Company Overview - Company Name: Zhejiang Liju Thermal Equipment Co., Ltd. [1] - Stock Code: 603391.SH [1] - IPO Application Date: July 5, 2022 [1] - Listing Date: July 31, 2024 [1] - Industry: General Equipment Manufacturing [1] - IPO Sponsor: CITIC Securities [1] Disclosure and Regulatory Evaluation - Disclosure Issues: Required to improve the disclosure of revenue changes and provide justification for the selection of comparable companies [1] - Regulatory Penalties: No penalties imposed [2] - Public Supervision: No penalties imposed [2] - Listing Cycle: 757 days, exceeding the average of 629.45 days for 2024 A-share listings [2] Financial Metrics - Underwriting Fees: 53.2264 million yuan, with a commission rate of 5.85%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 50.00% on the first day [4] - Three-Month Performance: Stock price increased by 7.60% compared to the issue price [5] - Issuance Price-to-Earnings Ratio: 15.56 times, which is 63.41% of the industry average of 24.54 times [6] - Actual Fundraising: Expected to raise 1.612 billion yuan, but actual amount raised was 910 million yuan, a decrease of 43.55% [7] Post-Listing Performance - Revenue: Decreased by 11.60% year-on-year [8] - Net Profit: Increased by 8.51% year-on-year [8] - Non-recurring Net Profit: Decreased by 7.64% year-on-year [8] - Abandonment Rate: 1.19% [9] Overall Evaluation - Total Score: 82 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, lengthy listing cycle, significant reduction in actual fundraising, and declines in revenue and non-recurring net profit in the first accounting year [9]