Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. has passed the IPO review by the Shenzhen Stock Exchange, marking it as the 14th company to receive approval this year [1][2]. Company Overview - Ruili Kemi specializes in the research, production, and sales of core components related to active safety systems for motor vehicles and aluminum alloy precision die-casting [1]. - The company is a national high-tech enterprise, with its controlling shareholder being Ruili Group, which holds 64.1613% of the company's total shares as of the signing date of the prospectus [1][2]. IPO Details - The company plans to publicly issue no more than 45,044,546 shares, which will account for at least 25% of the total share capital post-issuance [2]. - The intended fundraising amount is approximately 152.16 million RMB, aimed at establishing a smart electric control system R&D headquarters in the Greater Bay Area, a research center, and for working capital [2]. Financial Performance - Ruili Kemi reported main business revenues of 1.298 billion RMB, 1.727 billion RMB, and 1.940 billion RMB over the reporting period, with revenues from the new energy vehicle sector being 192.57 million RMB, 249.94 million RMB, and 317.86 million RMB respectively [3]. - The market share for new energy vehicle revenues was 3.16%, 2.56%, and 2.06% during the same periods, while overseas sales revenues were 65.74 million RMB, 201.62 million RMB, and 311.73 million RMB, representing 5.06%, 11.68%, and 16.07% of main business revenues [3]. Related Party Transactions - The company has engaged in related party transactions with Xinruili, with sales amounts of 272.11 million RMB, 76.47 million RMB, and 34.88 million RMB over the reporting period, constituting 20.53%, 4.34%, and 1.76% of total revenue respectively [4]. - Efforts have been made to reduce related party transactions by switching suppliers for active safety system business with vehicle manufacturers [4].

文/梧桐兄弟 近期，岷山环能高科股份公司（"岷山环能"）北交所IPO过会。岷山环能IPO申报于2023年12月获得北交所受理，2024年1月收到首轮问询，在会期间完成两轮问询 回复，并于2025年4月11日过会。 据披露，2014-2017年期间， 岷山环能承担约1.5亿元左右的担保代偿资金损失 ，一度被抽贷；后续与海航供应链合作 "没有真实背景"票据融资 ，又发生近4000万 元坏账损失。 此外，公司实际控制人曾面临总计 2,285.50万元的担保本金及对应利息的担保代偿风险 ，后续通过借款方式予以"代偿"。 10年左右期间，公司在融资事项承担约1.9亿元损失（相当于近3年净利润），公司"内控"一言难尽。实控人又承担逾2700万元代偿损失，实控人风险意识很难评 价，且以借款方式筹集资金代偿，部分借款年利率10%，个人财务状况也难算宽裕。 公司是一家集原生资源清洁生产、再生资源回收利用、高新材料制造为一体的资源生产和资源综合利用企业。报告期内主要财务数据如下： | 项目 | 2024年12月31日 | 2023年12月31日 | 2022年12月31日 | | --- | --- | --- | --- | ...

Core Viewpoint - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) of Jiyuan Group Co., Ltd., marking it as the ninth company to pass the review this year [1] Company Overview - Jiyuan Group is an international enterprise group specializing in the research, innovation, and industrialization of dietary nutritional supplements [1] - As of the signing date of the prospectus, Jiyuan (Hong Kong) Limited holds 27,567.38 million shares, accounting for 78.76% of Jiyuan Group's total share capital, making it the controlling shareholder [1] Shareholding Structure - Zhou Jingshi and Long Ling hold 58.91% and 62.82% of TSI Group Limited and TSI Holdings International Inc., respectively, which in turn hold 90.91% and 9.09% of Jiyuan Hong Kong [2] - The couple controls 84.47% of the voting rights of Jiyuan Group through Jiyuan Hong Kong and Jiyuan Consulting [2] IPO Details - Jiyuan Group plans to publicly issue no less than 50.01 million shares, representing at least 10% of the total share capital post-issuance [3] - The company aims to raise 602.73 million yuan for projects including the construction of a nutritional health raw material production base and the expansion of a nutritional health food production line [3] Key Questions from Listing Committee - The committee inquired about the company's operational environment, potential significant changes, and risks of substantial performance decline [4] - Questions were raised regarding the company's reliance on Abbott Group, including the history of cooperation, contract terms, and pricing stability [4]