2月13日，因发行人主动申请撤回申请文件，北交所公布了关于终止对安徽省小小科技股份有限公司 （简称：小小科技）公开发行股票并在北京证券交易所上市审核的决定。这也是2026年北交所首单IPO 终止。 公开信息显示，小小科技早在2016年就向安徽证监局报送了上市辅导备案申请材料。2024年，公司基于 自身发展规划等因素考虑，将首次公开发行股票并在创业板上市的计划变更为向不特定合格投资者公开 发行股票并在北交所上市。通过辅导验收后，北交所于2024年12月30日正式受理了小小科技的申报材 料。 但第二轮问询答复公布仅10天后，小小科技即召开第四届董事会第八次会议，审议通过《关于终止向不 特定合格投资者公开发行股票并在北京证券交易所上市申请的议案》《关于撤回向不特定合格投资者公 开发行股票并在北京证券交易所上市申请材料的议案》。此后发布的公告中，小小科技表示终止本次 IPO主要是"公司基于目前的实际情况和未来的战略发展考虑，经认真研究和审慎论证，计划调整资本 市场战略规划"。 从北交所发出的两轮审核问询问题来看，在审期间，监管主要围绕小小科技的业绩稳定性、第一大客户 依赖性、募投项目产能消化风险等事项予以了重点关注。 ...

Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. has successfully registered its IPO on the Shanghai Main Board, marking a significant milestone for the company and its underwriter, Shenwan Hongyuan Securities [1] Group 1: Company Overview - Zhixin Co., established in 1995, specializes in the development, processing, production, and sales of automotive welding parts and related molds [1] - The company has expanded its operations to include upstream mold development, processing, production, and comprehensive automation production solutions [1] Group 2: Financial Performance - For the years 2022 to 2024, Zhixin Co. reported revenues of 2.091 billion, 2.564 billion, and 3.088 billion yuan, respectively, with net profits of 71 million, 132 million, and 204 million yuan [1] - In the first nine months of 2025, the company achieved a revenue of 2.713 billion yuan, a 29.30% increase year-on-year, and a net profit of 165 million yuan, up 21.43% from the previous year [2] Group 3: Future Projections - For 2025, Zhixin Co. anticipates revenue growth of 26.30% to 31.16%, with net profit projections increasing by 25.02% to 29.92% and 27.22% to 32.63% for net profit after deducting non-recurring gains [3] Group 4: Customer Concentration - The sales to the top five customers for the years 2022 to 2025 accounted for 73.86%, 79.77%, 74.82%, and 68.00% of total revenue, indicating a high concentration of sales [4] Group 5: Corporate Governance - Prior to the IPO, the actual control of Zhixin Co. was held by Chen Zhiyu and Jing Bing, who collectively controlled 83.75% of the voting rights [6] - The company has proposed to abolish the supervisory board, with the audit committee of the board of directors assuming the supervisory functions [7]

Core Viewpoint - The company, Hebei Shichang Automotive Parts Co., Ltd. (Shichang Co.), is preparing for its IPO on May 30, aiming to raise approximately 171.18 million yuan for projects related to new energy high-pressure fuel tanks and to supplement working capital [2][4]. Group 1: Company Overview - Shichang Co. specializes in the research, production, and sales of automotive fuel systems, primarily manufacturing plastic fuel tank assemblies [2]. - The company sells its products mainly to major automotive manufacturers such as Geely, Chery, FAW, and Changan [2][4]. Group 2: Financial Information - The IPO proceeds will be allocated to the "Zhejiang Xingchang Automotive Technology Co., Ltd. annual production of 600,000 new energy high-pressure fuel tank project (Phase II)" and to supplement working capital [3]. - In 2024, Shichang Co. plans to distribute cash dividends of 12.68 million yuan to shareholders [2]. Group 3: Customer Concentration - The top five customers accounted for 93.22%, 92.48%, and 95.56% of total revenue for the years 2022, 2023, and 2024, respectively, indicating a high customer concentration [4][5]. - Geely is the largest customer, contributing 47.89%, 42.40%, and 50.45% of revenue in the respective years [4][5]. Group 4: Production Capacity and Utilization - The company currently has a total production capacity of 1.35 million units per year, with the new project expected to add 350,000 units annually upon full production [11][13]. - The production capacity utilization rates for 2023 and 2024 are projected to improve significantly due to strong sales of models from major clients [16]. Group 5: Market Risks and Challenges - The company faces risks related to high customer concentration, particularly if major clients reduce orders due to market changes [4][6]. - The company has acknowledged potential risks associated with its reliance on a few large customers and the impact of macroeconomic factors on its operations [16][17].