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]

Group 1 - The article discusses the approval of three companies for IPOs on different stock exchanges, including the Shanghai Stock Exchange, the ChiNext, and the Beijing Stock Exchange [1] - The companies approved include Changyu Group, focusing on zirconium products and specialty nylon, with projected 2024 revenue of 1.637 billion yuan and net profit of 208.42 million yuan [3][6] - Gode Electric Materials specializes in components for electric vehicle battery thermal runaway protection, with projected 2024 revenue of 907.92 million yuan and net profit of 173.02 million yuan [4][15] - Xiangying Electronics focuses on ceramic shells and packaging heat dissipation substrates for power semiconductor devices, with projected 2024 revenue of 457.26 million yuan and net profit of 73.72 million yuan [5][20] Group 2 - Changyu Group's revenue for the reporting period was 1.669 billion yuan, 1.608 billion yuan, 1.638 billion yuan, and 896.29 million yuan, with net profits of 272.75 million yuan, 191.42 million yuan, 208.42 million yuan, and 111.00 million yuan respectively [8][9] - Gode Electric Materials reported revenues of 475.11 million yuan, 650.92 million yuan, 907.92 million yuan, and 457.62 million yuan, with net profits of 57.87 million yuan, 100.17 million yuan, 173.02 million yuan, and 80.31 million yuan [15][16] - Xiangying Electronics had revenues of 218.99 million yuan, 320.55 million yuan, 457.26 million yuan, and 288.92 million yuan, with net profits of 42.86 million yuan, 55.38 million yuan, 73.72 million yuan, and 43.92 million yuan [23][24] Group 3 - Changyu Group's major products include zirconium chloride, zirconium carbonate, and specialty nylon, with a total of 1,163 employees as of June 2025 [6][8] - Gode Electric Materials has a total of 992 employees and focuses on customized thermal runaway protection solutions for electric vehicle batteries [13][15] - Xiangying Electronics specializes in key components for power semiconductor devices, with a total of 183 employees as of June 2025 [20][21] Group 4 - Changyu Group's major shareholders include Liu Qiyong and Liu Ce, who control 53.20% of the company [7][8] - Gode Electric Materials is controlled by Zhu Guolai, who holds 60.55% of the voting rights [14][15] - Xiangying Electronics is primarily controlled by Chen Guoxian and his family, who collectively hold 79.87% of the voting rights [21][22]

Group 1 - The article discusses the approval of two companies for IPO, one on the Sci-Tech Innovation Board and one on the Growth Enterprise Market [1] - China Electronics Technology Group Corporation holds 84.50% of the voting rights in China Electronics Blue Sky Technology Co., Ltd., making it the controlling shareholder [2][4] - The revenue for China Electronics Blue Sky Technology Co., Ltd. during the reporting period was 2,521.11 million, 3,524.04 million, 3,127.02 million, and 1,113.41 million yuan, with net profits of 199.44 million, 147.42 million, 289.62 million, and 37.34 million yuan respectively [8] Group 2 - Shenzhen Shangshui Intelligent Co., Ltd. specializes in the research, design, production, and sales of intelligent equipment for integrated process capabilities [3][13] - The revenue for Shenzhen Shangshui Intelligent Co., Ltd. during the reporting period was 396.54 million, 600.60 million, 636.59 million, and 397.71 million yuan, with net profits of 95.77 million, 234.29 million, 152.52 million, and 93.61 million yuan respectively [16] - The company has a significant dependency on BYD, with sales to BYD accounting for 49.04%, 48.39%, 65.78%, and 36.29% of total sales during the reporting periods [20][21] Group 3 - The company expects a net profit of over 150 million yuan in 2024, but has a relatively single product structure [3][16] - The company’s inventory value exceeded 1 billion yuan, while the expected revenue for 2024 is only around 640 million yuan [39][40] - The average acceptance cycle for major projects has been increasing, reaching 26.75 months in the first half of 2025 [45]

Core Viewpoint - Jiangsu Jianyuan Construction Co., Ltd. (referred to as "Jianyuan") is the only IPO candidate in the civil engineering and construction industry accepted by the Beijing Stock Exchange for 2024, but its IPO review has been stagnant for over 8 months since submitting the second round of responses in March 2025, raising concerns about its ongoing operational capabilities due to various compliance issues [1][13]. Group 1: Revenue Recognition Issues - Jianyuan's revenue recognition practices have come under scrutiny, with over 90% of its business using the output method based on progress to recognize revenue, which, while compliant with accounting standards, allows for some manipulation [2][14]. - The company admitted that from 2021 to 2023, its quarterly revenue was based on "estimated confirmations," leading to questions about the accuracy and verifiability of its financial data prior to 2024 [3][15]. - In 2022-2024 and the first half of 2025, the proportion of revenue covered by customer or supervisory confirmations increased from 60.67% to 86.81%, yet nearly 40% of revenue in the previous three years lacked external confirmation [5][17]. Group 2: Accounts Receivable and Bad Debt Provisions - Jianyuan's accounts receivable and contract assets have been significant, with total amounts of 980 million, 1.103 billion, 1.336 billion, and 1.333 billion yuan for 2022-2024 and the first half of 2025, representing 81.53%, 77.90%, 90.21%, and 167.67% of its revenue, respectively [7][18]. - Some core clients have repayment cycles exceeding two years, and there are concerns about the adequacy of bad debt provisions, as evidenced by the treatment of clients classified as dishonest executors [8][18]. - The company has faced regulatory scrutiny regarding its accounting treatment of contract assets, which may lead to underestimating the aging of receivables and consequently lowering bad debt provisions [20]. Group 3: Research and Development Expenditure - Jianyuan's reported R&D expenditures were 44.09 million, 39.09 million, 51.01 million, and 25.89 million yuan for the respective periods, constituting 3.16%, 3.25%, 3.60%, and 3.26% of its revenue, but there are concerns about the accuracy of these figures due to misclassification of costs [10][21]. - The actual R&D expenses, after adjustments, were significantly lower, indicating a decline in the proportion of R&D costs relative to revenue [11][21]. - Regulatory authorities have raised questions about the qualifications of internally transitioned R&D personnel, emphasizing the need for detailed disclosures regarding their backgrounds and capabilities [12][22].

| | 科创板 | | | | | | --- | --- | --- | --- | --- | --- | | 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 | | 有研复材 | 金属复合材料及制品、特种有色金 属合金制品的研发、生产和销售 | 60,963.98 | 5,536.12 | 通过 | 中信证券/北京德恒/信永中和 | | | 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 | | 宏明电子 | 以阻容元器件为主的新型电子元器 件的研发、生产和销售 | 249,382.90 | 25,191.14 | 通讨 | 国信证券/北京中伦/天健 | | | 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 | | 美亚科技 | 泛商旅综合解决方案提供商 | 40,094.90 | 7.502.48 | 通过 | 广发证券/北京中伦/广东司农 | | 原力数字 | 3D数字内容制 ...

深圳商报·读创客户端记者 张弛 北交所网站显示，12月8日，北京康美特科技股份有限公司（以下简称"康美特"）收到北交所发出的第二轮审核问询，问询内容围绕公司LED电子封装材料 市场空间及成长性、高热阻改性聚苯乙烯销售真实性以及应收账款占营收比例高于同行等问题。 北交所注意到，康美特在通用照明领域胶材市占率5.72%，2024年该板块收入同比骤降36.95%。北交所追问，该领域市场规模较大但发行人市场占有率相对 较低，是否会对业绩可持续性产生不利影响。 与此同时，康美特把增长希望押注在新型显示，报告期各期收入占比由25.83%提升至35%。北交所指出，这一细分赛道市场规模只有5.08亿元，要求公司结 合新型显示的市场规模和报告期内的销售占比等情况，进一步论证LED电子封装材料的成长性有多少空间。 值得注意的是，康美特另一大业务——高热阻改性聚苯乙烯在报告期各期销售收入分别为4761.91万元、4667.52万元、5041.37万元和2937.39万元，毛利率却 连续为负，最低至-5.81%。北交所发现，该业务客户高度集中在天津，如天津宇屹智造、天津宇屹华诚、天津市昊华聚鑫等，部分客户成立当年即成为大客 户且采购 ...

IPO Summary - Three companies are scheduled for IPO review from December 8 to December 12, aiming to raise a total of 5.928 billion yuan [1] - The companies include: - Huigu New Materials, seeking to raise 900 million yuan, specializes in chemical raw materials and chemical products manufacturing [2] - Linping Development, aiming for 1.2 billion yuan, operates in the paper and paper products industry [2] - Yuelong Technology, targeting 289 million yuan, focuses on rubber and plastic products [2] Company Details Huigu New Materials - Established on October 11, 1999, with a registered capital of 47.3373 million yuan [4] - The company focuses on high polymer materials and aims to become a global leader in functional material technology innovation [4][5] - Recent financial performance includes: - Total assets of 1.366 billion yuan as of June 30, 2025 [5] - Net profit of 107.0735 million yuan for the first half of 2025 [7] Linping Development - Founded on January 24, 2002, with a registered capital of 56.5611 million yuan [8] - The company specializes in the research, production, and sales of corrugated paper and boxboard products [9] - Recent financial performance includes: - Total assets of 2.548 billion yuan as of June 30, 2025 [9] - Net profit of 91.419 million yuan for the first half of 2025 [9] Yuelong Technology - Established on March 18, 2009, with a registered capital of 61 million yuan [11] - The company focuses on the research, production, and sales of flexible pipelines for fluid transportation [11] - Recent financial performance includes: - Total assets of 586.369 million yuan as of June 30, 2025 [14] - Net profit of 5.302 million yuan for the first half of 2025 [14] Fundraising Plans - Huigu New Materials plans to invest in projects including an annual production expansion of environmentally friendly coatings and resins, with a total investment of 919.2431 million yuan [8] - Linping Development aims to utilize the raised funds for expanding production capacity and enhancing operational efficiency [9] - Yuelong Technology's fundraising will support the development of high-performance rubber hoses and production facility upgrades [16] Additional Information - Meiya Technology has reduced its fundraising target from 360 million yuan to 200 million yuan, eliminating certain projects from its plan [2][3] - Two refinancing companies are also scheduled for review, aiming to raise a total of 999.5 million yuan [4]

哈喽大家好，今天老张带大家聊聊，北交所最近爆出个"速通"瓜，大连美德乐工业自动化股份有限公 司，5月29日递IPO申请，11月27日就过会，半年时间跑完别人一年的路。这到底是黑马还是"带病闯 关"？ 2023到2024年，新能源产业链增速放缓，工业自动化设备需求肉眼可见地收缩，同行们基本都在"勒紧 裤腰带"。 可美德乐偏不按常理出牌，2024年营收11.38亿元，同比涨12.73%，2025年上半年更猛，以35.13%的增 速冲到7.12亿元。 谜之增长 转头对先导智能的销售额却炸了，2024年卖了2.44亿元，同比暴涨287.55%。 讽刺的是，2024年先导智能自己营收都跌了28.71%，自家日子都不好过，反倒给美德乐"送大单"。 这种客户业绩下滑、采购反增的逻辑，简直像拧巴的麻花，怎么看都不顺畅。企业业绩有波动正常，但 和行业、客户都对着干的增长，大概率藏着要查的猫腻。 凭证"裸奔" 如果说业绩是"表面疑点"，那收入凭证的问题就是"实锤硬伤"。做B2B生意的都懂，验收单是确认收入 的核心依据。 再看它的"同行朋友圈"，怡合达、先导智能等五家可比公司，2024年营收均值直接暴跌16.99%，除博众 精工微 ...

Core Insights - The total number of IPO projects under review is 265, with various statuses including accepted, inquired, registered, and suspended [3][4][5] - The leading underwriting institution is Guotai Haitong Securities, handling 35 projects, followed by CITIC Securities with 29.5 projects, and CITIC Jianzhong Securities with 21 projects [2][4] Summary by Category IPO Project Status - The breakdown of the 265 IPO projects shows: - Accepted: 18 - Inquired: 34 - Registered: 15 - Suspended: 1 - Terminated: 76 [4][5] Underwriting Institutions - The concentration of projects among the top ten underwriting institutions accounts for 61.51% of all projects, indicating a high level of project concentration [2] - The top three underwriting institutions are: - Guotai Haitong Securities: 35 projects - CITIC Securities: 29.5 projects - CITIC Jianzhong Securities: 21 projects [2][4] Project Distribution by Board - The distribution of projects across different boards is as follows: - Shanghai Main Board: 18 projects - Sci-Tech Innovation Board: 34 projects - Shenzhen Main Board: 21 projects - Growth Enterprise Market: 27 projects - Beijing Stock Exchange: 165 projects [4][5]

Core Viewpoint - Tongling Technology's IPO application faces unprecedented regulatory scrutiny due to issues related to family control and financial internal control deficiencies, hindering its attempts to enter the capital market since 2016 [1][2]. Group 1: Company Control Structure - As of December 2024, the actual controllers, Xiang Chunchao, Xiang Jianwu, and Xiang Jianwen, control 75.88% of the voting rights through multiple "joint action agreements," creating a highly concentrated control system [1]. - In December 2022, the company retroactively changed its actual controller from Xiang Chunchao alone to include the three Xiang family members, coinciding with the year prior to its IPO application, raising questions about the timing [1]. Group 2: Financial Internal Control Issues - In 2021, the company issued bonuses totaling 7.1795 million yuan to executives, including Chairman Xiang Jianwu, citing "tax avoidance" as the main reason, which raised regulatory concerns about potential violations such as disguised dividends and fund occupation [2]. - In 2024, the company made two significant accounting error corrections, affecting over 40 items and leading to a maximum net profit impact of -11.70%, which undermined investor trust in the authenticity of financial data [2]. Group 3: Revenue Trends - The company's domestic revenue declined while overseas revenue surged, with overseas revenue figures of 166.5454 million yuan, 148.5899 million yuan, 378.4345 million yuan, and 207.3208 million yuan, accounting for 19.81%, 16.74%, 37.56%, and 42.52% of total revenue respectively [3]. - The North Exchange requested the company to clarify the reasons and rationale behind the continuous growth of overseas revenue and the decline in domestic revenue, as well as to analyze the background and legitimacy of the significant increase in revenue and profit during the reporting period [3].