Core Viewpoint - Two companies successfully passed the IPO review on December 30, 2025, with a total fundraising amount of 2.094 billion yuan [1] Group 1: Company Overview - The first company, 增通利, is located in Beijing and operates in the electrical machinery and equipment manufacturing sector, with a proposed fundraising amount of 1.59374 billion yuan and a net profit of 271.0266 million yuan in the last year [2] - The second company, 渗城科技, is based in Guangdong and also operates in the electrical machinery and equipment manufacturing sector, with a proposed fundraising amount of 500 million yuan and a net profit of 93.4449 million yuan in the last year [2] Group 2: IPO Review Process - 渗城科技 changed its listing application from the Shanghai Stock Exchange main board to the Beijing Stock Exchange to better facilitate its development in response to market changes [3] - The review process for 渗城科技 included two rounds of inquiries focusing on the sustainability of performance and the reasonableness of the fundraising scale [3][11] Group 3: Key Inquiries and Concerns - For 增通利, the review committee inquired about measures taken to address the decline in gross margin due to price trends in the new energy vehicle sector and raw material price fluctuations [4] - 渗城科技 faced inquiries regarding the authenticity of its operating performance, including significant changes in sales to major customers and the reasons for discrepancies in supplier and customer confirmations [7][10] Group 4: Financial Performance - 渗城科技's revenue declined from 850 million yuan in 2022 to 733 million yuan in 2024, with a net profit decrease of 20.13% year-on-year [11] - The company reported a significant drop in revenue from its battery power control system business due to regional market fluctuations, with a notable decline in sales in 2024 [11][14] Group 5: Customer Dynamics - 渗城科技's customer base is increasingly diversified, with a notable decrease in revenue concentration from its top five customers, including a decline in purchases from BYD [17][18] - The company reported that the sales revenue from BYD decreased due to quality issues with IGBT products, but this did not significantly impact the overall business relationship [20][22] Group 6: Fundraising and Investment Projects - 渗城科技 plans to raise 500 million yuan, with 294 million yuan allocated for enhancing production capacity in battery and power control systems and 144 million yuan for building a research and development center [23][24] - The company aims to transition to a fully self-produced model to improve response speed and supply chain control, while maintaining existing product lines and production processes [25][27]
IPO审2过2！主板改道北交所过会，营收三连降，业绩可持续性被多轮问询
Sou Hu Cai Jing·2025-12-30 12:25