Core Viewpoint - 泰金新能 is the first IPO company accepted by the Shanghai and Shenzhen Stock Exchanges after the release of the new "National Nine Policies," but its review has been postponed [1][4]. IPO Review Results - In the week from August 25 to August 29, four companies were reviewed for IPO, with a total fundraising amount of 2.901 billion yuan. Three companies passed, while one was postponed [2][3]. Company Overview - 泰金新能 focuses on high-end green electrolysis complete equipment, titanium electrodes, and metal glass sealing products. It is a leading provider of solutions for high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production lines [7][8]. - The company's main revenue source is the electrolysis copper foil complete equipment, which accounted for 66.54% of its main business revenue in 2024 [9]. Key Technologies - 泰金新能 has developed core technologies in the production of cathode rollers, foil-integrated machines, and electrolysis tanks, achieving import substitution and reaching international advanced levels [10][14]. - The company has successfully manufactured cathode rollers for ultra-thin copper foil production, with a market share ranking among the top in China [8][14]. Financial Performance - From 2021 to 2024, 泰金新能's revenue increased from 519 million yuan to 2.194 billion yuan, with net profits rising from approximately 48.43 million yuan to 104.66 million yuan [22][24]. - The company has maintained growth despite fluctuations in the downstream copper foil market, with a projected market size of 20 billion yuan in 2023, reflecting a 33% year-on-year increase [19][21]. Market Outlook - The copper foil equipment market is expected to decline in 2024 due to reduced new capacity expansion projects, with a forecasted market size of 13.4 billion yuan, a 33% decrease year-on-year [19][21]. - However, the industry is anticipated to enter a new investment expansion cycle by 2028, following a period of adjustment [21][25]. Fundraising and Project Adjustments - 泰金新能 initially planned to raise 1.5 billion yuan for various projects, including high-end intelligent equipment and titanium electrode materials, but has since adjusted its fundraising plans, canceling the working capital supplement and reducing other project funding [27][30][33].

Group 1 - The company, Baotailong, plans to transfer 55% equity of its subsidiary, Jixi Baotailong Investment Co., Ltd., to Heilongjiang Huiju Energy Development Group for approximately 154 million yuan, along with a debt transfer of about 146 million yuan, totaling 300 million yuan [1] - The subsidiary has been operating at a loss, with reported revenues of 0 yuan and net losses of 13.8 million yuan in 2024 and 704,600 yuan in Q1 of this year [1][2] - The sale aims to recover investments, optimize resource allocation, and reduce operational costs, thereby enhancing liquidity for the company [1] Group 2 - Baotailong's main business includes coal mining, processing, and production of various chemical products, with significant revenue fluctuations due to industry cycles [2] - The company reported revenues of 3.727 billion yuan in 2023 and 1.291 billion yuan in 2024, reflecting declines of 1.23% and 65.36% respectively, with total losses of 2 billion yuan over the two years [2] - In Q1 of this year, the company achieved revenues of 127 million yuan, a decrease of 75.71%, attributed to maintenance shutdowns of coking equipment [2][3] Group 3 - As of the end of Q1, Baotailong had cash reserves of 104 million yuan against interest-bearing liabilities of 1.876 billion yuan, indicating significant debt pressure [3] - The sale of the subsidiary is expected to alleviate some of the financial and operational pressures faced by the company [3]

中信建投证券股份有限公司关于 浙江巍华新材料股份有限公司2024年度现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办 法》） 和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律法规的要求，中信建投证券股份有限公司（以下简称"中信建投""保荐 人 "）作为浙江巍华新材料股份有限公司（以下简称"巍华新材 "或"公司"）首 次公开发行股票的保荐人，于 2025 年 3 月 20 日对巍华新材 2024 年度有关情况 进行了现场检查。 一、本次现场检查的基本情况 中信建投针对巍华新材的实际情况制订了 2024 年度现场检查工作计划。为 顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作，中信建 投证券提前将现场检查事宜通知巍华新材，并要求公司提前准备现场检查工作 所需的相关文件和资料。 划，采取与相关负责人员沟通及询问、查看公司生产经营场所、查阅公司主要 业务合同、往来款明细账、部分原始凭证、募集资金台账及专户对账单、三会 文件、公告文件等相关资料等形式，对包括公司治理和内部控制情况、三会运 作情况、信息披露情况、独立性以及与控股股东、实际控制人及其他 ...