Shenzhen Xinyuren Technology (SH:688573) Zheng Quan Zhi Xing·2025-08-29 18:14Core Viewpoint - Shenzhen Xinyuren Technology Co., Ltd. successfully completed its initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising a net amount of approximately RMB 506.2 million [1]. Continuous Supervision - The sponsor, Minsheng Securities, has established a comprehensive and effective continuous supervision system and has signed a sponsorship agreement with the company, which has been filed with the China Securities Regulatory Commission [2][3]. - During the supervision period, the company did not encounter any violations of laws or regulations [3][5]. - The sponsor conducted regular communication, site inspections, and due diligence to ensure compliance with relevant laws and regulations [5][6]. Financial Performance - For the first half of 2025, the company reported a significant decline in revenue, with total operating income of approximately RMB 86.5 million, down 45.57% from the previous year [14]. - The net profit attributable to shareholders was approximately -RMB 72.4 million, compared to -RMB 42.4 million in the same period last year, indicating a worsening financial situation [14]. - The company's basic earnings per share were -RMB 0.76, a decrease from -RMB 0.43 in the previous year [14]. Research and Development - The company invested 32.28% of its operating income in research and development, focusing on optimizing equipment, processes, and materials [14][22]. - The company has accumulated 377 intellectual property rights, including invention patents, demonstrating its commitment to innovation [17]. Competitive Advantages - The company has established a three-in-one research and development framework focusing on "equipment, processes, and materials," which enhances its competitive edge in the high-end manufacturing sector [16]. - It has developed key products such as the SDC coating machine and automated assembly lines, which meet the increasing demands of lithium battery manufacturers [18][20]. Industry Risks - The company faces risks related to rapid technological changes in the lithium battery industry, requiring continuous high-level research and development to maintain competitiveness [14]. - The industry is experiencing price wars that could further compress profit margins, alongside fluctuations in downstream demand affecting order sizes [15].