北交所迎来 2026年首单IPO申报项目

Core Viewpoint - Beijing Huadian Guangda Environment Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, marking it as the first company to be accepted in 2026, reflecting the growing interest in environmental protection materials in the capital market driven by the "dual carbon" policy [1] Company Overview - The company specializes in the research, production, and sales of new catalytic materials for air pollutant treatment, focusing on nitrogen oxides (NOx), carbon monoxide (CO), and volatile organic compounds (VOCs) [2][3] - It was established in February 2013 and transformed into a joint-stock company in April 2016, with a registered capital of 130 million yuan [3] IPO Details - The company plans to publicly issue up to 32.2 million shares, aiming to raise approximately 260 million yuan [1][2] - The funds will be allocated to projects including the construction of production equipment for 5,000 cubic meters of CO oxidation catalysts and technological upgrades for 10,000 cubic meters of denitration plate catalysts [2] Financial Performance - The company reported revenues of 269 million yuan in 2022, 330 million yuan in 2023, and projected 315 million yuan for 2024, with a net profit of 19 million yuan in 2022 and 43 million yuan in 2023 [4] - The net cash flow from operating activities was negative in 2022 and 2025, indicating potential liquidity challenges [4] Accounts Receivable - As of the end of 2023, accounts receivable amounted to 172 million yuan, a 51.47% increase from the previous year, indicating a higher growth rate than revenue [5] - The company’s major clients include large state-owned enterprises and industries such as coal-fired power plants and steel groups, which may affect the payment cycle due to strict internal control processes [5]