证券代码：603202 证券简称：天有为 公告编号：2025-004 黑龙江天有为电子股份有限公司 关于变更部分募投项目暨使用部分超募资金 追加投资额和新增募投项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●原募投项目：汽车电子研发中心建设项目 ●拟变更后募投项目：哈尔滨全球汽车电子研发中心建设项目，变更的主要 内容包括项目的名称、实施地点、实施周期、募集资金投入金额等，追加投 资金额为 419,482,500.00 元，资金来源为超募资金。 ●新增募投项目韩国汽车电子工厂建设项目，实施主体为公司新设立的韩国 全资子公司，资金来源为部分超募资金及自有资金，新项目计划建设周期三 年。 ●本次变更募集资金用途的事项不构成关联交易，不构成重大资产重组。 ●募投项目变更并追加投资和新增募投项目已经本公司第二届董事会第三 次会议和第二届监事会第三次会议通过，尚需提交公司 2024 年年度股东大 会审议。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意黑龙江天有为电子股份有限公司首 次公开发行股票 ...

中信建投证券股份有限公司关于黑龙江天有为电子股 份有限公司变更部分募投项目暨使用部分超募资金追 加投资额和新增募投项目的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为黑龙江天有为电子股份有限公司（以下简称"天有为"、"公司"）首次公开 发行股票并在主板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第2号—上市公司募集资金管理和使用的监管要求》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号—规范运作》 等相关法律、法规和规范性文件的规定，中信建投证券对天有为变更部分募投项 目暨使用部分超募资金追加投资额和新增募投项目的事项进行了审慎核查，核查 具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意黑龙江 天有为电子股份有限公司首次公开发行股票注册的批复》（证监许可〔2024〕1900 号），公司获准向社会公开发行人民币普通股（A股）4,000万股，发行价格为93.50 元/股，募集资金总额3,740,000,000.00元，扣除与发行有关的费用（不含税）人 民币213,058, ...

证券代码：603202 证券简称：天有为 公告编号：2025-008 黑龙江天有为电子股份有限公司 关于聘任公司高级管理人员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 黑龙江天有为电子股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日召 开第二届董事会第三次会议，审议通过了《关于聘任公司高级管理人员的议案》。 经总经理吕冬芳女士提名，董事会决定聘任张福广先生、刘洋先生为公司副总经 理（简历详见附件），任期自董事会审议通过之日起至本届董事会届满为止。 上述高级管理人员任职资格已经公司董事会提名委员会审查，认为拟聘任的 高级管理人员具备担任公司高级管理人员的任职资格和能力，不存在法律、法规 和《公司章程》等规定不得担任公司高级管理人员的情形，不存在被中国证券监 督管理委员会确定为市场禁入者并且禁入尚未解除的情况。同意聘任张福广先生、 刘洋先生为公司副总经理。 张福广先生、刘洋先生简历详见附件。 附件： 张福广先生，中国国籍，无境外永久居留权，1984 年出生，本科学历，2007 年 12 月加入天有为， ...

证券代码： 603202 证券简称：天有为 公告编号：2025-001 黑龙江天有为电子股份有限公司 关于续聘 2025 年度审计机构的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗潘 序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的 特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。 立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前 具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监 督委员会（PCAOB）注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的注册会计师 743 名。 立信 2024 年业务收入（ ...

Group 1 - The company announced the use of raised funds to replace self-raised funds of 285 million yuan for investment projects and 8.9151 million yuan for issuance expenses, totaling 294 million yuan [1] - The replacement of raised funds occurred within six months of the funds being received, complying with relevant laws and regulations [1]

证券时报·数据宝统计，截至（5月23日）收盘，沪指报3348.37点，跌31.82点，跌幅为0.94%；深成指报 10132.41点，跌87.21点，跌幅为0.85%；创业板指报2021.50点，跌24.07点，跌幅为1.18%。个股方面， 今日98只A股换手率超过20%，其中，王子新材、新天地等2只个股换手率达五成以上，半数筹码易 主。（数据宝） 5月23日两市换手率居前个股一览 | 603202 | 天有为 | 102.03 | 20.60 | 2.20 | | --- | --- | --- | --- | --- | | 002190 | 成飞集成 | 33.80 | 20.49 | -7.02 | | 600793 | 宜宾纸业 | 33.78 | 20.27 | 0.72 | | 430478 | 峆一药业 | 30.77 | 20.19 | -2.93 | | 300511 | 雪榕生物 | 6.66 | 20.05 | 2.78 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 富士莱 | 000953 | 河化股份 | 7.56 | 30.62 | ...

Core Insights - In April 2025, a total of 24 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 14.6 billion yuan, with a significant increase in the number of IPOs compared to the previous year [6][10][30]. Group 1: IPO Market Overview - The number of IPOs in April 2025 increased by 50% year-on-year, while the total fundraising amount rose by 152% compared to the same month last year [10][11]. - The top five companies by fundraising amount were Tianyouwei, Bawang Chaji, Ying'en Biotechnology, Zhengli New Energy, and Taihong Wanli [8][10]. - The A-share market returned to a normal state, while the Hong Kong A+H track remained active, and the number of Chinese companies going public in the US reached a one-year high [11][30]. Group 2: Market Breakdown - In April 2025, the A-share market saw 10 companies go public, with a total fundraising of 8.3 billion yuan, while the Hong Kong market had 2 IPOs raising 2.5 billion yuan [22][27]. - The US market had 12 Chinese companies listed, raising a total of 3.8 billion yuan, marking a significant increase in both the number of IPOs and the amount raised compared to the previous year [30]. Group 3: Performance Metrics - The first-day drop rate for IPOs was 16.67%, with 4 out of 24 companies experiencing a decline on their debut [16]. - The highest first-day gain was recorded by Huatuo Securities, which surged by 396.25%, while Tianci International faced the largest drop at 35% [17][18]. Group 4: Industry and Regional Analysis - The automotive and transportation sector led in fundraising, totaling 4.973 billion yuan, accounting for 34.06% of the total [54][59]. - Jiangsu province topped the fundraising chart with 3.982 billion yuan, followed by Heilongjiang and Beijing [62][67]. Group 5: VC/PE Exit Analysis - In April 2025, 12 companies with VC/PE backing went public, achieving a total exit return of 27.9 billion yuan, with an average return multiple of 9.11 times [37][43]. - The consumer sector had the highest exit return, with Bawang Chaji generating a return of 10.516 billion yuan and a multiple of 80.03 times [41][37].

Group 1 - The company Tianyouwei plans to go public on the Shanghai Stock Exchange, marking a significant IPO in the A-share market after a year [2] - The IPO price is set at 93.5 yuan per share, the highest in 2023 and the highest in nearly 14 months, despite a low price-to-earnings ratio of 13.5 times, significantly below the industry average of 27 times [2] - Tianyouwei specializes in automotive instrument panels and is a core supplier for Hyundai Motor Group, also supplying to major brands like BYD, Changan Automobile, and Geely [2] Group 2 - The company is expanding into the smart cockpit sector, where in-car screens are becoming essential for user interaction, information display, and entertainment [3] - The automotive industry is moving towards reducing physical buttons and increasing the number of screens, promoting multi-screen and large-screen integration in vehicles [3] - The target audience for smart cockpits is expanding beyond drivers to include passengers, enhancing the demand for in-car entertainment features [4] Group 3 - The smart cockpit is a key strategic direction for connected vehicle companies, driving innovation in integrated hardware and software experiences [4] - The evolution of vehicles into a "third living space" is anticipated, providing users with new possibilities and experiences outside of home and office environments [4]

Core Viewpoint - Heilongjiang Tianyouwei Electronics Co., Ltd. has become the first A-share listed company in Suifenhe City, Heilongjiang, with its stock price experiencing significant volatility post-IPO, raising concerns about its future growth potential due to high customer dependency and governance issues [1][5]. Customer Dependency - The company's revenue is heavily reliant on major clients, with Hyundai Motor Group contributing 55.56% of its income, leading to increased single-client risk [1][2]. - In the first half of 2024, nearly 60% of Tianyouwei's revenue came from Hyundai, while domestic competitors like BYD and Changan contributed less than 10% [2]. - Despite attempts to diversify into smart cockpit products, the company's R&D expenditure remains low at 3.66% for 2024, below industry averages, which may hinder its ability to reduce reliance on a single customer [2][3]. Governance Issues - The company's ownership structure is characterized by family control, with the actual controllers, Wang Wenbo and Lü Dongfang, holding the majority of shares and decision-making power, raising concerns about governance and internal controls [3][4]. - Family members occupy key management positions, which may lead to inefficiencies and challenges in attracting talent, particularly in high-tech areas like smart cockpit development [4][5]. Regional Industry Constraints - Tianyouwei faces challenges due to a weak industrial chain in Suifenhe, with few large-scale enterprises in the area and significant reliance on suppliers from other regions, increasing operational costs [5]. - The local government's plans to develop an automotive instrument industry cluster have not yet materialized, leading to uncertainty about the company's future growth and its ability to leverage regional advantages [5].

Summary of Key Points Core Viewpoint The A-share market in April 2025 saw a significant reduction in IPO applications and terminations, with notable fundraising activities and compliance issues among certain companies. Group 1: IPO Activity - In April 2025, three companies had their IPO applications accepted, all for the Beijing Stock Exchange, with a total of nine companies successfully passing the review [1] - The number of terminated IPO applications in April was five, a significant decrease from the average of 17 in the previous quarter, indicating a reduction in the number of companies waiting for IPO approval [2][5] - As of the end of April 2025, there were 183 companies in the A-share IPO queue, which is less than 200 [1][2] Group 2: Fundraising and Performance - A total of 10 companies successfully listed in April, raising a combined 8.269 billion yuan, which represents a 10.3% decrease from the previous month [1][7] - The highest fundraising amount was achieved by Tianyouwei, which raised 3.74 billion yuan, marking the highest fundraising in the A-share market since August 9, 2023 [7][10] - Tianyouwei's net profit surged from 24 million yuan in 2020 to 1.108 billion yuan in 2024, a 45-fold increase [10] Group 3: Compliance Issues - Zhejiang Shenghua Yunfeng New Materials Co., Ltd. faced scrutiny for "going public with pre-existing issues," leading to penalties for the company and its underwriters due to disclosure violations [5][6] - The company failed to disclose that some of its distributors and OEM suppliers were controlled by the same individual, which was a significant oversight in its IPO application [6] - Tianyouwei has been criticized for its historical non-compliance with social security contributions, with 86% of its employees not receiving full social security payments in 2020 [11] Group 4: Underwriting and Advisory Fees - The underwriting and legal fees for Kent Catalysis were notably high, with a fee rate of 11.33% for underwriting and 3.16% for legal fees, which is significantly above the industry average [11] - In April, the top underwriter was CITIC Securities, which led the underwriting for Tianyouwei's IPO, contributing to its high fundraising total [12][14] Group 5: Market Trends - The first four months of 2025 saw a total of 247.45 billion yuan raised through IPOs, with CITIC Securities leading in both underwriting volume and advisory income [13][14] - The competitive landscape for IPO underwriting has shifted, with CITIC Securities and CICC dropping out of the top ranks in terms of underwriting volume [14]