On November 26, the Beijing Stock Exchange announced that the IPO of Jiangsu Yongda Chemical Machinery Co., Ltd. (Hereinafter referred to as "Yongda Shares") would be suspended. It is reported that this is the first suspended project of Beijiao Stock Exchange this year .
According to the column of "Deliberative Opinions" in the announcement, the Beijiao Stock Exchange requires sponsors and declaring accountants to further verify the rationality and effectiveness of the internal control measures for the sale of Yongda Photovoltaic Project, the adequacy of the basis for revenue recognition, the recoverability of accounts receivable, and the effectiveness of the implementation of the internal control measures for the sale of Yongda Photovoltaic Project. Whether it will have a significant adverse impact on the company's operating results. The review meeting of the Beijiao
Stock Exchange raised three main questions. They are revenue recognition and verification , sustained stability of business performance and photovoltaic business .
Regarding the photovoltaic business, the Beijiao Stock Exchange asked Yongda to explain whether the basis for revenue recognition of photovoltaic projects is sufficient and whether there are significant risks in the recovery of accounts receivable. Whether it will have a significant adverse impact on the issuer's operating performance, and at the same time require the sponsor and the reporting accountant to verify and express clear opinions. According to
the data, Yongda Co., Ltd. was established in 2009, specializing in the research and development, design, manufacture, sales and related technical services of pressure vessels in the fields of basic chemical industry, coal chemical industry, oil refining and petrochemical industry, photovoltaic and medicine. To form a non-standard pressure vessel product system with reaction pressure vessel, heat exchange pressure vessel, separation pressure vessel and storage pressure vessel as the main components.
According to the prospectus, the company's customers in the photovoltaic industry involve Tongwei Stock, Xiexin Science and Technology, Hesheng Silicon Industry, Runyang Stock and other enterprises. Since the second half of
2023, due to the mismatch between supply and demand in the market, the photovoltaic industry has entered a downward cycle. Affected by this, the photovoltaic revenue of Yongda shares also fluctuated significantly.
From 2022 to the first half of 2025, the company's photovoltaic business revenue declined sharply, with 94.9372 million yuan, 25.6091 million yuan, 156.2506 million yuan and 6.3186 million yuan respectively. They accounted for 13.72%, 3.62%, 19.14% and 1.98% of the main business income respectively .
Yongda said: "If the backward production capacity of the photovoltaic industry is cleared, the market supply and demand is adjusted, and the price of silicon materials and silicon wafers is not recovered as expected, it is expected that in the short term, the downstream customers in the photovoltaic field will have less demand for purchasing pressure vessels brought about by the new production capacity." There may be a risk of a sharp decline in the company's future performance in the photovoltaic field.
It is worth noting that there are still unfinished lawsuits between Yongda shares and Runyang shares .
According to the prospectus, Yongda shares and Inner Mongolia Runyang Yueda New Energy Technology Co., Ltd. (Hereinafter referred to as "Runyang Yueda") contract disputes. On October 14, 2024, the People's Court of Etok Qianqi issued the Civil Mediation Agreement, and the mediation company reached a mediation agreement with Runyang Yueda, and the customer had to repay the payment for goods in installments of 35.4428 million yuan . However, Runyang Yueda did not pay according to the contract, and Yongda applied to the aforementioned court for enforcement on January 10, 2015. At present, the company has not received the notice of filing a case from the court.
At present, Yongda has made a single provision for bad debt losses of 33.0432 million yuan for the accounts receivable and contract assets of Runyang Yueda in the proportion of 100%.
In addition, Yongda shares are also facing the risk of bad debts caused by receivables from Hesheng Silicon Industry, which will affect its operating performance. In November
2025, Yongda Co., Ltd. completed the acceptance of the pressure vessel provided to the project of Hesheng Silicon Industry Co., Ltd. in eastern Xinjiang with an annual output of 200,000 tons of high-purity silicon and confirmed the income of 174.7327 million yuan . It accounted for 23.30%-24.96% of the estimated business income in 2025, and Hesheng Silicon Industry became the company's largest customer in 2025; Accounts receivable and contract assets amounted to RMB 77.9792 million.
In the same month, Yongda shares signed a settlement agreement with Hesheng Silicon Industry, which stipulated that Hesheng Silicon Industry would pay in installments according to the agreement .
Yongda shares said: "If Hesheng Silicon Industry pays in installments according to the agreement in 2025, the company expects to make provision for bad debts of accounts receivable and credit impairment losses of 5.7216 million yuan ;"; If Hesheng Silicon has not paid as agreed since November 2025, it is assumed that the bad debt reserve for its receivables is calculated separately according to the proportion of 50% and 100%. The impact on the company's operating performance in 2025 is 38.9896 million yuan and 77.9792 million yuan respectively.
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