赛英电子北交所IPO过会，公司与主要客户合作的稳定性及被替代风险等被追问

Core Viewpoint - Jiangyin Saiying Electronics Co., Ltd. has successfully passed the IPO review on December 19, aiming to raise approximately 270 million yuan for its operations [1] Group 1: Company Overview - Saiying Electronics specializes in the research, manufacturing, and sales of key components for power semiconductor devices, including ceramic shells and packaging heat dissipation substrates [1] - The company is recognized as a national high-tech enterprise [1] Group 2: IPO Details - The IPO application was accepted on June 27, 2025, and entered the inquiry phase on July 24 of the same year [1] - The company plans to raise around 270 million yuan through this IPO [1] Group 3: Listing Committee Requirements - The listing committee requested Saiying Electronics to analyze the risk of declining gross margins in its packaging heat dissipation substrate business, considering market competition, its competitive advantages and disadvantages, R&D investment and output, and changes in downstream market demand [1] - The committee also required the company to provide details on the stability of its cooperation with major clients, including sales product types, application fields, revenue, procurement ratios, and major competitive advantages [1] - Additionally, the committee asked for clarification on the appointment of Huang Zhenyu as an independent director, ensuring compliance with the regulations of the Independent Director Management Measures [1]