IPO及再融资上会预告 据交易所官网审核动态信息，下周（1月12日-1月16日）IPO上会审核6家企业，合计拟募资66.32亿元。 | | | | | | | 下周(1.12-1.16) IPO上会企业 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上会日期 | 数量 | 申报板块 | 公司简称 | 注册地 | 受理到审核 间隔天数 | 所属行业 | 最近一年净利润 (万元) | 拟募资规模 (万元) | 保荐机构 | 会计师事务所 | 律师事务所 | | 2026-1-13 | 1 | 创业板 | 高特电子 | 浙江 | 204 | 电气机械和器材制造业 | 9,842.23 | 85,000.00 | 中信证券 | 天健 | 中伦 | | 2026-1-14 | 2 | 科创板 | 联讯仪器 | 江苏 | 152 | 仪器仪表制造业 | 14,088,30 | 171,144,28 | 中信证券 | 器波 | 德恒 | | | | 北交所 | 瑞尔竞达 | 安徽 | 244 | ...

1月5日，北交所发布2026年第1次审议会议结果公告，IPO晨光电机顺利过会，成为年内首家过会企业，由国金证券担任保荐机构。 从本次上会审核重点来看，北交所主要提出2点问询。 一是关于业绩稳定性。发行人需结合报告期内主要客户合作情况、公司销售策略、新客户采购策略、下游市场需求变化， 说明与主要竞争对 手相比核心竞争力的具体体现，是否存在主要客户合作稳定性不足风险，是否存在毛利率持续下滑风险及应对措施。 二是关于公司内部治理。发行人需说明报告期内关联交易发生的背景及后续规范措施，是否已经建立并严格实施有效的财务内控制度。 从申报进程来看，晨光电机审核进度并不算缓慢，公司在2025年6月25日获得受理，在反馈第二轮问询回复后，北交所在同天便发布上会通 知。 智通财经1月7日讯（记者 赵昕睿）2026年迎来首家过会IPO企业。 | 代码 | 874468 | 简称 | 晨光电机 | | --- | --- | --- | --- | | 公司全称 | 舟山晨光电机股份有限公司 | 受理日期 | 2025-06-25 | | 审核状态 | 上市委会议通过 | 更新日期 | 2026-01-05 | | 保荐机构 | ...

IPO受理企业数量显著上升 【导读】沪深交易所发布最新一期发行上市审核动态 中国基金报记者 孙越 记者从业内获悉，近日，沪深交易所下发了最新一期的发行上市审核动态。 数据显示，2025年全年，上交所首发上市企业共42家，总募资额达到812.89亿元；深交所48家公司完成发行上市，募资金额达429.54亿 元。 与此同时，2024年度保荐机构执业质量评价结果也已出炉。104家保荐机构中，被评为A类的有7家，B类22家，C类7家，其余68家因无 保荐上市公司或无进入审核注册环节的首发项目被划为N类。 近日，上交所发布了最新一期的《发行上市审核动态》。IPO审核方面，2025年全年，上交所共计受理66家企业的首发申请，召开上市委 会议40次，共通过37家，注册生效35家；值得关注的是，受理企业数量较上年大幅增长725%。 发行承销方面，上交所2025年共首发上市42家，同比增长31.25%；总募资额达812.89亿元，同比增长148.75%。 自律监管方面，2025年，上交所共针对20家IPO申报项目、3家再融资申报项目和1家并购重组申报项目中的发行人信息披露问题、中介机 构执业质量问题，采取纪律处分18次、监管措 ...

IPO及再融资上会预告 据交易所官网审核动态信息，下周（1月5日-1月9日）IPO上会审核2家企业，合计拟募资7.99亿元。 | | | | | | | 下周(1.5-1.9) IPO上会企业 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上会日期 | 数量 | 申报板块 | 公司简称 | 注册地 | 受理到审核 间隔天数 | 所属行业 | 最近一年净利润 (万元) | 拟募资规模 (万元) | 保荐机构 | 会计师事务所 | 律师事务所 | | 2026-1-5 | | 北交所 | 晨光电机 | 浙江 | 194 | 电气机械和器材制造业 | 7,862.60 | 39,900.00 | 国金证券 | 立信 | 天册 | | 2026-1-8 | | 北交所 | 邦泽创科 | 广东 | 209 | 通用设备制造业 | 14,793.18 | 40,032.12 | 东莞证券 | 致同 | 国浩(北京) | 其中，晨光电机于在审期间将拟募资规模总额从5.20亿元调减至3.99亿元。 ...

Core Viewpoint - The article discusses the financial performance and operational details of Beijing Weitongli Electric Co., Ltd. and Shenzhen Peicheng Electronic Technology Co., Ltd., highlighting their revenue, net profit, and challenges faced in the market. Group 1: Beijing Weitongli Electric Co., Ltd. - The company specializes in hard connections, flexible connections, contact components, laminated busbars, CCS series electric connection products, and synchronous decomposers [4] - In 2024, the company reported a revenue of 239,037.80 million yuan and a net profit of 27,080.17 million yuan, showing significant growth from previous years [6] - The company has a total of 2,956 employees and operates with a controlling shareholder, Huang Haoyun, who holds 68.33% of the voting rights [5][4] - The company’s revenue for the past four years was 143,677.53 million yuan, 169,868.62 million yuan, 239,037.80 million yuan, and 140,972.99 million yuan, with net profits of 11,331.88 million yuan, 17,896.88 million yuan, 27,080.17 million yuan, and 14,297.21 million yuan respectively [6] Group 2: Shenzhen Peicheng Electronic Technology Co., Ltd. - The company focuses on the independent research, production, and sales of third-party battery power control systems (BMS, PCS) and provides component application solutions [11] - In 2024, the company achieved a revenue of 73,288.51 million yuan and a net profit of 9,229.64 million yuan, with a year-on-year decline of 4.02% in revenue and 20.13% in net profit [14] - The company has a controlling shareholder, Yan Xiaohan, who holds 77.01% of the shares [12] - The company’s revenue for the past three years was 8.5023 billion yuan, 7.6359 billion yuan, and 7.3289 billion yuan, with net profits of 1.0077 billion yuan, 1.1555 billion yuan, and 0.9230 billion yuan respectively [14] - The company plans to raise 500 million yuan through an IPO, with funds allocated for capacity enhancement projects and research center construction [23][24]

Core Viewpoint - The company is facing significant scrutiny regarding its IPO application, particularly concerning its performance volatility, customer stability, and the necessity and feasibility of its fundraising projects [3][18]. Group 1: Performance Volatility - The company's revenue from battery power control systems showed a V-shaped curve from 2022 to the first half of 2025, with figures of 389 million, 472 million, 401 million, and 372 million respectively, indicating a dramatic fluctuation [4][19]. - In the first half of 2025, revenue surged by 123.78% year-on-year, following a decline of 15.13% the previous year, attributed to shifts in downstream market demand [4][19]. - The company's performance diverged from industry peers, achieving a 6.73% growth in 2024 while competitors faced an average decline of 17.46% [4][19]. Group 2: Customer Base Composition - Approximately 90% of the company's customers are small to medium-sized, with those generating less than 1 million in sales consistently making up this percentage [5][20]. - In the first half of 2025, 520 small customers contributed only 15.93% of total revenue, contrasting with larger competitors whose top five customers account for over 25% of their revenue [5][20]. - The proportion of revenue from the top five customers decreased from 43.86% in 2022 to 30.69% in the first half of 2025, raising concerns about customer relationship stability [5][20]. Group 3: Quality Issues and Customer Retention - The company faced a return issue with BYD due to quality problems with IGBT products, resulting in a refund of 6.82 million [6][21]. - Following this incident, BYD's procurement from the company decreased significantly, dropping from 90.30 million in 2022 (10.62% of total revenue) to 38.07 million in 2024 (5.19%) [6][21]. Group 4: Fundraising and Production Capacity - The company plans to raise 500 million, with 294 million allocated for enhancing battery and power control system capacity, 144 million for a research center, and 62 million for working capital [13][28]. - The transition to a fully self-produced model raises questions about the feasibility of this shift, as the average processing costs of outsourced production are comparable to in-house production [13][28]. - Concerns about capacity utilization arise, as projected sales for 2024 are only 964,400 units, while the expected capacity by 2030 is 5,752,800 units, indicating potential overcapacity [13][28]. Group 5: Research and Development Challenges - The company aims to hire 110 new R&D personnel, which would increase the workforce by 55.56%, to support 14 research projects in advanced fields [14][29]. - The current R&D efficiency is questioned, as there are 198 personnel working on 18 projects, averaging 11 people per project, while the new projects plan to allocate only 8 people each [14][30].

Group 1: IPO Overview - Three companies are scheduled for IPO review from December 29 to December 31, aiming to raise a total of 2.262 billion yuan [1][2] - The companies include Guangtai Vacuum, Miao Manli, and Feiyu Technology, with respective fundraising amounts of 168.15 million yuan, 1.59374 billion yuan, and 500 million yuan [2][3] Group 2: Guangtai Vacuum - Guangtai Vacuum specializes in the research, manufacturing, and sales of vacuum equipment, focusing on high-tech applications in the rare earth permanent magnet industry [3][4] - The company plans to issue up to 17 million shares, with a target market value of no less than 200 million yuan and a net profit requirement of at least 15 million yuan over the last two years [4][3] - The total investment for its projects is 168.15 million yuan, which includes the expansion of vacuum melting furnaces and the establishment of a research and product display center [7] Group 3: Miao Manli - Miao Manli is engaged in the manufacturing of electrical machinery and equipment, with a recent net profit of 27.1 million yuan [10][11] - The company plans to issue up to 62.33 million shares, with a requirement for cumulative net profits of at least 200 million yuan over the last three years [10][11] Group 4: Feiyu Technology - Feiyu Technology focuses on the lithium battery new energy sector, providing battery management systems and related components [13][14] - The company aims to issue up to 17.5 million shares, with similar financial requirements as Guangtai Vacuum [14][15] - The total investment for its projects is 500.98 million yuan, which includes capacity enhancement for battery and power control systems [16]

文/梧桐数据中心 12月26日，IPO共审核4家公司（深主板、创业板各1家，北交所2家），4家均获通过。 | 深主板 | | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 生态环保面料的研发、生 | 福恩股份 | 181,282.69 | 25.475.49 | 通过 | 中信证券/国浩（杭州）/ | | 产和销售 | | | | | 天健 | | 创业板 | | | | | | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 无人机电动动力系统及机 | 三瑞智能 器人动力系统的研发、生 | 83,147.85 | 32,050.83 | 通过 | 国泰海通/ 上海方达/立信 | | 产和销售 | | | | | | | 北交所 | | | | | | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 功能性高分子发泡材料的 ...

Group 1: Shenzhen Dapu Microelectronics Co., Ltd. - The company focuses on the research and sales of enterprise-level SSD products for data centers, being one of the few in the industry with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [2] - The company underwent a transformation from a limited company to a joint-stock company in September 2023, with a total share capital of 39,259.47 million shares before the issuance [2] - The major shareholder, Dapu Haide, holds 54.78% of the voting rights, while the actual controller, Yang Yafei, controls 66.74% of the voting rights through various entities [3] - The company's revenue for the reporting period was 55,676.75 million, 51,949.20 million, 96,217.56 million, and 74,817.28 million, with net profit attributable to the parent company being -36,831.03 million, -64,165.44 million, -19,504.83 million, and -36,148.85 million [4] - The total assets as of June 30, 2025, were 198,114.05 million, with a debt-to-asset ratio of 63.40% [5] - The company meets the listing standards with an estimated market value of no less than 50 billion and a recent year's revenue exceeding 5 billion [6] Group 2: Ningbo Longyuan Co., Ltd. - The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts, primarily serving the automotive industry [8] - The company transitioned from a limited company to a joint-stock company in February 2023, with a total share capital of 51,000.00 million shares before the issuance [8] - The major shareholder, Lin Guodong, holds 55.8948% of the shares, while the actual controllers, Lin Guodong and Tang Meiyun, collectively control 98.5337% of the shares [9] - The company's revenue for the reporting period was 51,932.76 million, 69,939.94 million, 86,889.30 million, and 47,542.11 million, with net profit attributable to the parent company being 9,670.94 million, 11,808.64 million, 11,206.46 million, and 6,053.71 million [10] - The total assets as of June 30, 2025, were approximately 1,396,155.99 million, with a debt-to-asset ratio of 32.99% [11] - The company meets the listing standards with a projected market value of no less than 200 million and net profits in the recent two years exceeding 15 million [12]

Group 1 - A total of 9 companies are scheduled for IPO review next week, aiming to raise a combined capital of 9.111 billion yuan [1] - The companies include Ying's Holdings, Shenglong Co., Shiya Technology, and others, with various industries represented such as food manufacturing, non-ferrous metal mining, and electronic equipment manufacturing [2][6] - Ying's Holdings is a leading enterprise in the infant food industry in China, focusing on nutritional care for infants and young children [6][7] Group 2 - Shenglong Co. is a major molybdenum company in China, engaged in the comprehensive development and utilization of non-ferrous metal resources [15][16] - Shiya Technology specializes in micro-display solutions, being the first to achieve mass production of silicon-based OLED micro-displays [10][11] - Dapu Microelectronics focuses on enterprise-level SSD products, with a strong capability in self-research and development [20][21] Group 3 - Longyuan Co. specializes in the research, production, and sales of aluminum alloy precision die-casting parts, primarily for the automotive industry [25][26] - Fuen Co. is a global supplier of eco-friendly fabrics, emphasizing sustainable development in its operations [33] - Sanrui Intelligent Technology is a leading manufacturer of drone and robot power systems, actively developing products for electric vertical takeoff and landing aircraft [29][30]