Reporter｜Zhao Yangge
canceled at the last minute! Not long after entering 2024, there was a situation of 1 no and 1 cancellation in the primary market.
Baoding Visai New Materials Technology Co., Ltd. (hereinafter referred to as Visai New Materials), which originally planned to hold a meeting on January 18, due to major events occurring after the announcement of the listing committee review meeting, in accordance with relevant procedures, the listing committee review meeting Cancel the review of the initial application for Visai's new materials.
Interface News noticed that just when Visai New Materials entered the inquiry process after the translation, Tiansheng New Materials (300169.sz) filed a lawsuit against it, involving an amount of 98.6 million yuan, which exceeded the company's 2023 Net profit amount for the first half of the year. The lawsuit has not been fully implemented yet, so are the major issues that have arisen related to it?
The first "cancellation" in 2024
Weisai New Materials, which was originally scheduled for an "interview" by the Shenzhen Stock Exchange Listing Committee on January 18, was eventually canceled due to major events. The company's sponsor is Everbright Securities, with an estimated financing amount of 494 million Yuan. According to the website of the China Securities Regulatory Commission, Visai New Materials first made a pre-disclosure on June 22, 2022. After the listing of the Shenzhen Stock Exchange Main Board in March 2023, the first round of inquiries was issued on the 28th of that month. As of the meeting, Visai New Materials has completed two rounds of inquiries.
Source: Exchange
There are not many cases of temporary cancellation of meetings like this.
According to interface news, the last time was in December 2023. Suzhou Jieruisi Intelligent Technology Co., Ltd. (hereinafter referred to as Jieruisi) was originally scheduled to hold a meeting on December 8, 2023, but "major incidents" also occurred. Matter", the meeting will be cancelled. It is reported that the listed sector of Ji Ruisi is the GEM, and the sponsor is Soochow Securities. After canceling the meeting, Jerrys also caused a lot of speculation in the market.
Going back further, it will be August 2023. Qingdao Damu Ren Machinery Co., Ltd. (hereinafter referred to as Damu Ren) was originally scheduled to meet on August 17, but "major events" also occurred, resulting in Will be cancelled.
So, what is the new material of Visai this time?
Customer concentration, gross profit margin decline
The prospectus shows that Visai New Materials is mainly engaged in the research and development, production and sales of high-performance structural foam materials. Its core products include PVC structural foam, PET structural foam, etc. Visai New Materials has established long-term and stable cooperative relationships with well-known manufacturers in the domestic wind power industry such as Sinoma Blades, Zhongfu Lianzhong, Sany Heavy Energy, Zhongke Yuneng, Mingyang Intelligent, and Envision Energy; and has passed the LM Wind Energy parent company GE has passed the safety and environmental audit and implemented batch supply for LM wind energy. It is the only domestic supplier of LM wind energy structural foam materials in China. The company has 8 authorized invention patents and 65 utility model patents.
The sales revenue of Weisai New Materials to the top five customers accounts for a high proportion of operating revenue. In the first half of 2023, the proportion was 71.61%. Among them, the sales revenue of the largest customers under the same control, Sinoma Blades and Zhongfu Lianzhong, The total sales accounted for 42.58%.
Judging from public information, Visai New Materials' operating performance peaked in 2020. This is because affected by the "rush to install", operating income in 2020 increased by 237.49% compared with 2019. However, after the "parity" of domestic onshore wind power in 2021, the pressure on "cost reduction" in the entire wind power industry chain has increased, and the price of blade core materials has dropped; at the same time, domestic wind power installed capacity has also fluctuated to a certain extent compared with 2020, resulting in the company's 2021 Operating income decreased by 36.35% compared with 2020. In the first half of 2023, the company's operating income was 433 million yuan and net profit was 64.0972 million yuan.
Source: Announcement
In addition, from 2020 to the first half of 2023, the comprehensive gross profit margin of Visai New Materials after deducting the impact of freight was 49.34%, 33.06%, 33.36% and 31.74% respectively, showing a significant decline. Visai New Materials explained that since May 2019, the National Development and Reform Commission and the Energy Administration have successively issued a series of wind power grid parity policies. The wind power industry will enter the era of bidding for the grid. The withdrawal of subsidies and bidding for the grid will lead to lower electricity prices and then lead to wind power bidding. The price drop has compressed the profit margins of wind turbine blade manufacturers and complete machine manufacturers, putting the entire wind power industry chain under pressure to “cut costs,” which may lead to a decrease in the sales price of the company’s products and thus a decrease in gross profit margin.
Source: Announcement
Tiansheng New Materials initiates patent prosecution
It is worth noting that in March 2023, Tiansheng New Materials filed a lawsuit on the grounds that Visai New Materials infringed one of its invention patent rights, demanding compensation from Visai New Materials. Economic losses and reasonable rights protection expenses totaled RMB 98.6 million. The company stopped manufacturing, selling, and promising to sell the products involved in the patent infringement, and destroyed the inventory products involved.
Visai New Materials applied for the invalidation procedure with the State Intellectual Property Office for the patent involved. On September 13, 2023, the State Intellectual Property Office issued the "Invalidation Request Review Decision No. 563653", declaring Tiansheng New Materials The invention patent No. 200910033041.x held by the company (named "An improved cross-linked polyvinyl chloride structural foam and its preparation method") is all invalid.
On September 20, 2023, the court of first instance issued the Civil Judgment ((2023) Lu 02 Zhi Min Chu No. 70), confirming that the products involved in the lawsuit of Visail New Materials did not fall within the protection scope of the plaintiff’s patent rights, and ruled to reject the plaintiff’s lawsuit ask. On October 11, 2023, Visai New Materials received a civil appeal filed by Tiansheng New Materials due to dissatisfaction with the judgment of the court of first instance. As of the date of signing of the prospectus, Visai New Materials has not received the Supreme People’s Court’s second instance notice of acceptance of the case.
Regarding this, Weisai New Material stated that "the risk of losing the second trial is extremely low."
On March 20, 2023, while Tiansheng New Materials filed an infringement lawsuit against Visai New Materials, it also submitted to the State Intellectual Property Office the invalidation of five authorized patents under the name of Visai New Materials as the invalidation requester. Declare request. As of the signing date of the prospectus, two utility model patents zl.201821858254.7 and zl.202122137496.5 and two invention patents zl.201310206458.8 and zl.201310085012.4 under the name of Visai New Materials have been declared invalid; zl.201210227684 under the name of Visai New Materials .x invention patent was declared to maintain the validity of the patent right.
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