Company Overview - Full name: Chengdu Jiach Technology Co., Ltd [1] - Abbreviation: Jiach Technology [1] - Stock code: 688708.SH [1] - IPO application date: June 17, 2022 [1] - Listing date: December 5, 2024 [1] - Listing board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Other manufacturing [1] - IPO sponsor: CITIC Securities [1] - IPO underwriters: CITIC Securities [1] - IPO legal advisor: Beijing Tianyuan Law Firm [1] - IPO auditing firm: Zhonghui Certified Public Accountants [1] Disclosure and Evaluation - Disclosure situation: Required to clarify industry position, technical strength, and product comparison with peers; needed to disclose impacts of customer loss and order decline on operations [1] - Regulatory penalties: No deductions [2] - Public opinion supervision: No deductions [2] - Listing cycle: 902 days, exceeding the average of 629.45 days for 2024 A-share listings [1] Financial Metrics - Underwriting and sponsorship fees: 49.7313 million yuan, with a commission rate of 4.59%, lower than the average of 7.71% [2] - First-day performance: Stock price increased by 151.11% compared to the issue price [3] - Three-month performance: Stock price increased by 107.61% compared to the issue price [4] - Issuance P/E ratio: 20.72 times, significantly lower than the industry average of 53.33 times [5] - Actual fundraising: Expected to raise 1.325 billion yuan, but actual amount raised was 1.083 billion yuan, a decrease of 18.24% [6] Post-Listing Performance - Short-term performance: In 2024, revenue decreased by 2.45% year-on-year, net profit attributable to shareholders decreased by 8.23%, and non-recurring net profit decreased by 4.79% [7] - Abandonment rate: 0.11% [8] Overall Evaluation - Total score for IPO project: 85.5 points, classified as B-level [8] - Negative factors affecting score: Disclosure quality needs improvement, listing cycle over two years, actual fundraising decrease, and decline in revenue and net profit in the first accounting year [8]