Two months ago, on April 28, the Beijiao Stock Exchange launched intensive inquiries on the company's control rights, investment projects, performance fluctuations, order quality, corporate governance and other issues.
Recently, Jiangguo shares responded to the second round of inquiries about the listing application of Beijiao Stock Exchange. According to
the prospectus, Jiangsu Jiangguo Intelligent Equipment Co., Ltd. was established in October 1998, an equipment manufacturer focusing on the field of pressure vessels, mainly engaged in the research and development, design, manufacture and sale of non-standard metal pressure vessels, covering heat exchangers, reactors, separators and so on. The company's products are widely used in petrochemical, fine chemical, new energy, new materials and other industries.
Photovoltaic business is lagging behind
in this inquiry, the relevant questions about performance occupy a long space, which can be seen as the "highlight" of this inquiry.
It is reported that from 2023 to 2025, Jiangguo's revenue will be 814 million yuan, 757 million yuan and 721 million yuan respectively, and its net profit will be 90 million yuan, 74 million yuan and 71 million yuan respectively. It can be seen that the performance of Jiangguo shares has been declining continuously in the past three years. Beijiao Stock Exchange asked the company to explain the main factors affecting the continued decline in performance and quantify the specific reasons.
In this regard, Jiangguo attributed the continuous decline in performance to two reasons: firstly, the business in the new energy sector shrank sharply due to the cyclical downturn of the photovoltaic industry, and secondly, the decline in capital expenditure in the large chemical industry led to intensified competition in the domestic conventional pressure vessel market and a significant narrowing of profit margins.
In response to the inquiry letter, Jiangguo shares disclosed that the company's revenue in the field of new energy is mainly concentrated in the photovoltaic industry . Pressure vessel products are mainly used in the upstream production of silicon materials in the new energy photovoltaic industry chain.
In recent years, the photovoltaic industry has fallen into a downward cycle dilemma, and the upstream polysilicon price has plunged from more than 300000 per ton to about 33000 per ton, down about 90%. Affected by this, polysilicon enterprises have also fallen into the quagmire of loss.
Jiangguo said that due to the impact of the photovoltaic industry cycle, the capital expenditure of customers in polysilicon, granular silicon and other sub-sectors has contracted significantly, the cash flow of customers in the photovoltaic industry has been under significant pressure, the company's orders in the new energy sector have continued to decrease, and the related sales revenue and gross profit have declined sharply. During the reporting period, the company's overall operating gross profit was significantly dragged down.
In 2024, Jiangguo's revenue in the photovoltaic field was 34.9469 million yuan, down 67.02% year-on-year, and the gross profit rate in the photovoltaic field was 8.76%, down 7.72 percentage points year-on-year.
Photovoltaic business "clearance", the remaining risk is high,
although the proportion of photovoltaic business in the overall revenue of Jiangguo shares is limited, but the company still chose to withdraw decisively and "escape" the photovoltaic industry.
According to Jiangguo's reply letter, from 2023 to 2025, the company's photovoltaic revenue accounted for 13.01%, 4.62% and 0% respectively.
Jiangguo shares also said: "The company's photovoltaic business accounts for a relatively small proportion, the negative impact of the downturn in the photovoltaic industry on the company's overall performance is limited, and the related impact has been basically released in 2024." Since the end of
2025, Jiangguo shares have no orders in hand in the photovoltaic field, but the risk of repayment in this business area is still high. The reply to the
second round of inquiry letter shows that by the end of 2025, the balance of accounts receivable in the photovoltaic business area of the company was 29.825 million yuan, and the amount of bad debts was 10.069 million yuan. The proportion of bad debt provision is 33.76% (Note: Jiangguo only calculates the customers whose balance of accounts receivable (including contract assets) is more than 300,000 yuan).
Among them, Inner Mongolia Fengwei Silicon Industry Co., Ltd. and Inner Mongolia Dongli Photovoltaic Co., Ltd. have been listed as discredited executives.
In this regard, Jiangguo shares make a single provision for bad debts for the former's related accounts receivable, sign a Mortgage Guarantee Agreement with the latter, provide mortgage guarantee by Dongli Photovoltaic with part of its pressure vessels, and take the value of the mortgaged assets with a higher possibility of expected repayment as the estimated amount of possible recovery, so as to calculate and confirm accordingly. Individual bad debt reserves shall be withdrawn in full for the remaining part.
浙公网安备33010802003254号