导读：无论志达精密在短期内是否还会重启北交所上市申报，但可以确定的是，这一"撤"将大幅拖延志 达精密的上市进展。就在志达精密此前上市申请久而未果之际，北交所就已经受理了近百家企业的上市 申请，按照上市审核推进的顺序，就算志达精密能够在此次上市辅导验收完成函有效期内再度顺利完成 上市申报，但要最终实现北交所上市，恐怕也还需要一段颇为漫长的等待。 作者：赵 擎@北京 编辑：翟 睿@北京 两个月前，随着A股首发上市申报环节在趋严监管近两年之后再度"开闸"，北交所也迎来了一大批跃跃 欲试的闯关者。 仅2025年6月，就有近百家企业的上市申请获得了北交所的受理，创下了北交所近年来单月上市受理数 量的峰值。 几人欢喜，几人忧。 虽然北交所上市受理的数量已创下新纪录，但仍有失意者被拒之在申报的大门外。在这批成功进入上市 审核流程的"幸运儿"们开始逐次接受北交所问询之际，于少有人关注的角落里，数家在上市申报环节就 已"掉队"的企业，还在等待着"奇迹"的发生。 十余天前的2025年8月13日，广东天波信息技术股份有限公司（下称"天波信息"）不得不宣布撤回北交 所上市申请，在此之前，其已向北交所递交上市材料两月有余，但却迟迟未能 ...

北京商报讯（记者 马换换 王蔓蕾）根据安排，江苏省精创电气股份有限公司（以下简称"精创电气"） 北交所IPO将于8月29日上会迎考。 据了解，精创电气主营业务为冷链设备智能控制器、医药与食品冷链监测记录仪、制冷热泵检测仪表及 环境颗粒物检测仪器等产品的研发、生产和销售，并提供物联网和基于云的系统解决方案。公司北交所 IPO于2024年6月24日获得受理，当年7月22日进入问询阶段。 具体来看，在初版招股书中，精创电气原拟募资2.5亿元，拟分别投资于核心产线智能化升级改造项 目、智能仪表研发中心及冷云平台建设项目、营销网络建设项目，募集资金投资额分别为1.3亿元、 6500万元、5500万元。 而在最新披露的上会稿中，精创电气将拟募资金额缩减至1.75亿元，扣除发行费用后拟分别投资于核心 产线智能化升级改造项目、 智能仪表研发中心及冷云平台建设项目，募集资金投资额分别为1.1亿元、 6500万元。 精创电气表示，根据公司实际发展及未来规划，公司拟对本次申请向不特定合格投资者公开发行股票并 在北交所上市发行方案中涉及的募集资金投资项目拟投入募集资金进行调整。 在最新披露的上会稿中，精创电气对本次冲击上市的募投项目 ...

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].

Core Insights - The Beijing Stock Exchange (BSE) has seen a significant increase in IPO applications, with 115 companies accepted this year, accounting for 65% of the total market, indicating a shift in preference towards the BSE for companies seeking to go public [1][2] - Despite the surge in applications, the number of companies actually listed on the BSE remains low, with only 6 successful IPOs in the first half of the year compared to 51 across the A-share market [1][2] Group 1: Market Dynamics - The BSE has become the preferred listing destination for companies due to its attractive market conditions, with the BSE 50 Index rising by 39.45% in the first half of 2025, reflecting strong market demand and improved liquidity [2] - The BSE's flexible financing options and recent successful mergers and acquisitions have further enhanced its appeal to companies [2] - The introduction of a dedicated code segment for BSE-listed companies has improved market recognition and company identity, attracting more firms to consider listing on the BSE [2] Group 2: Listing Process and Challenges - The median time from IPO application to listing has increased from 218 days in 2022 to 306 days in 2024, indicating a growing backlog in the approval process [3] - The BSE maintains a strict review process focused on innovation, sustainability, financial integrity, and governance, which can prolong the listing timeline [3][4] - Pre-application inspections by regulatory bodies are more rigorous for BSE projects, requiring companies to address issues before submission, which is a unique aspect of the BSE's listing process [4]

Group 1 - The Beijing Stock Exchange will hold its 18th review meeting on August 8, 2025, to assess the issuer Zhuhai Nante Metal Technology Co., Ltd. (referred to as "Nante Technology") [1] - Nante Technology plans to raise funds amounting to 286 million yuan, which will be allocated to the second phase of the Anhui Zhongte high-end precision components production base project and the expansion and R&D capability enhancement project in Zhuhai [1] - The lead underwriter for Nante Technology is Everbright Securities Co., Ltd., with representatives Zhan Chenghao and Shen Xiaoyi serving as the sponsoring representatives [1]

Core Viewpoint - The IPO market has seen a resurgence this year, with over 40 companies reapplying for A-share listings after previously withdrawing their applications, primarily shifting their focus to the Beijing Stock Exchange (BSE) after initial failures in other markets [1][2]. Group 1: Company Strategies - Many companies that previously withdrew their IPO applications are now targeting the BSE, indicating a strategic shift in their listing approach [2]. - Companies like Zhongke Instrument and Baiying Bio have adjusted their fundraising goals significantly, with Baiying Bio reducing its target from 10.5 billion yuan to 4.91 billion yuan [3][4]. - Companies are reassessing their business performance and market conditions before reapplying, often optimizing their operational status based on previous feedback from regulatory inquiries [1][4]. Group 2: Financial Adjustments - A trend of lowering fundraising amounts has been observed among companies reapplying for IPOs, with many adjusting their project funding allocations accordingly [4][5]. - For instance, HuiKe Co. reduced its fundraising target from 95 billion yuan to 85 billion yuan, reflecting improvements in its financial performance [5][6]. - The financial performance of companies like HuiKe Co. has shown significant recovery, with revenues projected to grow from 271.34 billion yuan in 2022 to 403.10 billion yuan in 2024 [6]. Group 3: Market Dynamics - The BSE is becoming increasingly attractive for companies that may not meet the criteria of other exchanges, as it is more accommodating to growth-oriented small and medium-sized enterprises [3][4]. - The characteristics of different market segments are highlighted, with the Sci-Tech Innovation Board focusing on technology rather than financial metrics, while the BSE is more inclusive for companies with solid profitability [3].

Core Viewpoint - Chengdu Pregnancy and Baby World Co., Ltd. has received acceptance for its application to the Beijing Stock Exchange, aiming to become the first chain franchise stock in the exchange's history, leveraging its unique business model focused on franchise stores for maternal and infant products [2][5][30]. Group 1: Business Model and Market Position - Pregnancy and Baby World operates a franchise model, selling various maternal and infant products through over 2,200 franchise stores, with revenue exceeding 1 billion yuan [4][6]. - The company primarily acts as a B2B intermediary, connecting numerous brand suppliers with franchisees, allowing it to benefit from scale advantages in procurement [15]. - The franchise model has enabled rapid expansion, with store numbers increasing from approximately 1,300 in early 2022 to over 2,200 by the end of 2024 [20]. Group 2: Financial Performance - For 2024, Pregnancy and Baby World projects revenues of 1.003 billion yuan and a net profit of 120 million yuan [6]. - The company's gross margin is significantly lower than competitors like Kidswant and Aiyingshi, with a gross margin of only 12% compared to over 20% for its competitors [15]. Group 3: Innovation and Compliance Challenges - The company has focused on software copyrights to demonstrate innovation, with over half of its 69 software copyrights registered in the past year [8][39]. - However, the rapid registration of software copyrights raises questions about the sustainability and depth of its innovation efforts, as the majority were registered in a short time frame [43][46]. - Pregnancy and Baby World's R&D expenses from 2022 to 2024 were below 1% of revenue, failing to meet the Beijing Stock Exchange's innovation investment requirements [38][34]. Group 4: Market Dynamics and Competition - The company is targeting the underdeveloped market segment, where the demand for maternal and infant products is growing, but it faces increasing competition from established players like Kidswant, which is also expanding into this market [32][28]. - The market for maternal and infant specialty stores in lower-tier cities is significantly underdeveloped, with a chain rate of only 30%, indicating potential for growth [27].

Core Viewpoint - Chengdu Yunyin World Co., Ltd. has received acceptance for its application to list on the Beijing Stock Exchange, potentially becoming the first chain franchise stock in the market, leveraging its unique business model focused on franchise stores for maternal and infant products [1][4]. Group 1: Business Model and Market Position - Yunyin World operates a franchise model, selling various maternal and infant products through over 2,200 franchise stores, which have increased from approximately 1,300 in early 2022 [3][11]. - The company's revenue has surpassed 1 billion yuan, with projected revenues and net profits for 2024 at 1.003 billion yuan and 120 million yuan, respectively [5]. - Yunyin World acts as a B2B intermediary, connecting numerous brand suppliers with franchisees, allowing for lower procurement costs and a gross margin of 12%, which is lower than competitors like Kidswant and Aiyingshi [8][10]. Group 2: Expansion Strategy - The company employs a low-threshold franchise model, charging an annual fee of 5,000 yuan per store, and allows franchisees to open multiple stores in specific regions [9]. - Yunyin World plans to use funds from its IPO to expand its sales service network, targeting the establishment of over 2,000 new franchise stores across various regions, with an expected annual profit increase of 35 million yuan from this expansion [18]. Group 3: Competitive Landscape - The company faces increasing competition as Kidswant has initiated a plan to open 500 franchise stores by 2025, intensifying the competition in the lower-tier market [20][21]. - Despite being in a lower-tier market, Yunyin World's store efficiency is competitive, with a store productivity of 10,400 yuan per square meter per year, comparable to industry peers [16]. Group 4: Innovation and Compliance Challenges - Yunyin World has focused on software copyrights to demonstrate innovation, with 69 copyrights, but over half were registered in the past year, raising questions about the sustainability of this approach [27][28]. - The company's R&D expenses from 2022 to 2024 were below 1% of revenue, failing to meet the Beijing Stock Exchange's requirements for innovation investment [26][25]. - There are concerns regarding whether Yunyin World meets the listing criteria of the Beijing Stock Exchange, particularly in terms of its business model and innovation metrics [33].

Core Viewpoint - Changzhou Aolisi Electric Co., Ltd. (Aolisi) is preparing for an IPO on the Beijing Stock Exchange, but its financial performance shows significant volatility and concerns regarding its core products and profitability [1][2]. Financial Performance - Aolisi's revenue and net profit from 2022 to 2024 were 623 million yuan, 539 million yuan, and 667 million yuan, with net profits of approximately 89.33 million yuan, 52.70 million yuan, and 75.74 million yuan respectively. In 2023, the company experienced a revenue decline of 13.51% and a net profit drop of 41.01% [2][3]. - In the first quarter of 2025, the net profit decreased by 31.5% year-on-year [1]. Product Pricing and Revenue - The average selling price of Aolisi's micro-special motors has decreased significantly, with prices dropping from 124.66 yuan/unit in 2022 to 102.01 yuan/unit in 2024, reflecting a year-on-year decline of 17.12% and 1.27% respectively [4][6]. - The revenue from micro-special motors and components accounted for 72.97%, 69.03%, and 78.88% of total revenue during the reporting period [5][6]. Production Capacity and Utilization - Aolisi's production capacity for micro-special motors increased from 426,000 units in 2022 to 549,000 units in 2024, but the utilization rate for paper shredders dropped from 97.56% in 2022 to 58.04% in 2024 [7][9]. - The company faced a decline in sales volume for paper shredders, contributing to a revenue drop from 145 million yuan in 2022 to 118 million yuan in 2024 [6][9]. Shareholder Dynamics and Dividends - Prior to the IPO, Aolisi distributed over 80 million yuan in dividends, exceeding its net profit of 75.74 million yuan for the year [10][13]. - The controlling shareholder, Li Jiangpeng, and his daughter hold 41.85% of the shares, while other shareholders collectively hold 43.44%, raising questions about control stability [10][13].