Group 1 - The core viewpoint of the news is that Jiangsu Youli Intelligent Equipment Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking it as the 18th company to pass the review this year [1][2] - The company focuses on the research, production, and sales of core components for photovoltaic brackets, indicating a specialization in the solar energy sector [1][2] - The underwriting institution for Youli Intelligent is Huatai United Securities, which has successfully sponsored two IPO projects this year [1][2] Group 2 - Youli Intelligent plans to issue up to 11,203,000 shares, with a potential increase to 12,883,450 shares if the over-allotment option is exercised, which could add up to 1,680,450 shares [2] - The company aims to raise approximately 26,990,150 yuan for projects including the construction of a production base for photovoltaic bracket components, a research and development center, and working capital [2] - The major shareholder, Jiangsu Juli Intelligent Machinery Co., Ltd., holds 68.19% of Youli Intelligent's shares, indicating a strong controlling interest [1][2] Group 3 - The review meeting raised inquiries regarding the authenticity and sustainability of the company's performance, including the rationale behind revenue and sales expense growth discrepancies [4] - Questions were also posed about the company's research and development capabilities, including the specifics of R&D investments and the competitive advantages of its products [4] - Additionally, the meeting inquired about the rationale behind shareholding structures and the implications of any share transfers on company disclosures [4]

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. has passed the IPO review by the Shenzhen Stock Exchange, marking it as the 14th company to receive approval this year [1][2]. Company Overview - Ruili Kemi specializes in the research, production, and sales of core components related to active safety systems for motor vehicles and aluminum alloy precision die-casting [1]. - The company is a national high-tech enterprise, with its controlling shareholder being Ruili Group, which holds 64.1613% of the company's total shares as of the signing date of the prospectus [1][2]. IPO Details - The company plans to publicly issue no more than 45,044,546 shares, which will account for at least 25% of the total share capital post-issuance [2]. - The intended fundraising amount is approximately 152.16 million RMB, aimed at establishing a smart electric control system R&D headquarters in the Greater Bay Area, a research center, and for working capital [2]. Financial Performance - Ruili Kemi reported main business revenues of 1.298 billion RMB, 1.727 billion RMB, and 1.940 billion RMB over the reporting period, with revenues from the new energy vehicle sector being 192.57 million RMB, 249.94 million RMB, and 317.86 million RMB respectively [3]. - The market share for new energy vehicle revenues was 3.16%, 2.56%, and 2.06% during the same periods, while overseas sales revenues were 65.74 million RMB, 201.62 million RMB, and 311.73 million RMB, representing 5.06%, 11.68%, and 16.07% of main business revenues [3]. Related Party Transactions - The company has engaged in related party transactions with Xinruili, with sales amounts of 272.11 million RMB, 76.47 million RMB, and 34.88 million RMB over the reporting period, constituting 20.53%, 4.34%, and 1.76% of total revenue respectively [4]. - Efforts have been made to reduce related party transactions by switching suppliers for active safety system business with vehicle manufacturers [4].

文/梧桐兄弟 近期，岷山环能高科股份公司（"岷山环能"）北交所IPO过会。岷山环能IPO申报于2023年12月获得北交所受理，2024年1月收到首轮问询，在会期间完成两轮问询 回复，并于2025年4月11日过会。 据披露，2014-2017年期间， 岷山环能承担约1.5亿元左右的担保代偿资金损失 ，一度被抽贷；后续与海航供应链合作 "没有真实背景"票据融资 ，又发生近4000万 元坏账损失。 此外，公司实际控制人曾面临总计 2,285.50万元的担保本金及对应利息的担保代偿风险 ，后续通过借款方式予以"代偿"。 10年左右期间，公司在融资事项承担约1.9亿元损失（相当于近3年净利润），公司"内控"一言难尽。实控人又承担逾2700万元代偿损失，实控人风险意识很难评 价，且以借款方式筹集资金代偿，部分借款年利率10%，个人财务状况也难算宽裕。 公司是一家集原生资源清洁生产、再生资源回收利用、高新材料制造为一体的资源生产和资源综合利用企业。报告期内主要财务数据如下： | 项目 | 2024年12月31日 | 2023年12月31日 | 2022年12月31日 | | --- | --- | --- | --- | ...