Core Viewpoint - Tongling Tianhai Fluid Control Co., Ltd. has completed its IPO guidance filing with the Anhui Securities Regulatory Bureau and plans to list on the Beijing Stock Exchange, with Shenwan Hongyuan Securities as the advisory institution [1] Company Overview - Established in 2012, the company has a registered capital of 91.26 million yuan and specializes in the research, production, and sales of water system equipment such as valves, pumps, and fittings, as well as testing and services for fluid control equipment [1][5] - The actual controller of the company is Zhao Min, who controls 67.21% of the shares through Tongling Zhengda Investment Management Co., Ltd. and serves as the chairman [1][5] Historical Context - The company previously submitted an IPO application to the Beijing Stock Exchange in December 2023, which was not accepted due to unclear handling opinions on shareholding matters at the time of application [4][5] - In April 2024, the National Equities Exchange and Quotations issued a disciplinary decision against the company and its related parties, including Zhao Min, for public reprimand due to issues related to shareholding representation [5][6] Financial Performance - In 2024, the company achieved an operating income of 287 million yuan, representing a year-on-year growth of 13.32% - The net profit attributable to the parent company was 46.97 million yuan, reflecting a year-on-year increase of 2.42% - The net cash flow from operating activities increased by 283.60% compared to the previous year [6]

Company Overview - Shandong Yuelong Rubber and Plastic Technology Co., Ltd. (Yuelong Technology) has been accepted for IPO on the Beijing Stock Exchange, with a proposed fundraising of 289 million yuan for new projects [3] - The company was established in 1989 and has a registered capital of 61 million yuan, focusing on the research, production, and sales of flexible pipelines and hose assemblies for fluid transportation [3][5] Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 189 million yuan, 219 million yuan, and 262 million yuan, respectively [6] - Net profits for the same years are expected to be 47.92 million yuan, 60.78 million yuan, and 84.14 million yuan, showing a consistent growth trend [6] - The gross profit margins are forecasted to increase from 51.97% in 2022 to 59.95% in 2024, indicating improved operational efficiency [6] Shareholding Structure - The chairman and general manager, Xu Jincheng, controls 73.79% of the company's shares, making him the controlling shareholder and actual controller [5] Employee Demographics - As of December 31, 2024, the company has 367 employees, with 93.46% being over 40 years old, indicating an experienced workforce [8]

Group 1 - The company Sichuan Southwest Jiaotong University Railway Development Co., Ltd. (referred to as "Jiaoda Tifa") is set to launch a new stock subscription on May 27, with an issue price of 8.81 yuan per share and a price-to-earnings ratio of 12.6 times [1] - The total number of shares to be issued is 19.09 million, with a potential increase to 21.95 million if the overallotment option is fully exercised [1] - Strategic investors include major entities such as Guotou Securities and Shanghai Electric Power Equity Investment Fund Management Co., Ltd. [1] Group 2 - Jiaoda Tifa is recognized as a national "little giant" in the field of rail transit infrastructure safety intelligent products and equipment, with a strong market share in its core products [2] - The company’s projected revenues for 2022 to 2024 are 235 million yuan, 273 million yuan, and 335 million yuan, respectively, with net profits of 34 million yuan, 48 million yuan, and 53 million yuan [2] - The company has a high customer concentration, with major clients including China National Railway Group and China Railway Construction Corporation, accounting for over 87% of revenue from the top five clients [2] Group 3 - The funds raised from the public offering will be allocated to new projects for rail transit intelligent products and equipment production, a research and development center, and marketing and after-sales service network construction [3] - The new production project is expected to generate an additional annual revenue of 247 million yuan and a net profit of approximately 30 million yuan once operational [3] - Analysts highlight Jiaoda Tifa's strong R&D capabilities and its consistent revenue growth, suggesting a positive outlook for the company in the rail transit equipment sector [3] Group 4 - The IPO review process at the Beijing Stock Exchange has accelerated, with an increase in the quality of companies in the pipeline [4] - As of May 23, 2024, the average net profit of 94 companies in the queue is 89.67 million yuan, significantly higher than the average of 42.11 million yuan for 266 companies already listed [5] - The number of companies with net profits exceeding 50 million yuan has reached 80, representing 85.11% of the total [5]

瑞财经 刘治颖 近日，江苏凯达重工股份有限公司（以下简称：凯达重工）披露北交所IPO辅导工作完 成报告，辅导机构民生证券。 股权方面，凯达重工由江苏国冶控股有限公司（以下简称：国冶控股）、常州嘉融创业投资合伙企业 （有限合伙）（以下简称：嘉融创投）、常州嘉德创业投资合伙企业（有限合伙）（以下简称：嘉德创 投）分别持股70.91%、14.55%、14.55%。 凯达重工的董事长兼总经理许亚南与万亚英为夫妻关系，系公司的实际控制人，分别持有控股股东国冶 控股60%和40%的股权。此外，公司的副总经理万伟华为许亚南的妹夫，董事、副总经理兼董事会秘书 蒋薇为万亚英的外甥女。 除3名独立董事外，凯达重工董事、监事、高级管理人员均为公司股东嘉融创投、嘉德创投的有限合伙 人，并持有嘉融创投、嘉德创投的出资份额。其中，许亚南持有嘉融创投和嘉德创投分别78.54%和 68.96%的出资份额，唐留平、钱百能、蒋薇各持有嘉融创投1.67%的出资份额，周国祥、万伟华各持有 嘉融创投1.46%的出资份额，蒋国耀、张伟国各持有嘉融创投1.25%的出资份额，季留平持有嘉融创投 1.04%的出资份额。 2023年10月16日，民生证券与辅导 ...

瑞财经 刘治颖 近日，四川美康医药软件研究开发股份有限公司（以下简称：美康股份）披露北交所IPO辅导工作完成报告，辅导机构东兴证券。 2024年12月26日，东兴证券与美康股份签署了《辅导协议》，美康股份于2024年12月31日正式进入辅导期。截至本报告签署日，东兴证券共开展了一期辅导 工作。 股权方面，赖琪直接持有公司1.02%的股权，通过新鑫美康间接控制公司48.84%的股份，合计控制公司49.86%的股份，并担任公司董事长、总经理，其控制 的股份足以对公司股东大会的决议产生重大影响，为公司的实际控制人。 瑞财社注意到，美康股份80后女高管张芷菱身兼三职，既是财务总监、董事会秘书，又是副总经理。 公开资料显示，张芷菱，1980年10月出生，中国国籍，无境外居留权，毕业于东北财经大学，ACCA。2007年1月至2008年10月，任Harrods Ltd.财务部财务 助理；2008年10月至2011年12月，历任LCCO&CO注册会计师事务所会计、审计经理；2012年3月至2012年12月，任四川省文君酒经营有限责任公司财务部 财务内控主任；2013年1月至2014年11月，任北京威科亚太信息技术有限公司财务 ...

Group 1 - The core viewpoint is that Jusen Precision has recently gone public on the New Third Board and is in the process of applying for listing on the Beijing Stock Exchange [3][4] - In 2024, Jusen Precision reported a revenue of 778 million yuan, a decrease of 3.36% year-on-year, while the net profit attributable to shareholders increased by 48.25% to 62.08 million yuan [4][5] - The company's gross profit margin improved to 25.93% from 22.95% in the previous year [5] Group 2 - The actual controller of the company is Qi Zhi, who directly holds 55.77% of the shares and indirectly controls an additional 6.23%, totaling 62.00% [5][6] - Qi Zhi and family members, along with other partners, have signed a concerted action agreement, collectively holding 89.77% of the company's shares [6][7] - Qi Zhi has a diverse background in the hardware industry, having held various positions since 1997, including serving as the executive director and general manager of Jusen Precision since 2006 [8]

瑞财经 严明会近日，大连美德乐工业自动化股份有限公司(以下简称：美德乐）披露北交所IPO辅导工 作完成报告，辅导机构国泰君安。 美德乐成立于2009年，注册资本5612.3万元，主要从事智能制造装备的研发、设计、制造和销售，2023 年6月签署辅导协议。 董事长、总经理张永新直接持有并控制美德乐46.15%股份，为公司实际控制人。 张永新，1970年出生，本科学历，早年就职于大连港大窑湾港务公司任工程师；1994年8月，就职于朝 阳(大连) 综合物流有限公司，任业务员;1997年7月，就职于卡尔玛太平洋有限公司大连办事处，任销售 经理；1999年6月，就职于大连国腾机械有限公司，历任销售经理、总经理；2002年7月至今，就职于大 连伊通，任总经理，2003年4月至今兼任执行董事；2009年7月至2022年11月，就职于美德乐有限，任总 经理、董事长；2022年12月至今，就职于美德乐，任总经理、董事长。 公司董事陈立波持股23%，为美德乐第二大股东。 据查，董事、副总经理林家忠为初中学历，此外，"80后"公司监事高学志也是初中学历。 | 序号 | 姓名 | 职务 | 任期开始 时间 | 任期结束 时间 | 国 ...

Core Viewpoint - Zuxing New Materials Co., Ltd. has had its IPO application accepted by the Beijing Stock Exchange, with West Securities as the sponsor [3] Company Overview - Established in 2007, Zuxing New Materials focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are part of the non-ferrous metal functional powder materials in the new materials industry [3] - Major clients include multinational paint giants such as AkzoNobel, PPG, Nippon Paint, and BASF, as well as notable domestic companies [3] Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be CNY 629.41 million, CNY 689.65 million, and CNY 707.09 million respectively [4] - Net profit attributable to the parent company for the same years is expected to be CNY 51.78 million, CNY 86.74 million, and CNY 58.72 million respectively [4] Financial Metrics - Total assets as of December 31 for 2022, 2023, and 2024 are CNY 873.06 million, CNY 939.95 million, and CNY 954.65 million respectively [5] - Shareholder equity has increased from CNY 635.60 million in 2022 to CNY 773.86 million in 2024 [5] - The company's debt-to-asset ratio has improved from 22.01% in 2022 to 9.91% in 2024 [5] - Gross profit margin is projected to be 21.27% in 2024, slightly down from 21.65% in 2023 [5] IPO Fundraising - The IPO aims to raise CNY 258 million for projects including the construction of a 5,000-ton high-purity fine spherical aluminum powder production facility and a 1,000-ton high-performance aluminum pigment project [6] Shareholder Information - The controlling shareholder and actual controller is Liang Xiaobin, who holds 52.14% of the company's shares [6]

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Co.) has received approval for its IPO on the Beijing Stock Exchange, with Guotai Junan Securities as the sponsor. The company specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields including basic chemicals, coal chemicals, refining, petrochemicals, photovoltaics, and pharmaceuticals [2]. Financial Performance - Yongda Co. is projected to achieve revenues of 696 million yuan, 712 million yuan, and 819 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 112 million yuan, 131 million yuan, and 107 million yuan during the same period [2]. - As of December 31, 2024, total assets are expected to be approximately 1.3 billion yuan, with total equity of about 665 million yuan. The asset-liability ratio is projected to decrease from 64.03% in 2022 to 47.19% in 2024 [3]. - The company’s gross profit margin is expected to improve from 27.91% in 2022 to 28.73% in 2024, while the net profit margin is projected to decline slightly [3]. IPO Details - Yongda Co. aims to raise 608 million yuan through the IPO, which will be allocated to the construction of a heavy chemical equipment production base and to supplement working capital [4][5]. - The total investment for the first phase of the heavy chemical equipment production base is estimated at 591 million yuan, with 557 million yuan planned to be funded through the IPO proceeds [5]. Shareholding Structure - Li Changzhe holds 61.62% of the company’s shares, making him the controlling shareholder. His family members, including his son Li Jin and daughter-in-law Gu Xuhong, collectively hold 86.56% of the shares [6][7]. - Li Jin serves as the chairman and general manager, while Li Changzhe and Gu Xuhong hold other significant positions within the company [7].

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, aiming to raise 608 million yuan for projects including the construction of a heavy chemical equipment production base and working capital supplementation [1][2]. Fundraising Purpose - The company plans to allocate the raised funds as follows: - Construction of the first phase of the heavy chemical equipment production base: 55,779.40 million yuan - Supplementing working capital: 5,000.00 million yuan - Total: 60,779.40 million yuan [2]. Financial Performance - The company's projected financial performance from 2022 to 2024 is as follows: - Revenue: 696 million yuan (2022), 712 million yuan (2023), 819 million yuan (2024) - Net profit: 112 million yuan (2022), 131 million yuan (2023), 107 million yuan (2024) [2]. Key Financial Indicators - Key financial indicators for the years 2022 to 2024 are: - Revenue (2024): 819.33 million yuan, (2023): 712.24 million yuan, (2022): 695.59 million yuan - Net profit attributable to shareholders (2024): 106.72 million yuan, (2023): 130.70 million yuan, (2022): 112.40 million yuan - Basic earnings per share (2024): 0.76 yuan, (2023): 0.94 yuan, (2022): 0.82 yuan - Weighted average return on equity (2024): 16.85%, (2023): 25.23%, (2022): 28.61% - Net cash flow from operating activities (2024): 36.49 million yuan, (2023): 154.13 million yuan, (2022): 53.66 million yuan [2].