出品 | 创业最前线 星空 8月19日，上海巴兰仕汽车检测设备股份有限公司（以下简称"巴兰仕"）开启申购，该公司于今年6月成功过会，其在北交所IPO的日子即将到来。 据巴兰仕招股书披露，他们是一家国内汽车维修保养设备行业的制造商，主要从事举升机、拆胎机、平衡机等汽车养护设备的研发、生产和销售。 （图 / 巴兰仕汽车举升机（图源：巴兰仕官网）） 「创业最前线」注意到，在汽车后市场设备赛道的IPO角逐中，巴兰仕虽手握海外渠道、知名客户资源等"筹码"，却也面临专利诉讼风险、业绩增速放 缓、回款风险等挑战。 1、老夫少妻掌舵，公司曾遭警示 巴兰仕此前曾于2014年和2023年两度登陆新三板，冲刺北交所IPO前仍在新三板创新层。 据巴兰仕2014年的公开转让说明书披露，该公司最早成立于2005年1月份，当时是由程玉慧、陈天、冯定兵、徐彦启、李松等多位自然人共同出资成立。 2009年，巴兰仕的最大个人股东是持股23%程玉慧，同年6月，她将所有持股转让给了自己的丈夫蔡喜林，而到2014年公司挂牌新三板时，公开资料显示 程玉慧已经因病去世，蔡喜林也已经再婚，娶孙丽娜为妻。 | 时间 | 股本形成及演变 | 备注 | | -- ...

汽车服务市场上半年处于调整周期，用户需求更趋理性、分层，行业经历结构性调整，门店经营面 临一定挑战。在此情况下，途虎养车把加盟商扶持更深度地纳入经营主线，为了让每一家门店"开得 出、稳得住、长得大、做得好"，途虎特别推出"十亿补贴、万店同行"计划，旨在激发门店经营活力。 面对高昂的创业成本与获客难题，途虎一方面投入十亿补贴，降低入局门槛；另一方面引入百亿级 流量引擎，通过平台精准导流实现"客户带单进店"，大幅提升新店获客效率。 此外，途虎养车不仅投入资金和流量，还提供领先行业标准的物流体系和供应链能力，帮助加盟商 降低运营成本、增强竞争韧性、延伸服务半径、共享产业升级红利。 近年来，汽车消费蓬勃发展，汽车后市场也随之稳步发展。中国汽修连锁头部品牌途虎养车抓住时 代机遇，通过建立标准化、透明化、数字化的业务模式，引领行业高质量发展，这在途虎近日发布的 2025年中期业绩报告中得以集中体现。 8月21日港股盘后途虎发布2025年中期业绩，上半年途虎在营业收入、用户规模和工场店数等方面 稳居行业第一，领先优势进一步加大。财报显示，途虎上半年营收78.8亿元(人民币，下同)，同比增长 10.5%，增速较去年加快；经调 ...

Company Overview - Balanshi is set to launch its IPO on August 19, 2023, with a price of 15.78 yuan per share and a total issuance of 19 million shares, potentially raising 300 million yuan [1] - The company specializes in automotive maintenance, testing, and repair equipment, with key products including tire changers, balancing machines, and lifting equipment [2][10] - As of May 30, 2025, the actual controllers of the company are Cai Xilin and Sun Lina, who collectively hold 46.66% of the shares [2] Financial Performance - Balanshi's revenue for 2022, 2023, and projected 2024 is 643 million yuan, 794 million yuan, and 1.057 billion yuan respectively, with net profits of 30.04 million yuan, 80.55 million yuan, and 129.40 million yuan [3][4] - The company reported a revenue increase of 5.64% year-on-year for the first half of 2025, with a net profit growth of 11.80% [3] Market Context - The automotive aftermarket in China reached approximately 1.1 trillion yuan in 2023, reflecting a growth of 12.96% since 2020, driven by the aging vehicle population [2] - The average vehicle enters the maintenance phase at around 3-3.5 years, indicating a growing demand for maintenance services as vehicles age [2] Revenue Composition - In 2024, the revenue breakdown shows that lifting machines account for 48.57%, tire changers for 24.08%, and balancing machines for 10.64% of total revenue [5][7] - The overall gross margin for Balanshi was 28.55% in 2024, which is slightly below the industry average [8][9] R&D and Clientele - R&D expenses for the company were 23.48 million yuan, 28.44 million yuan, and 35.83 million yuan for 2022, 2023, and 2024, representing 3.65%, 3.58%, and 3.39% of revenue respectively [9] - Major domestic clients include well-known automotive manufacturers such as BYD, Li Auto, and Great Wall Motors, as well as large automotive maintenance chains [9][10] Export and Competition - Approximately 75% of Balanshi's revenue comes from exports, with products sold in over 100 countries [10] - The company faces challenges from increasing competition in the automotive maintenance sector, particularly in the mid-to-low-end market [10]

Investment Rating - The report suggests a "Focus on Subscription" for the company [3][4]. Core Viewpoints - The company is focused on the automotive maintenance and repair equipment sector, with plans to expand its production capacity for maintenance equipment and lifts through a public offering [2][11]. - The expected revenue for 2024 is projected to reach 1.057 billion yuan, representing a year-on-year growth of 33.10%, with a net profit of 129.40 million yuan, reflecting a year-on-year increase of 60.64% [3][22]. - The automotive maintenance market in China is anticipated to reach 1.35 trillion yuan by 2025, indicating a robust growth potential for the industry [3][14]. Summary by Sections 1. Initial Offering - The company plans to issue 19 million shares at a price of 15.78 yuan per share, with an initial P/E ratio of 10.00X [3][6]. - The total number of shares post-issue will be 82 million, with the offering representing 23.17% of the total shares before any over-allotment [3][6]. 2. Business Focus - The company specializes in automotive maintenance, testing, and repair equipment, with a diverse product range including tire changers, balancing machines, and lifts [13][18]. - The company has established a strong domestic and international sales network, serving over 100 countries and regions [13][27]. 3. Financial Performance - The projected revenue for 2024 is 1.057 billion yuan, with a net profit of 129.40 million yuan, showing significant growth compared to previous years [3][22]. - The gross profit margins for various products are improving, with balancing machines showing the highest margins [23][24]. 4. Market Outlook - The automotive maintenance industry is expected to benefit from the increasing age of vehicles and the growth of the automotive market, with a projected CAGR of 6.50% for the passenger vehicle maintenance business from 2020 to 2025 [3][14]. - The company is well-positioned to capitalize on the growing demand for automotive maintenance equipment due to its long-standing experience and technological advancements [2][3].

开源证券8月16日发布巴兰仕（920112.SH）研报。主要观点：1）专注汽修维保设备研发、生产与销 售，2022年-2024年度营收与利润双增；2）全球汽车产销量持续增长，汽车老龄化趋势为汽修维保行业 带来机遇；3）深耕行业多年打造技术优势，可比公司PE2024均值为29.7X。风险提示：传统燃油汽车 销量持续下降的风险、客户集中度较高的风险、原材料价格变动风险。 （文章来源：每日经济新闻） ...

Investment Rating - The report assigns a positive investment rating to the company, highlighting its growth potential in the automotive maintenance equipment sector. Core Viewpoints - The company is a leading manufacturer of automotive maintenance and repair equipment, focusing on R&D, production, and sales, with a strong growth trajectory in revenue and profit from 2022 to 2024 [1][11]. - The automotive industry is experiencing significant growth, with global production and sales expected to increase, driven by the aging vehicle population, which presents opportunities for the automotive maintenance market [2][3]. - The company has established a robust technological advantage through years of industry experience and a comprehensive R&D system, holding numerous patents and software copyrights [3][14]. Summary by Sections 1. Company Overview - The company specializes in automotive maintenance and repair equipment, with major products including tire changers, wheel balancers, and lifts. It has a strong domestic and international customer base, including well-known automotive manufacturers and service chains [1][11]. 2. Financial Performance - The company's total revenue for 2022, 2023, and 2024 was 642.64 million, 794.26 million, and 1.057 billion yuan, respectively, with net profits of 30.04 million, 80.55 million, and 129.40 million yuan, indicating a consistent upward trend in both revenue and profit [1][62]. - The gross profit margins for the same years were 23.62%, 27.04%, and 28.55%, showing an overall growth trend [1][62]. 3. Industry Insights - The global automotive market is projected to produce 92.5 million vehicles in 2024, with a significant increase in vehicle ownership and aging vehicles, particularly in developed countries [2][3]. - The automotive maintenance market in China is expected to reach 1.3476 trillion yuan by 2025, with a compound annual growth rate of 6.50% from 2020 to 2025 [2]. 4. Technological and Competitive Advantages - The company has developed a strong technological edge, with 226 patents and recognition as a high-tech enterprise. It is also acknowledged as a specialized and innovative small enterprise in various provinces [3][14]. - The company’s products have received multiple certifications and awards, enhancing its brand reputation and market competitiveness [53][56]. 5. Market Position and Growth Potential - The company is positioned as one of the largest manufacturers in the domestic automotive maintenance equipment industry, with a growing market share both domestically and internationally [1][11]. - The expected increase in automotive maintenance demand due to the aging vehicle population presents a significant growth opportunity for the company [2][3].

"这个家伙功能比其他任何诊断工具都强得多，它还能免费更新，这很难得。"在TikTok视频中，美国一 用户检查出眼前一辆燃油灯亮起的老福特车，出现代码为P1450的故障，并快速定位出是燃油箱真空问 题。而被他称赞的神奇工具TOPDON，来自大洋彼岸的深圳。 在亚马逊取得销售成绩后，TOPDON在2023年年底成为首批入驻TikTok Shop的商家之一，开始尝试场 景化营销。娄珂表示："TikTok既是内容平台，又有电商属性，特别适合这种功能性驱动的、需要场景 化还原的产品。"2025年5月，TOPDON在TikTok Shop美国跨境商家中，成为汽配维修工具销量第一的 商家。 凭借真实、细致的故障排查及讲解内容，Robert在TikTok上建立起口碑。今年，娄珂计划将视频重点从 数量转向质量。加大力度开展品牌自播，也是TOPDON的规划之一，其10月在美国、欧洲落地本土化 直播团队的计划已提上日程。现在，TOPDON每个月在TikTok Shop的销售额能达到200万美元。 据了解，TOPDON所在的全球汽车后市场规模超过3C电子、服装等行业，是较为隐藏的"蓝海赛道"。 据中国汽车工业协会整理的海关总署数据， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a net profit attributable to shareholders of 49.41 million yuan in H1 2025, representing a year-on-year growth of 27.18%. The total operating revenue for the same period was 375 million yuan, up 20.77% year-on-year. The growth is attributed to significant increases in electronic and electrical products as well as non-automotive products, alongside the commencement of production at the Thai subsidiary [3][4] - The profit forecast for the company has been revised upwards, with expected net profits for 2025-2027 projected at 123 million, 146 million, and 166 million yuan respectively, with corresponding EPS of 1.88, 2.22, and 2.52 yuan [3][4] Financial Summary - In H1 2025, the electronic and electrical systems revenue reached 85.47 million yuan, a year-on-year increase of 60.62%, with a gross margin of 29.76%. Domestic business revenue grew by 33.67% to 216 million yuan [4] - The Thai subsidiary has entered the production phase, with non-automotive product sales revenue reaching approximately 64.99 million yuan, a year-on-year increase of 183.18% [4] - The company's total market capitalization is 2.382 billion yuan, with a circulating market capitalization of 1.328 billion yuan [1] Financial Projections - The company is projected to achieve operating revenues of 900 million yuan in 2025, 1.076 billion yuan in 2026, and 1.197 billion yuan in 2027, with year-on-year growth rates of 19.6%, 19.6%, and 11.2% respectively [6][8] - The net profit attributable to shareholders is expected to grow to 123 million yuan in 2025, 146 million yuan in 2026, and 166 million yuan in 2027, with corresponding year-on-year growth rates of 15.9%, 18.2%, and 13.9% [6][9]

Group 1: Core Insights - The Beijing Municipal Government has issued a plan aiming for an average annual growth of around 5% in total market consumption by 2030, with the goal of establishing 2-3 new consumption landmarks worth over 100 billion yuan [1] - The plan includes 24 tasks across six areas, focusing on enhancing consumer spending, particularly in the automotive sector, by optimizing car purchase policies and expanding the automotive aftermarket [1][3] Group 2: Automotive Consumption Ecosystem - The plan emphasizes the need to create a new automotive consumption ecosystem, which includes optimizing small car indicator allocation to better serve family vehicle needs [1][3] - Measures have been introduced to support the second-hand car market, such as implementing "reverse invoicing" and facilitating cross-regional transaction registrations [3][4] - The automotive aftermarket is recognized as a significant contributor to consumption, with plans to expand areas like car modification, rentals, and events to stimulate demand for new energy vehicles [4][5] Group 3: Policy and Market Dynamics - The introduction of the lottery system for car purchase indicators in 2011 was a response to the rapid increase in vehicle ownership, which has led to traffic congestion and pollution [2] - Recent adjustments to the lottery system include prioritizing families without cars and extending the validity of car purchase indicators from six months to one year [3] - The second-hand car market faces challenges such as information opacity and complex transaction processes, which the plan aims to address through improved transparency and standardized evaluation [3][4]

Summary of the Conference Call for Yapu Co., Ltd. Industry Overview - The automotive industry investment is focusing on the certification and testing sector, which is less correlated with sales, and the components sector benefiting from consumption upgrades and overseas expansion, such as modification, aftermarket, and overseas factory enterprises [2][5] Company Insights - Yapu Co., Ltd. is an automotive fuel tank supplier with potential in the extended range and plug-in hybrid vehicle markets, generating approximately 8 billion RMB in annual revenue, with over 40% coming from localized production overseas [2][6] - The company has established localized production capacity in seven countries, mitigating tariff risks and benefiting from local policy incentives [7] - Yapu Co., Ltd. acquired Yingfang Technology, a leading domestic supplier of rotary transformers with over 50% market share, which will diversify Yapu's business [2][8] Financial Performance - Yapu Co., Ltd. has a strong financial position with a historical average dividend payout ratio exceeding 55%, and the major shareholder is increasing stock holdings while the company is repurchasing shares to reduce circulation and enhance earnings per share [3][12] - The projected net profit for 2025 is approximately 530 million RMB, increasing to 600 million RMB in 2026, indicating a reasonable valuation at 15 times earnings [3][13] Strategic Plans - The company plans to optimize existing production capacity and consider new facilities in India, the United States, and assess feasibility in Central Asia, Southeast Asia, and North Africa [9] - Yapu Co., Ltd. aims to continue pursuing acquisition opportunities to enhance business diversification and overall competitiveness [9] Market Outlook - The overall sentiment towards the automotive sector is cautiously optimistic, with attention to the impact of demand and supply on terminal prices and the potential pressure on company performance due to high depreciation and amortization from previous investments [4] Investment Opportunities - Investment opportunities are identified in three areas: automotive testing and certification sectors, automotive components related to new consumption trends, and overseas manufacturing to avoid tariffs and trade barriers [5] Shareholder Influence - The major shareholder, Guotou Group, may allocate more project resources to support Yapu Co., Ltd.'s multi-asset layout, providing additional development opportunities and resource support [11]