Core Viewpoint - Zhongcheng Consulting's IPO at the Beijing Stock Exchange faced significant challenges, leading to a reduction in fundraising from 330 million yuan to nearly 200 million yuan due to regulatory scrutiny and operational issues [2][12]. Financial Performance - The company's revenue and net profit showed growth from 2022 to 2024, with revenues of 303 million yuan, 368 million yuan, and 396 million yuan, reflecting a compound annual growth rate (CAGR) of 14.19%. Net profits were 64.36 million yuan, 81.06 million yuan, and 105 million yuan, with a CAGR of 27.97% [13][14]. - However, in the first half of 2025, revenue declined by 4.08% year-on-year to approximately 191 million yuan, and net profit decreased by 2.66% to 53.29 million yuan [17]. Order and Market Dependency - The company experienced a significant drop in new orders, with a 46.51% year-on-year decrease in the first five months of 2025, totaling 73.88 million yuan [17]. - Zhongcheng Consulting heavily relies on clients within Jiangsu province, with over 96% of its revenue coming from this region during the reporting period [4][18]. Corporate Governance and Ownership Structure - The company has a concentrated ownership structure, with founder Xu Xuelai controlling 86.98% of the shares, raising potential governance concerns [5][20]. - The transition of control from Xu to her husband, Lu Jun, has led to questions about the stability of the company's control [20]. Regulatory and Compliance Issues - Zhongcheng Consulting faced scrutiny from the Beijing Stock Exchange regarding the necessity of its fundraising projects, especially given its history of significant cash dividends and investments [11][12]. - The company has been penalized for accounting errors and inaccuracies in disclosing its actual controllers, indicating a need for improved internal management [23][24]. Strategic Challenges - The company has made strategic acquisitions to expand its service offerings, including engineering design and BIM services, but faces challenges in executing its growth strategy amid declining orders and revenue [7][8][19]. - The future profitability and growth resilience of Zhongcheng Consulting remain uncertain, with market observers closely watching its ability to expand beyond Jiangsu [19].

Core Viewpoint - Harbin Itada Dapeng Industrial Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 43rd company to pass the review this year, with a focus on precision cleaning equipment for the automotive and new energy sectors [1][9]. Company Overview - Dapeng Industrial specializes in the production of intelligent equipment for industrial precision cleaning, primarily serving the automotive powertrain and new energy three-electric systems [1]. - The company is also expanding into machine vision inspection products, creating a second growth curve for its development [1]. Shareholding Structure - As of the signing date of the prospectus, Bode Industrial holds 68.72% of Dapeng Industrial's shares, making it the controlling shareholder [2]. - Li Pengtang directly holds 11.81 million shares (25.42%) and indirectly holds 26.24 million shares (56.48%) through Bode Industrial, controlling a total of 43.74 million shares (94.13%) of voting rights [2]. IPO Details - Dapeng Industrial plans to publicly issue up to 15 million shares, with a public holding ratio of no less than 25% post-issue [3]. - The company may utilize an overallotment option of up to 2.25 million shares, bringing the total potential issuance to 17.25 million shares [3]. - The funds raised, totaling approximately 15.39 million yuan, will be allocated to the second phase of the intelligent industrial cleaning equipment production R&D base, a machine vision inspection equipment R&D center, and to supplement working capital [3]. Review Opinions - The review committee requested a comprehensive analysis of the necessity and reasonableness of the 25 million yuan allocation for working capital, considering the company's cash flow and project funding needs [4]. Inquiry Issues - The review raised questions regarding the authenticity of operating performance, sustainability of earnings, and the rationale behind the fundraising projects, requiring the issuer and its underwriters to provide detailed explanations and justifications [5].

Group 1 - The Beijing Stock Exchange's listing committee approved Zhejiang Kema Friction Material Co., Ltd. for IPO, marking the 41st company approved this year [1] - Kema Materials specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [1] - The company plans to issue up to 20.62 million shares, aiming to raise approximately 206.17 million yuan for projects related to environmentally friendly clutch friction materials and R&D center upgrades [4] Group 2 - Kema Industrial holds 65.87% of Kema Materials' shares, making it the controlling shareholder, with key individuals Wang Zonghe and Liao Aixia holding significant stakes [2][3] - The actual controllers of the company, including Wang Zonghe, Liao Aixia, Xu Changcheng, and Wang Tingting, have signed a consensus agreement to ensure unified decision-making in major operational matters [3] - The company has not experienced any changes in its controlling shareholder or actual controllers during the reporting period [3] Group 3 - The underwriting institution for Kema Materials is Guotou Securities, which has successfully sponsored two IPO projects this year [1] - The company has faced inquiries regarding the authenticity of its revenue, stability of operating performance, and related party transactions, which require verification from the underwriting institution and accountants [5][6]

Core Viewpoint - The Beijing Stock Exchange has approved the IPO of Zhuhai Nante Technology Co., Ltd., highlighting concerns regarding the sustainability and authenticity of its financial performance, as well as the necessity of its fundraising projects [1]. Group 1: IPO Approval and Fundraising - Nante Technology's IPO aims to raise 286 million yuan, with funds allocated for the Anhui Chutian high-end precision parts production base phase II project and the Zhuhai Nante machine tool expansion and R&D enhancement project [2]. - The company reduced its fundraising target from 420 million yuan to 286 million yuan, a decrease of over 30%, and removed the supplementary working capital project from its proposal [2][4]. - The company’s IPO approval follows a trend where other companies, like Zhongcheng Consulting, also reduced their fundraising amounts significantly during the review process [4]. Group 2: Financial Performance - Nante Technology has shown a growth trend in revenue, increasing from 834 million yuan in 2022 to 1.031 billion yuan in 2024, with net profit rising from 46.64 million yuan to 98.21 million yuan during the same period [5]. - The company heavily relies on a few major clients, with the top five customers accounting for 89.20%, 86.35%, and 87.78% of total revenue in the respective years [5][6]. - Approximately half of Nante Technology's revenue comes from Midea Group, while about one-third is derived from Gree Electric Appliances, indicating a high customer concentration risk [6][7].

Core Viewpoint - Suzhou Fengbei Biotechnology Co., Ltd. has been approved for IPO by the Shanghai Stock Exchange, marking it as the 39th company to pass the review this year, indicating a positive trend in the IPO market [1] Company Overview - Fengbei Biotechnology is a high-tech enterprise in the field of waste resource utilization, primarily focusing on producing resource-based products from waste oils. The company has developed a comprehensive industrial chain from waste oils to biofuels and bio-based materials [2] - The controlling shareholder and actual controller of Fengbei is Pingyuan, who holds 59.78% of the shares directly and controls an additional 25.62% through other entities, totaling 85.40% control [2] IPO Details - Fengbei plans to publicly issue up to 35.90 million shares, which will account for no less than 25% of the total share capital post-issuance. The company aims to raise 750 million yuan for various production projects, including biofuels and microbial fertilizers [3] Key Questions from Listing Committee - The listing committee inquired about the reasons for the decrease or stability in sales and management expenses despite expected growth in revenue for 2024, and the authenticity of sales revenue and expenses related to industrial-grade mixed oil [4] - The committee also requested clarification on the sustainability of revenue from biofuels and the growth potential of industrial-grade mixed oil, considering changes in product structure and market conditions [4]

Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 38th company to pass the review this year, with a focus on providing comprehensive engineering consulting services [1]. Company Overview - Zhongcheng Consulting aims to offer professional technical services including engineering cost, bidding agency, project supervision and management, BIM services, and engineering design [1]. - The company is controlled by Xu Xuele and Lu Jun, with Xu holding a direct stake of 57.40% and an indirect stake of 29.58%, giving them a total voting power of 86.98% [1]. IPO Details - The company plans to publicly issue up to 14 million shares, with an option for an additional 2.1 million shares through an over-allotment option, bringing the total potential issuance to 16.1 million shares [2]. - The funds raised, totaling approximately 199.9 million yuan, will be allocated to projects for building an engineering consulting service network and for research and information technology development [2]. Review Opinions - The review committee has requested the issuer to clarify the authenticity of sales returns from real estate clients and the adequacy of bad debt provisions for accounts receivable [3]. - The committee also inquired about the compliance and innovation of the information system procurement process and the necessity of the information technology construction project [4]. Market Position and Performance - The issuer is required to explain the market potential for its comprehensive consulting and EPC (Engineering, Procurement, and Construction) services, as well as the reasons for performance volatility compared to peers [4].

Group 1 - The Shanghai Stock Exchange's listing review committee approved Delijia Transmission Technology (Jiangsu) Co., Ltd. for its IPO, marking the 37th company to pass the review this year [1] - Delijia specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily serving the wind power generation sector with its core product being the wind turbine main gearbox [1][2] - The company plans to publicly issue no less than 40 million shares, aiming to raise approximately 1.8808 billion yuan for projects related to large onshore and offshore wind turbine gearboxes [2] Group 2 - The major shareholders of Delijia include Nanjing Chenrui, which holds 30.53% of the shares, and Kong Jinfeng, who directly holds 7.63% and has indirect control over an additional 3.82% [2] - The actual controllers of Delijia, Kong Jinfeng and Liu Jianguo, together hold 41.98% of the company's shares [2] - The listing committee raised questions regarding the company's reliance on major customers, governance structure, and the reasonableness of the fundraising scale in relation to existing capacity and order demand [3]

Core Viewpoint - Qingdao Taikaiying Special Tire Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking it as the 35th company to pass the review this year, with a focus on the global mining and construction tire market [1][2]. Company Overview - Taikaiying specializes in the design, research and development, sales, and service of tires for mining and construction, particularly engineering radial tires and all-steel truck tires [1]. - The company is controlled by Wang Chuan Zhu, who holds 72.94% of the shares through Taikaiying Holdings, with his spouse holding an additional 6.77%, resulting in a combined control of 79.71% [1]. IPO Details - The company plans to publicly issue up to 44.25 million shares, with a potential increase of 15% through an over-allotment option, bringing the total to a maximum of 50.89 million shares [2]. - The funds raised, estimated at 390.10 million yuan, will be allocated for product upgrades, the establishment of an innovation technology research center, and enhancements to an intelligent management system for specialized tires [2]. Inquiry Points from Review Meeting - The review committee raised questions regarding the sustainability and authenticity of the company's performance growth, requesting details on the first half of 2025's performance, order status, industry trends, and customer stability [3]. - The committee also inquired about the company's technological innovation, specifically how its technology and R&D capabilities compare to industry peers [3].

Core Viewpoint - Beikang Detection Technology Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking it as the 33rd company to pass the review this year, with a focus on the development and service of non-ferrous metal inspection and testing technology [1] Group 1: Company Overview - Beikang Detection is a leading domestic institution specializing in the research and development of inspection and testing technology for non-ferrous metal mineral resources, covering various fields including ore and mineral products, smelting products, environmental samples, and advanced materials [1] - The company plans to publicly issue no more than 28.32 million shares, with a potential additional issuance of up to 4.25 million shares through an over-allotment option, bringing the total to a maximum of 32.57 million shares [2] Group 2: Shareholding Structure - The controlling shareholder of Beikang Detection is the Minmetals Group, which directly holds 86.11% of the shares and indirectly holds an additional 1.53% through the Minmetals Research Institute, totaling 87.64% [2] - The State-owned Assets Supervision and Administration Commission holds 100% of Minmetals Group, making it the actual controller of Beikang Detection [2] Group 3: Fundraising and Use of Proceeds - Beikang Detection aims to raise approximately 178.80 million yuan, which will be allocated to the development of advanced testing instrument research bases and testing capacity construction, as well as to supplement working capital [2] Group 4: Review and Inquiry - The review committee raised inquiries regarding the sustainability of performance growth, specifically questioning the reasonableness of the company's gross margin compared to industry peers and the stability of its revenue from instrument business and lithium carbonate testing [3] - Concerns were also raised about the fairness of pricing in related party transactions, particularly regarding the pricing model for services provided to related parties without requiring testing reports [3]

Core Viewpoint - Chaoying Electronics Circuit Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the 32nd company to receive approval this year, with a focus on the development, production, and sales of printed circuit boards [1][2]. Group 1: Company Overview - Chaoying Electronics specializes in the research, development, production, and sales of printed circuit boards, with no changes in its main business since its establishment [1]. - The company is directly controlled by Dynamic Holding, which holds 97.85% of its shares, while its indirect controlling shareholder is a publicly listed company in Taiwan [1]. Group 2: IPO Details - The company plans to issue no less than 10% and no more than 67,858,115 shares in its IPO, with all shares being newly issued and no existing shareholder shares being sold [2]. - The total fundraising target is 660 million yuan, which will be allocated to the second phase of the high-layer and HDI project, supplementing working capital, and repaying bank loans [2]. Group 3: Review Committee Inquiries - The review committee raised questions regarding the necessity of sales through overseas subsidiaries, the reasons for price differentials, and the effectiveness of internal controls related to overseas fund management [3]. - Concerns were also expressed about the high proportion of export sales and customer concentration, as well as the sustainability of the company's revenue and net profit growth in light of industry trends and policy changes [3]. - The committee inquired about the trends in gross profit margins and their potential impact on the company's ongoing operations [3]. - Questions were posed regarding 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 [3].