Group 1 - Six companies, including Zhongxin Jingyuan, Haimingrun, Sentai Yingge, Detongxing, Zhongxing Lianhua, and Weifang Jinghua, have collectively listed on the New Third Board, covering key sectors such as high-end manufacturing, new materials, and semiconductors [1][2] - Zhongxin Jingyuan specializes in the research, production, and sales of semiconductor silicon wafers, offering products ranging from 4-inch to 12-inch polished wafers and epitaxial wafers, essential for various semiconductor products [1][2] - Zhongxin Jingyuan's clients include major semiconductor companies like TSMC, GlobalFoundries, Infineon, and Toshiba, as well as leading domestic firms such as Silan Microelectronics and Changjiang Storage [1][2] Group 2 - Zhongxing Lianhua focuses on high-end electronic measurement instruments, innovating in high-speed, wide bandwidth testing technologies, with applications in satellite communications and emerging fields like 5G and quantum technology [1][2] - Sentai Yingge is a developer of CNC tools and precision fixtures, serving industries such as automotive, aerospace, and energy equipment, and is one of the few companies providing complete metal cutting solutions in China [2] - Weifang Jinghua specializes in powder engineering technology, offering solutions for ultra-fine and ultra-pure grinding, applicable in lithium battery materials and environmental protection [2] Group 3 - Zhongxin Jingyuan has shifted its focus to an IPO on the Beijing Stock Exchange after an unsuccessful attempt to list on the Sci-Tech Innovation Board, with its application accepted by the Zhejiang Securities Regulatory Bureau [3] - Zhu Bingren Copper, which specializes in copper craft products, has also submitted its application for listing on the Beijing Stock Exchange shortly after its listing on the New Third Board [3]

Core Viewpoint - Tengmao Technology faced significant challenges during its previous listing application on the Beijing Stock Exchange, which was notably affected by a major fraud case involving over 2 billion yuan, leading to its withdrawal from the listing process [2][6][8]. Group 1: Company Background - Established in 2007, Tengmao Technology specializes in the research, production, and sales of molecular sieve catalysts, possessing a comprehensive business system in R&D and large-scale production [3]. - The company successfully listed on the New Third Board in August 2022, aiming to use this as a stepping stone for a future listing on the Beijing Stock Exchange [3]. Group 2: Previous Listing Attempts - Tengmao Technology submitted its first listing application to the Beijing Stock Exchange on October 11, 2023, but had to suspend the review process by December 28, 2023, due to the expiration of financial data [4]. - The company later terminated its listing application, citing strategic considerations and external market conditions, despite showing stable revenue and profit growth from 2020 to 2022 [4][5]. Group 3: Fraud Case Involvement - The company became embroiled in a "New Third Board pig-killing plate" fraud case that emerged in early 2025, which involved a group manipulating stock prices of New Third Board companies, including Tengmao Technology [6][7][10]. - This manipulation coincided with Tengmao Technology's listing efforts, leading to significant stock price volatility and investor losses [10][21]. Group 4: Financial Performance - Despite a 6.56% decline in revenue in 2023, Tengmao Technology's net profit increased by 13.05%, with its non-recurring net profit surpassing 40 million yuan [5]. - The company reported a revenue increase of 40.22% in the first half of 2025, reaching 140 million yuan, and a non-recurring net profit of 33.18 million yuan, marking a 52.83% year-on-year growth [25]. Group 5: Regulatory Scrutiny - The company faced scrutiny regarding its stock structure and potential undisclosed equity holding issues during its previous listing application, particularly concerning a mysterious shareholder who entered during a critical period [26][27]. - Concerns were raised about the legitimacy of several interest-free loans and the potential for capital cycling, which could affect the clarity of the company's equity structure [29][30].

Core Viewpoint - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. is preparing for its stock issuance on the Beijing Stock Exchange, following a lengthy approval process that lasted approximately two and a half years, significantly longer than the typical 12-18 months [3][4] Financial Performance - Revenue for Zhongcheng Consulting from 2022 to 2024 is projected to be approximately 303 million, 368 million, and 396 million yuan, with a compound annual growth rate (CAGR) of 14.19%, which is below the industry average compared to peers [5][6] - Net profit attributable to shareholders for the same period is expected to be 64 million, 81 million, and 105 million yuan, with a CAGR of 27.97%, ranking second among comparable companies [5][6] - In the first half of 2025, the company reported a revenue decline of 4.08% year-on-year, with net profit down 2.66% due to adverse macroeconomic conditions [6][10] - For the first three quarters of 2025, revenue is expected to decline by 2.56% to 6.17%, and net profit is projected to decrease by 1.14% to 3.89% [7][8] Order and Revenue Concentration - New orders for the first nine months of 2025 amounted to 196 million yuan, a decrease of 13.85% year-on-year, indicating a potential warning signal for future revenue [9] - The company has a high dependency on the Jiangsu province for revenue, with over 96% of income generated from this region, particularly from Suzhou, which accounts for over 81% [13] Related Party Transactions - Concerns have been raised regarding the fairness of related party transactions, as the top five customers accounted for 16.13% to 23.47% of sales from 2022 to 2025 [14][16] - The complexity of relationships is highlighted by the overlap between shareholders, customers, and suppliers, raising regulatory scrutiny [16][17] Impact of Real Estate Market - The downturn in the real estate market has significantly affected Zhongcheng Consulting, with a notable increase in bad debts and a slowdown in receivables collection [20][21] - The company has adjusted its business focus to prioritize state-owned enterprises and government projects in response to the challenges faced in the real estate sector [21] Fundraising and Regulatory Scrutiny - The company initially planned to raise approximately 330 million yuan but had to reduce this amount to 200 million yuan due to regulatory concerns and the cancellation of certain fundraising projects [23][25] - The reduction in fundraising plans reflects the company's attempts to address regulatory scrutiny regarding the necessity and rationality of its fundraising projects [25]

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has completed its IPO counseling work and is transitioning to a public offering on the Beijing Stock Exchange, shifting from its original plan to list on the Shenzhen Stock Exchange [5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 674.38 million yuan, representing a year-on-year growth of 37.94% [3][4]. - The net profit attributable to shareholders reached 70.30 million yuan, an increase of 9.47% compared to the previous year [3][4]. - The gross profit margin decreased to 21.14% from 24.75% in the same period last year [4]. - The weighted average return on equity was 9.63%, down from 10.56% year-on-year [4]. Company Overview - Hengjin Metal specializes in the research, production, and sales of customized piping, valves, and other components for refrigeration systems used in air conditioning and cold chain logistics [3]. - The company's product offerings include copper fittings, aluminum fittings, and shut-off valves [3]. IPO Counseling - The IPO counseling was initiated on October 28, 2022, with Zhongtai Securities Co., Ltd. as the counseling institution [3]. - The company has decided to change its listing strategy to issue shares to unspecified qualified investors on the Beijing Stock Exchange [5].

Core Points - Shanxi Tengmao Technology Co., Ltd. has completed the filing for guidance on its public offering and listing on the Beijing Stock Exchange, potentially becoming the 42nd listed company in Shanxi [1] - The company submitted its guidance filing application to the Shanxi Securities Regulatory Bureau on October 10, 2025, with West Securities as the guiding institution [1] - This marks the company's second attempt at an IPO on the Beijing Stock Exchange, having previously submitted an application in October 2023, which was voluntarily withdrawn in March 2024 [1] - The audited net profits for the company in 2023 and 2024 are projected to be 40.71 million yuan and 50.58 million yuan, respectively, with weighted average return on net assets of 16.74% and 17.58%, meeting the financial criteria for listing on the Beijing Stock Exchange [1] - Established in 2007, the company is a high-tech enterprise located in Hejin, Shanxi, covering an area of 100,000 square meters and possessing a production capacity of 40,000 tons per year for catalysts [1] - The company's technology research and development center is recognized as a provincial-level technology center, holding over 10 independent patents and developing products such as the large-pore high-activity TMJ matrix, forming the TMC series of catalysts and the TMZ series of additives [1]

Group 1 - Canon Technology (佳能科技) has withdrawn its IPO application for the Beijing Stock Exchange, which was previously in a "suspended" review status since June 30, 2025 [1] - The company aimed to raise 248 million yuan through its IPO for projects including an industrial vibration damping safety system, energy-saving heat transfer equipment manufacturing, a research and development center, and working capital [1] - The company experienced a significant decline in performance, reporting a revenue of 120 million yuan in the first half of 2023, a year-on-year decrease of 34.37%, and a net profit of 10.34 million yuan, down 57.74% year-on-year [1] Group 2 - Canon Technology was established in 1998 and focuses on the research, design, production, and sales of energy-saving and environmentally friendly heat exchange equipment and pipeline support products [3] - The company was listed on the New Third Board in August 2019 and is controlled by its chairman, Yang Liyong, who holds 61.23% of the voting rights [3] - The company’s metal products revenue has significantly decreased, with reported revenues of 32.68 million yuan, 13.29 million yuan, 4.77 million yuan, and 0.31 million yuan over the reporting periods, primarily from sales to Shandong Qihe Biotechnology Co., Ltd. [3][4] Group 3 - Canon Technology has engaged in the production of sterilization culture racks, which are essential for Shandong Qihe's operations in the edible fungus industry, requiring precise standards and automation capabilities [4] - The company assisted a client in obtaining a loan for operational needs, which involved a contract worth approximately 25.05 million yuan for the sale of culture and sterilization racks [5] - Canon Technology holds a minor stake in Zibo Zichuan Rural Commercial Bank, with its actual controller serving as a supervisor at the bank [5]

Core Points - Beijing Stock Exchange announced the 25th review meeting for 2025 will be held on September 30, 2025, to review the issuer New Tianli Technology Co., Ltd [1] - New Tianli's actual controllers are He Linjun and Wang Weibing, who control 95.02% of the voting rights through direct and indirect shareholdings [1] - The company plans to raise 397.64 million yuan for projects including the expansion of high-quality plastic food container production, upgrading the R&D center, and supplementing working capital [1] Investment Projects - The total investment for the high-quality plastic food container expansion project is 352.58 million yuan, with 337.23 million yuan to be raised [2] - The R&D center upgrade project has a total investment of 45.40 million yuan, with the same amount to be raised [2] - The working capital supplementation project is set at 15 million yuan, with the full amount to be raised [2] - The total investment across all projects amounts to 412.98 million yuan, with 397.64 million yuan to be raised [2] Sponsorship - The sponsor for New Tianli's fundraising is Guotai Junan Securities Co., Ltd, with representatives Xie Jinyu and Jiang Yong [2]

Core Viewpoint - Chengdu Taihefang Food Co., Ltd. has successfully listed on the National Equities Exchange and Quotations (NEEQ), marking a significant step towards its goal of listing on the Beijing Stock Exchange (BSE) [1][2] Group 1: Company Overview - Taihefang, a subsidiary of Sichuan Fuhanda Group, specializes in the research, production, and sales of compound seasonings, with a product matrix primarily focused on sausage and cured meat seasonings, as well as traditional Chinese dish seasonings [2][4] - The company has a registered capital of 88 million yuan and operates in a 100-acre food industry park in Chengdu [2] Group 2: Strategic Goals - The listing on NEEQ is not the final goal for Taihefang; it is a crucial part of the company's strategic plan to establish a modern corporate governance structure and transparent operational system, laying a solid foundation for future BSE listing [2][3] - The company aims to adhere to BSE listing standards, focusing on its core business, optimizing governance, and enhancing efficiency to achieve its strategic goal of listing on the BSE [3] Group 3: Financial Performance - Taihefang's financial performance has shown a downward trend, with projected revenues of 290 million yuan and 263 million yuan for 2023 and 2024, respectively, and net profits of 65.31 million yuan and 62.51 million yuan [4] - In the first five months of 2025, the company reported a revenue of 32.27 million yuan but incurred a net loss of 10.46 million yuan, attributed to seasonal sales concentration and high fixed costs [4] Group 4: Market Challenges - The company's revenue is heavily reliant on a single product category, sausage and cured meat seasonings, which accounted for approximately 70.83% and 69.25% of total revenue in 2023 and 2024, respectively [4] - Taihefang's sales are predominantly concentrated in the southwestern region of China, with 89.26% and 88.01% of revenue coming from this area in 2023 and 2024, indicating a need for broader market expansion [5] Group 5: Industry Competition - The market for sausage seasoning is becoming increasingly competitive, with brands like Haorenjia, Jingu, and Shu Ayi entering the segment, suggesting a trend towards greater market diversification [5] - Industry experts believe that for Taihefang to transition from a regional player to a national brand, it must address its dependence on a single product and seasonal sales, and work towards flavor diversification [6]

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Jiumu Chemical, has received an acceptance notice from the Beijing Stock Exchange for its application to publicly issue shares to unspecified qualified investors and list on the exchange [2] Group 1: Company Actions - On September 11, Jiumu Chemical submitted its application materials to the Beijing Stock Exchange for the public issuance of shares [2] - Wanrun Co., Ltd. plans to hold its sixth board meeting on July 9, 2025, and a second extraordinary general meeting on July 25, 2025, to approve Jiumu Chemical's public issuance of shares [2] Group 2: Regulatory Aspects - The application for public issuance and listing on the Beijing Stock Exchange carries the risk of not passing the exchange's issuance review or the registration by the China Securities Regulatory Commission [2]

Core Viewpoint - Zhongshan Shangyang Technology Co., Ltd. plans to apply for the termination of its stock listing on the National Equities Exchange and Quotations (NEEQ), citing the need to focus on its core business, improve operational efficiency, and reduce costs to maximize shareholder value [4][25]. Company Performance - Shangyang Technology's revenue for the first half of 2025 was approximately 107.44 million yuan, a decrease of 19.28% compared to the same period last year [7]. - The net profit attributable to shareholders was approximately 14.59 million yuan, down 29.07% year-on-year [7]. - The gross profit margin fell from 32.77% in the previous year to 30.54% [7]. Business Segmentation - The main business segment, cosmetic tools, generated approximately 102.49 million yuan in revenue, accounting for 95.40% of total revenue, but saw a decline of 20.96% year-on-year [14][15]. - The only segment that experienced revenue growth was the plastic packaging, which increased by 30.90%, but its small scale did not significantly impact overall performance [17]. Client Dependency - Shangyang Technology's revenue is highly concentrated, with the top five clients accounting for 85.22% of total revenue, indicating a significant risk associated with client dependency [19][20]. - The company primarily exports products through an ODM model, serving well-known cosmetic brands, which ties its performance closely to the market conditions of these brands [19]. Market Environment - The beauty and cosmetics industry has seen several companies, including Shangyang Technology, withdraw from the NEEQ due to fluctuating performance and strategic adjustments [25][28]. - The overall market environment remains challenging, with many small and medium-sized beauty companies facing significant performance volatility, impacting their ability to pursue larger capital markets like the Beijing Stock Exchange [25][28].