilities for their authenticity, accuracy and completeness.
The controlling shareholder of the issuer undertakes that there are no false records, misleading statements or major omissions in this prospectus, and shall bear individual and joint legal liabilities for its authenticity, accuracy and completeness.
The person in charge of the company, the person in charge of accounting and the person in charge of the accounting institution shall ensure that the financial and accounting materials in the prospectus are true and complete.
The issuer and all directors, supervisors, senior managers, controlling shareholders of the issuer, sponsors and underwriting securities companies promise to compensate investors for losses in securities issuance and trading due to false records, misleading statements or major omissions in the issuer's prospectus and other information disclosure materials.
The sponsor and the securities service institution promise to compensate the investors for the losses caused to the investors due to the false records, misleading statements or major omissions in the documents prepared and issued for the issuer's public offering.
Issue overview
Type of shares issued: RMB ordinary shares (A shares)
The number of shares issued is 44.05 million, accounting for the proportion of total share capital after issuance
25%, all of which are new shares.
The par value of each share is RMB 1.00
The issue price per share is RMB []
Issue date: February 7, 2022
Exchanges and sectors to be listed Shanghai Stock Exchange Kechuang board
The total share capital after issuance is 176.2 million shares
Sponsor and lead underwriter Shenwan Hongyuan Group Co.Ltd(000166) securities underwriting recommendation Co., Ltd
Signing date of the prospectus: January 21, 2022
Tips on major events
The company specially reminds investors to pay full attention to the following major matters. Investors should carefully read the full text of the prospectus before making investment decisions. 1、 Major risk tips
The company reminds investors to pay special attention to the following risks in the "risk factors" and carefully read all the contents in "section IV Risk Factors" of this prospectus.
(I) customer concentration risk
In 2018, 2019, 2020 and January June 2021, the sales of the company's top five customers accounted for 67.76%, 77.27%, 88.12% and 89.94% of the current operating revenue respectively, showing an upward trend. Among them, the company's sales revenue from BASF, the largest customer, is 32.4616 million yuan, 197.505 million yuan, 28.18695 million yuan and 250.5205 million yuan respectively, accounting for 19.19%, 59.31%, 69.43% and 77.59% of the company's operating revenue. The company has the risk of customer concentration and dependence on the largest customer.
During the reporting period, mobile source denitration molecular sieve products were one of the company's core products, accounting for BASF's only customer of mobile source denitration molecular sieve products of the issuer. According to relevant agreements, the issuer is the exclusive supplier of mobile source denitration molecular sieve in BASF Asia, and the issuer has business restrictions that mobile source denitration molecular sieve products can only be sold to BASF and its authorized objects. The issuer's main product mobile source denitration molecular sieve has the risk of dependence on BASF.
If the downstream market demand decreases in the future, the demand for the company's mobile source denitration molecular sieve products decreases, or the company's R & D innovation and production supply cannot meet the customer's demand in time, or BASF increases other suppliers, or the global market share of BASF mobile source denitration products declines in the future, it may have a great adverse impact on the company's business operation and financial status.
(II) there is a risk that the environmental protection regulatory policies of the automobile industry have a great impact on the sales of the company's main products
During the reporting period, the company's mobile source denitration molecular sieve product revenue was 16.552 million yuan, 155.2408 million yuan, 254.0167 million yuan and 230.6544 million yuan respectively, accounting for 9.86%, 46.98%, 63.16% and 72.17% of the main business revenue. Mobile source denitration molecular sieve is used for diesel vehicle exhaust treatment. Its main sales areas include Asia Pacific regions such as China, South Korea, Japan and India and European regions such as Poland. The market development of this product depends on the formulation and strict implementation of relevant exhaust emission regulations.
From 2018 to January June 2021, the national output of diesel vehicles was 2.9487 million, 2.8694 million, 3.5698 million and 1.9593 million respectively. The output of diesel vehicles showed a fluctuating upward trend.
According to the notice on confirmation of national VI emission products of heavy diesel vehicles issued by the Ministry of industry and information technology in 2021, the production and sales of heavy diesel vehicle products that do not meet the requirements of national VI standards will be stopped from July 1, 2021. Compliance with the national six standards is the basic requirement for product renewal and iteration of automobile host manufacturers. Compliance with the national six standards is a key factor for the competition of relevant enterprises in various exhaust gas treatment fields. The implementation progress and strictness of environmental protection regulatory policies in the automobile industry have a great impact on the sales of mobile source denitration molecular sieve products of the company.
In order to meet the automobile exhaust emission standard, the company has continued to invest in large-scale technology research and development. The application scenarios of mobile source denitration molecular sieve products include the national phase VI B emission standard expected to be implemented in 2023, the "Euro VII" emission standard expected to be implemented in 2025 and other regional emission standards of the same level. If the actual implementation time of the exhaust emission standard is delayed from the original implementation time, or the existing environmental protection regulatory policies of the automotive industry in the main sales areas cannot be strictly implemented, it will have an adverse impact on the sales of the above-mentioned products of the issuer.
(III) risks caused by iteration direction
The catalyst has a wide range of applications, and new markets and applications are expanding. Product and technological innovation largely depends on the company's technical level and continuous R & D investment. If competitors launch more efficient, energy-saving and environmental friendly catalyst products and technical services, it will significantly squeeze the market share of the issuer. If the company cannot accurately predict the development trend of products and technologies, respond to customer needs in time, continue technology research and development, and upgrade product performance and structure, the company will gradually lose market competitiveness and have an adverse impact on the company's operation.
(IV) risk of traditional fuel vehicle market being crowded by new energy vehicles
At present, the company's mobile source denitration molecular sieve products are applied to the field of mobile source tail gas treatment diesel vehicles, and its market development is highly related to the overall development of the national automobile industry. Benefiting from the support of national policies and the development of industry technology, the new energy vehicle industry represented by pure electric vehicles, plug-in hybrid vehicles and fuel cell vehicles has developed rapidly and occupied the traditional fuel vehicle market to a certain extent. According to the statistics of China Automobile Industry Association, the proportion of Shanxi Guoxin Energy Corporation Limited(600617) automobile output in the total automobile output has increased from 2.74% in 2017 to 5.40% in 2020. Although the proportion of new energy vehicles is still low and mainly concentrated in the passenger car market, if new energy vehicles replace traditional fuel vehicles on a large scale in the future, it will have an adverse impact on the sales of the company's products. 2、 Main financial information and operation after the audit deadline of financial report
(I) operation and main financial information after the audit deadline of financial report
From the audit deadline of the financial report to the signing date of this offering intention, the industrial policy and industry cycle, tax policy, business model and competition trend of the issuer's industry, the procurement scale and price of main raw materials, the production, sales scale and sales price of main products, and the composition of main customers and suppliers, There are no major changes in the terms of major contracts or actual implementation, no new litigation or arbitration matters that may have a great impact on future operations, no major safety and environmental protection accidents, good operation, business performance and overall operation, no major abnormal changes, and no other major matters that may affect the judgment of investors.
The deadline for the audit of the company's financial report is June 30, 2021. Rongcheng Certified Public Accountants (special general partnership) reviewed the company's consolidated balance sheet and parent company's balance sheet on September 30, 2021, the consolidated income statement and parent company's income statement from July to September, 2021 and January to September, 2021, the consolidated cash flow statement and parent company's cash flow statement from July to September, 2021 and January to September, 2021, as well as the notes to the financial statements.
The main operating data and year-on-year changes of the company's financial report reviewed from January to September 2021 are as follows: unit: 10000 yuan,%
Change rate of project amount from January to September 2021 to January to September 2020
Operating income 43317.90 25197.50 18120.40 71.91
Net profit 11593.54 5294.09 6299.45 118.99
Net profit attributable to shareholders of common shares of the parent company 11593.54 5294.09 6299.45 118.99
Net profit attributable to shareholders of 10876.75, 4947.76, 5928.98 and 119.83 ordinary shares of the parent company after deduction
Change rate of project amount from July to September 2021 to July to September 2020
Operating income 11029.47 6747.33 4282.14 63.46
Net profit 3076.44 1424.13 1652.31 116.02
Net profit attributable to shareholders of 3076.44 1424.13 1652.31 116.02 ordinary shares of the parent company
Net profit attributable to common shareholders of the parent company 2451.51 1076.60 1374.91 127.71 after deduction
From January to September 2021, the issuer's operating revenue increased by 181204000 yuan or 71.91% year-on-year, mainly due to the increase in the sales revenue of mobile source denitration molecular sieve products from January to September 2021. From January to September 2021, the issuer's operating gross profit was 200.3532 million yuan, with a year-on-year increase of 91.6358 million yuan or 84.29%. From January to September 2021, the comprehensive gross profit margin was 46.25%, with a year-on-year increase of 3.11%. The profitability and operating performance of the company have increased significantly compared with January September 2020.
For detailed analysis, please refer to "XX. Main financial information after the audit deadline of financial report" in "Section VIII Financial Accounting Information and management analysis" of this prospectus.
(II) the issuer's annual business in 2021
