今年 IPO 通道开始放宽，多家有实力的企业重新开启上市之路。 起点锂电获悉， 宁德时代供应商纳百川宣布今日在深交所创业板上市，公开发行 2791.74 万股，发行价格 22.63 元 ，上市首日开盘价 60 元。 纳百川自成立以来 一直深耕 热管理技术 2011 年 切入 动力电池热管理产品研发，逐步成长 为该赛道 TOP 级别企业， 核心产品电池液冷 板收入占比 约八成 ， 随着锂电池行业的爆发， 公司 也依靠锂电池行业实现 年复合增长率 18.17% ，相关的 研发费用 也逐渐提升。 纳百川是今年继宏工科技后第二家上市的宁德时代供应商， 起点锂电经过不完全统计，有以下宁德时代供应商在今年寻求资本协助。 宏工科技 面对如今火爆的储能行业， 公司 也 精准切入储能热管理 赛道，其 液冷方案成功进入宁德时代、阳光电源等企业供应链。 01 今年宁德时代多家供应商 IPO 更新 今年 4 月 17 日宏工科技登陆创业板，发行价 26.6 元 / 股，股份数量为 2000 万股，上市首日 以 72.20 元 / 股高开，涨幅 171.43% ， 公司 于 2022 年 6 月获受理， 2023 年 5 月 12 日 ...

Core Viewpoint - The article discusses the upcoming IPO of the Chinese distributors of MammyCare and Yitanjing, highlighting their significant revenue and profitability metrics, including a gross margin of approximately 50% and annual revenue nearing 2 billion yuan [1]. Group 1 - The companies are based in Hong Kong and are preparing to launch their IPO, indicating a strategic move to raise capital for further growth [1]. - The annual revenue of nearly 2 billion yuan reflects strong market demand and effective distribution strategies within the Chinese healthcare sector [1]. - The gross margin of around 50% suggests a healthy profitability level, which is attractive for potential investors [1].

Core Viewpoint - Changchun Changguang Chuangxin Microelectronics Co., Ltd. (referred to as "Changguang Chuangxin") submitted its prospectus to the Hong Kong Stock Exchange on December 19 [2] Group 1: Company Background - The company initially submitted its listing application in June 2025 but had to resubmit due to the expiration of the prospectus after six months [3] - Changguang Chuangxin attempted to list on the A-share market two years ago and submitted an application to the Shanghai Stock Exchange's Sci-Tech Innovation Board in June 2023, which was later withdrawn in January 2025 due to long review processes and market sentiment [3] - Established in September 2012, the company became a joint-stock company in December 2022 and is headquartered in Changchun, Jilin Province [3] Group 2: Shareholding Structure - At its inception, the company was owned by Aopu Optoelectronics (50%), Dr. Wang Xinyang (30%), and Lingyun Optoelectronics (20%) [4] - Aopu Optoelectronics remains the largest external shareholder with a 25.56% stake and has no intention of gaining control or participating in daily operations [4] - As of December 11, 2025, Dr. Wang Xinyang and his associates collectively hold 49.53% of the voting rights [4] Group 3: Key Personnel - Dr. Wang Xinyang, the founder, CEO, and general manager, has a background in CMOS image sensor research and holds degrees from Zhejiang University, the University of Southampton, and Delft University of Technology [4][5] - Dr. Zhang Yanzha, the vice general manager and board secretary, has a similar academic background and joined the company in February 2013 after working at Philips Electronics and Mapper Lithography [5] Group 4: Product Offering - Changguang Chuangxin operates as a fabless provider of CMOS image sensors (CIS) and offers nine product series with over 50 standard products [6] - The company's products significantly enhance the performance and imaging quality of industrial cameras, scientific cameras, and professional film cameras [6]

Core Viewpoint - Longyuan Co., Ltd. is set to undergo a review by the Beijing Stock Exchange for its IPO application, with a revised fundraising target of 560 million yuan, down from the initial 610 million yuan, primarily for projects related to new energy systems and lightweight automotive components [1][4]. Company Overview - Longyuan Co., Ltd. specializes in the research, production, and sales of aluminum alloy precision die-casting parts, focusing on automotive applications such as engine systems and new energy vehicle components [4]. - The company is controlled by Lin Guodong and Tang Meiyun, who together hold approximately 98.53% of the shares, indicating a highly concentrated ownership structure [4]. Client Base - Longyuan has established a strong client base, including major companies like BorgWarner, Delta, and Nidec, with products used by renowned automotive brands such as Ford, Tesla, and BMW [5]. - The revenue contribution from BorgWarner has consistently exceeded 30%, while the second-largest client, Taigene, saw its revenue contribution fluctuate from 35.38% in 2022 to 15.82% in the first half of 2025 [5]. Financial Performance - The company reported revenues of 519 million yuan, 699 million yuan, 869 million yuan, and 475 million yuan for the years 2022 to 2025 (first half) respectively, with net profits of 101 million yuan, 126 million yuan, 129 million yuan, and 65 million yuan during the same periods [7]. - For 2025, projected revenues are estimated to be between 980 million yuan and 1.033 billion yuan, reflecting a year-on-year growth of approximately 12.79% to 18.89% [7]. Profitability Trends - The gross profit margins for the company have shown a declining trend, with figures of 30.57%, 29.18%, 24.17%, and 24.56% over the reporting periods, attributed to changes in product structure and increased market competition [9]. - The concentration of revenue from the top five clients remains high, accounting for 84.33% to 77.43% during the reporting period, indicating potential risks associated with client dependency [8].

Group 1 - The global mergers and acquisitions (M&A) market reached $4.8 trillion in 2025, marking the second-highest total on record, driven primarily by North America with $2.6 trillion in deal volume, a 52% increase from 2024 [2] - Megadeals, defined as transactions over $5 billion, dominated the M&A landscape with a record 70 such deals, including Union Pacific's $88 billion acquisition of Norfolk Southern and a consortium led by the Saudi Public Investment Fund taking Electronic Arts private for $56.6 billion [2] - Despite the strong M&A figures, political volatility and regulatory challenges, such as the US government shutdown, created obstacles that affected market activity, particularly in the mid-market segment [3] Group 2 - The IPO market in 2025 raised $170.6 billion from over 1,300 IPOs, the best performance since 2022, with the Americas seeing listing volumes nearly double from $42.4 billion in 2024 to $77.9 billion [3] - However, the last quarter of 2025 experienced a decline in global equity capital market deal volumes due to the US government shutdown, which significantly impacted transaction activity in the Americas [3] - Analysts noted that the momentum built in the US IPO market through September was interrupted by the shutdown, turning what could have been a spectacular quarter into a merely good one [3]

Core Viewpoint - Huike Co., Ltd. is undergoing its IPO process, with a focus on increasing revenue through major clients and new investment projects aimed at enhancing production capacity and technology [1][5]. Revenue and Clients - Huike's revenue is projected to grow from 26.965 billion yuan in 2022 to 40.282 billion yuan in 2025, indicating a continuous upward trend [3]. - Major clients include TCL Group, Hisense Group, and Xiaomi Group, with sales to these clients showing consistent growth over the years [3][4]. - Sales revenue from the top five clients accounted for approximately 38.37% to 42.86% of total revenue during the reporting period [4]. Investment Projects - The company plans to raise 8.5 billion yuan through its IPO to fund three key projects: - "Changsha New OLED R&D Upgrade Project" (total investment of 3 billion yuan) - "Changsha Oxide R&D and Industrialization Project" (total investment of 3 billion yuan) - "Mianyang Mini-LED Intelligent Manufacturing Project" (total investment of 2.5 billion yuan) [5]. - The Changsha Oxide project is expected to add a monthly capacity of 15,000 large panels, generating an estimated annual revenue of approximately 3.495 billion yuan upon full production [5]. Operating Costs and Suppliers - Direct materials accounted for 70.36% to 64.00% of Huike's main business costs over the reporting period, while manufacturing expenses showed a slight increase [6][8]. - The procurement prices for key raw materials such as polarizers and chips have generally decreased, contributing to a slight decline in the proportion of direct materials in total costs [7]. - The company’s top five suppliers accounted for approximately 27.34% to 28.87% of total raw material procurement costs during the reporting period [9][10].

Group 1 - The company focuses on passive optical devices in the optical communication field, with a total market value of 1.827 billion yuan and an issuance price of 31.59 yuan per share [2][3] - The company has achieved significant revenue growth, with projected net profit of 1.315 billion yuan in 2024, representing a 114.51% increase, and revenue of 613 million yuan in 2023, up 29.05% [3] - The company plans to use the raised funds for the expansion of its manufacturing base in Guilin, expansion of its production base in Vietnam, and to supplement working capital [3] Group 2 - The company is one of the top three leaders in the domestic polyvinyl alcohol industry, with a focus on high-value-added products and strategic partnerships with international firms [7] - The company has a rich customer base, exporting products to over 40 countries, and is actively developing DMC industrialization projects for lithium battery applications [7] Group 3 - The company specializes in wind turbine gearboxes and injection molding machines, providing comprehensive services and has established deep ties with major clients [9] - The company is positioned as a national independent calibration service provider with strong advantages in the new energy battery testing sector, aiming for significant growth by 2024 [10]

Group 1 - The core point of the article is that Jiangsu Xihua New Energy Technology Co., Ltd. plans to go public on the Shanghai Stock Exchange, aiming to raise 1.498 billion yuan through the issuance of up to 120 million shares [1] - The funds raised will be allocated to two main projects: 494.376 million yuan for the construction of a research and development center and 1.448405 billion yuan for the industrialization of wind power core equipment (Phase I) [1] - The company is led by Chairman Wang Rongzheng, who has a background in welding technology and political economics, and has held various positions in the industry since 1985 [1] Group 2 - As of 2025, the company employs 1,772 people, with 16 sales personnel (0.90%), 1,526 production personnel (86.12%), and 122 research and development personnel (6.88%) [2] - In 2024, the company achieved an average revenue per employee of 660,300 yuan and an average profit per employee of 98,200 yuan [2] - The main business of Xihua Technology involves the research, development, manufacturing, and sales of specialized components for large high-end equipment [2]

Core Insights - The article highlights the expertise of Donovan Jones, an IPO research specialist with 15 years of experience in identifying high-quality IPO opportunities [1] - Jones leads the investing group IPO Edge, which provides actionable information on growth stocks, including first-look IPO filings and an IPO calendar [1] Group 1 - IPO Edge offers a comprehensive database of U.S. IPOs and a guide to IPO investing, covering the entire IPO lifecycle from filing to listing [1] - The platform aims to assist investors in tracking upcoming IPOs and understanding key dates such as quiet period and lockup expiration [1]

Let's bring in Lar Larer Hippo partner Eric Hippo to discuss what he expects for the year ahead. Eric, um clearly there's plenty of companies ready, but do you really believe this is going to be a year of unlock in the public markets given how easy it's been for these companies to raise capital privately and put their own values on things. >> Well, we we uh good morning.Uh we we always hope that it's going to be the next year, but this year there are some really good signs. The IPO market as you mentioned u ...