IPO周报：中国电建分拆电建新能上市，拟募资90亿元

Group 1: IPO Applications and Approvals - During the week of September 8 to September 14, the Shanghai Stock Exchange accepted one new IPO application, marking the fourth IPO application accepted by the Shanghai, Shenzhen, and Beijing exchanges in the second half of this year [1] - The accepted IPO application is from China Electric Power Construction New Energy Group Co., Ltd. (referred to as "Electric Power New Energy"), which aims to raise 9 billion yuan [1] - Two companies also passed the IPO review during the week, namely Yatu High-tech Materials Co., Ltd. and Shenzhen Weite Environmental Technology Co., Ltd. [2] Group 2: Financial Performance of Electric Power New Energy - For the first half of 2025, Electric Power New Energy reported revenue of 5.472 billion yuan, an increase of 8.57% year-on-year, while net profit was 1.205 billion yuan, a decrease of 18% year-on-year [1] - The company achieved revenues of 8.382 billion yuan, 8.728 billion yuan, 9.810 billion yuan, and 2.661 billion yuan for the years 2022 to 2024 and the first quarter of 2025, respectively, with corresponding net profits of 1.768 billion yuan, 2.329 billion yuan, 2.589 billion yuan, and 511 million yuan [2] Group 3: Related Party Transactions and Risks - After the spin-off, China Electric Power Construction will maintain control over Electric Power New Energy, which will remain a subsidiary within the consolidated financial statements of China Electric Power Construction [2] - Electric Power New Energy has significant related party transaction risks, primarily involving procurement of engineering services from subsidiaries of China Electric Power Construction, with related party purchases accounting for 76.14%, 61.03%, 60.80%, and 61.78% of total purchases during the reporting periods [2] Group 4: Yatu High-tech's IPO Review Concerns - Yatu High-tech faced inquiries from the listing committee regarding the authenticity and sustainability of its revenue, particularly concerning its overseas business and the legitimacy of its customer base [3] - Several of Yatu High-tech's distributors have low registered capital or few employees, raising questions about their operational scale and the validity of their sales [3]