Xin Lang Cai Jing·2026-01-05 09:24Core Viewpoint - The Beijing Stock Exchange (BSE) will review Shenzhen Peicheng Electronic Technology Co., Ltd. for listing on December 30, 2025, after the company shifted its listing plan from the Shanghai Stock Exchange due to industry cycle fluctuations and tightened regulations [1][3]. Financial Performance - Peicheng's revenue declined from 850 million yuan in 2022 to 733 million yuan in 2024, while net profit remained relatively stable, fluctuating between 92 million yuan and 93 million yuan during the same period [1][3]. - In the first three quarters of 2025, Peicheng experienced a significant turnaround, with revenue increasing by 76.49% year-on-year to 886 million yuan and net profit doubling to 129 million yuan [1][3]. Customer Dynamics - The sales proportion to BYD decreased from 10.62% in 2022 to 5.19% in 2024, and BYD's ranking among Peicheng's top five customers fell from first to fourth place [2][4]. - By the first half of 2025, BYD was no longer among Peicheng's top five customers [2][4]. Listing Conditions and Advantages - The BSE's listing standards, which require a minimum market value of 200 million yuan, net profits of at least 15 million yuan in the last two years, and an average return on equity of no less than 8%, align better with Peicheng's current scale [2][4]. - The average listing time on the BSE was 339 days in 2024, the shortest among major exchanges, providing Peicheng with a potential opportunity to capitalize on market conditions [2][5]. Future Outlook - As 2026 approaches, the ability of Peicheng, described as a "small giant" in the lithium battery sector, to convert its technological advantages into sustainable profitability will be a key factor for market evaluation [2][5].