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长江证券保荐科力装备IPO项目质量评级B级 上市周期超两年
Xin Lang Zheng Quan· 2025-09-03 08:48
Company Overview - The full name of the company is Hebei Keli Automotive Equipment Co., Ltd, abbreviated as Keli Equipment, with the stock code 301552.SZ [1] - The IPO application date was May 26, 2022, and the listing date is set for July 22, 2024, on the Shenzhen ChiNext board [1] - The company operates in the automotive manufacturing industry [1] - The IPO sponsor is Changjiang Securities, with representatives Yin Fuli and Kong Lingrui [1] Regulatory and Performance Evaluation - The company was required to clarify whether it meets the ChiNext positioning and provide sufficient evidence of its core technology being domestically leading [1] - The average listing cycle for A-share companies in 2024 is 629.45 days, while Keli Equipment's listing cycle is 788 days, which is above the average [2] - The underwriting and sponsorship fees amount to 37.1792 million yuan, with a commission rate of 7.29%, lower than the average of 7.71% [3] - On the first day of listing, the stock price increased by 130.67% compared to the issue price [3] - Over the first three months post-listing, the stock price rose by 82.03% compared to the issue price [4] Financial Metrics - The company's issuance price-to-earnings ratio is 15.08 times, which is 74.51% of the industry average of 20.24 times [5] - The expected fundraising amount is 392 million yuan, while the actual fundraising reached 510 million yuan, resulting in an oversubscription rate of 30.01% [6] Short-term Performance - In 2024, the company's operating revenue increased by 25.41% year-on-year, while the net profit attributable to shareholders grew by 9.59%, and the net profit after deducting non-recurring gains and losses increased by 7.69% year-on-year [7] - The abandonment rate for the IPO was 0.24% [7] Overall Evaluation - Keli Equipment's IPO project received a total score of 88.5, classified as Grade B. Negative factors affecting the score include the need for improved information disclosure quality, a listing cycle exceeding two years, and an abandonment rate of 0.24% [8]
第一创业保荐六九一二IPO项目质量评级B级 上市周期超两年
Xin Lang Zheng Quan· 2025-08-28 10:20
Company Overview - Full Name: Sichuan 6912 Communication Technology Co., Ltd [1] - Abbreviation: 6912 [1] - Stock Code: 301592.SZ [1] - IPO Application Date: June 28, 2022 [1] - Listing Date: October 24, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Software and Information Technology Services [1] - IPO Sponsor: First Capital Securities [1] - Legal Advisor: Guohao Law Firm (Chengdu) [1] - Audit Firm: Da Xin Accounting Firm [1] Performance Evaluation - Disclosure Situation: Required to provide more accurate and objective disclosures regarding main business operations [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: 849 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amounted to 38.9491 million yuan, with a commission rate of 7.55%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 476.47% on the first day compared to the issue price [4] - Three-Month Performance: Stock price increased by 356.29% within three months post-listing compared to the issue price [5] - Issuance Price-Earnings Ratio: 22.66 times, which is 53.80% of the industry average of 42.12 times [6] - Actual Fundraising Ratio: Expected and actual fundraising amount is 516 million yuan [7] Short-Term Performance Post-Listing - Revenue Growth: 31.25% year-on-year increase in revenue for 2024 [8] - Net Profit Growth: 6.71% year-on-year increase in net profit attributable to shareholders [8] - Non-Recurring Net Profit Growth: 8.4% year-on-year increase in non-recurring net profit attributable to shareholders [8] Subscription Metrics - Abandonment Rate: 0.39% [9] Overall Score - Total Score: 89.5 points, classified as Grade B [9] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle exceeds two years, abandonment rate of 0.39% [9]
国投证券保荐苏州天脉IPO项目质量评级B级 上市周期超两年
Xin Lang Zheng Quan· 2025-08-28 10:20
Company Overview - Company Name: Suzhou Tianmai Thermal Conductive Technology Co., Ltd [1] - Stock Code: 301626.SZ [1] - IPO Application Date: June 16, 2022 [1] - Listing Date: October 24, 2024 [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - Underwriter: Guotou Securities [1] Disclosure and Evaluation - Disclosure Quality: Required to improve the quality of information disclosure and provide details on major clients under the VMI model [1] - Regulatory Penalties: No penalties imposed [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: Listed in 861 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [3] Financial Metrics - Underwriting Fees: Total underwriting and sponsorship fees amounted to 46.05 million yuan, with a commission rate of 7.50%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 455.68% on the first day of listing [4] - Three-Month Performance: Stock price rose by 314.60% within three months post-listing [5] - Issuance Price-Earnings Ratio: Issuance P/E ratio of 16.31, significantly lower than the industry average of 31.49, representing 51.79% of the industry average [6] - Fundraising: Expected to raise 464 million yuan, actual fundraising reached 614 million yuan, with an oversubscription rate of 32.33% [7] Short-term Performance - Revenue Growth: Company revenue increased by 1.62% year-on-year [8] - Net Profit Growth: Net profit attributable to shareholders grew by 20.26% year-on-year [8] - Non-recurring Net Profit Growth: Non-recurring net profit increased by 18.79% year-on-year [8] - Subscription Rate: Abandonment rate of 0.21% [9] Overall Evaluation - Total Score: Suzhou Tianmai's IPO project scored 83.5 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, and abandonment rate of 0.21% [9]
东莞证券保荐长联科技IPO项目质量评级B级 承销保荐费用率较高 上市首年增收不增利
Xin Lang Zheng Quan· 2025-08-28 09:31
Company Overview - Dongguan Changlian New Materials Technology Co., Ltd. is set to be listed on the Shenzhen Stock Exchange's ChiNext board on September 30, 2024, with the stock code 301618.SZ. The IPO was filed on June 28, 2022, and the underwriting is handled by Dongguan Securities [1]. Regulatory and Performance Evaluation - The company has been required to delete certain outdated regulations from its prospectus and provide additional disclosures related to recent laws and policies affecting its operations [1]. - The average time from application to listing for A-share companies in 2024 is 629.45 days, while Changlian Technology's listing cycle is 825 days, which is above the average [2]. - The underwriting and sponsorship fees amount to 36.4741 million yuan, with a commission rate of 10.72%, exceeding the average rate of 7.71% [3]. - On the first day of trading, the stock price surged by 1703.98% compared to the issue price [3]. - Over the first three months post-listing, the stock price increased by 318.80% from the issue price [4]. Financial Metrics - The company's issuance price-to-earnings (P/E) ratio is 17.00, which is 91.25% of the industry average of 18.63 [5]. - The expected and actual fundraising amount is 340 million yuan [6]. Short-term Performance - In 2024, the company's revenue increased by 4.38% year-on-year, while the net profit attributable to shareholders decreased by 15.12%, and the net profit excluding non-recurring items fell by 17.00% [7]. - The abandonment rate for the IPO was 0.74% [8]. Overall Assessment - Changlian Technology's IPO project scored 83.5 points, classified as B-level. Negative factors affecting the score include the need for improved information disclosure quality, a listing cycle exceeding two years, high issuance costs, and a decline in net profit in the first accounting year [8].
海通证券保荐强邦新材IPO项目质量评级C级 上市首年增收不增利 实际募资额缩水近5成
Xin Lang Zheng Quan· 2025-08-28 09:29
Company Overview - Company Name: Anhui Qiangbang New Materials Co., Ltd. [1] - Stock Code: 001279.SZ [1] - IPO Application Date: June 22, 2022 [1] - Listing Date: October 11, 2024 [1] - Underwriter: Haitong Securities [1] - Legal Advisor: Shanghai Panming Law Firm [1] - Audit Firm: Rongcheng Accounting Firm [1] Disclosure and Regulatory Evaluation - Disclosure Issues: The company was required to clarify the sales realization of products purchased by ABE Group and the authenticity of inventory data [1][2] - Regulatory Penalties: No penalties were imposed [2] - Average Listing Duration: The average duration from application to listing for A-share companies in 2024 is 629.45 days, while Qiangbang's duration is 842 days, exceeding the average [2] Financial Metrics - Underwriting Fees: The underwriting and sponsorship fees amount to 35 million yuan, with a commission rate of 9.04%, higher than the average of 7.71% [3] - Initial Listing Performance: The stock price increased by 1,738.95% on the first day of listing [5] - Three-Month Performance: The stock price rose by 297.21% within three months post-listing [6] - Issuance Price-to-Earnings Ratio: The issuance P/E ratio is 17.54 times, which is 55.59% of the industry average of 31.55 times [7] - Fundraising: Expected fundraising was 733 million yuan, but actual fundraising was only 387 million yuan, a decrease of 47.18% [8] Post-Listing Performance - Revenue Growth: In 2024, the company's revenue increased by 3.77% year-on-year [9] - Net Profit Decline: The net profit attributable to shareholders decreased by 11.97% year-on-year, and the net profit excluding non-recurring items fell by 11.53% year-on-year [9] - Subscription Rate: The abandonment rate was 0.37% [10] Overall Evaluation - Total Score: The total score for Qiangbang's IPO project is 75.5, classified as Grade C [10] - Negative Factors: Key negative factors affecting the score include the need for improved disclosure quality, a listing period exceeding two years, high issuance costs, significant reduction in actual fundraising, and a decline in net profit post-listing [10]
中泰证券保荐港迪技术IPO项目质量评级A级 承销保荐费用率较高
Xin Lang Zheng Quan· 2025-08-21 09:59
Company Overview - Full Name: Wuhan Gangdi Technology Co., Ltd [1] - Abbreviation: Gangdi Technology [1] - Stock Code: 301633.SZ [1] - IPO Application Date: June 21, 2023 [1] - Listing Date: November 7, 2024 [1] - IPO Sponsor: Zhongtai Securities [1] - IPO Underwriters: Zhongtai Securities [1] - IPO Legal Advisor: Beijing Tongshang Law Firm [1] - IPO Audit Firm: Tianjian Accounting Firm (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: The company’s prospectus contains inconsistencies with the regulations regarding risk disclosure, particularly concerning the rationale for claims about domestic substitution advantages and intelligent control systems [1] - Regulatory Penalties: No penalties were imposed [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: The average listing cycle for A-share companies in 2024 is 629.45 days, while Gangdi Technology's cycle is 505 days, which is below the average [2] - Multiple Applications: The company has not made multiple applications, resulting in no deductions [3] Financial Metrics - Underwriting Fees: The underwriting and sponsorship fees amount to 51.49 million yuan, with a commission rate of 9.75%, higher than the average of 7.71% [3] - Initial Listing Performance: The stock price increased by 261.44% on the first day of listing [4] - Industry Sector: Shenzhen ChiNext Board, Software and Information Technology Services [5] - Three-Month Performance: The stock price rose by 130.31% within three months post-listing [6] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 26.71 times, which is 52.56% of the industry average of 50.82 times [7] - Fundraising: Expected and actual fundraising amount is 528 million yuan [8] Short-Term Performance - Revenue Growth: In 2024, the company’s revenue increased by 10.02% year-on-year [9] - Net Profit Growth: The net profit attributable to shareholders grew by 9.13% year-on-year [9] - Non-recurring Net Profit Growth: The non-recurring net profit attributable to shareholders increased by 16.59% year-on-year [9] - Subscription Rate: The abandonment rate is 0.49% [10] Overall Evaluation - Total Score: The IPO project received a total score of 93, classified as Grade A [10] - Negative Factors: The score is affected by the need for improved disclosure quality, high issuance cost, and a 0.49% abandonment rate [10]
招商证券保荐壹连科技IPO项目质量评级B级 上市周期超两年 上市首年增收不增利
Xin Lang Zheng Quan· 2025-08-21 09:59
Company Overview - Full Name: Shenzhen Yilian Technology Co., Ltd [1] - Abbreviation: Yilian Technology [1] - Stock Code: 301631.SZ [1] - IPO Application Date: June 20, 2022 [1] - Listing Date: November 22, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: China Merchants Securities [1] - Legal Advisor: King & Wood Mallesons [1] - Audit Firm: Rongcheng Accounting Firm [1] Disclosure and Regulatory Evaluation - Disclosure Issues: Required to clarify the shareholding structure of "Qiaoyun" and whether there are special interest arrangements [1] - Regulatory Penalties: No penalties imposed [2] - Public Opinion Supervision: No penalties imposed [2] Listing Cycle and Performance - Average Listing Cycle: 629.45 days for 2024 A-share companies; Yilian Technology's cycle is 886 days, exceeding the average [2] - Multiple Applications: Not applicable, no penalties [3] - Underwriting Fees: Total underwriting and sponsorship fees are 84.3344 million yuan, with a commission rate of 7.08%, lower than the average of 7.71% [3] Market Performance - First Day Performance: Stock price increased by 183.59% on the first day of listing [4] - Three-Month Performance: Stock price increased by 75.05% within three months post-listing [5] Financial Metrics - Issuance Price-Earnings Ratio: 19.06 times, significantly lower than the industry average of 39.33 times, representing 48.46% of the industry average [6] - Fundraising Amount: Expected to raise 1.305 billion yuan, actual amount raised was 1.192 billion yuan, a decrease of 8.64% [7] Short-term Performance Post-Listing - Revenue Growth: Company revenue increased by 27.01% year-on-year [8] - Net Profit Decline: Net profit attributable to shareholders decreased by 10.30% year-on-year, and non-recurring net profit decreased by 12.71% year-on-year [8] Overall Evaluation - Total Score: Yilian Technology's IPO project scored 83.5 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, long listing cycle, reduced actual fundraising amount, decline in net profit and non-recurring net profit in the first accounting year, and a subscription abandonment rate of 0.28% [9]
第一创业保荐云星宇IPO项目质量评级B级 实际募集金额缩水
Xin Lang Zheng Quan· 2025-08-21 09:46
Company Overview - Full Name: Beijing Yunxingyu Transportation Technology Co., Ltd [1] - Abbreviation: Yunxingyu [1] - Stock Code: 873806.BJ [1] - IPO Application Date: August 24, 2023 [1] - Listing Date: January 11, 2024 [1] - Listing Board: Beijing Stock Exchange [1] - Industry: Software and Information Technology Services [1] - IPO Sponsoring Institution: First Venture Securities [1] Underwriting and Legal Information - Underwriters: Liu Ning, Wu Zhenxiong [2] - IPO Legal Counsel: Beijing Lifang Law Firm [2] - IPO Audit Firm: BDO China Shu Lun Pan Certified Public Accountants [2] Disclosure and Regulatory Evaluation - Disclosure Issues: Required to clarify compliance with non-recurring gains and losses, correct accounting errors, and disclose any significant discrepancies in IPO materials [2] - Regulatory Penalties: No penalties [3] - Public Supervision: No penalties [3] - Listing Cycle: 140 days, significantly lower than the average of 629.45 days for 2024 A-share listings [4] - Multiple Applications: Yes [5] Financial Metrics - Underwriting and Sponsorship Fees: 28.5849 million yuan, with a commission rate of 7.41%, lower than the average of 7.71% [5] - First Day Performance: Stock price increased by 166.31% compared to the issue price [6] - Three-Month Performance: Stock price increased by 90.06% compared to the issue price [8] - Issuance Price-Earnings Ratio: 22.11 times, significantly lower than the industry average of 61.10 times, representing 36.19% of the industry average [9] - Expected Fundraising: 411 million yuan, with actual fundraising of 386 million yuan, a decrease of 6.18% [10] Short-Term Performance - Revenue Growth: 4.31% year-on-year increase in revenue [11] - Net Profit Growth: 1.04% year-on-year increase in net profit attributable to shareholders [11] - Non-recurring Net Profit Growth: 33.27% year-on-year increase in non-recurring net profit attributable to shareholders [11] Overall Evaluation - Total Score: 86.5 points, classified as B-level [13] - Negative Factors Affecting Score: Disclosure quality needs improvement, multiple applications, and reduced actual fundraising [13]
中信建投保荐戈碧迦IPO项目质量评级B级 上市首年扣非净利润大降近五成
Xin Lang Zheng Quan· 2025-08-12 09:51
登录新浪财经APP 搜索【信披】查看更多考评等级 (一)公司基本情况 全称:湖北戈碧迦光电科技股份有限公司 简称:戈碧迦 代码:835438.BJ IPO申报日期:2022年10月31日 上市日期:2024年3月25日 上市板块:北交所 所属行业:非金属矿物制品业 IPO保荐机构:中信建投证券 保荐代表人:黄刚、童宏杰 IPO承销商:中信建投证券 IPO律师:北京市竞天公诚律师事务所 IPO审计机构:大华会计师事务所(特殊普通合伙) (二)执业评价情况 (1)信披情况: 被要求说明发行人关联方、关联交易是否披露完整,是否存在应披露未披露的关联交易;被要求逐项说 明前述关联交易的审议程序、信息披露内容是否完备;被要求补充披露现金交易是否违反《现金管理暂 行条例》等相关规定;被要求按照补充《公开发行证券的公司信息披露内容与格式准则第46号-北京证 券交易所公司招股说明书》第七十七条的要求完善招股说明书披露内容;被要求补充披露发行人及其子 公司拥有专利的发明人及权利状态;被要求对招股说明书中发行人各类主要产品的功能、用途、下游应 用领域等内容进行全面梳理,核对相关信息是否真实、准确,避免夸大性、误导性陈述;被要求进 ...
中信建投保荐瑞华技术IPO项目质量评级B级 报告期内曾因信披违规遭口头警示 上市首年扣非净利润下降
Xin Lang Zheng Quan· 2025-08-12 09:31
全称:常州瑞华化工工程技术股份有限公司 简称:瑞华技术 代码:920099.BJ IPO申报日期:2023年3月22日 上市日期:2024年9月25日 上市板块:北交所 (一)公司基本情况 所属行业:专业技术服务业 IPO保荐机构:中信建投证券 保荐代表人:王站、魏思露 IPO承销商:中信建投证券 IPO律师:国浩律师(南京)事务所 IPO审计机构:立信中联会计师事务所(特殊普通合伙) (二)执业评价情况 (1)信披情况: 被要求全面梳理"重大事项提示""风险因素"各项内容,删除针对性不强、包含风险对策、减轻风险的相 关表述;被要求补充披露 "实现国产替代""具有更低的能耗和物耗""国内尚未有其他公司自主掌握该项 技术"的具体内容,说明是否存夸大表述;被要求结合下游客户所处细分行业周期性特征的具体体现 (供求变化、市场价格波动)等进一步完善招股书中"下游客户所处行业经济周期变化风险";被要求补 充披露《股份转让协议》及补充协议中的主要协议内容,说明股权回购条款及义务承担主体、审议程 序、披露要求和中介机构意见、说明是否符合挂牌公司特殊投资条款相关监管要求,是否存在恢复或隐 藏条款;被要求说明工艺包及其他技术服 ...