Group 1 - The Beijing Stock Exchange will hold its 22nd review meeting on September 12, 2025, to evaluate the listing application of Shenzhen Weite Environmental Technology Co., Ltd. [1] - Weite Environmental plans to raise 168.5431 million yuan through its listing, which will be allocated for the construction of regional operation centers, technology research and development centers, and to supplement working capital [1] - The sponsor and lead underwriter for Weite Environmental's listing is Founder Securities Co., Ltd., with signatory representatives Dai Lizheng and Mao Qiuliang [1]

Summary of Key Points Core Viewpoint - The North Exchange has seen a decrease in trading volume and value, with a total of 274 listed companies as of August 31, 2025, and a notable decline in trading activity during the last week of August 2025 [2][3]. Trading Activity - As of August 31, 2025, the North Exchange had a total trading volume of 66.58 billion shares for the week, a decrease of 17.87% compared to the previous week [3]. - The total trading value for the same week was 1645.28 billion yuan, down 21.09% from the previous week [3]. - The average trading price was 24.71 yuan, reflecting a decrease of 3.92% [3]. - The North Exchange 50 Index fell by 1.63% to 1574.25 points, with 14 stocks rising and 36 falling [3]. New Listings and IPOs - One company, Shanghai Balanshi Automotive Testing Equipment Co., Ltd., successfully listed on the North Exchange on August 28, 2025, becoming the 274th listed company [8]. - Balanshi's stock price surged by 205.13% on its first trading day, closing at 48.15 yuan, with a total market capitalization of 39.48 billion yuan [8]. - The company aims to raise 300 million yuan for projects related to the intelligent transformation of automotive maintenance equipment [9]. Financial Performance - Balanshi reported revenues of 6.43 billion yuan, 7.94 billion yuan, and 10.57 billion yuan for the years 2022 to 2024, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [10]. - In the first half of 2025, Balanshi's revenue grew by 5.65% to 540 million yuan, and net profit increased by 11.80% to 77.53 million yuan [10]. Upcoming IPOs - One company, Sanxie Electric Co., Ltd., opened for subscription on August 26, 2025, with a target to raise 159 million yuan for expansion and R&D projects [12][14]. - Sanxie Electric reported revenues of 2.87 billion yuan, 3.62 billion yuan, and 4.20 billion yuan from 2022 to 2024, with net profits of 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan respectively [15][16]. Regulatory Status - As of August 31, 2025, there were 153 companies awaiting review on the North Exchange, with 140 under inquiry and 10 submitted for registration [5]. - No companies received IPO registration approval during the last week of August 2025 [17]. Company Developments - Jiangsu Jingchuang Electric Co., Ltd. passed the listing committee meeting on August 29, 2025, and plans to raise 175 million yuan for smart production upgrades [26]. - Zhejiang Kema Materials Co., Ltd. submitted its registration on August 26, 2025, aiming to raise 206 million yuan for environmental projects [20][21].

Core Insights - The A-share IPO market has shown signs of recovery in the first eight months of this year, with the number of IPOs and the total financing amount increasing significantly compared to the same period last year [1][3]. Group 1: IPO Quantity and Financing - A total of 67 new IPOs were recorded in the A-share market from January to August, an increase of 8 compared to the same period last year [1]. - The total amount raised through IPOs reached 656.13 billion yuan, representing a year-on-year growth of 55.30% [1]. - The financing amounts from different boards include 342.33 billion yuan from the Shanghai main board, 148.87 billion yuan from the ChiNext, and 81.17 billion yuan from the Sci-Tech Innovation Board [2]. Group 2: Industry Distribution - The majority of IPOs in the first eight months came from industries such as new energy, electronics, automotive, and power equipment, with emerging industries accounting for 90% of the total [1]. - The top three industries in terms of fundraising were new energy (181.71 billion yuan), electronics (114.65 billion yuan), and automotive (112.88 billion yuan) [1]. Group 3: Regional Distribution - Jiangsu province led with 17 new listings, followed by Guangdong with 13 and Zhejiang with 12 [1]. - Suzhou city had the highest number of IPOs at 6, while Shenzhen and Hangzhou each had 4 [1]. Group 4: Notable IPOs - 40 companies raised over 500 million yuan through their IPOs, with 21 raising over 700 million yuan and 11 exceeding 1 billion yuan [2]. - The top three IPOs by fundraising were Huadian New Energy (181.71 billion yuan), Zhongce Rubber (40.66 billion yuan), and Tianyouwei (37.40 billion yuan) [2][3]. Group 5: North Exchange Trends - The North Exchange saw a significant increase in both the number of IPOs (12) and the total financing amount (39.98 billion yuan) [4]. - Many companies that initially aimed for the Shanghai and Shenzhen exchanges are now opting for the North Exchange, indicating a preference for greater listing certainty [4][6]. - The quality of projects being reviewed at the North Exchange has improved, with many companies meeting or exceeding the profit thresholds required for the ChiNext and main boards [4][5].

Core Viewpoint - The termination of the guidance agreement between Anhui Smite New Materials Co., Ltd. and Kaiyuan Securities is primarily due to the company's declining financial performance, which has not met the requirements for public listing [3][4][7]. Financial Performance - In 2024, Anhui Smite reported a revenue of 132 million yuan, a decrease of 13.20% compared to the previous year, attributed to intensified market competition and declining product prices [4]. - The net profit attributable to shareholders was -4.34 million yuan, and the net profit after deducting non-recurring gains and losses was -7.32 million yuan, indicating negative operating performance [4][5]. - The company has not met the listing application requirements due to its negative financial results [5][9]. Guidance and Support - The guidance team maintained communication with the company's management to address the declining revenue and negative performance, focusing on industry conditions, competition, and pricing [5]. - The guidance team aimed to assist the company in developing strategies to enhance its core competitiveness and marketing capabilities [5][6]. - Despite ongoing support, the guidance team indicated that if the company's performance did not improve by 2025, they would advise terminating the guidance [5][9]. Company Background - Anhui Smite was established in August 2009 and specializes in the research, production, and sales of various sealants and additives [7][8]. - The company was listed on the New Third Board in February 2021 and signed a guidance agreement with Kaiyuan Securities in September 2022 to initiate the IPO process on the Beijing Stock Exchange [7].

Core Viewpoint - The withdrawal of Zhida Precision's application for listing on the Beijing Stock Exchange (BSE) significantly delays its progress towards going public, amidst a surge of nearly a hundred companies submitting applications to the BSE in June 2025 [2][11]. Group 1: Company Overview - Zhida Precision specializes in the research, production, and sales of small-diameter precision welded pipes, primarily used in the automotive manufacturing sector, as well as in home office, fitness equipment, and medical device manufacturing [5][6]. - The company has achieved over 1 billion in revenue in 2024, with a net profit of 76.29 million, maintaining a weighted average return on equity above 15% [6][7]. Group 2: Listing Application Process - Zhida Precision submitted its application to the BSE on June 25, 2025, after completing its listing guidance, but has not been accepted for review despite the BSE receiving 66 applications since that date [4][5]. - The company is the second to withdraw its application in the recent wave of listings, following Guangdong Tianbo Information Technology Co., Ltd. [4][5]. Group 3: Financial Performance and Challenges - In 2024, Zhida Precision's revenue grew by 10.93% to over 1 billion, but its net profit decreased by nearly 16% to 76.29 million due to rising operating costs [25][26]. - The company experienced a significant increase in total employees from 720 to 889 in 2024, while the number of R&D personnel decreased from 55 to 37, raising concerns about its innovation capacity [27][28]. Group 4: Future Prospects - Despite the withdrawal, Zhida Precision still has the opportunity to reapply for listing within the validity period of its guidance completion letter, which lasts until June 24, 2026 [10][11]. - The company is expected to strategize for a future listing attempt, as indicated by intermediaries familiar with its situation [10].

Group 1 - Jiangsu Jingchuang Electric Co., Ltd. is set to hold its IPO meeting on August 29 at the Beijing Stock Exchange [1] - The company specializes in the research, production, and sales of cold chain equipment intelligent controllers, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [1][2] - The IPO was accepted on June 24, 2024, and entered the inquiry stage on July 22, 2024 [1] Group 2 - In the latest disclosure, Jingchuang Electric adjusted its fundraising projects and amounts for the IPO [1] - Initially, the company planned to raise 250 million yuan, with investments allocated to core production line upgrades, intelligent instrument R&D center, and marketing network construction [1] - The revised fundraising amount is now set at 175 million yuan, with adjusted investment amounts of 110 million yuan and 65 million yuan for the core production line upgrade and intelligent instrument R&D center, respectively [1]

Core Viewpoint - Longcheng Fire Protection has terminated its listing guidance agreement with Nanjing Securities due to adjustments in its listing plans, as confirmed by the Shandong Securities Regulatory Bureau [1][3]. Company Overview - Longcheng Fire Protection was established in December 1989 as a fire equipment factory and transformed into a limited company in August 2012, with a registered capital of 42.5671 million yuan [3]. - The company is primarily engaged in the research, production, and sales of fire protection products, including fire extinguishers, fire hoses, and dry powder extinguishing agents, covering both traditional fire equipment and smart fire systems [3]. Shareholding Structure - The actual controllers of the company are Cui Qinghai and Liu Shuxia, a married couple holding a combined 65.97% stake. Cui Qinghai directly holds 62.53%, while the second-largest shareholder, Cui Qingzhong, holds 7.16% [3]. Financial Performance - Longcheng Fire Protection's revenue for the years 2022 to 2024 was 317 million yuan, 391 million yuan, and 394 million yuan, respectively. The net profit attributable to shareholders was 15.8812 million yuan, 21.2805 million yuan, and 8.4549 million yuan for the same years [4]. - The company experienced a significant decline in net profit for 2024, decreasing by 60.57% compared to the previous year, primarily due to losses from subsidiaries in Xinjiang and Gansu totaling 5.5051 million yuan, increased employee compensation in management expenses, and higher interest expenses from increased loans [4]. Management Changes - Longcheng Fire Protection has changed its financial director twice since last year. In April 2024, the original financial advisor, Xue Yunhua, was appointed as the new financial director, while the previous financial director, Liu Junjiao, became the financial supervisor. In February of the same year, Xue Yunhua resigned for personal reasons, and a new financial director, Liu Rui, was appointed [4].

Core Viewpoint - The company, Kunshan Changying Hard Material Technology Co., Ltd., is attempting to list on the Beijing Stock Exchange after previously failing to list on the Shanghai Stock Exchange due to new regulatory requirements and declining net profits despite revenue growth [1][2]. Financial Performance - Revenue for the reporting period (2022-2024) was 822 million, 881 million, and 972 million yuan, respectively, while net profit declined from 84.09 million to 63.49 million yuan [2]. - The gross profit margin for the main business decreased from 22.78% in 2022 to 19.38% in 2024, a drop of 3.4 percentage points [2]. Raw Material Costs - The price of tungsten carbide powder, a key raw material, increased by 2.49% and 7.65% in 2023 and 2024, respectively, due to rising tungsten ore mining costs and supply chain pressures [2][3]. - The company reported that the prices of major tungsten products rose by 40% cumulatively by 2025 [1][3]. Supplier Concentration - The top five suppliers accounted for 70% of the company's procurement, with the first two suppliers, Xiamen Tungsten and Zhangyuan Tungsten, representing 43.3% of the procurement amount in 2024 [3][4]. - The company does not rely on any single supplier for more than 50% of its procurement, but many suppliers are also competitors [4]. Accounts Receivable Issues - The overdue accounts receivable rate surged to 39.72% by the end of 2024, an increase of 11.7 percentage points year-on-year [1][7]. - The balance of accounts receivable at the end of each reporting period was 173 million, 231 million, and 286 million yuan, representing 21.04%, 26.26%, and 29.38% of revenue, respectively [6][7]. Market Conditions - The company faces a challenging market environment with weak downstream demand and increased competition, making it difficult to pass on rising raw material costs to customers [6]. - The overall revenue and profit margins in the cutting tool industry are declining, with a reported industry revenue of 107.7 billion yuan in 2024, down 1.8% year-on-year [5].

Core Viewpoint - The company Hanlin Aerospace is facing significant challenges in its application for listing on the Beijing Stock Exchange, highlighted by the recent decision of its major state-owned shareholder to divest its entire stake [2][11]. Group 1: Listing Application Challenges - Hanlin Aerospace submitted its listing application to the Beijing Stock Exchange on June 30, 2025, but has not yet been accepted, despite a surge in applications from other companies during the same period [3][8]. - The company has a history of failed IPO attempts, including a withdrawal of its application for the ChiNext in 2017 due to regulatory scrutiny and allegations of financial misconduct [4][5][16]. - Frequent corrections to financial disclosures prior to the listing application may have raised concerns about the company's accounting practices and internal controls, contributing to the delay in acceptance [9][10]. Group 2: Financial Performance - In the first quarter of 2025, Hanlin Aerospace reported revenues of approximately 79.19 million, with a net loss of about 1.15 million, although this represented an improvement compared to a loss of nearly 2 million in the same period of 2024 [10]. - The company’s revenue for 2024 was reported at 419 million, with a net profit of 32.98 million, indicating growth compared to previous years [21]. Group 3: Shareholder Dynamics - The state-owned shareholder, Guotou Asset Management, which previously held an 18.96% stake, opted to divest its shares in late 2023, indicating a lack of confidence in the company's future prospects [11][22][27]. - The divestment was executed through a public transfer of shares, resulting in Hanlin Aerospace's controlling shareholder increasing its stake to 86.49% post-transaction [28].

Group 1: Core Insights - The Beijing Stock Exchange (BSE) has accelerated its new stock review process, changing from "1 review per week" to "2 reviews for 3 companies per week" since last week [1][3] - The BSE is expected to further increase its review speed after the annual report disclosures, entering a phase of expansion and efficiency improvement [1][3] - As of March 27, over 1,000 companies meet the financial criteria for listing on the BSE, with 330 companies having submitted counseling materials for listing [2][8] Group 2: Listing and Review Status - Currently, there are 3 companies in the "accepted" status, 30 in "inquiry," and 3 that have been "approved" for listing [2] - The BSE has held 5 meetings in March, reviewing 7 companies, with a total of 16 companies approved since its establishment [3] - The first company to receive a "deferred review" status is Sanwei Co., which must provide further documentation regarding its financial reporting and internal controls [5][6] Group 3: New Third Board Developments - The upcoming first tier adjustment of the New Third Board is set to begin on March 31, with many basic tier companies preparing for "upgrading" while also seeking to list on the BSE [1][7] - In the past week, 7 companies have updated their listing counseling progress, indicating a strong interest in BSE listings [7] - The revised tier management rules allow for more flexible timing for tier adjustments, enabling companies to better prepare for annual report disclosures and financing [7][8]