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wang weifang/caizhong press

recently, anhui conch materials technology co., ltd. (hereinafter referred to as "anhui conch") submitted its prospectus for the second time to go public in hong kong. although the capacity utilization rate of one of its two major products has dropped to just over 30%, and the other even hovers around 20%, the company still chose to raise funds to expand production.

cement admixtures and concrete admixtures are the two major products of anhui conch. especially when the revenue of cement admixtures and other products has stagnated, the rise of concrete admixture revenue has boosted the company's revenue growth.

caizhongshe noted that the rapid growth in anhui conch's concrete admixture revenue relied on low-profit expansion, "providing more competitive prices." not only that, whether it is cement or concrete admixtures, anhui conch's production capacity utilization rate has been declining, but the company still has to raise funds for expansion.

before going public, anhui conch introduced six external shareholders. when it first submitted its prospectus, two shareholders chose to withdraw. the withdrawal time was not far apart, but the withdrawal returns were "worlds apart."

low-profit expansion

from 2021 to 2023, anhui conch achieved revenues of 1.538 billion yuan, 1.84 billion yuan, and 2.396 billion yuan, respectively, and the net profit attributable to shareholders of the company was 130 million yuan, 75.9 million yuan, and 117 million yuan in the same period. in the first half of 2024, the company's revenue was 1.103 billion yuan, and the net profit attributable to shareholders was 52.7 million yuan.