Core Viewpoint - Hunan Juren New Materials Co., Ltd. (referred to as "Juren New Materials") has received its first round of inquiry from the Beijing Stock Exchange regarding its listing application, focusing on issues such as equity clarity, control stability, the authenticity and sustainability of significant performance growth, and risks associated with declining gross margins [1][3]. Group 1: Equity and Control Issues - The inquiry highlights concerns about equity holding and investment flaws, noting that Juren New Materials has experienced multiple instances of indirect and direct equity holding by shareholders, with founder Tao Dan no longer holding shares directly since 2017 [3]. - The company is required to explain the background, reasons, evolution, and resolution of these equity holding issues, as well as the source and rationale for third-party capital contributions [3]. Group 2: Performance and Profitability Concerns - Juren New Materials reported a significant increase in revenue from 185 million to 476 million yuan from 2022 to 2024, with a growth rate exceeding 50% [3]. - However, the gross margin dropped sharply from 43.37% in 2022 to 28.60% in 2024, raising questions about the sustainability of its pricing strategy and the reasons behind the performance growth [3][4]. Group 3: Supplier and Production Risks - The company faces increased supplier concentration risk, with the top five raw material suppliers' procurement share rising from 50.56% to 79.38%, and the largest supplier, Huafeng Group, accounting for 47.50% [4]. - Juren New Materials has low capacity utilization rates of 48.95% and 56.41% for its products in 2024, yet plans to raise 292 million yuan to build a new plant, prompting scrutiny over the necessity and rationale for this expansion [4][5]. Group 4: Compliance and Financial Scrutiny - The inquiry also addresses compliance issues related to environmental and safety regulations, particularly concerning the handling of hazardous chemicals, with historical violations noted [5]. - Financial details such as trade accounting, research and development expense allocation, and the alignment of sales personnel with business scale are under review, alongside a request for verification of fixed assets and inventory [5].

今年以来，又有74家拟上市公司撤回或终止IPO申请。 2024年3月，证监会发布《关于严把发行上市准入关从源头上提高上市公司质量的意见（试行）》，提出加大对拟上市企业的随机抽取和问题导向现场检查 力度，大幅提升现场检查比例，对现场检查中的撤回企业"一查到底"，切实落实"申报即担责"。这使得部分存在问题的企业因担心被查出问题而主动撤回申 请，甚至是终止申请。 | 另据同花顺数据，2024年全年撤回+终止IPO申请的上市公司有426家，比2023全年多出155家。 | | --- | 今年1月22日，北交所向安胜科技发出首轮审核问询函，聚焦实际控制人债务问题、财务内控合规性、客户依赖及销售真实性等核心风险。然而，因财务报 告到期需补充审计，审核于2025年3月31 日中止。6月6日，北交所正式终止对安胜科技的上市审核。从受理到终止历时约5个半月，安胜科技成为北交所 2025年上半年因合规问题终止审核的典型案例。 赤诚生物的此次审核的终止已经不是首次。2024年9月30日，北交所因其2023年财务报告有效期届满终止了相关审查；同年12月26日，公司更新财务数据后 恢复审核，但12月30日又因2024年半年度财务报告 ...

Group 1 - In the first half of 2025, the Shenzhen Stock Exchange (SZSE) received a total of 32 IPO applications, with 11 from the main board and 21 from the ChiNext board, indicating a recovery in the IPO market after a slowdown due to strict regulations [1] - A total of 26 companies completed their IPOs in the first half of 2025, raising a total of 14.951 billion yuan, showing growth compared to the same period in 2024 [2] - The SZSE has strengthened its regulatory measures, including issuing regulatory work letters and written warnings to various IPO projects and intermediaries during the April to June 2025 period [2] Group 2 - Two companies, Jiangsu Dongfang Sitong Technology Co., Ltd. and Jiangsu Weikang Jiejing Medical Equipment Co., Ltd., faced challenges in their IPO applications, with Dongfang Sitong withdrawing its application due to reliance on a single customer and competitive market concerns [2][4] - Weikang Medical's IPO application was rejected due to intense market competition and lack of technological innovation, highlighting the stringent criteria for ChiNext board listings [4][5] - The SZSE emphasizes the importance of core technology, market competitiveness, and growth potential in determining a company's suitability for the ChiNext board [7]

Core Viewpoint - The article discusses the significant increase in IPO applications at the Beijing Stock Exchange (BSE), leading to a potential backlog in the approval process, while highlighting the slower pace of IPO approvals and the improved quality of companies applying for listings [2][10][12]. Group 1: IPO Application Trends - As of July 27, 2023, there are 305 companies in the IPO review process across A-shares, with 183 of them (60%) at the BSE [2]. - In June 2023 alone, the BSE received 97 IPO applications, setting a new monthly record, surpassing the previous record of 92 applications in June 2022 [2]. - Despite the high number of applications, only 6 companies have successfully listed on the BSE this year, compared to 14 on the Shanghai Main Board and 22 on the ChiNext [2]. Group 2: Approval Process and Timelines - The average waiting time for IPO approvals at the BSE has increased, with median times from application to listing rising from 218 days in 2022 to 306 days in 2024 [4]. - For the 115 IPO applications received in 2025, the average time from application to first inquiry is 26 days, longer than the 15 days for the ChiNext and 21 days for the Sci-Tech Innovation Board [5]. - The longest waiting time for a company currently in the review process is over three and a half years for Yangde Environmental Energy, which has faced additional scrutiny due to investigations into its controlling shareholder [7][8]. Group 3: Company Quality Improvement - The quality of companies applying for IPOs at the BSE has improved, with 113 companies currently under review having an average revenue of 738 million yuan and an average net profit of 95.06 million yuan [11]. - 36 companies, or 31.86%, have reported net profits exceeding 100 million yuan, indicating a trend towards higher-quality applicants [11]. - The increase in company quality is attributed to better performance of new three-board companies and enhanced support from investment banks in selecting and preparing companies for listing [12].

Group 1: Company Overview - Xiamen Hengkang New Materials Technology Co., Ltd. focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [4] - Qingdao Taikaiying Special Tires Co., Ltd. is driven by technological innovation, specializing in the design, research, sales, and service of tires for the mining and construction industries, with products including engineering radial tires and all-steel truck tires [10] Group 2: Shareholding Structure - In Hengkang New Materials, Yi Rongkun directly holds 19.52% of the voting rights and controls an additional 21.35% through various agreements, totaling 40.87% voting rights, making him the controlling shareholder and actual controller [2][6] - In Taikaiying, Taikaiying Holdings directly holds 72.94% of the shares, while Wang Chuanxu and his spouse, Guo Yongfang, collectively control 79.71% of the shares, establishing them as the actual controllers [3][12] Group 3: Financial Performance - Hengkang New Materials reported revenues of 321.77 million, 367.71 million, and 547.94 million yuan, with net profits of 91.04 million, 81.53 million, and 94.30 million yuan for the reporting periods [7] - Taikaiying's revenues were 1.80 billion, 2.03 billion, and 2.30 billion yuan, with net profits of 101.91 million, 136.05 million, and 150.60 million yuan during the same periods [13] Group 4: Key Issues Raised in Meetings - Hengkang New Materials faced inquiries regarding potential intellectual property disputes related to its self-produced photoresist materials and precursor products, as well as the appropriateness of its revenue recognition method [8][9] - Taikaiying was questioned about the authenticity and sustainability of its performance growth, as well as its technological competitiveness compared to industry peers [14][15]

IPO and Financing Overview - Two companies are scheduled for IPO review next week, aiming to raise a total of 1.397 billion yuan [1] - 恒坤新材 plans to reduce its fundraising target from 1.2 billion yuan to 1.007 billion yuan, removing the SiARC development project from its proposal [2] - 泰凯英 has also cut its fundraising target from 770 million yuan to 390 million yuan, with several projects being deleted or adjusted [4] 恒坤新材 Company Profile - 恒坤新材 focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing key materials for 12-inch integrated circuit wafers [7] - The company reported a net profit of 96.91 million yuan in the last year, with a total asset value of 2.645 billion yuan [9] 泰凯英 Company Profile - 泰凯英 specializes in the design, research, sales, and service of tires for the global mining and construction industries, particularly in engineering radial tires and all-steel truck tires [11] - The company reported a net profit of 156.65 million yuan for the last year, with total assets amounting to approximately 1.647 billion yuan [12] Upcoming Financing Plans - Next week, two companies are set to review their refinancing plans, aiming to raise a total of 3.5 billion yuan [1] - 金诚信 plans to issue convertible bonds to raise 2 billion yuan, focusing on mining services and resource development [15] - 应流股份 aims to raise 1.5 billion yuan through convertible bonds, specializing in high-temperature alloy products and precision castings [18]

Core Viewpoint - Tianjian New Materials Co., Ltd. is under scrutiny from the Beijing Stock Exchange regarding its listing application, with specific concerns about customer stability, performance decline risks, and financial metrics [1][3]. Group 1: Listing Application and Regulatory Scrutiny - Tianjian New Materials received its first round of inquiry from the Beijing Stock Exchange, which requested further clarification on the stability of major customer collaborations and the risks of declining performance [1][3]. - The inquiry highlighted eight core issues, including technology innovation, customer dependency, liquidity risks, and the rationality of fundraising projects [3]. Group 2: Financial Performance - The company reported revenues of 829 million yuan, 930 million yuan, and 1.122 billion yuan for the years 2022 to 2024, respectively, but saw a decline in net profit from 82.79 million yuan in 2023 to 61.93 million yuan in 2024, raising regulatory concerns about the disparity between revenue growth and profit decline [3][4]. - The gross profit margins for modified PC and PC alloys decreased to 17.59% and 23.48% in 2024, respectively, with the raw material distribution business dropping to 7.69% [5]. Group 3: Customer Dependency and Revenue Recognition - Sales to BYD accounted for 41.70% of total sales in 2024, up from 26.22% in 2022, indicating a growing dependency on a single customer [4]. - The company’s consignment revenue increased from 27.51% to 43.66% during the reporting period, prompting inquiries about revenue recognition practices and potential manipulation [4]. Group 4: Liquidity and Financial Health - The accounts receivable as a percentage of revenue rose from 51.93% in 2022 to 55.90% in 2024, with a declining accounts receivable turnover ratio compared to industry peers [5][6]. - The company’s short-term and long-term borrowings increased from 154 million yuan to 372 million yuan, with liquidity ratios below industry averages, raising concerns about its ability to meet operational cash flow needs [6]. Group 5: Fundraising and Capacity Utilization - Tianjian New Materials plans to raise 397 million yuan for manufacturing and R&D centers, despite already achieving a capacity utilization rate of 119% in 2024 [6]. - The inquiry emphasized the necessity and rationality of the fundraising projects, questioning the company's ability to absorb new capacity in light of potential market slowdowns in the new energy vehicle and 3C sectors [6].

Core Viewpoint - The article highlights the significant improvement in the IPO review efficiency of the Shanghai and Shenzhen stock exchanges, with a notable number of companies receiving first-round inquiries shortly after their applications were accepted [1][2]. Group 1: IPO Statistics - As of June 2025, a total of 150 IPO companies were accepted by the three major exchanges, with 30 companies receiving their first-round inquiries by July 10, 2025 [1]. - The shortest interval from acceptance to the first inquiry was 9 days, while the longest was 28 days, with an average interval of 18.5 days [1][2]. - Seven companies received their first-round inquiries on weekends, indicating the commitment of review personnel [1]. Group 2: Review Efficiency - The exchanges' review institutions are required to issue first-round inquiries within 20 working days from acceptance, and the recent data shows that the average interval of 18.5 days is calculated in calendar days, suggesting even shorter working day intervals [2]. - The efficiency of the review process has significantly improved, with personnel working overtime during weekends to meet the demands [2].

Core Viewpoint - The article highlights that Chaoying Electronics Circuit Co., Ltd. has received approval for its IPO application from the Shanghai Stock Exchange, indicating a positive outlook for the company's future growth and market entry [1]. Group 1: Company Overview - Chaoying Electronics specializes in the research, production, and sales of printed circuit boards [4]. - The company was established in November 2015 and transitioned to a joint-stock company in December 2022, with a total share capital of 384,529,321 shares before the issuance [4]. - As of the end of 2024, the company employs a total of 5,581 people [4]. Group 2: Financial Performance - The company's revenue for the reporting period was 3,514.16 million yuan, 3,656.25 million yuan, and 4,123.62 million yuan, showing a growth trend [6]. - The net profit attributable to the parent company for the same period was 75.12 million yuan, 256.13 million yuan, and 260.60 million yuan, indicating significant profit growth [6]. Group 3: Shareholding Structure - The direct controlling shareholder of the company is Dynamic Holding, which holds 97.85% of the shares. Dynamic Holding is a wholly-owned subsidiary of WINTEK (MAURITIUS), which is in turn a wholly-owned subsidiary of Dingying Electronics [5]. - Dingying Electronics is a wholly-owned subsidiary of Dingying Investment Holdings, which does not have a single controlling shareholder due to the dispersed shareholding structure [5]. Group 4: Key Issues Raised During Listing Committee Inquiry - The company was asked to explain the necessity of selling through overseas subsidiaries, the reasons for price differentials, and the effectiveness of internal controls related to overseas fund management [7]. - The inquiry also focused on the high proportion of external sales revenue and customer concentration, requesting an analysis of the impact of trends in the domestic and international electric vehicle industry on the company's revenue and profit sustainability [8]. - The company was questioned about the trends in gross profit margin and whether these trends would adversely affect its ongoing operations [9]. - Additionally, the inquiry addressed the company's debt structure, asset pledges, capital expenditure needs, and cash flow from operating activities to assess the reasonableness and stability of its debt scale [10].

Core Viewpoint - The Beijing Stock Exchange has issued the first round of inquiry regarding the IPO of Yongda Co., highlighting concerns over the company's declining net profit despite revenue growth and the stability of its control rights [1][5]. Financial Performance - Yongda Co. operates in various sectors including basic chemicals, coal chemicals, refining, petrochemicals, photovoltaics, and pharmaceuticals, focusing on the development, design, manufacturing, and sales of pressure vessels [2]. - From 2022 to 2024, Yongda Co. reported revenues of 696 million yuan, 712 million yuan, and 819 million yuan, with net profits of 112 million yuan, 131 million yuan, and 107 million yuan respectively. The net profit for 2023 and 2024 showed year-on-year changes of 16.28% and -18.35% [2][4]. - The decline in net profit for 2024 is attributed to a cautious provision for bad debts and impairment losses totaling 33.04 million yuan related to a specific customer, which is considered an incidental matter. Excluding this impact, net profit is expected to grow by 3.14% year-on-year [4]. Control Rights and Shareholding Structure - The actual controllers of Yongda Co. are Li Changzhe, Gu Xiuhong, and Li Jin, who collectively hold 86.56% of the shares. Li Changzhe holds 61.62%, Li Jin 7.74%, and Gu Xiuhong 17.20% [6]. - Li Jin and Gu Xiuhong are married, while Li Jin and Li Changzhe are father and son. In 2016, Li Jin transferred 71% of his shares to Li Changzhe without compensation [6]. - The inquiry from the exchange focuses on the stability of control rights, requiring clarification on the share transfer agreement, management participation, and potential disputes related to the shareholding structure [7]. Fundraising and Future Plans - Yongda Co. plans to raise approximately 608 million yuan, which will be allocated to the construction of a heavy chemical equipment production base and to supplement working capital [7].