Zheng Quan Zhi Xing·2025-09-01 16:10Core Viewpoint - The report outlines the continuous supervision and tracking of Nanjing Maglev Technology Co., Ltd. by the sponsor, Industrial Securities, during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing compliance with relevant regulations and the company's operational status [1][2][3]. Continuous Supervision Work Content - The sponsor has established and effectively executed a continuous supervision work plan, including signing relevant agreements with the company and reporting to the Shanghai Stock Exchange [1][2]. - Regular communication, site inspections, and due diligence are conducted to understand the operational status of Maglev Technology [1][2]. - No violations or significant issues were reported during the supervision period [3]. Financial Performance - For the first half of 2025, the company reported operating income of 151.64 million yuan, a slight increase of 1.17% compared to the same period in 2024 [10]. - The net profit attributable to shareholders was approximately 4.48 million yuan, showing a decrease from 8.32 million yuan in the previous year [10]. - The company’s total assets at the end of the reporting period were approximately 1.38 billion yuan, a decrease of 3.61% from the previous year [10]. Research and Development - The company has invested in R&D, with a total R&D expenditure of approximately 20.86 million yuan in the first half of 2025, a decrease of 11.26% compared to the previous year [11][12]. - As of June 30, 2025, the company holds 373 authorized intellectual property rights, including 98 invention patents [12][17]. Market Position and Competitive Advantage - The company focuses on the development of maglev fluid machinery and has established a comprehensive product system, including maglev centrifugal blowers and compressors, which are widely used in various industries [12][13]. - The maglev centrifugal blower is reported to save approximately 30% energy compared to traditional blowers, enhancing its market competitiveness [13][14]. - The company has built a strong brand presence in the domestic high-end maglev fluid equipment market, supported by a robust sales and service network [15][16]. Industry Risks - The company faces risks related to the adoption of its products, as the maglev centrifugal blower is relatively new in the market and competes with traditional blowers [9][10]. - The operational performance of the company is subject to fluctuations due to the seasonal nature of its business, particularly in the municipal wastewater treatment sector [7][8]. Compliance and Governance - The company has adhered to relevant regulations regarding the management and use of raised funds, with no significant compliance issues reported [17].