21世纪经济报道 记者 崔文静 伴随股市持续企稳，A股IPO生态正呈现出五大新变化。 变化一：IPO撤单量骤减。 2026年开年57天内，仅6家企业撤回申请，与2024年高峰时月均33家的水平相去甚远。 变化二，排队企业质量显著提升。 主板43家排队企业中，超九成最近一年净利润突破2亿元，是基准线的两倍；创业板超六成企业净利润达到主板1亿元的利润门槛。 变化三，监管问询细化，分类严查。 证监会2025年现场检查显示，20家被查企业无一撤回，六成仅存在信息披露规范性瑕疵。监管对小瑕疵予以包容，但对重大违法违规行为立案稽查，倒逼中 介机构在申报阶段就将模糊地带清晰化。 变化四，IPO质量为先，平稳提速。 尽管自2024年"924行情"以来股市持续回升，但2025年全年仅111家新股上市，比2024年多出12家，综合质量是IPO审核严抓重点。 变化五，北交所近期明显提速。 2026年开年57天已有11家新股上市，接近2025年全年一半，背后是换手率、市盈率等数据的全面改善。 据投行保代预测，2026年北交所IPO节奏有望恢复至年上市80家左右的水平，而其他板块短期内明显提速的空间有限。 ...

瑞财经 刘治颖 2月12日，昆山长鹰硬质材料科技股份有限公司（以下简称：长鹰硬科）披露第二轮审核问询函，拟北交所上市，保荐机构为东吴证券，保荐 代表人为孙骏可、周添，会计师事务所为立信。 长鹰硬科成立于2003年10月，注册资本7714.29万元，是一家专业从事硬质合金产品研发、生产及销售的高新技术企业。根据中国钨业协会的统计数据， 2022年至2024年，公司硬质合金产量的行业排名均位居国内第5名。 公司实际控制人为黄启君、陈碧夫妻，二人合计控制公司68.55%的股份。同时黄启君任公司董事长、总经理，陈碧任公司董事、副总经理。 另外，员工持股平台长通投资、长盈投资、长富投资分别持股4.53%、4.53%、3.63%、3.53%。 结合阳铁飞、戴新光持股情况，在公司及子公司设立、日常经营管理中发挥的作用，与实际控制人在参与公司经营管理等方面的一致行动情况，说明未认定 为共同实际控制人、一致行动人是否合理，是否存在通过实际控制人、一致行动人认定规避股份限售、同业竞争等监管要求的情形，是否存在影响公司股权 及经营稳定的情形。 相关公司：长鹰硬科 根据申请文件及问询回复，股权激励过程中由于部分员工存在资金缺口，黄启 ...

Core Viewpoint - The company, Zhenhong Heavy Industry (Jiangsu) Co., Ltd., is set to raise 451 million yuan through its IPO, which will be invested in a project to expand its annual production capacity of high-quality forgings to 50,000 tons and to supplement working capital [1][5]. Company Overview - Zhenhong Heavy Industry specializes in the research, production, and sales of forged wind power main shafts and other large metal forgings, serving various sectors including wind power, chemical, machinery, shipping, and nuclear power [3]. - The company has accumulated extensive technical and process experience over the years, enabling it to produce large, high-end, and large-scale forgings, thus providing customized forgings with stable quality and good performance [3]. Financial Performance - The company reported revenues of 827.18 million yuan, 1.025 billion yuan, 1.136 billion yuan, and 633.35 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - Net profits for the same periods were 62.84 million yuan, 80.94 million yuan, 103.57 million yuan, and 59.29 million yuan [4]. - The total assets as of June 30, 2025, were approximately 1.25 billion yuan, with total equity of about 631.16 million yuan [5]. IPO Details - The IPO will involve the public issuance of no more than 22.91 million shares (excluding the over-allotment option) or up to 26.35 million shares (if the over-allotment option is fully exercised) [5]. - The funds raised will be allocated to the 50,000-ton high-quality forging expansion project and to supplement working capital [5][6]. Project Investment Breakdown - The high-quality forging expansion project has a total investment budget of 41.51 million yuan, with 37.10 million yuan expected to be funded from the IPO proceeds [6]. - An additional 8 million yuan will be allocated to supplement working capital [6].

Core Viewpoint - Beijing Bird Technology Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange after abandoning its plans for the Shenzhen Stock Exchange's Growth Enterprise Market, facing new challenges related to its listing qualifications [1][5]. Group 1: Company Background and Current Status - The company specializes in the global professional audio-visual field and has launched a series of signal processing products widely used in various sectors, including military, transportation, and education [5]. - As of 2025, the company is still in the basic tier of the New Third Board and is projected to incur losses exceeding 45 million yuan in the first half of 2025, highlighting significant performance pressure [2][19]. Group 2: Financial Performance - The company's revenue for 2023 and 2024 was approximately 441.26 million yuan and 421.60 million yuan, reflecting a year-on-year growth of 1.45% and a decline of 4.46%, respectively [19]. - The net profit for the same periods was 29.47 million yuan and a loss of 7.09 million yuan, indicating a year-on-year decrease of 46% and an increase in losses of 124.07% [19]. - In the first half of 2025, the total revenue was about 100.50 million yuan, down 9.04% year-on-year, with a net loss of approximately 45.16 million yuan, a decline of 11.02% [20]. Group 3: Listing Challenges and Requirements - The company must be listed on the New Third Board's "Innovation Tier" for at least 12 months before it can apply for listing on the Beijing Stock Exchange, which poses a new hurdle [1][17]. - The Beijing Stock Exchange has set multiple listing standards, including a minimum net asset requirement of 50 million yuan and specific performance metrics that the company must meet [17]. Group 4: Special Investment Clauses and Risks - The company previously faced obstacles due to special investment clauses, which have now been resolved, allowing it to proceed with its listing plans [7][16]. - The company has outlined measures to mitigate risks associated with potential share buybacks triggered by these clauses, ensuring that control remains stable even if buybacks occur [8][10]. Group 5: Future Prospects - The company is expected to benefit from the potential IPO of its downstream major client, Shenzhen Wanshi Technology Co., Ltd., which could lead to increased demand for its products and more stable revenue growth [22][23]. - Longjiang Securities has committed to monitoring the company's performance and assisting in its transition to the Innovation Tier to meet the requirements for public issuance and listing [23].

Core Viewpoint - Beijing Huadian Guangda Environment Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, marking it as the first company to be accepted for IPO in 2026. The sponsor for this IPO is Kaiyuan Securities [1]. Financial Performance - The company reported operating revenues of 268.80 million yuan, 330.32 million yuan, 314.61 million yuan, and 271.94 million yuan for the years 2022, 2023, 2024, and the first nine months of 2025, respectively. The net profit attributable to the parent company for the same periods was 18.73 million yuan, 43.31 million yuan, 25.23 million yuan, and 38.25 million yuan. The revenue for 2024 decreased by 4.76% year-on-year, while the net profit decreased by 41.73% year-on-year [3][5]. Cash Flow - The net cash flow from operating activities was negative for several periods, with figures of -26.49 million yuan, 0.40 million yuan, 1.04 million yuan, and -37.04 million yuan for 2022, 2023, 2024, and the first nine months of 2025, respectively, resulting in a cumulative negative cash flow of -49.12 million yuan [6][7]. Accounts Receivable - The accounts receivable balance at the end of each reporting period was 113.63 million yuan, 172.11 million yuan, 190.56 million yuan, and 194.60 million yuan, representing 42.27%, 52.11%, 60.57%, and 71.56% of the respective operating revenues [8][10]. The growth rate of accounts receivable exceeded that of operating revenue in 2023 and 2024 [9]. Customer Concentration - The top five customers contributed over 50% of the company's revenue during the reporting periods, with contributions of 52.16%, 52.74%, 57.56%, and 50.24% for 2022, 2023, 2024, and the first nine months of 2025, respectively [11]. Employee Benefits - The proportion of employees covered by social insurance and housing provident fund increased from 68.61% in 2022 to 85.10% in 2025 for social insurance, and from 44.84% to 84.85% for housing provident fund over the same period [16][18]. IPO Fundraising - The company plans to raise 260 million yuan through its IPO, with 50 million yuan allocated for working capital and the remainder for three specific projects related to catalyst production and environmental technology [19][21].

Group 1 - The core viewpoint of the article is that Hebi Haichang Intelligent Technology Co., Ltd. is set to undergo an IPO review on January 30, aiming to raise approximately 452 million yuan [1] - The company specializes in the research, development, production, and sales of high-performance wiring harness equipment, providing intelligent solutions and related services for the wiring harness manufacturing industry [1] - The products of the company serve various industries that utilize wiring harnesses, including automotive, information communication, and photovoltaic energy storage sectors [1] Group 2 - The IPO application was accepted on June 24, 2025, and the company entered the inquiry phase on July 18 of the same year [1] - The funds raised from the IPO will be allocated to the construction of intelligent equipment for wiring harness production, the establishment of a research and development center, and to supplement working capital after deducting issuance costs [1]

Group 1 - The core viewpoint of the news is that Nongda Technology (920159) has successfully completed its IPO on the Beijing Stock Exchange, attracting significant investor interest with a subscription multiple of 2582.89 times and a total of 54.59 million investors participating [1] - The total number of shares effectively subscribed reached 37.194 billion, with approximately 929.839 billion yuan of funds frozen during the subscription process [1] - The allocation ratio for investors was 0.039%, indicating a highly competitive offering [1] Group 2 - Strategic investors in the IPO included eight entities, with a total of 1.6 million shares allocated, representing 10% of the total issuance (excluding the over-allotment portion) [2] - The issuance price was set at 25 yuan per share, raising a total of 40 million yuan from strategic placements [2] - The strategic investors include Guojin Asset Management, New Supply and Marketing Industry Development Fund, and others, with varying lock-up periods ranging from 6 to 12 months [2] Group 3 - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates, holding a leading position in the industry for certain products [3] - The company has been recognized as a "Manufacturing Industry Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology since 2019 [3] - Revenue projections for the company are 2.676 billion yuan in 2022, 2.637 billion yuan in 2023, and 2.363 billion yuan in 2024, with net profits of 101 million yuan for 2022 and 2023, and 145 million yuan for 2024 [3]

Core Viewpoint - The IPO status of JieFeng Power has changed to "inquired," indicating a rapid progression in the listing process, but challenges lie ahead due to governance and financial issues [1][2]. Group 1: Company Structure and Governance - JieFeng Power is controlled by American JieFeng Holdings, with the actual controller holding 59.3% of the shares [4]. - The core management team consists of three American nationals with previous experience at Ford Motor Company, which is uncommon for companies listed on the Beijing Stock Exchange [6][7]. - The company received a warning from the Anhui Securities Regulatory Bureau due to accounting errors, raising concerns about financial compliance [9][10]. Group 2: Financial Performance and Stability - The company's revenue fluctuated significantly, with 2022 revenue at 1.063 billion, increasing to 1.707 billion in 2023, but dropping to 1.666 billion in the first three quarters of 2024 [14]. - Net profit also showed volatility, with 2022 at 55.87 million, adjusted to 131 million in 2023, but declining by 12.01% in the first three quarters of 2024 to 87.47 million [14]. - The gross margin has varied, with 2022 at 19.18%, increasing to 20.37% in 2023, but dropping to 18.13% in 2024 [16]. Group 3: Debt and Dividend Issues - The company's debt ratio has consistently been above 67%, reaching 69.73% in the first three quarters of 2025, significantly higher than the industry average of 45.73% [18][19]. - Despite high debt levels, the company distributed a total of 149 million in dividends during the reporting period, raising questions about its financial prudence [21]. Group 4: Customer Concentration Risk - The top five customers accounted for over 93% of sales for several years, with the proportion reaching 96.26% in 2024 and 95.81% in the first three quarters of 2025 [22]. - The largest customer consistently represented over 69% of sales, peaking at 71.65% in 2023, indicating a significant reliance on a limited customer base [22][24]. - The automotive parts industry is highly influenced by the competitive dynamics of the downstream vehicle manufacturers, which adds to the risk of customer concentration [24]. Group 5: Future Prospects and Challenges - JieFeng Power is attempting to enter the hydrogen fuel cell components market to capitalize on the growing demand for new energy vehicles, although the competitive landscape and regulatory changes pose challenges [26]. - The combination of foreign control, financial volatility, high debt levels, and customer dependency presents significant hurdles for the company as it seeks to list on the Beijing Stock Exchange [28].

Core Viewpoint - Hubei Benxing New Materials Co., Ltd. (Benxing New Materials) has disclosed its IPO inquiry documents for the Beijing Stock Exchange, with Guotai Junan Securities as the sponsor and Tianheng Accounting Firm as the auditor [2] Group 1: Company Overview - Benxing New Materials was established in 2004 with a registered capital of 360 million yuan, focusing on the research, production, and sales of PVC heat stabilizers, pesticide active ingredients, and intermediates [2] - The company previously withdrew its IPO application for the main board in July 2022 [2] Group 2: Shareholding Structure - Cao Haibing directly holds 32% of the company's shares, making him the controlling shareholder, while Dai Baixiong holds 19% and serves as the chairman and general manager [2] - Dai Baixiong and Cao Haibing have signed a "Joint Action Agreement," indicating they are the actual controllers of the company [2] Group 3: Shareholder Relationships - The shareholding table indicates that Dai Baixiong, as chairman and general manager, holds 6,840,000 shares (19.00%), while Cao Haibing, as vice chairman, holds 11,520,000 shares (32.00%) [3] - Other notable shareholders include Wu Yong, who holds 4,101,556 shares (1.14%), and Xu Shanwu, who holds 2,266,994 shares (0.63%) [3] Group 4: Share Transfer and Compliance - The company has experienced multiple share transfers, with significant price discrepancies noted in some transactions, prompting the Beijing Stock Exchange to request detailed information on the share transactions involving Cao Haibing and Dai Baixiong [4] - The inquiry includes a review of the compliance of Dai Baixiong's acquisition of shares and whether there are any risks related to shareholding representation or tax compliance [6]

Summary of Key Points Core Viewpoint The North Exchange has seen a significant fluctuation in trading volume and value, with new companies entering the market and others undergoing various stages of the IPO process. The overall market activity reflects both challenges and opportunities for investors. Trading Activity - As of January 4, 2026, the North Exchange has 288 listed companies with a total share capital of 39.744 billion shares and a circulating share capital of 25.334 billion shares [2] - For the week of December 29 to December 31, the trading volume was 2.394 billion shares, a decrease of 48.33% from the previous week, while the trading value was 58.316 billion yuan, down 41.65% [3] - The average trading price increased by 12.94% to 24.36 yuan [3] - The North Exchange 50 Index fell by 1.55% to 1440.43 points, with 19 stocks rising and 30 falling [3] New Listings and IPOs - One company, Hengtong Communication Technology Co., Ltd., was listed on December 25, 2025, becoming the 288th company on the North Exchange, with a first-day closing price of 309 yuan, up 277.41% [9] - As of January 4, 2026, there are 167 companies awaiting approval for listing, with 51 accepted, 93 in inquiry, and 11 having passed the listing committee [6] - During the week of December 29 to January 4, four companies received IPO registration approvals, including Tongling Technology and Haiseng Medical [16][22][26][31] Financial Performance of Listed Companies - Hengtong Communication reported revenues of 4.75 billion yuan, 6.13 billion yuan, and 13.15 billion yuan from 2022 to 2024, with net profits of 55.33 million yuan, 64.53 million yuan, and 148 million yuan respectively [13] - Tongling Technology's revenue for the first three quarters of 2025 decreased by 5.47% to 714 million yuan, while net profit increased by 20.87% to 119 million yuan [21] - Haiseng Medical's revenue for the first half of 2025 grew by 22.56% to 156 million yuan, with a net profit increase of 27.11% to 35.49 million yuan [25] Upcoming IPOs and Market Trends - Several companies, including MoSen Tech and Senfeng Laser, have received approval for their IPO applications, indicating a robust pipeline for new listings [47][49] - The market is witnessing a trend of companies focusing on high-tech and innovative sectors, such as automotive components and medical devices, which may attract investor interest [19][24][26]