公司预计融资金额为6.4549亿元，用于"高性能工程材料智能化生产基地建设项目""江西中塑生产基地 扩建项目""新材料工程技术研究中心建设项目"及"补充流动资金"。 主营业务毛利率高于同行业可比公司 文 | 挖贝网 王思宇 2025年9月26日，广东中塑新材料股份有限公司（简称：中塑股份）创业板IPO获受理，保荐机构为国 信证券。 中塑股份专注于改性工程塑料研发、生产和销售，主要产品应用于消费电子、储能、汽车、家居家电等 行业。2024年，公司营收7亿元，扣非后利润为9256.66万元。毛利率方面，公司2024年主营业务毛利率 为31.03%，同期同行业可比公司毛利率均值为21.42%，公司毛利率较同行业可比公司高9.61个百分点。 研发方面，公司2022年度-2024年度研发费用率分别为3.12%、2.93%、3.62%，低于行业平均水平。截 至2025年3月末，公司研发人员66名，其中专科及以下的37人，占研发人员总数的56.06%。 2022年—2024年以及2025年一季度，公司实现营业收入分别为4.93亿元、5.37亿元、7亿元及1.52亿元， 扣除非经常性损益后归属于母公司股东的净利润分别为487 ...

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has received acceptance for its IPO on the ChiNext board, indicating a significant step towards public listing and capital raising [1] Company Overview - Zhongsu New Materials specializes in the research, production, and sales of modified engineering plastics [1] - The company's main products are utilized in various industries, including consumer electronics, energy storage, automotive, and home appliances [1] - End products include mobile phones, smart wearable devices, tablets, laptops, Bluetooth speakers, energy storage power supplies, new energy vehicles, and home appliances [1] Fundraising and Investment Plans - The company aims to raise approximately 645 million yuan through the IPO [1] - After deducting issuance costs, the funds will be allocated to the construction of a high-performance engineering materials intelligent production base, expansion of the Jiangxi Zhongsu production base, establishment of a new materials engineering technology research center, and to supplement working capital [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 创业板IPO"折戟"一年多后，安徽大昌科技股份有限公司（以下简称"大昌科技"）重启上市辅导。 大昌科技成立于2000年，主要从事冲压和焊接汽车零部件及相关工装模具的研发、生产和销售。 回溯来看，大昌科技曾于2023年6月申报创业板IPO并获受理，2023年7月、2024年1月、2024年3月先后 经历三轮问询后，于2024年8月主动撤回IPO申请。 大昌科技彼时披露的招股书显示，公司主要客户为国内知名主机厂和汽车零部件供应商。2021年度、 2022年度和2023年度，公司来自前五大客户的收入占主营业务收入的比例分别为91.72%、90.28%和 89.34%，客户集中度较高，主要包括奇瑞汽车、广汽集团、广汽本田等。 业绩方面，2021年、2022年、2023年，大昌科技实现营收分别约为8.26亿、10.77亿、15.44亿元人民 币，同期净利润分别约为6986.06万、7523.61万、1.05亿元人民币。 根据证监会网站信息披露，9月24日，大昌科技向安徽证监局提交了上市辅导备案申请，拟再谋求创业 板上市，辅导券商为中银国际证券。 ...

Group 1 - The core point of the article is that Nabichuan New Energy Co., Ltd. has successfully registered its IPO on the ChiNext board, focusing on thermal management products for new energy vehicles and fuel vehicles [1] - Nabichuan specializes in the research, production, and sales of products such as battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heaters [1] - The company aims to raise approximately 729 million yuan through this IPO, which will be used for the production project of 3.6 million sets of water cooling plates and to supplement working capital [1] Group 2 - The IPO process for Nabichuan began with acceptance on September 27, 2023, followed by an inquiry phase on October 23, 2023, and was approved on August 28, 2025, with registration submitted on September 2, 2025 [1]

Core Viewpoint - Hangzhou Gaote Electronics Co., Ltd. is preparing for an IPO on the ChiNext board, aiming to raise 850 million yuan, with concerns raised by regulators regarding product price fluctuations, declining gross margins, and high accounts receivable [2][3]. Financial Performance - Revenue is projected to grow from 346 million yuan in 2022 to 919 million yuan in 2024, with a compound annual growth rate (CAGR) of 63.31%. Net profit for the same period is expected to rise from 53.75 million yuan to 98.42 million yuan [3]. - Gross margins are declining, with rates of 28.37%, 26.53%, and 26.02% from 2022 to 2024, respectively. The gross margin for the core product, energy storage BMS modules, is expected to drop by 3.72 percentage points in 2024 [3]. Accounts Receivable - Accounts receivable surged from 185 million yuan in 2022 to 506 million yuan in 2024, constituting over 50% of revenue for three consecutive years, reaching 59.04% in 2024 [6][7]. - The company reported a decrease in accounts receivable turnover rates, attributed to lengthening payment cycles in the competitive energy storage industry [7]. Customer Dependency - The company is increasingly reliant on its top five customers, whose revenue contribution rose from 34.29% in 2022 to 45.41% in 2024. The largest customer, Artis, accounted for 21.61% of total revenue in 2024 [10][11]. Related Party Transactions - Prior to the IPO, the company sold a subsidiary at a premium exceeding 500% to related parties, raising questions about the fairness of the transaction and its potential impact on financial statements [13][15].

Core Viewpoint - Weny Electric (874049) has submitted a counseling filing application to the China Securities Regulatory Commission for a public offering of shares to unspecified qualified investors and listing on the Beijing Stock Exchange, with Dongfang Securities as the counseling institution [1] Company Overview - Founded in 1999, Weny Electric specializes in the research, production, and sales of electrical connection and protection products, including hoses, cable connectors, and high-voltage distribution boxes [2] - Comparable companies in the industry include Woer Group (002130.SZ), Yonggui Electric (300351.SZ), Zhongchao Holdings (002471.SZ), Bidetech (605298.SH), and Ruikeda (688800.SH) [2] Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 302.42 million yuan, 270.29 million yuan, and 293.87 million yuan, respectively [2] - Net profit attributable to shareholders for the same years was 61.66 million yuan, 39.29 million yuan, and 39.49 million yuan, while the net profit after deducting non-recurring gains and losses was 57.40 million yuan, 37.01 million yuan, and 35.35 million yuan [2] - For the first half of 2025, the company reported revenue of 173.85 million yuan, a year-on-year increase of 27.46%, and a net profit of 29.77 million yuan, up 55.40% year-on-year [3] Profitability Metrics - The gross profit margin for the first half of 2025 was 41.16%, down from 43.67% in the previous year [3] - The weighted average return on net assets based on net profit attributable to shareholders was 8.01%, compared to 5.70% in the previous year [3] - Basic earnings per share for the first half of 2025 was 0.53 yuan, an increase of 55.40% from 0.34 yuan in the previous year [3] Shareholding Structure - The actual controllers of Weny Electric are Chen Bing and Chen Jiazhen, who collectively hold 90.50% of the shares, with Chen Bing also serving as the chairman and general manager [3] Previous IPO Attempt - Weny Electric previously applied for an IPO on the ChiNext board in June 2022, which was accepted by the Shenzhen Stock Exchange [5] - The proposed fundraising amount was 350 million yuan for projects including the expansion of electrical connection and protection systems, connector industrialization, and the establishment of a research and development center [5][6] - However, the IPO application was not approved on March 2, 2023, due to concerns regarding market space, competitiveness, and sustainability of future performance [7]

Core Viewpoint - The announcement by DreamNet Cloud Technology Group Co., Ltd. to terminate the acquisition of Hangzhou Bicheng Digital Technology Co., Ltd. indicates significant challenges in the transaction due to legal disputes affecting the major shareholder's equity, which has implications for the company's future growth and stability [1] Group 1: Company Overview - Bicheng Digital is a leading e-commerce service provider in China, focusing on linking global brands with Chinese consumers through comprehensive e-commerce services [3] - The company reported revenues of 612.07 million yuan, 866.55 million yuan, and 1.20831 billion yuan for the years 2019, 2020, and 2021 respectively, showing a consistent growth trend [3][4] - The net profit attributable to the parent company was 46.05 million yuan, 67.79 million yuan, and 74.61 million yuan for the same years, indicating a gradual increase in profitability [4] Group 2: Legal and Regulatory Issues - The termination of the acquisition was influenced by a court summons received by the major shareholder, which resulted in the freezing of 10.51 million shares, creating a significant obstacle for the transaction [1] - The company faced scrutiny during its IPO application due to the legal issues surrounding one of its major shareholders, Du Peng, who was convicted of operating a gambling establishment [5][8] - The Shenzhen Stock Exchange identified irregularities in the company's control structure during the IPO review process, leading to the withdrawal of its application [10][13]

Core Viewpoint - Yunhan Chip City has received the IPO registration approval from the Shenzhen Stock Exchange, marking a significant milestone after a lengthy approval process lasting over 20 months since its registration became effective in July 2023, and 43 months since the initial submission of its prospectus in December 2021 [2][3] Company Overview - Yunhan Chip City operates as an online trading service provider for electronic components, evolving from its predecessor, Yunhan Electronics, founded in 2002 by Zeng Ye [3][4] - The company transitioned from a traditional offline distribution model to an e-commerce platform in 2011, catering primarily to electronic engineers and procurement personnel [3] Financing and Shareholding - Since initiating its A-round financing in 2014, Yunhan Chip City has completed at least four rounds of financing, with Zeng Ye and Liu Yunfeng collectively cashing out over 100 million yuan through share transfers [4] - Zeng Ye holds a 33.03% stake, making him the largest shareholder and actual controller, while Liu Yunfeng holds 13.22% [4] Market Competition - Yunhan Chip City faces significant competition from both offline and online distribution platforms, with competitors like Zhongdian Port generating over 40 billion yuan in revenue in 2022, compared to Yunhan Chip City's revenue of approximately 4 billion yuan [5][6] - The company holds a market share of only 0.23%, ranking 15th in the industry, indicating a challenging competitive landscape [5] Financial Performance - The company's revenue and net profit have seen substantial declines from 2022 to 2024, with revenues of 43.33 billion yuan, 26.37 billion yuan, and 25.77 billion yuan, and net profits of 1.35 billion yuan, 0.79 billion yuan, and 0.88 billion yuan respectively [6] - The decline in performance has raised concerns about the company's financial stability, particularly as it approaches its IPO [6][7] IPO Details - The IPO fundraising amount has been reduced from an initial 942 million yuan to 522 million yuan, a decrease of nearly 45% [8] - The revised fundraising plan includes significant allocations for real estate purchases, raising questions about the necessity and rationale behind these expenditures [8][9] Operational Challenges - The decision to eliminate the liquidity support project from the fundraising plan may put pressure on the company's cash flow, which is projected to be only 20.44 million yuan by the end of 2024, a decline of 89% from the previous year [10] - Despite the low cash flow, the company maintains a relatively low debt-to-asset ratio of 30%, which is favorable compared to some of its listed peers [10]

Core Viewpoint - Chongqing Guangdian Digital Media Co., Ltd. (Chongqing Guangshu) has faced significant challenges in its attempts to list on the New Third Board after two failed attempts at IPO on the ChiNext board, highlighting the difficulties in the regulatory approval process for companies in the media sector [1][14][19]. Group 1: Company Overview - The company is primarily engaged in IPTV business, operating under the exclusive authorization of its controlling shareholder, the Chongqing Broadcasting Television Group [2]. - The registered capital of the company is 45 million yuan, and it provides multi-terminal audiovisual content and application services nationwide, relying on internet and mobile internet technologies [2]. Group 2: Financial Performance - In 2022, the company achieved operating revenue of 277.16 million yuan and a net profit of 97.21 million yuan, with a decline in revenue to 207.81 million yuan in the first eight months of 2023 [9][10]. - The company's gross profit margin was 42.14% in the first eight months of 2023, with a weighted average return on net assets of 16.63% [10]. Group 3: Customer Concentration - The company has a high customer concentration, with the top five customers contributing 95.10% of total revenue in 2023, and Chongqing Telecom alone accounting for 76.57% of revenue [11][13]. - The company asserts that this high concentration does not pose a significant risk to its ongoing operations due to stable cooperation with Chongqing Telecom, a large state-owned enterprise [11]. Group 4: Regulatory Challenges - The company has faced scrutiny regarding its independence and reliance on its controlling shareholder, with previous IPO attempts being rejected due to concerns over these issues [14][21]. - The third round of inquiries from the New Third Board focused on the rationale and necessity for a significant increase in R&D expenses in 2024 [22][25].

Core Viewpoint - Recently, the Zhejiang Securities Regulatory Bureau accepted the application for the initial public offering (IPO) and listing of Green Biological Technology Co., Ltd., with the filing date set for July 24, 2025, and the sponsoring institution being Changjiang Securities [1] Group 1: Company Background - Green Biological was established in 1999 and focuses on the research, production, and sales of fragrance products, forming three product series: turpentine oil, cedar oil, and fully synthetic fragrances [6] - The company has previously attempted to apply for an IPO on the ChiNext board, with its last application being withdrawn in September 2024 after multiple updates to the prospectus [5][6] Group 2: Financial Performance - The company's revenue for the years 2021, 2022, and 2023 was 594.38 million, 631.28 million, and 734.76 million yuan respectively, while the net profit attributable to the parent company was 40.74 million, 68.14 million, and 92.92 million yuan [6][7] - In the first quarter of 2024, the company reported a revenue of 238.09 million yuan, representing a year-on-year growth of 51.05%, and a net profit of 40.48 million yuan, showing a year-on-year increase of 123.45% [7] Group 3: Market and Clientele - The company's main export markets are Europe and North America, with foreign sales accounting for 84.38%, 85.95%, and 87.08% of total revenue in 2021, 2022, and 2023 respectively [8][9] - Major clients include Givaudan, Firmenich, and International Flavors & Fragrances (IFF), with sales to the top five customers accounting for 43.90%, 43.98%, and 40.51% of total revenue during the reporting periods [10] Group 4: Future Plans and Funding - The previous IPO application aimed to raise funds for projects including the annual production of 6,800 tons of high-grade fragrance, smart factory construction, and working capital supplementation, with a total planned fundraising of 375 million yuan [10][11] - The total investment for the high-grade fragrance project is estimated at 575.45 million yuan, with 217 million yuan planned to be raised from the IPO [11]