北京商报讯（记者 马换换 王蔓蕾）两度创业板IPO均以失败告终，格林生物科技股份有限公司（以下 简称"格林生物"）再度向创业板发起了冲击。11月21日晚间，深交所官网显示，公司创业板IPO获得受 理。 值得一提的是，此次已是格林生物第三次向创业板发起冲击。从前两次冲A历程来看，深交所官网显 示，早在2020年12月，公司创业板IPO就曾获得深交所受理，不过，公司于2021年2月撤回了当次IPO申 请。前次创业板IPO撤单逾两年后，2023年6月，公司二度闯关申请再度获得受理。不过当次创业板IPO 进程持续逾一年时间后，2024年9月，公司再度撤单。 招股书显示，格林生物自设立以来一直专注于香料产品的研发、生产与销售业务。本次冲击上市，公司 拟募集资金约6.9亿元，扣除发行费用后，将按照轻重缓急顺序投资年产6300吨高级香料生产项目、工 厂设施智能化改造项目、研发创新改造升级项目、补充流动资金项目。 ...

Fundraising Adjustment Overview - A total of 33 companies have undergone fundraising adjustments during their IPO processes since 2025, with 5 companies reducing their fundraising amounts [1][29] Company-Specific Adjustments 1. Suzhou New Guangyi Electronics Co., Ltd. - The total fundraising amount was reduced from 800 million to 638 million, a decrease of 162 million, and the number of projects was cut from 2 to 1, focusing on functional materials [3][4] - The adjustment aims to strengthen core business and mitigate competition risks by concentrating resources on traditional advantages in functional materials [4] 2. Nabichuan New Energy Co., Ltd. - The total fundraising amount decreased from 829 million to 729 million, a reduction of 100 million, with the number of projects reduced from 3 to 2 [8][9] - The adjustment reflects a response to regulatory concerns regarding production capacity and aims to focus on core strategic projects while addressing liquidity pressures [9] 3. Yunhan Xincheng (Shanghai) Internet Technology Co., Ltd. - The total fundraising amount was significantly reduced from 942 million to 522 million, a decrease of 420 million, and the number of projects was cut from 4 to 3 [13][14] - The adjustment was made to enhance the rationality of the IPO plan and respond to market skepticism regarding the necessity of the original fundraising for liquidity [14][15] 4. Nantong Taihe Chemical Co., Ltd. - The total fundraising amount was reduced from 1.754 billion to 1.045 billion, a decrease of 709 million, and the number of projects was cut from 5 to 2 [18][19] - The adjustment was driven by regulatory inquiries and the need to improve the rationality of fundraising projects, particularly in light of fluctuating performance [19] 5. Shenzhen Shihang New Energy Co., Ltd. - The first adjustment increased the total fundraising from 1.511 billion to 3.512 billion, a rise of 2.001 billion, while the second adjustment reduced it from 3.512 billion to 1.211 billion, a decrease of 2.301 billion [23][26] - The adjustments reflect strategic expansion needs and responses to regulatory inquiries regarding production capacity and market conditions [24][27] Summary of Trends - Companies are increasingly focusing on core business areas and reducing fundraising amounts in response to regulatory inquiries and market conditions [29][30] - The adjustments indicate a shift towards more prudent financial planning and a strategic focus on competitive advantages in their respective industries [30]

Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. is pursuing an IPO on the ChiNext board, showing increasing revenue but decreasing sales concentration among its top five customers, alongside a significant proportion of accounts receivable relative to total assets [1][2][4]. Financial Performance - The company reported revenues of 491 million, 539 million, and 627 million yuan for the years 2022, 2023, and 2024 respectively, with net profits after deducting non-recurring items of 87.26 million, 114 million, and 135 million yuan for the same years [2][4]. - Total assets increased from 558.96 million yuan in 2022 to 911.80 million yuan in 2024, while equity attributable to shareholders rose from 411.95 million yuan to 642.49 million yuan during the same period [3][4]. - The company's net profit margin improved, with net profits of 91.31 million, 116.95 million, and 141.03 million yuan for 2022, 2023, and 2024 respectively [3][4]. Customer Concentration - Sales to the top five customers decreased from 53.73 million yuan in 2022 to 44.84 million yuan in 2024, with their contribution to total sales dropping from 10.94% to 7.15% [4]. - The sales amount to the largest customer also declined from 15.89 million yuan in 2022 to 11.15 million yuan in 2024, indicating a diversification in the customer base [4]. Accounts Receivable - Accounts receivable accounted for over 30% of total assets, with values of 214 million, 237 million, and 294 million yuan at the end of 2022, 2023, and 2024 respectively [4][6]. - The proportion of accounts receivable to total revenue was 43.53%, 44.08%, and 46.84% for the respective years, indicating a growing reliance on credit sales [4][6]. Cost Management - The gross profit margin improved from 34.23% in 2022 to 41.23% in 2024, primarily due to a decrease in raw material prices [9]. - The company's selling expense ratio was significantly lower than industry averages, at 4.17%, 4.49%, and 4.52% compared to the industry average of 11.71%, 9.91%, and 9.84% [9][10]. - Management expense ratios were also below industry averages, at 3.98%, 4.09%, and 4.51% compared to the industry averages of 9.72%, 8.93%, and 8.73% [9][10].

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. has successfully passed the IPO review for the ChiNext board, with China Merchants Securities as the sponsor [2]. Company Overview - Tian Su Measurement was established in 2009 and operates as an independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services [4]. - The company's clients span various sectors, including biomedicine, automotive, new energy, rail transit, energy and power, light industry, and equipment manufacturing [4]. Financial Performance - The total assets of Tian Su Measurement have increased from 464.55 million yuan in 2022 to an estimated 729.19 million yuan by June 30, 2025 [5]. - The company's net profit has shown growth from 84.39 million yuan in 2022 to an estimated 55.58 million yuan in the first half of 2025 [5]. - The operating revenue for the years 2022 to 2025 is projected to be 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan respectively [5]. Future Projections - For the first nine months of 2025, the company expects operating revenue to grow by approximately 9.89% to 12.49% compared to the same period in 2024 [6]. - The net profit attributable to the parent company is projected to increase by 8.03% to 11.04% year-on-year [6].

Core Viewpoint - Shenzhen Tian Su Measurement and Testing Co., Ltd. has successfully passed the IPO review for the ChiNext board, aiming to raise approximately 424 million yuan for various projects and working capital [1] Company Overview - Shenzhen Tian Su Measurement specializes in measurement calibration, testing, and certification services, serving multiple sectors including biomedicine, automotive, new energy, rail transportation, energy and power, light industry, and equipment manufacturing [1] IPO Details - The IPO application was accepted on June 29, 2023, and entered the inquiry stage on July 22, 2023 [1] - The company plans to invest the raised funds in enhancing measurement and testing capabilities at its Shenzhen headquarters, constructing regional measurement testing laboratories, developing a digital center, and supplementing working capital [1] Market Considerations - During the listing committee meeting, the committee requested the company to explain the sustainability of its performance growth in light of its high sales expense ratio and low R&D investment intensity, considering industry technological upgrades and competitive dynamics [1]

Core Viewpoint - Shenzhen TianSu Measurement and Testing Co., Ltd. has successfully passed the IPO review on the ChiNext board, aiming to raise approximately 424 million yuan for various projects and working capital [1] Company Overview - TianSu Measurement specializes in measurement calibration, testing, and certification services, serving multiple sectors including biomedicine, automotive, new energy, rail transit, energy and electricity, light industry, and equipment manufacturing [1] IPO Details - The IPO application was accepted on June 29, 2023, and entered the inquiry stage on July 22, 2023 [1] - The company plans to invest the raised funds in enhancing measurement and testing capabilities at its Shenzhen headquarters, building regional measurement testing laboratories, establishing a digital center, and supplementing working capital [1] Industry Considerations - The listing committee has requested TianSu Measurement to address the implications of its high sales expense ratio and low R&D investment intensity in relation to industry technological upgrades and the sustainability of its performance growth [1]

Core Viewpoint - Shenzhen Aiwei Electric Technology Co., Ltd. is advancing its IPO process on the ChiNext board despite past financial misconduct, with key inquiries focusing on performance, product technology, and related party transactions [1] Group 1: Company Overview - Aiwei Electric is the largest third-party supplier of high-voltage controllers for thermal management in the domestic new energy vehicle sector [1] - The company is undergoing its IPO with CICC as the sponsor and Xinyong Zhonghe CPA as the auditing firm [1] Group 2: Regulatory Issues - In January 2023, the Ministry of Finance named Aiwei Electric in an administrative penalty decision due to discrepancies in its 2022 financial data, which included multiple instances of inflated or deflated figures [1] - The Ministry's inspection revealed issues with the auditing quality of the accounting firm that audited Aiwei Electric [1]

Core Viewpoint - Shanghai Shanyuan Electronic Technology Co., Ltd. is planning to publicly issue stocks to unspecified qualified investors and list on the Beijing Stock Exchange after completing the counseling filing with the Shanghai Securities Regulatory Bureau on October 14, 2025 [1] Group 1 - The company previously applied for an IPO on the ChiNext board in June 2023 but withdrew the application in July 2024 [1] - The withdrawal was due to the increased performance standards for listing on the ChiNext board following the new "National Nine Articles" policy [1] - The company's performance scale was relatively small compared to other companies under review for the ChiNext board, leading to a strategic decision to adjust its listing approach [1]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) has received approval for its IPO on the ChiNext board, focusing on the research, production, and sales of modified engineering plastics, with applications in various industries including consumer electronics, energy storage, automotive, and home appliances [1][2]. Financial Performance - In 2024, Zhongsu Co. achieved a revenue of 700 million yuan and a net profit of 92.57 million yuan after deducting non-recurring gains and losses [1][2]. - The company's revenue for the years 2022 to 2024 was 493 million yuan, 537 million yuan, and 700 million yuan, with a compound annual growth rate (CAGR) of 19.11% and 37.79% for net profit during the same period [2]. Gross Margin - Zhongsu Co.'s gross margin for its main business was 31.03% in 2024, significantly higher than the industry average of 21.42%, representing a difference of 9.61 percentage points [1][2][3]. - The gross margins for the years 2022 to 2024 were 26%, 31.97%, and 31.03%, respectively, compared to industry averages of 21.15%, 24.31%, and 21.42% [2]. Research and Development - The R&D expense ratios for Zhongsu Co. from 2022 to 2024 were 3.12%, 2.93%, and 3.62%, which were below the industry averages of 4.40%, 4.71%, and 3.92% for the same periods [4]. - As of March 31, 2025, the company had 66 R&D personnel, with 56.06% holding a diploma or lower [4]. Funding and Projects - Zhongsu Co. plans to raise approximately 645.49 million yuan through its IPO to fund projects including the construction of a high-performance engineering materials intelligent production base, expansion of the Jiangxi Zhongsu production base, establishment of a new materials engineering technology research center, and to supplement working capital [1].

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has received acceptance for its IPO on the ChiNext board, indicating a significant step towards public listing and capital raising [1] Company Overview - Zhongsu New Materials specializes in the research, production, and sales of modified engineering plastics [1] - The company's main products are utilized in various industries, including consumer electronics, energy storage, automotive, and home appliances [1] - End products include mobile phones, smart wearable devices, tablets, laptops, Bluetooth speakers, energy storage power supplies, new energy vehicles, and home appliances [1] Fundraising and Investment Plans - The company aims to raise approximately 645 million yuan through the IPO [1] - After deducting issuance costs, the funds will be allocated to the construction of a high-performance engineering materials intelligent production base, expansion of the Jiangxi Zhongsu production base, establishment of a new materials engineering technology research center, and to supplement working capital [1]