据了解，电建新能拟冲击沪市主板上市，公司主营业务为中国境内风力及太阳能发电项目的开发、投 资、运营和管理，主要产品是电力，公司本次IPO拟募集资金约90亿元。 从主营业务收入的构成情况来看，截至3月，电建新能源主营业务收入中，风电占比70.37%，太阳能发 电占比28.38%，其他为1.25%。太阳能发电业务为公司的第二大收入来源，占比从2022年的15.47%上升 到2025年一季度的28.38%，上升趋势明显。 然而，公司太阳能发电业务的增长也伴随着毛利率的显著下滑。根据招股说明书，2023年第一季度，电 建新能的太阳能发电业务毛利率为30%，相比2024年底的51.03%下降了近21个百分点。电建新能解释 称，毛利率下降主要受季节性光照不足影响，导致单位发电成本上升。 越亚半导体拟在创业板上市，公司主要从事先进封装关键材料和产品的研发、生产以及销售，公司本次 IPO拟募集资金约12.24亿元。 中国证券业协会10日晚发布今年第三批首发企业现场检查抽查名单，电建新能、越亚半导体2家公司被 抽中现场检查。 据招股书，2022年-2024年及2025上半年，越亚半导体实现营收分别为16.67亿元、17.05亿 ...

在证监会持续强化"申报即担责"的监管要求下，IPO企业"一查就撤"的现象已经得到有效遏制。伴随今年第三批首发企业现场检查抽查名单出炉，年内被抽 中现场检查的首发企业已增至16家。值得关注的是，截至目前，上述16家中尚未出现撤单情况。而在往年，现场检查IPO企业撤单率较高，均超半数撤单。 不难看出，在证监会监管措施推动下，当前IPO市场生态得到持续优化，企业试图"带病闯关"的情况得到明显改善，上市公司质量将从源头提高。 | 抽签目期 ◆ | 7 | 股票简称 ◆ | 7 | 企业名称 = | 7 | 受理目期： | | --- | --- | --- | --- | --- | --- | --- | | 2025-07-03 | | 田园生化 | | 广西田园生化股份 ... | | 2025-06-20 | | 2025-07-03 | | 康瑞新材 | | 江苏康瑞新材料科 ... | | 2025-06-26 | | 2025-07-03 | | 恒运昌 | | 深圳市恒运昌直空 ... | | 2025-06-13 | | 2025-07-03 | | 易思维 | | 易思维(杭州)科技 ... | ...

Core Insights - The China Securities Association has announced the third batch of companies for on-site inspections in 2025, including China Electric Power Construction Group New Energy Co., Ltd. and Zhuhai Yueya Semiconductor Co., Ltd. [1][3] Company Summaries China Electric Power Construction Group New Energy Co., Ltd. (电建新能) - The company is the only platform under China Electric Power Construction (601669) engaged in domestic renewable energy investment, operation, and management, focusing on wind and solar power projects [4] - As of Q1 2025, the company has a total installed capacity of 21.2461 million kW, holding a market share of 1.43% in the national market, with wind power at 1.85% and solar power at 1.20% [4] - The company plans to raise approximately 9 billion yuan through its IPO, ranking second in fundraising among A-share IPO applicants, following China Resources New Energy's 24.5 billion yuan [4] - Revenue has shown steady growth from 8.382 billion yuan in 2022 to 9.81 billion yuan in Q1 2025, with net profit increasing from 1.768 billion yuan to 2.589 billion yuan in the same period [4] Zhuhai Yueya Semiconductor Co., Ltd. (越亚半导体) - This smaller private enterprise focuses on the R&D, production, and sales of advanced packaging materials and products, including IC packaging substrates and embedded packaging modules [6] - The company's revenue has fluctuated, with figures of 1.667 billion yuan in 2022, 1.705 billion yuan in 2023, and 1.796 billion yuan in 2024, while net profit decreased from 415 million yuan to 91.473 million yuan in the same period [6] - Despite having a higher gross margin than industry peers, the company's gross margin has declined from 38.97% in 2022 to 24.42% in the first half of 2025, attributed to falling product prices and rising raw material costs [6] Regulatory Environment - The regulatory environment has improved significantly, with no companies withdrawing their IPO applications after being selected for on-site inspections in 2025, contrasting with previous years where high withdrawal rates were common [3][9] - The China Securities Regulatory Commission has implemented revised regulations emphasizing accountability during the IPO process, which has led to a notable decrease in the "one check and withdraw" phenomenon [10][11] - The termination rates for on-site inspections have decreased from 71.74% in 2021 to 50% in 2024, indicating a more stable IPO environment [8]

从主营业务收入的构成情况来看，截至今年3月，电建新能主营业务收入中，风电占比70.37%，太阳能 发电占比28.38%，其他为1.25%。太阳能发电业务为公司的第二大收入来源，占比从2022年的15.47%上 升到2025年一季度的28.38%，上升趋势明显。 然而，公司太阳能发电业务的增长也伴随着毛利率的显著下滑。2025上半年，电建新能实现营业收入 54.72亿元，同比增长超过8个百分点；归母净利润11.27亿元，同比下滑16%。电建新能解释称，毛利率 下降主要受季节性光照不足影响，导致单位发电成本上升。 越亚半导体拟在创业板上市，公司主要从事先进封装关键材料和产品的研发、生产以及销售，公司本次 IPO拟募集资金约12.24亿元。 【深圳商报讯】（记者 陈燕青）中国证券业协会10月10日晚发布今年第三批首发企业现场检查抽查名 单，电建新能、越亚半导体两家公司被抽中现场检查。 据了解，电建新能拟冲击沪市主板上市，公司主营业务为中国境内风力及太阳能发电项目的开发、投 资、运营和管理，主要产品是电力，公司本次IPO拟募集资金约90亿元。 据招股书，2022年-2024年及2025上半年，越亚半导体实现营收分别为 ...

Group 1 - The China Securities Association announced the third batch of companies for on-site inspection in 2025, including China Electric Power Construction Group New Energy Co., Ltd. and Zhuhai Yueya Semiconductor Co., Ltd. [1] - With the announcement of the third batch, the total number of companies selected for on-site inspection this year has reached 16 [2]. - China Electric Power Construction New Energy aims to list on the Shanghai Stock Exchange, seeking to raise approximately 9 billion yuan, while Zhuhai Yueya Semiconductor plans to list on the ChiNext board, aiming to raise about 1.224 billion yuan [1]. Group 2 - The on-site inspection of newly listed companies is a regulatory enforcement measure granted to the China Securities Regulatory Commission (CSRC) under the Securities Law, playing a crucial role in the IPO regulatory chain [1]. - In 2024, the CSRC modified the random inspection ratio for newly listed companies from 5% to 20% [1].

Core Viewpoint - The second batch of IPO on-site inspection list released by the China Securities Association includes 12 companies, indicating a significant increase in the number of companies undergoing inspections compared to the first batch, which only had two companies [1][2]. Group 1: IPO Inspection Significance - On-site inspections are an effective method for IPO review, allowing auditors to verify the authenticity of the financials of the issuing companies [1]. - The increase in the number of companies undergoing inspections aligns with the call from the chairman of the China Securities Regulatory Commission (CSRC) to significantly enhance on-site inspections [2]. Group 2: Distribution of Companies - Among the 12 companies listed for inspection, 8 plan to list on the Shanghai Stock Exchange (SSE), including 3 on the main board and 5 on the Sci-Tech Innovation Board, while 4 aim for the Shenzhen Stock Exchange (SZSE), comprising 3 on the main board and 1 on the ChiNext [2]. - Notably, there are no companies listed for inspection that plan to go public on the Beijing Stock Exchange (BSE), indicating a potential oversight in the inspection process [2][3]. Group 3: Need for Fairness in Inspections - The current approach to IPO inspections appears inadequate as it does not include companies seeking to list on the BSE, despite the CSRC regulations applying to all exchanges [3]. - The BSE has seen a significant number of IPO applications, and companies choosing to list there, especially those that previously withdrew applications from SSE or SZSE, should also be subjected to on-site inspections [4]. - It is essential to ensure that all IPO companies, regardless of their chosen exchange, are treated equally and face the same rigorous inspection standards [4].

Group 1 - The China Securities Association announced the second batch of IPO on-site inspection list for 2025, including 12 companies, which is significantly larger than the first batch of only 2 companies [1] - On-site inspections are an effective method for reviewing IPOs, allowing auditors to verify the financial authenticity of issuers, thus enhancing the scrutiny of IPO applications [1] - The recent list represents the largest number of companies selected for inspection in recent years, aligning with the requirement from the CSRC chairman to significantly increase on-site inspections [1] Group 2 - The distribution of the 12 companies shows that 8 are planning to list on the Shanghai Stock Exchange, including 3 on the main board and 5 on the Sci-Tech Innovation Board, while 4 are set for the Shenzhen Stock Exchange [1] - The author argues that the IPO review process should also include companies listed on the Beijing Stock Exchange, as the CSRC's regulations apply to them as well [2] - The increasing number of IPO applications on the Beijing Stock Exchange necessitates a higher proportion of on-site inspections, especially for companies that previously withdrew applications from other exchanges [2]

Core Viewpoint - The increase in the number of companies selected for on-site inspections reflects a stricter regulatory environment aimed at ensuring the quality of IPOs and preventing companies with issues from entering the market [1][2][3]. Group 1: On-site Inspection Overview - A total of 12 companies have been selected for the second batch of on-site inspections for IPOs in 2025, with 8 from the Shanghai Stock Exchange and 4 from the Shenzhen Stock Exchange, significantly higher than the previous year [1]. - The majority of the selected companies submitted their IPO applications in June, with 11 out of 12 being accepted during that month [1]. - The on-site inspection mechanism was first initiated in 2017, and recent regulatory updates have reinforced the commitment to conduct inspections even if a company withdraws its application [2][4]. Group 2: Regulatory Changes and Impacts - The proportion of companies selected for on-site inspections has increased from 5% to 20%, correlating with a rise in the number of companies in the IPO queue [2][3]. - Since May, there has been a surge in IPO applications, with 150 companies submitting materials in June alone, indicating a market recovery [2]. - The regulatory body has implemented a "double penalty" system for companies and intermediaries found to have issues, emphasizing accountability across all parties involved in the IPO process [3][4]. Group 3: Current Trends and Future Outlook - As of this year, 75 IPO applications have been terminated, often following inquiries from the exchanges regarding financial stability and the authenticity of financial data [4]. - There have been 19 instances of IPO withdrawals involving penalties for intermediaries or issuers, highlighting the effectiveness of on-site inspections in identifying issues [5]. - The expectation for 2025 is a stable increase in A-share IPOs, particularly in key manufacturing and strategic emerging industries, while maintaining strict quality control [5].

Group 1 - The second batch of on-site inspections for IPOs in 2025 includes 12 companies, significantly higher than the same period last year, with 8 from the Shanghai Stock Exchange and 4 from the Shenzhen Stock Exchange [1] - The increase in the number of companies selected for inspection is linked to the rising number of companies in the IPO queue, with regulatory bodies aiming to enhance the quality of listed companies through these inspections [1][2] - The majority of the inspected companies submitted their IPO applications in June, with 11 out of 12 being accepted during that month [1] Group 2 - The selection of companies for on-site inspections is proportional to the number of companies in the IPO queue, with a current extraction ratio of 20%, up from 5% last year [2] - Since May, there has been a surge in IPO applications, with 150 companies submitting their materials in June alone, indicating a recovery in the market [2] - The on-site inspection mechanism was established in 2017, and recent revisions to the regulations ensure that inspections proceed even if a company withdraws its application [2][3] Group 3 - The inspections serve as a deterrent against companies with issues in their applications, with a historical withdrawal rate of over 70% for companies selected for inspection [3] - Regulatory measures have been strengthened to hold both issuers and intermediaries accountable for any issues discovered during the inspection process [3][4] - In 2023, 75 IPO applications have been terminated, often following inquiries from the exchanges regarding financial stability and the authenticity of financial data [4] Group 4 - There have been 19 IPO withdrawal cases this year involving penalties for intermediaries or issuers, primarily identified during on-site inspections [5] - The audit quality for IPOs is expected to remain stringent, with a focus on key industries supported by the government, indicating a continued emphasis on strong regulatory oversight [6]

Group 1 - A total of 12 companies have been selected for on-site inspections as part of the second batch of IPO applications in 2025, with 11 of these applications being accepted in June 2023 and only one in May 2023 [1][3] - The companies are planning to list on the Shanghai and Shenzhen stock exchanges, with 3 on the main boards of each exchange, 5 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market [1][3] - Among the inspected companies, 3 are seeking to raise over 2 billion yuan, while 9 are aiming for amounts below this threshold [1][4] Group 2 - The regulatory approach towards IPOs has shifted from "expansion" to "quality enhancement," as indicated by the increase in the number of on-site inspections [2] - The inspections aim to ensure the authenticity of financial statements, compliance with regulations, and the effectiveness of internal controls, reflecting a commitment to high-quality listings [2][4] Group 3 - The company with the highest fundraising target among the inspected is Huike Co., which plans to raise 8.5 billion yuan for projects related to OLED technology and other initiatives [3][4] - Huike Co. previously attempted to list on the Growth Enterprise Market but withdrew its application in August 2023 after being accepted in June 2022 with a target of 9.5 billion yuan [3][4] Group 4 - Two other companies, Zhenstone Co. and Future Materials, are also seeking to raise significant amounts, with targets of 3.981 billion yuan and 2.446 billion yuan, respectively [4] - The profitability of the inspected companies varies, with Huike Co. projected to achieve a revenue of 40.31 billion yuan and a net profit of 3.339 billion yuan in 2024 [4] Group 5 - The regulatory body has emphasized strict entry standards, with on-site inspections serving as a critical mechanism to identify issues such as financial fraud and non-compliance [5][6] - There have been instances of companies withdrawing their IPO applications upon being selected for inspections, highlighting the importance of thorough regulatory scrutiny [5][6] Group 6 - Specific cases, such as Guohong Tools, illustrate the consequences of inaccurate disclosures and internal control failures, leading to disciplinary actions including a one-year ban on submitting IPO applications [6][7] - Companies that obstruct inspections or fail to provide accurate information face severe penalties, including extended bans on future IPO submissions [7]