瑞财经 严明会 近日，安徽远征传导科技股份有限公司（以下简称：远征传导）在安徽证监局完成辅导 备案，拟北交所IPO，辅导机构国联民生证券。 远征传导实际控制人为董事长兼总经理吴本喜，吴本喜直接持有83.97%的股份，通过员工持股平台征 迪合伙间接持有3.21%的股份，合计持有87.18%的股份。 业绩方面，2023年以及2024年，公司营收分别为3.84亿元、5.94亿元；归属于申请挂牌公司股东的净利 润分别为4576.67万元、3737.68万元。2024年出现增收不增利情况。 | | | | | | 单位: 力元 | | --- | --- | --- | --- | --- | --- | | | 业务类别 | | | | | | 序号 | 客户名称 | 是否关联方 | 销售内容 | 金额 | 占营业收入比例 | | 1 | 比亚迪股份有限公司 "一 | 否 | 新能源线缆 | 52.457.68 | 88.36% | | 2 | 乐清市八达光电科技股 份有限公司 | 분 | 新能源线缆等 | 1,596.53 | 2.69% | | 3 | 客户 A | 否 | *线缆、组件 ज्ञा | 1,035 ...

| 序 | 姓名 | 职务 | 与公司的关联关系 | 持股数量 | 直接持股 | 间接持股 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | (股) | 比例 | 比例 | | 1 | | 何建斌 董事长 | 公司实际控制人、股东、董事长 | 17,605,000 | 31.79% | 0% | | 2 | 陈文英 | 无 | 公司实际控制人、股东 | 6,565,000 | 11.86% | 0% | | 3 | | 王鹤民 副董事长 | 公司股东、副重事长 | 380.000 | 0.69% | 0% | | 4 | 何嘉悦 | | 董事、总经理、董公司实际控制人、股东、董事、 | 9,460.000 | 17.08% | 1.38% | | | | 事会秘书 | 总经理、直事会秘书 | | | | | 2 | 闫光霞 | 重事、副总经理、 | 公司股东、董事、副总经理、财 | 240.000 | 0.43% | 0% | | | | 财务总监 | 务总监 | | | | | 6 | 邓礼正 | 独立重事 | 公司独立重事 | 0 | 0% ...

Core Viewpoint - Guangdong Hengjin Metal Co., Ltd. has recently had its IPO accepted by the Beijing Stock Exchange, with a focus on customized refrigeration system components for air conditioning and cold chain logistics [2]. Financial Performance - Revenue for Hengjin Metal is projected to be 950 million yuan in 2022, 844 million yuan in 2023, 1.019 billion yuan in 2024, and 674 million yuan in the first half of 2025 [2]. - Net profit attributable to the parent company is expected to be 114 million yuan in 2022, 93.91 million yuan in 2023, 115 million yuan in 2024, and 70.30 million yuan in the first half of 2025 [2]. Shareholder Returns - The diluted earnings per share are forecasted to be 1.20 yuan in 2022, 1.96 yuan in 2023, 1.61 yuan in 2024, and 1.94 yuan in the first half of 2025 [3]. Cash Flow - The net cash flow from operating activities shows a negative 40.55 million yuan in 2022, a positive 32.58 million yuan in 2023, a positive 127.12 million yuan in 2024, and a negative 3.62 million yuan in the first half of 2025 [3]. R&D Investment - Research and development expenses account for 2.33% of revenue in 2022, 2.58% in 2023, 2.65% in 2024, and 2.17% in the first half of 2025 [3]. Client Relationships - Hengjin Metal has established long-term partnerships with well-known companies such as Haier, Hisense, Daikin, Trane, and others, with Daikin and Hisense being the largest clients [3][4]. - In the first half of 2025, Daikin accounted for 23.21% of sales, while Hisense contributed 12.79% [4]. - For the year 2024, Daikin represented 22.69% of sales, and Hisense 15.36% [4]. Sales Distribution - In 2022, the total sales to major clients amounted to 59.26 million yuan, with Daikin contributing 15.00% and Hisense 14.96% [5]. - The total sales to major clients in 2023 reached 55.64 million yuan, with Daikin at 18.13% and Hisense at 15.66% [5].

Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 282 listed companies as of November 16, 2025. The market is experiencing a slowdown in new listings and IPO activities, while some companies are progressing through the listing process. Trading Activity - As of November 16, 2025, the BSE has 282 listed companies with a total share capital of 39.228 billion shares and a circulating share capital of 25.056 billion shares [2] - The weekly trading volume from November 10 to November 16 was 4.909 billion shares, a decrease of 0.32% compared to the previous week [3] - The weekly trading value was 106.96 billion yuan, down 5.86% from the previous week [3] - The average trading price was 21.79 yuan, reflecting a decrease of 5.56% [3] - The BSE 50 Index fell by 0.56% to 1514.20 points, with 18 stocks rising and 32 falling [3] New Listings and IPOs - During the week of November 10 to November 16, one company opened for subscription, two companies passed the review, and one company's listing application was accepted [5][17] - As of November 16, 2025, there are 111 companies awaiting review, including 2 that are "accepted," 95 that are "inquired," 8 that have been "approved by the listing committee," and 6 that have "submitted registration" [5] - No companies were listed or received registration approval during this period [12][19] Company Highlights - Nantong Technology Co., Ltd. plans to raise 286 million yuan for projects related to high-end precision components [9] - From 2022 to 2024, Nantong Technology reported revenues of 834 million yuan, 938 million yuan, and 1.031 billion yuan, with net profits of 46.64 million yuan, 84.18 million yuan, and 98.22 million yuan respectively [10] - Changzhou Tongbao Optoelectronics Co., Ltd. aims to raise 330 million yuan for projects in the new energy vehicle sector [15] - Shandong Agricultural University Fertilizer Technology Co., Ltd. plans to raise 413 million yuan for various agricultural projects [16] - Guangdong Hengji Metal Co., Ltd. has had its listing application accepted and plans to raise 440 million yuan for new production facilities [18] Counseling and Review Process - One company passed the counseling acceptance during the week, while three companies entered the counseling period [20][23] - Companies are actively engaging in the counseling process to prepare for future IPOs, with several companies having their counseling applications accepted [21][25]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Hebei Xuhui Electric Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1][2]. Company Overview - Hebei Xuhui Electric Co., Ltd. specializes in the research, development, production, and sales of power grid safety control equipment and power quality optimization equipment, making it a well-known supplier in the domestic power equipment market [2]. - The company's controlling shareholder and actual controller is Zhang Xuhui, who directly holds 28.00% of the shares and indirectly controls a total of 58.40% of the voting rights through various entities [2]. Initial Public Offering Details - Xuhui Electric originally planned to issue up to 42.5 million shares (excluding the exercise of the over-allotment option) and up to 48.875 million shares (including the over-allotment option) [3]. - The company intended to use the raised funds of 30.61969 million yuan for projects including the construction of a smart power equipment factory, a research and development center, and to supplement working capital [4][5]. Fund Allocation - The total investment for the smart power equipment factory project is 28.20557 million yuan, with 23.66557 million yuan planned to be funded from the raised capital [5]. - The research and development center project is estimated at 4.95412 million yuan, fully funded by the raised capital [5]. - An additional 2 million yuan is allocated to supplement working capital [5].

11月12日，据证监会网站显示，武汉云岭光电股份有限公司已启动上市辅导，拟在北京证券交易所上 市，由申港证券担任辅导机构。辅导备案报告显示，公司无控股股东、实际控制人，第一大股东为武汉 峰创为源科技合伙企业（有限合伙），持股比例为21.74%。 ...

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Nongda Technology") is set to undergo an IPO review on November 14, with Guojin Securities as the sponsor [2] Company Overview - Nongda Technology was established in June 2002, focusing on the research, production, sales, and technical services of new fertilizers and their intermediates [2] - Main products include humic acid-enhanced fertilizers, controlled-release fertilizers, water-soluble fertilizers, and coated urea [2] Financial Performance - Revenue for the years 2022 to 2024 and the first half of 2025 is projected to be 2.676 billion, 2.637 billion, 2.363 billion, and 1.495 billion yuan respectively [2] - Net profit for the same periods is expected to be 101 million, 101 million, 145 million, and 127 million yuan respectively [2] - Gross profit margins are forecasted at 13.27%, 15.04%, 18.83%, and 17.49% for the respective years [2] Capital Structure - Total assets as of the first half of 2024 are approximately 1.293 billion yuan, with total equity of about 691.59 million yuan [4] - The company's debt-to-asset ratio has shown a decreasing trend, from 79.56% to 46.53% over the reported periods [4] IPO Fundraising Adjustments - Nongda Technology has revised its IPO fundraising projects, canceling the "Annual Production of 150,000 Tons of Micro-ecological Preparations" project, which was expected to raise 129 million yuan [5] - The total amount intended to be raised has decreased from 552 million yuan to 413 million yuan, a reduction of 25.27% [5] Investment Projects - The adjusted investment projects include: - Annual production of 300,000 tons of humic acid intelligent tower compound fertilizer project with an investment of 201.27 million yuan - Annual production of 150,000 tons of biological fertilizer production line construction project with an investment of 110.03 million yuan - Environmental low-carbon biological research and development center with an investment of 61.22 million yuan - Supplementing working capital with an investment of 40 million yuan [6][7] Shareholding Structure - The company is primarily controlled by Ma Xuewen and his associate Ma Ke, who collectively hold 76.10% of the shares [8] - Xinchen Industrial is the largest external investor, holding a 7% stake, with New Oriental founder Yu Minhong owning 10% of Xinchen Industrial [8]

Core Viewpoint - Fujian Samsung Electric Co., Ltd. is facing significant regulatory scrutiny from the Fujian Securities Regulatory Bureau due to multiple violations, including off-the-books financial activities and related party fund occupation, which have raised concerns about the company's compliance and governance as it pursues an IPO on the Beijing Stock Exchange [1][11]. Financial Violations - From January 2022 to June 2025, Fujian Samsung engaged in off-the-books transactions totaling 12.6991 million yuan in income and 9.3563 million yuan in costs and expenses, leading to inaccuracies in financial disclosures [2][3]. - The company failed to disclose these financial irregularities in its public transfer documents and annual reports until August 2025, violating timely and accurate information disclosure requirements [4][11]. Related Party Transactions - The actual controllers of Fujian Samsung, including Wang Xingrong and Wang Shengmou, were found to have occupied company funds, with the highest daily balance of fund occupation reaching 477.90 thousand yuan [3][10]. - Additionally, the company charged fuel cards for nine related natural persons, resulting in further fund occupation, with a peak balance of 44.90 thousand yuan [3]. Independence Deficiencies - Fujian Samsung exhibited serious independence deficiencies by having personnel from four related companies intermixed, violating regulations regarding corporate independence [6][8]. - Wang Shengqiang, one of the actual controllers, was implicated in occupying company funds while failing to fulfill his responsibilities as vice chairman [9]. Regulatory Actions - The Fujian Securities Regulatory Bureau issued administrative regulatory measures, including warning letters to multiple key executives, including the chairman and vice chairman, for their roles in the violations [10]. - The regulatory actions cast a shadow over Fujian Samsung's IPO prospects, as the company had just shifted its listing application from the Shenzhen Stock Exchange to the Beijing Stock Exchange [11]. Company Background and Performance - Established in 2004, Fujian Samsung specializes in the research, development, manufacturing, and sales of precision metal components for power distribution and control equipment, recognized as a national high-tech enterprise [11]. - According to the company's Q1 2025 report, it achieved revenue of 97.1745 million yuan, a year-on-year increase of 19.26%, while net profit decreased by 10.82% to 13.3620 million yuan [11].

Core Viewpoint - The North Exchange has approved its 31st IPO of the year, indicating a growing interest in the market, but also highlighting a backlog of 159 pending applications, with 70 suspended and 87 under inquiry [1][2]. Group 1: IPO Activity and Market Dynamics - As of November 4, 2023, 29 companies have listed on the Growth Enterprise Market, 11 on the Sci-Tech Innovation Board, and 19 on the North Exchange, reflecting a significant increase in IPO activity [2]. - The average time from application acceptance to listing on the North Exchange has increased from 218 days in 2022 to 430 days in 2025, indicating a backlog in the IPO process [2]. - The North Exchange has seen a surge in IPO applications, with a record 97 applications received in June 2025, showcasing its growing attractiveness to innovative SMEs [3]. Group 2: Regulatory Environment and Quality of Listings - The stringent regulatory environment and detailed inquiries are aimed at ensuring higher quality listings by focusing on financial integrity, revenue authenticity, and business sustainability [4]. - The average performance of pending companies has surpassed that of existing listed companies, with pending firms showing an average revenue of 800 million and net profit of approximately 99.79 million, compared to listed companies' average revenue of 689 million and net profit of 44.77 million [4]. - Over 92% of the pending companies have a net profit exceeding 50 million, indicating an improvement in the overall quality of new applicants [4]. Group 3: Future Outlook and Support for Innovative Companies - The Beijing Securities Regulatory Bureau has expressed intentions to support high-quality, unprofitable tech companies in listing on the North Exchange, emphasizing its role in serving innovative SMEs [4]. - Market experts anticipate that as the profit levels of IPO candidates increase, the overall fundraising amounts for North Exchange IPOs will also rise [4]. - There is a call for regulatory policies that align with the unique characteristics of emerging markets, aiming for a balanced financing pace while enhancing communication with market participants [5].

Core Viewpoint - Suzhou Jiangtian Packaging Technology Co., Ltd. has successfully passed the IPO review for listing on the Beijing Stock Exchange, aiming to raise approximately 531 million yuan for its research and manufacturing base construction project [1] Company Overview - Jiangtian Technology specializes in the research, production, and sales of label printing products, providing integrated solutions including material selection, color and ink customization, process design, and stable production supply [1] IPO Details - The company's IPO was accepted on December 30, 2024, and entered the inquiry phase on January 23, 2025 [1] - The planned fundraising amount is approximately 531 million yuan, which will be allocated to the construction of the Jiangtian research and manufacturing comprehensive base [1] Market Position and Strategy - The listing committee has requested Jiangtian Technology to elaborate on its bargaining power with major clients, the sustainability of its performance growth, and changes in its cooperation model with key customers [1]