Guangdong Tianan New Materials Co., Ltd. (hereinafter referred to as “Tianan New Materialsâ€) recently disclosed the prospectus on the website of the China Securities Regulatory Commission. The company intends to publicly issue 36.68 million shares on the Shanghai Stock Exchange. The total issued share capital is 146.68 million shares. The sponsor institution is Everbright Securities 601788. , diagnosis stock .
According to public information, Tianan New Materials is a high-tech enterprise specializing in R&D, design, production and sales of polymer composite facing materials. The main products include: home decoration finishing materials, automotive interior finishing materials, film and artificial leather.
In 2014-2016, Tianan New Materials realized operating income of 551 million yuan, 667 million yuan and 859 million yuan. Net profit for the same period was 19,246,200 yuan, 52,832,200 yuan and 7,818,300 yuan, of which the income from home furnishing fabric products was 2.11 respectively. 100 million yuan, 239 million yuan and 313 million yuan, accounting for 38.27%, 36.06% and 36.66% of the main business income respectively; sales revenue from automotive interior finishing materials products were 714.773 million yuan and 18,581,300 yuan respectively. Yuanhe was 289,742,200 yuan, accounting for 12.98%, 28.03% and 32.95% of the main business income.
According to the prospectus, Tianan New Materials will raise 400 million yuan of IPO plan, of which 120 million yuan will be used to supplement working capital, accounting for 30%, and the rest will be invested in environmental protection decoration materials construction and R&D center construction projects.
Tianan New Materials said that the main raw materials used in the company's production are resin powder, plasticizer, cloth, additives, stabilizers, etc. In 2014-2016, the company's raw material costs accounted for 74.72%, 74.76% and 74.33% of production costs respectively. If the raw material price fluctuates drastically in a short period of time, it will have an impact on the company's profitability.
Tianan New Materials also hinted at a series of risks such as the collection of accounts receivable, tax incentives and financial subsidies in the prospectus. It is understood that at the end of 2014-2016, the net accounts receivable of Tian'an New Materials were RMB 98,328,900, RMB 138,890,700 and RMB 215,244,400, accounting for 36.24% and 42.41% of the current assets at the end of each period. And 44.51%; supported by the state and relevant local policies, the amount of financial subsidies recognized by Tianan New Materials in non-operating income in 2014-2016 was 4,128,100 yuan, 8,286,600 yuan and 12,284,400 yuan respectively, affecting the current net profit. The ratios were 18.23%, 13.24% and 14.29%, respectively.
It is understood that the actual control of Tianan New Materials is Wu Qichao. As of the signing date of this prospectus, Wu Qichao holds 40.9777% of the company's shares.
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