Guoyuan Securities-Sponsored Hongsifang IPO Project Receives B-Grade Quality Rating as Non-GAAP Net Profit Plunges Nearly 50%

(I) Company Overview Full Name: Cnsig Anhui Hongsifang Fertilizer Co.,Ltd. Abbreviated Name: Hongsifang Stock Code: 603395.SH IPO Application Date: July 5, 2022 Listing Date: November 26, 2024 Trading Board: Shanghai Stock Exchange Main Board Industry: Chemical Raw Materials and Chemical Products Manufacturing IPO Sponsor: Guoyuan Securities Co.,Ltd. Sponsor Representatives: Wang Qi, Yao Cheng IPO Underwriter: Guoyuan Securities Co.,Ltd. IPO Legal Counsel: Anhui Tianhe Law Firm IPO Auditor: Grant Thornton (Special General Partnership)

(II) Performance Evaluation (1) Information Disclosure: Required to explain whether verification of distributors and their terminal sales was sufficient; required to disclose specific measures to reduce related-party transactions with controlling shareholders in the future; required to provide special explanations in accordance with "Regulatory Rule Application Guidelines - Issuance Category No. 5" regarding distribution model requirements.

(2) Regulatory Penalties: No points deducted

(3) Media Supervision: No points deducted

(4) Listing Timeline: Points deducted The average number of days from application to listing for A-share companies listed in 2024 was 629.45 days. Hongsifang's listing cycle was 875 days, above the overall average.

(5) Multiple Applications: Not applicable, no points deducted

(6) Issuance Fees and Fee Ratio Hongsifang's underwriting and sponsorship fees were 20.08 million yuan, with an underwriting and sponsorship commission rate of 5.03%, below the overall average of 7.71%.

(7) First-Day Trading Performance The stock price rose 1,917.42% above the issue price on the first trading day.

(8) Three-Month Performance The stock price rose 497.24% above the issue price three months after listing.

(9) Issue Price-to-Earnings Ratio Hongsifang's issue P/E ratio was 10.62x, compared to the industry average of 22.23x, representing 47.77% of the industry average.

(10) Actual Fundraising Ratio Expected to raise 532 million yuan, actually raised 399 million yuan, with actual fundraising amount decreasing by 24.93%.

(11) Short-term Post-listing Performance In 2024, the company's operating revenue decreased 10.62% year-over-year compared to the previous year, net profit attributable to shareholders decreased 41.16% year-over-year, and non-GAAP net profit attributable to shareholders decreased 48.64% year-over-year.

(12) Abandonment and Underwriting Ratios Abandonment rate: 0.36%

(III) Overall Scoring Hongsifang's IPO project received a total score of 85.5 points, classified as B-grade. Negative factors affecting Hongsifang's rating include: information disclosure quality needs improvement, listing cycle exceeded two years, actual fundraising amount decreased, revenue and net profit both declined in the first accounting year after listing, and abandonment rate of 0.36%. This comprehensively indicates that the company's short-term profitability needs improvement and information disclosure quality requires enhancement. Investors are advised to pay attention to the authenticity behind its performance results.