IPO周报：泰金新能暂缓审议，业绩下滑风险被问询

Core Viewpoint - The week of August 25 to August 31 saw the acceptance of one new IPO application in the Shanghai and Shenzhen North Exchanges, marking the third new application in the second half of the year, all for the Sci-Tech Innovation Board [1] Group 1: IPO Applications and Approvals - Wuhan Changjin Photon Technology Co., Ltd. has submitted an IPO application to raise 780 million yuan, focusing on special optical fibers and applying for listing under the first set of standards on the Sci-Tech Innovation Board [1] - Three companies were approved for IPOs during the week, including Xiamen Hengkang New Materials Technology Co., Ltd., Nabichuan New Energy Co., Ltd., and Jiangsu Jingchuang Electric Co., Ltd. [2] - Xiamen Hengkang New Materials had previously been deferred and was required to further justify its revenue recognition method before being approved [2] Group 2: Financial Performance and Risks - Changjin Photon reported revenues of 108 million yuan, 145 million yuan, 192 million yuan, and 44.73 million yuan for the years 2022 to the first quarter of 2025, with net profits of 36.78 million yuan, 54.66 million yuan, 75.76 million yuan, and 15.18 million yuan respectively [1] - The company highlighted a high customer concentration risk, with sales to its top five customers accounting for 88.03%, 82.26%, 73.19%, and 72.41% of total revenue during the reporting periods [1] - Changjin Photon also warned of a potential decline in gross margin, which was reported at 66.37%, 69.31%, 69.13%, and 68.70% over the same periods, citing risks from reduced market demand and increased competition [2] Group 3: Deferred and Terminated Applications - Xi'an Taijin New Energy Technology Co., Ltd. had its IPO application deferred, with the listing committee requesting further clarification on potential risks of significant performance decline and revenue recognition policies [3] - The company reported high asset-liability ratios of 91.35%, 92.04%, and 84.86% for the years ending 2022, 2023, and 2024, respectively, which are above the industry average [3] - Jiangxi Shengfulai Optical Technology Co., Ltd. had its IPO application terminated after multiple rounds of inquiries regarding its declining performance and future growth sustainability [4]