近日，哈尔滨东盛金材科技（集团）股份有限公司 （简称：东盛金材）发布公告，拟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 请并撤回上市申请文件。公司独立董事已对相关议案发表了同意的独立意见，该议案尚需提交公司股东会审议。 东盛金材本次IPO于2024年12月30日获受理，答复首轮问询时曾多次提出延期申请，2025年9月26日，公司收到第二轮审核问询，截至拟终止公告发布日 该轮问询答复仍未公布，目前其IPO进程因财报更新事项处于中止状态。 从北交所发出的审核问询问题来看，东盛金材的业绩下滑风险、募投项目合理性受到监管重点关注。此外，东盛金材的第一大供应商于2023年9月申请破 产重整，也使得监管在问询中对原材料供应稳定性提出了质疑。 本篇中，汉鼎咨询结合东盛金材的招股书、问询答复内容及业绩变化情况对监管审核重点的相关问题进行了梳理。 报告期内业绩大幅波动， 被问询是否主要靠降价促进销售 申报材料显示，东盛金材的主营业务为铝合金元素添加剂等新型金属功能材料的研发、生产和销售。公司产品主要包括铝合金元素添加剂及铝基中间合 金两大类，报告期内营业收入约90%来自铝合金元素添加剂。在铝合金元素添加剂市场中 ...

Core Points - Zhuzhou Keno New Materials Co., Ltd. has terminated its IPO application after over two years of waiting, marking a significant event in the current IPO landscape [1][3] - A total of 98 companies have withdrawn their IPO applications this year, with the Beijing Stock Exchange having the highest number of withdrawals at 37 [1][4] - The audit firm Tianjian has the highest number of terminated IPO projects, accounting for 24 out of the 98 [1][8] Company Overview - Zhuzhou Keno focuses on the development and industrialization of purification technology for III-V group chemical elements, primarily dealing with the research, production, and sales of high-purity metals and their oxides [3] - The company aimed to raise approximately 588 million yuan for projects including the production of 500 tons of semiconductor high-purity materials and the establishment of an advanced materials research center [3] IPO Process and Statistics - Zhuzhou Keno's IPO was accepted on June 21, 2023, and entered the inquiry stage on July 17, 2023, but did not progress to the meeting stage [3] - The company's revenue for 2022, 2023, and projected for 2024 is approximately 679 million yuan, 609 million yuan, and 787 million yuan, respectively, with net profits of about 50.9 million yuan, 42.9 million yuan, and 70.8 million yuan [3] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has implemented stricter regulations, emphasizing accountability for companies during the IPO process, which has led to a decrease in the number of terminated IPOs compared to previous years [5][4] - The new regulations include a higher random inspection rate for IPO applications, increasing from 5% to 20% [4] Industry Trends - The trend of companies withdrawing their IPO applications may indicate that firms are better prepared before entering the listing process, potentially improving the overall quality of listed companies [5] - Several companies, including Destai and Boshan, have attempted to list multiple times without success, suggesting underlying issues within these firms that have not been resolved [6][7]

Core Viewpoint - Xinjiang Bosiran Intelligent Agricultural Machinery Co., Ltd. has withdrawn its IPO application, leading to the termination of its review process by the Shanghai Stock Exchange [1][3]. Company Overview - Bosiran was established in August 2009 and is located in Wusu City, Tacheng Prefecture, Xinjiang. The company has a registered capital of approximately 112 million yuan [3]. - The main products include cotton harvesters and various agricultural machinery, covering the entire cotton planting industry chain [4]. IPO Application Process - The company initially disclosed its prospectus in June 2022, aiming to raise 1.186 billion yuan. After the implementation of the comprehensive registration system, it submitted its prospectus again in February 2023 [3]. - Despite updating its prospectus in December 2024 and June 2025, the IPO process was terminated in September 2025 without progressing to the next stage [3]. Financial Performance - Revenue for Bosiran was approximately 1.138 billion yuan in 2022, declining to 989 million yuan in 2023, and slightly increasing to 1.03 billion yuan in 2024, indicating a fluctuation in performance [5][8]. - Net profit figures were around 238 million yuan in 2022, dropping to 184 million yuan in 2023, and remaining stable at 184 million yuan in 2024 [5][8]. - The company's total assets as of December 31, 2024, were approximately 2.077 billion yuan, with a debt-to-asset ratio of 33.87% [6]. Shareholder Structure - Major shareholders include Zhejiang Yate Investment Co., Ltd. (42.53%) and Jiaxing Juyue Investment Partnership (8.9%) [4].

Core Viewpoint - Jiangsu Ronghui General Lithium Industry Co., Ltd. has withdrawn its IPO application, leading to the termination of its listing review by the Shenzhen Stock Exchange [1] Financial Performance - The company reported a total revenue of approximately 5.06 billion RMB, 15.42 billion RMB, and 59.10 billion RMB for the years 2020, 2021, and 2022 respectively [2] - Net profits for the same years were -48.68 million RMB, 404.5 million RMB, and 1.991 billion RMB [2] - The main business revenue composition for 2022 included battery-grade lithium carbonate (62.52%), battery-grade lithium hydroxide (36.92%), high-purity lithium carbonate (0.55%), and other products (0.01%) [2] Assets and Liabilities - As of December 31, 2022, total assets amounted to 5.253 billion RMB, with a debt-to-asset ratio of 33.03% [3] - The company's net profit attributable to shareholders was 1.905 billion RMB, with a basic earnings per share of 4.66 RMB [3] Supplier Concentration Risk - The company faces risks due to a high concentration of suppliers, with the top five suppliers accounting for 56.57%, 67.97%, and 92.72% of total procurement in the years 2020, 2021, and 2022 respectively [3] - The concentration of suppliers is linked to the high concentration of lithium concentrate resources in Australia and South America, with most of the company's lithium concentrate sourced from Australia and Brazil [3][4] Industry Position - Compared to peers like Ganfeng Lithium and Tianqi Lithium, the company has not yet secured lithium resources, which may adversely affect its operational performance if key suppliers reduce cooperation or fail to deliver on time [4]

Core Viewpoint - The termination of the IPO review for Jiangxi Shengfulai Optical Technology Co., Ltd. is primarily attributed to the company's withdrawal of its application after facing repeated inquiries regarding its declining performance and financial inconsistencies [1][2]. Financial Performance - The company reported a total asset value of approximately 391.57 million yuan as of June 30, 2023, a slight increase from 404.27 million yuan at the end of 2022 [3]. - The total equity attributable to shareholders was approximately 325.46 million yuan as of June 30, 2023, compared to 327.01 million yuan at the end of 2022 [3]. - The company's operating income for the first half of 2023 was approximately 125.53 million yuan, down from 256.11 million yuan in 2022, indicating a significant decline [3]. - The net profit for the first half of 2023 was approximately 20.09 million yuan, a decrease from 39.50 million yuan in 2022 [3]. Sales and Market Trends - Domestic sales revenue for the company has been declining, with a 10.73% decrease in 2023 compared to the previous year, attributed to a downturn in the domestic reflective materials market [4]. - The growth in 2023 was primarily driven by an increase in export sales, with major clients contributing to 76.36% of the total export revenue [4]. - However, there are concerns regarding the stability of demand from key export clients, particularly due to economic conditions in Germany affecting sales [4][5]. Production Capacity and Utilization - The company's production capacity utilization rates have been declining, with high refractive index glass microspheres at 80.60% in 2024, down from 95.75% in 2022 [12][13]. - The company plans to raise approximately 13.25 million yuan to expand its production capacity for high refractive index glass microspheres, anticipating a market demand growth of 9-10% [12]. Corporate Governance and Control - The company does not have a controlling shareholder, with the actual control held by Chen Zhengyuan and Chen Oubo, who collectively control approximately 33.91% of the company [9][11]. - The largest shareholder, Taizhou Zhentai, holds 33.84% of the shares but does not have the ability to control the company due to the dispersed nature of its shareholding [11]. Financial Control Issues - There have been instances of financial control irregularities, including issues with sales revenue recognition and internal control over research and development expenses [14][15]. - The company has acknowledged the need for improved internal controls to address these issues and ensure compliance with financial reporting standards [14][15].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Huainan Wantai Electronics Co., Ltd.'s public offering and listing, indicating potential challenges for the company in its capital market ambitions [3]. Financial Performance - Wantai's revenue from 2021 to the first half of 2024 was reported as 439 million yuan, 546 million yuan, 612 million yuan, and 270 million yuan respectively, with net profits of 41.52 million yuan, 79.63 million yuan, 85.52 million yuan, and 20.19 million yuan [3]. - The gross profit margins for the same periods were 44.89%, 41.5%, 38.98%, and 41.14% respectively, showing fluctuations in profitability [3]. Accounts Receivable - The accounts receivable balance for Wantai from 2021 to the first half of 2024 was 414 million yuan, 523 million yuan, 538 million yuan, and 546 million yuan, indicating a significant reliance on credit sales [3][5]. - The proportion of accounts receivable to revenue was notably high, reaching 94.41%, 95.85%, and 87.95% in the years 2021 to 2023, suggesting that approximately 90% of revenue was on credit [6]. Shareholding Structure - The controlling shareholders of Wantai are Yu Zixian and Yu Ziyong, who together hold 55.35% of the company's shares, with Yu Zixian as the chairman and general manager [7]. - Recent changes in the shareholder structure included the addition of family members as concerted actors, which raised regulatory inquiries regarding their classification and potential implications for control [8][9]. Regulatory Compliance - The company faced scrutiny from regulators regarding the classification of certain family members as concerted actors, which was later amended to include them in the control structure to ensure stability [10].

Core Viewpoint - Zhongchuan Shuangrui (Luoyang) Special Equipment Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Company Overview - Shuangrui Co. was established in November 2005 and is located in Luoyang, Henan Province, with a registered capital of 320 million yuan [3] - Major shareholders include Luoyang Shuangrui Technology Industry Holding Group Co., Ltd. and China National Capital Venture Capital Co., Ltd. [3] Financial Performance - Revenue for the years 2021, 2022, 2023, and the first half of 2024 was approximately 1.262 billion yuan, 1.336 billion yuan, 1.611 billion yuan, and 743 million yuan respectively [4] - Net profit for the same periods was about 105 million yuan, 89.97 million yuan, 111 million yuan, and 51.26 million yuan respectively [4] - The company expects revenue for 2024 to be between 1.64 billion yuan and 1.785 billion yuan, representing a year-on-year growth of 1.81% to 10.81% [6] IPO and Fundraising Plans - Shuangrui Co. submitted its prospectus in December 2022, aiming to raise approximately 654 million yuan for various projects, including a special equipment R&D center and a waste heat utilization project [5] - The total amount planned for investment in these projects is 653.74 million yuan [2] Key Financial Ratios - As of June 30, 2024, the company's asset-liability ratio was 49.42% [6] - The basic earnings per share for the first half of 2024 was 0.16 yuan [6] - Research and development expenditure accounted for 5.67% of revenue in the first half of 2024 [6]

Group 1 - The core point of the article is that Kaiyuan Securities has withdrawn its IPO application, marking the second securities company to do so since last year [1][3] - The withdrawal was initiated by the sponsor, Minsheng Securities, but the specific reasons for the withdrawal were not disclosed [3] - Kaiyuan Securities has been in the IPO queue for nearly three years, having transitioned from the New Third Board to A-shares in 2022, and has not yet responded to the first round of inquiries from the Shenzhen Stock Exchange [3] Group 2 - Kaiyuan Securities, known as the "King of the New Third Board," has been a leader in the New Third Board business, with 723 companies under continuous supervision, accounting for 11.77% of the total listed companies [4] - The company aims to become a top-tier securities firm focused on the Beijing Stock Exchange, with a strong emphasis on investment banking, bond underwriting, asset management, and research [4] - The company's net profit has shown steady growth from 515 million yuan in 2021 to 687 million yuan in 2024, although its bond underwriting business has been suspended for six months starting October 2024 due to regulatory issues [5] Group 3 - The suspension of the bond underwriting business is expected to negatively impact the company's operating performance in 2024 and 2025 [5] - In 2024, the investment banking revenue for Kaiyuan Securities was 464 million yuan, a decrease of 45.89% year-on-year, representing the lowest proportion of total revenue at 16.23% since 2019 [5]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Zhuhai Tianwei New Materials Co., Ltd.'s public offering of stocks and listing application [1] Company Overview - Tianwei New Materials was established in 2004 and specializes in the research, development, production, and sales of digital printing functional materials and supporting products [2] - The company has previously applied for an IPO on the ChiNext board in 2020 but withdrew its application in December 2021 [5] Financial Performance - The projected revenues for Tianwei New Materials for the years 2022, 2023, and 2024 are 424.79 million yuan, 524.94 million yuan, and 624.75 million yuan respectively [3] - The net profits attributable to shareholders for the same years are projected to be 41.82 million yuan, 85.21 million yuan, and 102.00 million yuan respectively [3] IPO Details - The total investment for the IPO projects is approximately 538.58 million yuan, with 300 million yuan intended to be raised [4] - The key projects include a production base for digital printing functional materials with an annual capacity of 31,000 tons, a headquarters R&D center, and supplementary working capital [3][4] Shareholding Structure - Jieshi International Limited holds 42,811,807 shares, accounting for 72.69% of the company's total equity, making it the controlling shareholder [4] - The chairman, He Liangmei, controls a total of 82.32% of the shares, establishing her as the actual controller of the company [4] Comparable Companies - Comparable companies in the same industry include Nal Shares (002825.SZ), Hongsheng Digital (430616.NQ), Chuanmeixun (874023.NQ), and Lanyu Shares (301585.SZ) [3]

Group 1 - The company "Renyang Yitou Niu" has shifted its financing strategy after terminating its IPO in February 2023, opting for a pledge of 100% equity in its subsidiary Hebei Kanghong Animal Husbandry for 103 million yuan to raise funds for business expansion and farm construction [1][2] - Kanghong Animal Husbandry is a core part of the company's dairy segment, established in October 2020 with a registered capital of 103 million yuan, and is recognized as one of the largest dairy farms in China with a herd size of 27,000 cows as of 2022 [1][3] - The company's IPO journey faced significant challenges, including high marketing costs and insufficient R&D investment, leading to multiple regulatory feedbacks and ultimately the withdrawal of its IPO application [2][3] Group 2 - The dairy industry is currently experiencing intense competition, with a projected 2.8% decline in raw milk production in 2024, marking the first decrease since 2018 [3] - Among 21 listed dairy companies, only 5 have achieved growth in both revenue and net profit, while 13 have seen declines in both metrics [3] - The company's previous plans for significant investments in smart farm construction and information system upgrades are now under scrutiny following the termination of its IPO, raising questions about its strategic adjustments and competitiveness in a challenging market [3]