锦华新材北交所IPO过会，下半年北交所将保持高质量企业供给

Group 1: Company Overview - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) has successfully passed the listing committee review of the Beijing Stock Exchange, meeting issuance, listing, and information disclosure requirements [1] - The company primarily engages in the research, production, and sales of ketoxime series fine chemicals, with some raw materials classified as hazardous chemicals [2] Group 2: Financial Performance - Jinhua New Materials reported revenues of 994 million yuan, 1.115 billion yuan, and 1.239 billion yuan for the years 2022 to 2024, with net profits of 79.59 million yuan, 173 million yuan, and 211 million yuan respectively, indicating stable growth [2] - For the first half of this year, the company expects a revenue decline of 7% to 13% and a net profit decrease of 9% to 16% due to macroeconomic downturns affecting downstream product prices and sales [3] - The company anticipates a 14.25% revenue decline and a 4.65% decrease in net profit for the year 2025 [3] Group 3: Regulatory Scrutiny - The listing committee raised concerns regarding the company's operational compliance, particularly in safety production and environmental protection, questioning whether overcapacity has led to pollution or regulatory issues [2] - Jinhua New Materials was asked to clarify the independence from its controlling shareholder, Juhua Group, in terms of assets, personnel, finance, and operations [3] Group 4: Market Trends - The Beijing Stock Exchange has seen a significant increase in IPO applications, with 150 companies accepted in June alone, accounting for 85% of the total for the first half of the year [4] - The exchange aims to maintain a high-quality supply of enterprises, focusing on supporting innovative small and medium-sized enterprises that align with national strategic development [5] - Analysts predict that the quality of new stocks will improve, and the issuance pace may accelerate in the second half of the year, maintaining high participation and price increases in the new stock market [6]