Company Overview - Company Name: Hefei Xueqi Electric Co., Ltd [1] - Stock Code: 001387.SZ [1] - IPO Application Date: September 30, 2022 [1] - Listing Date: January 11, 2024 [1] - Underwriter: CITIC Securities [1] - Legal Advisor: Beijing Jiayuan Law Firm [1] - Audit Firm: Rongcheng Accounting Firm [1] Disclosure and Evaluation - Disclosure Compliance: Required to clarify compliance with regulatory guidelines and provide further details on trademarks and their impact on operations [1] - Regulatory Penalties: No penalties incurred [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: 468 days, shorter than the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [3] Financial Metrics - Underwriting Fees: 37.7358 million yuan, with a commission rate of 7.18%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 113.52% on the first day [4] - Three-Month Performance: Stock price increased by 38.82% compared to the issue price [6] - Issuance Price-Earnings Ratio: 22.53 times, significantly higher than the industry average of 17.02 times [7] - Actual Fundraising: Expected to raise 659 million yuan, but actual fundraising was 526 million yuan, a decrease of 20.18% [8] Post-Listing Performance - Revenue Decline: 2024 revenue decreased by 17.51% year-on-year [9] - Net Profit Decline: Net profit attributable to shareholders decreased by 27.73% year-on-year [9] - Non-Recurring Profit Decline: Non-recurring net profit decreased by 28.85% year-on-year [9] - Subscription Rate: Abandonment rate of 0.55% [10] Overall Assessment - Total Score: 85.5 points, classified as B-level [10] - Negative Factors: Disclosure quality needs improvement, high issuance P/E ratio, reduced actual fundraising, and declining revenue and profit in the first accounting year [10]