Core Viewpoint - Harbin Itada Dapeng Industrial Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 43rd company to pass the review this year, with a focus on precision cleaning equipment for the automotive and new energy sectors [1][9]. Company Overview - Dapeng Industrial specializes in the production of intelligent equipment for industrial precision cleaning, primarily serving the automotive powertrain and new energy three-electric systems [1]. - The company is also expanding into machine vision inspection products, creating a second growth curve for its development [1]. Shareholding Structure - As of the signing date of the prospectus, Bode Industrial holds 68.72% of Dapeng Industrial's shares, making it the controlling shareholder [2]. - Li Pengtang directly holds 11.81 million shares (25.42%) and indirectly holds 26.24 million shares (56.48%) through Bode Industrial, controlling a total of 43.74 million shares (94.13%) of voting rights [2]. IPO Details - Dapeng Industrial plans to publicly issue up to 15 million shares, with a public holding ratio of no less than 25% post-issue [3]. - The company may utilize an overallotment option of up to 2.25 million shares, bringing the total potential issuance to 17.25 million shares [3]. - The funds raised, totaling approximately 15.39 million yuan, will be allocated to the second phase of the intelligent industrial cleaning equipment production R&D base, a machine vision inspection equipment R&D center, and to supplement working capital [3]. Review Opinions - The review committee requested a comprehensive analysis of the necessity and reasonableness of the 25 million yuan allocation for working capital, considering the company's cash flow and project funding needs [4]. Inquiry Issues - The review raised questions regarding the authenticity of operating performance, sustainability of earnings, and the rationale behind the fundraising projects, requiring the issuer and its underwriters to provide detailed explanations and justifications [5].

Core Viewpoint - The Beijing Stock Exchange has approved the IPO of Zhuhai Nante Technology Co., Ltd., highlighting concerns regarding the sustainability and authenticity of its financial performance, as well as the necessity of its fundraising projects [1]. Group 1: IPO Approval and Fundraising - Nante Technology's IPO aims to raise 286 million yuan, with funds allocated for the Anhui Chutian high-end precision parts production base phase II project and the Zhuhai Nante machine tool expansion and R&D enhancement project [2]. - The company reduced its fundraising target from 420 million yuan to 286 million yuan, a decrease of over 30%, and removed the supplementary working capital project from its proposal [2][4]. - The company’s IPO approval follows a trend where other companies, like Zhongcheng Consulting, also reduced their fundraising amounts significantly during the review process [4]. Group 2: Financial Performance - Nante Technology has shown a growth trend in revenue, increasing from 834 million yuan in 2022 to 1.031 billion yuan in 2024, with net profit rising from 46.64 million yuan to 98.21 million yuan during the same period [5]. - The company heavily relies on a few major clients, with the top five customers accounting for 89.20%, 86.35%, and 87.78% of total revenue in the respective years [5][6]. - Approximately half of Nante Technology's revenue comes from Midea Group, while about one-third is derived from Gree Electric Appliances, indicating a high customer concentration risk [6][7].

中国经济网北京7月26日讯 北京证券交易所上市委员会2025年第15次审议会议于2025年7月25日上午召 开。审议结果显示，青岛泰凯英专用轮胎股份有限公司（以下简称"泰凯英"）符合发行条件、上市条件 和信息披露要求。这是今年过会的第35家企业。（其中，上交所和深交所一共过会21家，北交所过会14 家）。 泰凯英的保荐机构是招商证券，保荐代表人为葛麒、王黎祥。这是招商证券今年保荐成功的第2单IPO 项目。此前，1月14日，招商证券保荐的马可波罗控股股份有限公司过会。 1.关于业绩增长的真实性和可持续性。请发行人结合2025年上半年业绩情况、在手订单情况、行业变化 趋势、主要客户与销售研发团队稳定性及变化情况、境外政策等因素，说明期后经营业绩增长的可持续 性，是否存在业绩下滑风险。 2.关于技术创新性。请发行人说明与同行业公司相比，技术先进性、研发核心竞争力的具体表现。 2025年上交所深交所IPO过会企业一览： | 序号 | 公司名称 | 上会日期 | 拟上市地点 | 保荐机构 | | --- | --- | --- | --- | --- | | 1 | 马可波罗控股股份有限公司 | 2025/1/14 | ...

Core Viewpoint - Beikang Detection Technology Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking it as the 33rd company to pass the review this year, with a focus on the development and service of non-ferrous metal inspection and testing technology [1] Group 1: Company Overview - Beikang Detection is a leading domestic institution specializing in the research and development of inspection and testing technology for non-ferrous metal mineral resources, covering various fields including ore and mineral products, smelting products, environmental samples, and advanced materials [1] - The company plans to publicly issue no more than 28.32 million shares, with a potential additional issuance of up to 4.25 million shares through an over-allotment option, bringing the total to a maximum of 32.57 million shares [2] Group 2: Shareholding Structure - The controlling shareholder of Beikang Detection is the Minmetals Group, which directly holds 86.11% of the shares and indirectly holds an additional 1.53% through the Minmetals Research Institute, totaling 87.64% [2] - The State-owned Assets Supervision and Administration Commission holds 100% of Minmetals Group, making it the actual controller of Beikang Detection [2] Group 3: Fundraising and Use of Proceeds - Beikang Detection aims to raise approximately 178.80 million yuan, which will be allocated to the development of advanced testing instrument research bases and testing capacity construction, as well as to supplement working capital [2] Group 4: Review and Inquiry - The review committee raised inquiries regarding the sustainability of performance growth, specifically questioning the reasonableness of the company's gross margin compared to industry peers and the stability of its revenue from instrument business and lithium carbonate testing [3] - Concerns were also raised about the fairness of pricing in related party transactions, particularly regarding the pricing model for services provided to related parties without requiring testing reports [3]

Core Viewpoint - Chaoying Electronics Circuit Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the 32nd company to receive approval this year, with a focus on the development, production, and sales of printed circuit boards [1][2]. Group 1: Company Overview - Chaoying Electronics specializes in the research, development, production, and sales of printed circuit boards, with no changes in its main business since its establishment [1]. - The company is directly controlled by Dynamic Holding, which holds 97.85% of its shares, while its indirect controlling shareholder is a publicly listed company in Taiwan [1]. Group 2: IPO Details - The company plans to issue no less than 10% and no more than 67,858,115 shares in its IPO, with all shares being newly issued and no existing shareholder shares being sold [2]. - The total fundraising target is 660 million yuan, which will be allocated to the second phase of the high-layer and HDI project, supplementing working capital, and repaying bank loans [2]. Group 3: Review Committee Inquiries - The review committee raised questions regarding the necessity of sales through overseas subsidiaries, the reasons for price differentials, and the effectiveness of internal controls related to overseas fund management [3]. - Concerns were also expressed about the high proportion of export sales and customer concentration, as well as the sustainability of the company's revenue and net profit growth in light of industry trends and policy changes [3]. - The committee inquired about the trends in gross profit margins and their potential impact on the company's ongoing operations [3]. - Questions were posed regarding the company's debt structure, asset pledges, capital expenditure needs, and cash flow from operating activities to assess the reasonableness and stability of its debt scale [3].

Core Points - The Beijing Stock Exchange's listing committee approved the IPO of Aomeisen Intelligent Equipment Co., Ltd., marking it as the 29th company to pass the review this year [1] - Aomeisen specializes in the manufacturing of intelligent production equipment, with applications in various industries including electrical, environmental protection, wind power, and lithium battery new energy [1] - The company plans to issue up to 20 million shares, aiming to raise approximately 19.51 million yuan for projects including the construction of a production base for digital forming equipment and a research and development center [3][4] Company Ownership and Control - Aomeisen Technology holds 27.45 million shares, representing 45.75% of the total share capital, making it the controlling shareholder [2] - The actual controllers of the company are Long Xiaobin, Long Xiaoming, Guan Yinqiu, and Lei Lin, with a combined control of 73.77% of the shares [2] Financial and Operational Insights - The total investment for the projects funded by the IPO is 46.27 million yuan, with specific allocations for the production base, R&D center, and working capital [4] - The company has been questioned regarding the sustainability of its operating performance and the rationale behind its financial strategies, particularly concerning the use of raised funds for working capital [6]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. has passed the initial public offering (IPO) review by the Shenzhen Stock Exchange, marking it as the 24th company approved for listing this year, with a focus on becoming a leading provider of intelligent electric vehicle components and solutions [1][2] Company Overview - The company primarily produces core components for power systems, including electric drive systems (electric control, motors, integrated drive assemblies) and power systems (on-board chargers, DC/DC converters, integrated power assemblies) [1] - As of the signing date of the prospectus, Huichuan Technology directly holds 94.51% of United Power, making it the controlling shareholder [1][2] IPO Details - United Power plans to publicly issue no more than 70,540,533 shares on the Shenzhen Stock Exchange, representing no less than 10% and no more than 25% of the total share capital post-issue [2] - The company aims to raise approximately 485.71 million yuan for projects related to the production of core components for new energy vehicles, research and development center construction, digital system development, and working capital [2] Market and Industry Context - The IPO review committee raised questions regarding the sustainability of United Power's revenue growth, considering the domestic new energy vehicle industry's development trends, policy changes, and the performance of its top five customers [3][4] - The company is expected to provide insights into its R&D expenditure and its ability to support future growth, especially in comparison to industry peers [3]

Group 1 - The core viewpoint of the article is that Jiangyin Huaxin Precision Technology Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking it as the 22nd company to do so this year [1][2] - The company focuses on the research, production, and sales of precision stamping products, primarily various types of precision stamping cores and related precision stamping molds [1][2] - The company plans to publicly issue no more than 43.74 million shares, which will account for at least 25% of the total share capital after the issuance, aiming to raise approximately 711.98 million yuan for projects related to electric vehicle drive motor cores, precision stamping and mold R&D, and working capital [2][3] Group 2 - The actual controllers of the company are Guo Zhengping, Guo Yunrong, and Guo Wanrong, who collectively control 68.97% of the company's shares through Jiangyin Susong Investment Co., Ltd. [2][3] - The main questions raised during the listing committee meeting included inquiries about the stability of future operating performance, reasons for rapid revenue growth from certain clients, and the rationale behind the fundraising projects [2][3]

Group 1 - The Beijing Stock Exchange's listing committee approved Hebei Shichang Automotive Parts Co., Ltd. for IPO, marking the 21st company approved this year, with 8 from the Beijing Stock Exchange and 13 from the Shanghai and Shenzhen Stock Exchanges combined [1] - Shichang's main business involves the research, production, and sales of automotive fuel systems, primarily focusing on plastic fuel tank assemblies [1] - The company plans to issue up to 15.70 million shares, with a fundraising target of 171.18 million yuan, allocated for a new energy high-pressure fuel tank project and working capital [3] Group 2 - As of the signing date of the prospectus, the controlling shareholder, Gao Shichang, holds 20.40 million shares, representing 48.27% of the total share capital [1] - Gao Shichang and Gao Yongqiang collectively hold 28.40 million shares, accounting for 67.20% of the total share capital, with their family members and associated entities holding an additional 4.17 million shares, bringing their total control to 77.06% of voting rights [2] - The company has a significant influence from its actual controllers, with Gao Shichang serving as the chairman and Gao Yongqiang as the director and secretary of the board [2] Group 3 - The listing committee raised inquiries regarding the authenticity of the company's operating performance, including accounts receivable, sales returns, and the rationale behind financial metrics compared to industry trends [5] - Questions were also posed about the sustainability of the company's operating performance, focusing on new customer development and competitive advantages in maintaining customer relationships [5]

Group 1 - Beijing Stock Exchange approved Zhejiang Zhigao Machinery Co., Ltd. and Hebei Shichang Automotive Parts Co., Ltd. for listing, marking the 7th and 8th review meetings of the year [1] - The review committee focused on the authenticity and sustainability of the companies' performance during the meetings [1] - Zhigao Machinery's revenue authenticity was questioned multiple times, particularly regarding direct sales and overseas business [2][3] Group 2 - Zhigao Machinery reported total assets of 984 million yuan and a revenue of 225 million yuan for Q1 2023, with a net profit of 28.58 million yuan [2] - The company expects a net profit of approximately 48.73 million to 53.87 million yuan for the first half of 2023 [2] - Inventory levels for Zhigao Machinery's distributors were reported as low, indicating no significant stockpiling issues [3] Group 3 - Hebei Shichang's main business involves the research, production, and sales of automotive fuel systems, with a high customer concentration [4] - The top five customers accounted for 93%, 92%, and 96% of revenue from 2022 to 2024, with the largest customer, Geely Automobile, contributing 48%, 42%, and 50% of revenue [4] - Shichang's revenue for 2022-2024 was reported as 282 million, 406 million, and 515 million yuan, with net profits of 15.70 million, 47.03 million, and 61.21 million yuan respectively [4] Group 4 - Shichang emphasized the stability and continuity of its business relationships with major customers, indicating a strong market position [5] - The company has successfully maintained its supply share without significant declines due to product quality issues [5]