2026年首单IPO过会！业绩稳定性被三连问，在审期间调减拟募资规模

Core Viewpoint - Zhoushan Chenguang Electric Motor Co., Ltd. has successfully passed the IPO review on January 5, 2026, aiming to raise 399 million yuan, making it the first company to get approved for IPO in 2026 [1][20]. Company Overview - Chenguang Electric specializes in the research, production, and sales of micro-special motors, primarily used in cleaning appliances such as vacuum cleaners [7][8]. - The company has seen a steady increase in revenue from 495 million yuan in 2022 to 827 million yuan in 2024, although its net profit has shown volatility, indicating a "revenue growth without profit increase" scenario [8][11]. IPO Details - The initial fundraising target was set at 520 million yuan but was later reduced to 399 million yuan, focusing on essential expenditures such as preparatory costs and working capital [3][20]. - The company plans to utilize the raised funds for expanding production capacity, including the construction of a new R&D center and enhancing existing production lines [15][22]. Financial Performance - The company reported total assets of approximately 901.79 million yuan and total equity of about 503.95 million yuan as of June 30, 2025 [9]. - The gross profit margin has been declining, with a drop from 23.23% in 2022 to 19.32% in 2025, attributed to increased costs and changes in product mix [9][12]. Market Position and Competition - Chenguang Electric has established a strong competitive position in the micro-special motor market, particularly in the cleaning appliance sector, with a significant portion of its revenue coming from its AC series motors [8][10]. - The company has expanded its customer base, entering supply chains of well-known brands such as Shark, Xiaomi, and LG, which has contributed to its revenue growth [11][13]. Regulatory Scrutiny - The North Exchange has raised concerns regarding the company's performance stability, particularly focusing on customer cooperation, sales strategies, and potential risks of declining profit margins [4][7]. - The company has been required to clarify its financial standards and the rationale behind its fundraising adjustments during the IPO review process [3][14].