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（ ...

天有为（603202）公告，公司使用募集资金置换预先投入募投项目的自筹资金2.85亿元及已支付发行费 用的自筹资金891.51万元，共计2.94亿元。本次募集资金置换时间距离募集资金到账时间未超过6个月， 符合相关法律法规的要求。 ...

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]

Summary of Key Points Core Viewpoint - In the first four months of 2025, a total of 37 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 24.745 billion yuan [1]. Group 1: Listing Overview - The new listings included 13 companies on the main board, 16 on the ChiNext board, 5 on the Sci-Tech Innovation board, and 3 on the Beijing Stock Exchange [1]. - The listed companies were distributed across 12 provinces, municipalities, and autonomous regions, with Zhejiang province having the highest number of listings at 9 [1]. Group 2: Fundraising by Province - Zhejiang province raised a total of 5.627 billion yuan from its 9 listed companies [1]. - Guangdong province had 7 companies listed, raising a total of 3.812 billion yuan [2]. - Jiangsu province also had 7 companies listed, with a total fundraising of 2.841 billion yuan [2]. - Anhui province had 4 companies listed, raising 2.549 billion yuan [2]. - Hubei and Jiangxi provinces each had 2 companies listed, raising 1.296 billion yuan and 1.000 billion yuan respectively [2]. Group 3: Top Fundraising Companies - The top five companies by fundraising amount were: 1. Tian You Wei: 3.740 billion yuan [3] 2. Kai Fa Ke Ji: 1.169 billion yuan [3] 3. Xing Fu Dian Zi: 1.168 billion yuan [3] 4. Han Shuo Ke Ji: 1.162 billion yuan [3] 5. Heng Xin Sheng Huo: 1.018 billion yuan [3] Group 4: Detailed Company Listings - A detailed list of companies, their listing boards, and fundraising amounts was provided, highlighting significant contributions from various provinces [3][4].

Core Viewpoint - Tianyouwei (603202) reported a revenue of 1.043 billion yuan for Q1 2025, marking an 11.43% year-on-year increase, and a net profit attributable to shareholders of 240 million yuan, up 4.20% year-on-year [1] Group 1: Financial Performance - The company's revenue for Q1 2025 was 1.043 billion yuan, reflecting an 11.43% increase compared to the previous year [1] - The net profit attributable to shareholders reached 240 million yuan, showing a year-on-year growth of 4.20% [1] - The basic earnings per share were reported at 2.00 yuan [1] Group 2: Company Overview - Tianyouwei is a high-tech enterprise focused on the automotive instrument sector, established in 2003, and has expanded into the smart cockpit field [1] - The company offers a range of core products including electronic combination instruments, full LCD combination instruments, and dual-screen instruments, along with various automotive electronic products and services [1] - As of 2024, Tianyouwei held a 12.07% market share in China and a 5.31% share globally [1] Group 3: Innovation and R&D - The company emphasizes continuous innovation, with R&D expenses in Q1 2025 amounting to 48.47 million yuan, a 44.82% increase from 33.47 million yuan in the same period last year [2] - The R&D team consists of over 1,200 members, accounting for approximately 25% of the total workforce [2] - Tianyouwei has established three R&D institutions in Suihua, Harbin, and Dalian, and has built an EMC professional laboratory, creating an integrated development system [2] - As of the end of 2024, the company held 134 domestic patents, including 52 invention patents, with technologies that fill gaps in China's automotive industry [2]