Source | Chief Technology Officer
Have you ever thought that not only the paint board, but also the ink and adhesive you use may seriously endanger your health?
According to the survey of the World Health Organization, volatile organic compounds produced by traditional paints, inks and glues can enter the human body through the respiratory tract, digestive tract and skin, thus causing harm to the liver, kidneys and brain nervous system.
At present, there seems to be a good solution to this problem. Tianjin Jiurixin Materials Co., Ltd. (hereinafter referred to as "Jiurixin Materials"), which is impacting the listing in science and technology innovation board, wrote in the prospectus: "UV coatings are environmentally friendly products that meet the national atmospheric control requirements and people's healthy living needs because they do not contain volatile solvents."
The company's main business is the core raw material for the production of UV coatings and other products-photoinitiator.
Recently, the Shanghai Stock Exchange launched inquiries on 39 issues including the company's shareholding structure, core technology and corporate governance.
Jiuxin Wood Industry has also attracted much attention because of the particularity of its founders, shareholders and production links.
From 65438 to 0998, Zhao Guofeng, who graduated from Nankai University and stayed in school for three years, was faced with a fate choice: he was sent to study in the United States to continue his current academic research work; Or take the lead in taking over a school-run company that is already in trouble.
Zhao Guofeng chose the latter, and Nankai University Biochemical Technology Development Company (hereinafter referred to as "Nankai Biochemical"), a school-run enterprise controlled by 100%, is the largest investor of Jiuxin, accounting for 4 1% of the shares.
No matter the original investor or the current board of directors, Jiuxin Materials is a doctoral professor at Nankai University. Its main business inherits the professional characteristics of investors. The research, development, production and sales of photoinitiators have brought more than 654.38 billion yuan of income to Jiuxin New Materials.
However, according to relevant regulations, investment and part-time jobs of university leaders, cadres and their relatives are strictly restricted. In response to this question, the Shanghai Stock Exchange also conducted an inquiry. Zhao Guofeng and Wang Lixin are ordinary professors and teachers and do not violate the restrictive regulations of the Ministry of Education.
At present, after many transfers, the nature of the enterprise has gradually changed from a state-owned capital holding enterprise to a private holding enterprise. Zhao Guofeng and his wife Wang Lixin directly and indirectly hold about 26.8% of the shares. It is the actual controller of Jiri New Materials.
Shenzhen Innovation Investment Group (Shenzhen Venture Capital) holds 6.5% of the shares and is the third largest shareholder of the company. Star shareholders such as Guangdong Yingfeng Investment and Chen Fashu, as well as Pacific Securities, the "predecessor" listing counseling institution of New Materials on the 9th, also appeared in the list of shareholders.
In fact, Jiuxin New Materials was listed on the New Third Board seven years ago, and the board was changed from 20 15. Pacific Securities acquired shares of the company through fixed increase. 20 16 Jiuxin New Materials hired Pacific Securities as its listing counseling institution, aiming at A shares. It took only six days from signing the agreement to filing and publicity, but there was no more.
On 20 19 65438+ 10/0, Jiuxin New Materials ended its cooperation with Pacific Securities and hired China Merchants Securities as its listing counseling institution, and Pacific Securities remained as the joint lead underwriter. However, in the reply to the inquiry of the prospectus, Jiuxin believes that the share transfer procedure is open and there is no problem of interest transfer.
In addition to the dispute between shareholders and related parties, the high pollution and dangerous production attributes of the company's main business itself have also brought a lot of trouble to Changxin Materials.
As the company said in the major risk warning, the new industry is specialized in the manufacture of chemical products, and pollutants such as waste gas, waste water and solid waste are inevitable in the production process.
But it is obvious that once the pollutants are not handled properly, the harm caused by these chemicals to water, atmosphere and soil will be irreparable.
On August 8, 20 18, Changzhou Jiujiu Chemical Co., Ltd. (hereinafter referred to as "Changzhou Jiujiu"), a wholly-owned subsidiary of Jiujiu New Materials Co., Ltd., was included in the list of "key pollution sources for compulsory emission reduction" by the local government, so it was required to temporarily suspend production for rectification, and was subsequently restricted for many times.
This is not the first time that Changzhou has been punished for a long time. Previously, the company was fined 90,000 yuan for leaking raw materials. He was fined 30 thousand yuan for escaping the waste gas from the workshop.
In fact, in the past three years, Jiuxin New Materials and its subsidiaries have been punished as much as 18 for violating laws and regulations. Among them, due to environmental pollution, safety in production and inadequate fire control measures, he was punished 10, with a maximum fine of 200,000 yuan.
On August 20th, 20 18, Shandong Jiuri Chemical Factory, a wholly-owned subsidiary of Jiuxin New Materials in Wudi County, Shandong Province, exploded and caught fire. The cause of the fire was affected by typhoon "Wambia", and the chemicals heated up rapidly when exposed to water, which ignited the plastic bucket filled with chemicals. Fortunately, there were no casualties, but it caused pollution and damage to the local environment, and the economic loss was as high as 2.3 million yuan.
The Shanghai Stock Exchange made a key inquiry about the new environmental accident on the 9th. A new reply on the 9th said that the above-mentioned illegal acts were not serious illegal acts because they paid the fines in time and completed the rectification within the specified time.
However, with the continuous strengthening of national environmental protection, whether the particularity of long-term new wood production will affect the long-term development of the company is also a concern of investors. The Chief Science and Technology Officer contacted Jiuxin on this issue, but had not received a reply before the press release.
Of course, the superiority and R&D capability of Jiutian's new products are also the guarantee for it to compete with foreign manufacturers on the same stage. According to the prospectus, Jiuxin Wood Industry is the largest and most comprehensive photoinitiator manufacturer in China, and its market share of photoinitiator business is about 30%.
From 20 16 to 20 18, the company's export sales income was 256 million yuan, 3190,000 yuan and 455 million yuan respectively, accounting for more than 40% of the main business income in the same period, and the export sales income to the United States, Europe, Japan and other countries increased year after year.
So, what's so special about the new photoinitiator product on the 9th?
Simply put, photoinitiator is the core raw material of UV coatings, UV inks, UV adhesives and other products. UV series products are important substitutes for traditional solvent-based coatings, and almost no VOCs are released, which greatly improves the defects of traditional coatings such as harm to human body, air pollution, flammability and explosion.
According to the statistics of radiation curing professional committee of China Photosensitive Association, the output of UV coatings in China in 2065,438+02 was about 52,500 tons, and in 2065,438+065,438+05% was about 89,000 tons, which was widely used in furniture, building materials, printing, electronics, metal processing and other industries.
Under such favorable background, the overall revenue and profit of Jiuxin New Materials are also considerable.
According to the financial data, during the period from 20 16 to 20 18, the company's operating income was 639 million yuan, 740 million yuan and 1005 million yuan respectively, with the growth rates of 15.80% and 35.81%respectively. The net profit after deducting non-homecoming was 41409,400 yuan, 50,592,300 yuan and 654,380+76 million yuan, respectively, with a large increase.
In response to an inquiry on the 9th, Rixin revealed that the company's profits and major customers mainly come from the United States, Europe and Japan. If overseas countries or regions impose tariffs on the company's products or take trade protection measures, the company's operating performance will be adversely affected.
Compared with the rapid growth of performance, the R&D expenditure and gross profit margin of Changxin New Materials have been low in the past three years.
From 20 16 to 20 18, its R&D investment accounted for about 4% of its operating income, slightly lower than the industry average.
It is worth noting that in the list of comparable companies in the same industry newly listed on the 9th, Gurun Technology (835595. OC) achieved a revenue growth rate of 249.80% on 20 18, which was six times that of Jiuxin.
In addition, nine new materials also face from Yang Fan new materials (300637. SZ) and Li Qiang New Materials (300429. SZ), its market value is 3.004 billion yuan and 5.209 billion yuan respectively.
For example, in 20 18, the gross profit margin of Jiuxin was 39.52%, while that of Yangfan New Materials and Li Qiang New Materials was 42.64% and 45.06% respectively, and that of Gurun Technology was as high as 48.20%. From this point of view, there is still a lot of room for long-term new materials.
This time, on the science and technology innovation board, can we break through a new world on the 9 th? Welcome to leave a message in the comment area!