Just one month after its previous Sci-Tech Innovation Board IPO attempt failed, Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (referred to as "Future Materials") is now staging a comeback, aiming to re-enter the A-share market. According to a recent notice on the CSRC website, the company has officially initiated its listing guidance process, with the guidance institution changed from CITIC Securities Co., Ltd., which handled the previous application, to CSC Financial Co., Ltd.
Future Materials is primarily engaged in the research, development, production, and sale of high-performance fluorine-containing functional membranes and their key materials and derivatives. The CSRC website recently disclosed the company's listing guidance filing report, with the guidance agreement signed on July 29, 2026. The filing report shows that Future Materials was established on December 19, 2017, with a registered capital of 442,856,671 yuan and legal representative Zhang Heng.
In terms of equity structure, the company's largest shareholder is Beijing Xuri Xinglong Technology Development Center (Limited Partnership), which directly holds 22.02% of the shares. Zhang Jianhong controls 22.02%, 9.81%, and 3.67% of the company's shares through Beijing Xuri Xinglong Technology Development Center (Limited Partnership), Zibo Qilu Cornerstone Venture Capital Partnership (Limited Partnership), and Zibo Xiaowang Enterprise Management Partnership (Limited Partnership), respectively, giving him a total voting rights control of 35.5%, making him the actual controller of the company.
It is noteworthy that this launch of listing guidance comes just one month after Future Materials withdrew its previous Sci-Tech Innovation Board IPO application. The Shanghai Stock Exchange (SSE) website shows that the company's previous IPO was accepted in June 2025 and entered the inquiry phase in July of the same year. On June 30, 2026, the SSE terminated its listing review due to the company and its sponsor withdrawing the issuance and listing application.
Gao Chengyuan, Dean of the Tiaoyuan Influence Research Institute, stated that restarting the listing guidance process just one month after withdrawing the previous IPO application may be due to a proactive adjustment in rhythm following the expiration of financial data. The company may need to update financial reports and reorganize application materials, which is a technical operation. "Additionally, after changing the sponsor institution, the new team must conduct due diligence and file for guidance in accordance with regulatory requirements, which is a necessary step in the compliance process," Gao added.
From a fundamental perspective, according to Future Materials' previous IPO prospectus, the company's revenue and net profit both saw significant declines in 2024. Financial data shows that from 2022 to 2024 and the first half of 2025, the company achieved operating revenues of approximately 524 million yuan, 721 million yuan, 640 million yuan, and 349 million yuan, respectively. Corresponding net profits attributable to the parent company were approximately 143 million yuan, 230 million yuan, 165 million yuan, and 92.6691 million yuan.
The SSE had previously focused on this issue, requiring in the first round of inquiry letters for the company to explain the reasons for the decline in net profit in 2024 and whether it would continue to decline in the future. The company stated at the time that the decline in operating revenue and net profit in 2024 compared to 2023 was mainly due to increased industry capacity, intensified competition, and a decrease in sales revenue of related products for high-performance fluorine-containing functional membrane key materials. From January to June 2025, the downward trend in the company's performance had slowed, and the company believed the risk of a significant future performance decline was low.
Additionally, it is noteworthy that behind its multiple attempts to enter the capital market, Future Materials has close ties with two "Dongyue Group" listed companies, Dongyue Group and Dongyue Silicone. According to the equity structure disclosed in Future Materials' previous IPO prospectus, Dongyue Fluorosilicon Technology Group and Dongyue Silicone directly hold 8.33% and 5.14% of the company's shares, respectively. Further upward penetration shows that Dongyue Silicone is 44.4% owned by Dongyue Fluorosilicon Technology Group, which is a wholly-owned subsidiary of Dongyue Group. Future Materials' actual controller, Zhang Jianhong, also serves as the chairman, CEO, and executive director of Dongyue Group, directly holding 0.41% of its equity. Zhang Jianhong's concerted action party, Zhang Ke, indirectly holds 14.94% of Dongyue Group's equity. Furthermore, the prospectus shows that Zhang Ke directly holds a 29.69% stake in Zibo Xiaoxi, which directly holds 7.76% of Dongyue Silicone's equity.
In terms of related-party transactions, from 2022 to 2024 and the first half of 2025, Dongyue Fluorosilicon Technology Group consistently ranked among Future Materials' top two customers. It was the company's second, first, second, and second largest customer during the respective reporting periods, with sales revenue from the company accounting for 13.33%, 14.19%, 13.44%, and 15.44% of the current period's main business revenue. Regarding these matters, Beijing Business Today sent an interview letter to Future Materials for comment, but had not received a response by the time of publication. Article by Beijing Business Today reporter Wang Manlei.