Core Points - The Shanghai Stock Exchange's Listing Review Committee is scheduled to hold its 30th review meeting on August 8, 2025, to assess the application for the initial public offering (IPO) of Jieka Robotics Co., Ltd. on the Sci-Tech Innovation Board [1] - The review meeting has been canceled due to the need for further verification of relevant matters concerning Jieka Robotics [1] - Jieka Robotics plans to raise 67.6 million yuan for projects related to smart robot production and research and development center construction [1] - The lead underwriter for Jieka Robotics is Guotai Junan Securities Co., Ltd., with representatives Yang Chentao and Zhou Litao [1]

Group 1 - The company Beijing Jichuang Beifang Technology Co., Ltd. (referred to as Jichuang Beifang) is planning to conduct an initial public offering (IPO) and list on the Sci-Tech Innovation Board, with CITIC Securities as the advising broker [2]. - Jichuang Beifang was established on September 3, 2008, with a registered capital of 431.065156 million yuan, primarily engaged in the research, design, and sales of display chips [2]. - As of July 31, 2025, the controlling shareholder of the company is Zhang Jinfang, who holds a total equity stake of 39.97% through direct and indirect holdings as well as concerted actions [3]. Group 2 - The company previously submitted an IPO application for the Sci-Tech Innovation Board in June 2022, which was accepted, but it voluntarily withdrew the application in March 2023 [3]. - Zhang Jinfang, the chairman and CEO of Jichuang Beifang, was born in 1985 and graduated with a Ph.D. in Circuit and System from Beijing Jiaotong University. He has held leadership positions in the company since its inception [3]. - Zhang Jinfang's father is the chairman of Shanxi Jiaochangping Energy Group and a wealthy figure in Shanxi, indicating a notable family background [3].

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. (referred to as "Jichuang Beifang") is attempting to relaunch its IPO on the Sci-Tech Innovation Board after a previous failure, with the support of CITIC Securities as its counseling institution [1][2] Group 1: Company Overview - Jichuang Beifang was established in 2008 and has a registered capital of 431 million yuan [1] - The company focuses on the research, design, and sales of display chips, providing comprehensive solutions for various display panels and screens [1] - The major product lines include panel display driver chips, power management chips, LED display driver chips, and control chips, covering mainstream display technologies such as LCD, LED, OLED, and AR/VR [1] Group 2: Shareholding Structure - As of the report date, the controlling shareholder of Jichuang Beifang is Zhang Jinfang, who holds a total equity stake of 39.97% through direct and indirect holdings [1] Group 3: Technological Advancements - Jichuang Beifang is also expanding into advanced display technology fields such as small-pitch LED displays and silicon-based OLED displays [2] - The company is developing SoC chips and automotive display chips to continuously expand its product line [2]

Core Viewpoint - Sichuan Tianlian Robot Co., Ltd. (referred to as "Tianlian Robot") experienced a significant stock price increase of 29.63% on July 31, 2023, following its announcement of plans for an initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1][2]. Financial Performance - The company reported revenues of CNY 21.39 million in 2022 and projected revenues of CNY 29.91 million for 2023, reflecting a year-on-year growth of 39.81% [4]. - The net profit attributable to shareholders was negative, amounting to -CNY 14.27 million for the latest period, an improvement of 23.95% compared to the previous year's loss of -CNY 18.77 million [4]. - The company has a three-year compound annual growth rate (CAGR) of 12.03% in revenue [3]. Company Structure and Control - Tianlian Robot has no controlling shareholder, with the actual controller being Hu Tianlian. The concerted action group, including Hu Tianlian, Wu Jian, and Chen Gang, holds a combined shareholding of 48.53% [3]. Market Position and Future Plans - As of July 30, 2025, the company's total market capitalization was CNY 756 million, which does not meet the financial and market standards required for listing on the Sci-Tech Innovation Board [3]. - The company focuses on developing humanoid robots, collaborative robots, and other advanced robotic technologies, aiming to establish a product layout centered on humanoid robots and supporting technologies [4].

Core Viewpoint - Youyan Composite Materials (Beijing) Co., Ltd. has applied for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a fundraising target of 900 million yuan [1] Group 1: Company Overview - Youyan Composite Materials is a high-tech enterprise primarily engaged in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products [1] - The company's product offerings include metal matrix composite materials, bimetallic composite materials, special aluminum alloy products, and special copper alloy products, which are widely used in aerospace, military electronics, smart terminals, and home appliances [1] Group 2: Revenue Composition - In the fiscal year 2024, the revenue composition is projected to be 72.8% from metal composite materials and 27.2% from special non-ferrous metal alloy products [2] - The company has a significant portion of its sales coming from international markets, with overseas sales accounting for 37.42%, 27.99%, and 21.52% of total revenue in the years 2022, 2023, and 2024, respectively [2] Group 3: Financial Data - The company's projected revenues for the years 2022, 2023, and 2024 are approximately 414 million yuan, 498 million yuan, and 610 million yuan, respectively [3] - The net profits for the same years are estimated to be around 75.11 million yuan, 61.91 million yuan, and 68.44 million yuan, respectively [3] - Total assets as of December 31 for the years 2022, 2023, and 2024 are reported to be 576.36 million yuan, 755.33 million yuan, and 1.088 billion yuan, respectively [5] - The company's equity attributable to shareholders is projected to grow from 307.88 million yuan in 2022 to 745.99 million yuan in 2024 [5] Group 4: Financial Ratios - The debt-to-asset ratio for the parent company is expected to decrease from 38.91% in 2023 to 26.72% in 2024, indicating improved financial stability [7] - The consolidated debt-to-asset ratio is projected to decline from 40.53% in 2023 to 30.97% in 2024 [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced measures to support unprofitable technology companies with key core technologies and market potential to list on the Sci-Tech Innovation Board, enhancing the inclusiveness of the system [1] Group 1: Company Overview - Angrui Microelectronics is focused on integrated circuit design in the RF and analog fields, developing RF front-end chips for smart mobile terminals and RF SoC chips for IoT applications [4] - The company has achieved significant sales with its RF front-end chips across major smartphone brands, excluding Apple, and has established partnerships with industrial and medical clients [4] Group 2: Financial Performance - Angrui Microelectronics has reported cumulative losses exceeding 800 million yuan over the past three years, with plans to raise 2.067 billion yuan through its IPO for R&D and industrial upgrades [5] - The company’s revenue has shown a compound annual growth rate of approximately 50.88%, with revenues of 923 million yuan, 1.695 billion yuan, and 2.101 billion yuan for 2022, 2023, and 2024 respectively [6] - Despite increasing revenues, the company has continued to incur losses, with net profits of -290 million yuan, -450 million yuan, and -64.71 million yuan over the same period [6][8] Group 3: Financial Metrics - The total assets of Angrui Microelectronics reached approximately 1.721 billion yuan in 2024, with a debt-to-asset ratio of 43.22%, up from 17.71% in 2022 [7][10] - The company’s gross profit margin has gradually increased to 20.22% in 2024, although it remains below the industry average of 25.83% [8][9] - Operating cash flow has been negative, indicating ongoing financial strain, with net cash flows from operating activities of -394.56 million yuan, -670.91 million yuan, and -1.867 billion yuan over the past three years [10][12] Group 4: Ownership and Control Issues - The founder, Yang Qinghua, unexpectedly left the company during its push for financing and listing, raising questions about the company's governance [3][16] - The current actual controller, Qian Yongxue, acquired control through loans, and the first major shareholder, Beijing Xinke, faces risks related to a partner involved in illegal fundraising [3][20] - The complex ownership structure and the potential legal issues surrounding a limited partner could pose significant challenges for Angrui Microelectronics in its IPO process [20][22]

Core Viewpoint - The Shanghai Stock Exchange has scheduled a listing review meeting for Shenzhen Beixin Life Technology Co., Ltd. on July 18, 2025, marking a significant step in the company's IPO process after previous attempts to list on the Hong Kong Stock Exchange failed [1][3]. Group 1: Company Overview - Beixin Life is a medical device company that previously attempted to list on the Hong Kong Stock Exchange but faced setbacks, including an expired prospectus [3]. - The company signed a listing guidance agreement with China International Capital Corporation in October 2022, aiming for a listing on the STAR Market [3]. - Beixin Life's updated prospectus indicates a revised fundraising target of 9.52 billion yuan, down from an initial 12.74 billion yuan [3]. Group 2: Fundraising and Project Allocation - The total investment for the company's projects is approximately 127.39 million yuan, with significant allocations for the construction of an interventional medical device industrialization base and R&D projects [4]. - The updated prospectus shows a reduction in the proposed fundraising for the interventional medical device R&D project from 3.76 billion yuan to 2.82 billion yuan, reflecting a decrease of about 937 million yuan [6]. Group 3: Production Capacity and Utilization - Beixin Life's IVUS system capacity utilization rates have improved significantly, reaching 98.64% in 2024, while the FFR system's utilization was 67.54% [7][8]. - The company anticipates that the industrialization base project will achieve stable production by 2030, with projected annual capacities of 545,000 units for IVUS and 360,000 units for FFR [9]. Group 4: Financial Performance - Beixin Life reported revenues of approximately 92.45 million yuan, 184 million yuan, and 317 million yuan for 2022, 2023, and 2024, respectively, with net losses decreasing from 300 million yuan in 2022 to 53.74 million yuan in 2024 [10][11]. - The company's R&D expenses have decreased over the years, with a notable drop in the R&D expense ratio from 154.95% in 2022 to 35.65% in 2024 [12]. Group 5: Shareholder Dynamics - Several shareholders have exited the company prior to its application for listing on the STAR Market, with notable transactions involving SpringHill and Shihezi Taiyu [17][18]. - The company has undergone multiple rounds of financing, with commitments made by investors that included performance-based clauses related to the company's IPO timeline [17].

Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. (referred to as "Hengkang New Materials") has responded to the second round of inquiry from the Shanghai Stock Exchange, addressing seven categories of questions including customer concentration, revenue, inventory, R&D, fundraising projects, and production land [1][3]. Customer Concentration and Revenue - Hengkang New Materials is the largest supplier of photoresist materials to customer A1, with sales revenue from SKMP's introduced photoresist materials amounting to approximately 138 million yuan, 116 million yuan, and 142 million yuan for 2022, 2023, and 2024 respectively [1][3]. - The company reported a significant decline in orders from customer A1, with on-hand orders decreasing from 47.51 million yuan to 17.73 million yuan over the reporting periods [3]. - As of June 2025, the total on-hand orders from customer A1 were 158 million yuan, reflecting a drop compared to previous periods due to fluctuating order cycles [4]. Financial Performance - In the first half of 2025, Hengkang New Materials generated approximately 288 million yuan in revenue, a 22.68% increase from 235 million yuan in the same period of 2024. Self-produced product revenue rose by 72.53% to 250 million yuan, while introduced product revenue fell by 57.40% to approximately 38.37 million yuan [4][5]. - The overall gross profit for the first half of 2025 was reported at 116.5 million yuan, down 9.99% from the previous year [5]. R&D and Product Development - The company has established a self-research and development strategy for photoresist materials since 2020, focusing on domestic production to meet customer demands [3][6]. - Hengkang New Materials is collaborating with Xiamen University to enhance its R&D capabilities, focusing on key materials for advanced integrated circuit manufacturing [6]. Fundraising and Project Adjustments - Hengkang New Materials initially planned to raise 1.2 billion yuan for various projects but has since revised its fundraising target to 1.007 billion yuan, dropping the SiARC development and industrialization project from its fundraising agenda [6][7]. - The Shanghai Stock Exchange has requested detailed explanations regarding the necessity and rationality of the adjusted fundraising projects, including land use and potential risks of excess capacity [7].

Core Insights - A total of 51 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange from January to June 2025, raising a total of 37.3 billion yuan [1] - Among these, 7 companies were listed on the Sci-Tech Innovation Board, collectively raising 5.619 billion yuan [1] Listing Details - The 7 companies that chose the first set of listing standards include: - Ying Shi Innovation (688775.SH) listed on June 11, 2025, raising 1.93807 billion yuan with underwriting fees of 158.3475 million yuan [1] - Han Bang Technology (688755.SH) listed on May 16, 2025, raising 500.94 million yuan with underwriting fees of 37.2891 million yuan [1] - Sheng Ke Nano (688757.SH) listed on March 25, 2025, raising 366.21 million yuan with underwriting fees of 43.9448 million yuan [1] - Hai Bo Si Chuang (688411.SH) listed on January 27, 2025, raising 861.1 million yuan with underwriting fees of 66.4722 million yuan [1] - Xing Fu Electronics (688545.SH) listed on January 22, 2025, raising 1.168 billion yuan with underwriting fees of 82.0755 million yuan [1] - Si Kan Technology (688583.SH) listed on January 15, 2025, raising 568.82 million yuan with underwriting fees of 46.0744 million yuan [1] - Sai Fen Technology (688758.SH) listed on January 10, 2025, raising 215.89 million yuan with underwriting fees of 25.283 million yuan [1] Listing Standards - The listing standards for the Sci-Tech Innovation Board require either: - An expected market value of no less than 1 billion yuan, positive net profits for the last two years, and a cumulative net profit of no less than 50 million yuan, or - An expected market value of no less than 1 billion yuan, positive net profit for the last year, and operating revenue of no less than 100 million yuan [1]

Core Viewpoint - Beijing Yitang Semiconductor Technology Co., Ltd. is set to conduct an initial public offering (IPO) and list on the Sci-Tech Innovation Board, following the approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange [1][6]. Group 1: IPO Details - The IPO will involve a combination of strategic placement, offline issuance, and online issuance [2][7]. - The stock will be named "Yitang Co., Ltd." with the stock code "688729" for the IPO and "787729" for online subscription [6]. - The initial inquiry period for the IPO is scheduled for June 24, 2025, with a price range of 7.11 to 8.80 yuan per share [7][8]. Group 2: Underwriters - Guotai Junan Securities Co., Ltd. and China International Capital Corporation are the joint lead underwriters for this IPO [2][9]. - The underwriters will manage the strategic placement and the inquiry process for offline and online subscriptions [2]. Group 3: Investor Participation - A total of 247 offline investors submitted 6,203 inquiries, with a total proposed subscription of 38,429,590 shares [7]. - After excluding invalid bids, 6,159 valid bids remained, with a total proposed subscription of 38,214,000 shares [8].