Company Overview - Company Name: Shandong Jianbang New Materials Co., Ltd [1] - Stock Code: 603285.SH [1] - IPO Application Date: July 5, 2022 [1] - Listing Date: July 5, 2024 [1] - Industry: Chemical Raw Materials and Chemical Products Manufacturing [1] - Underwriter: Guotai Junan Securities [1] Performance Metrics - Underwriting and Sponsorship Fees: 47.56 million yuan, with a commission rate of 6.38%, lower than the average of 7.71% [2] - First Day Stock Price Increase: 133.24% compared to the issue price [3] - Stock Price Increase in First Three Months: 27.00% compared to the issue price [4] - Issuance Price-Earnings Ratio: 16.43 times, which is 74.82% of the industry average of 21.96 times [5] - Expected Fundraising: 1.851 billion yuan, with actual fundraising of 746 million yuan, a decrease of 59.69% [6] Financial Performance - Revenue for 2024: Decreased by 0.21% year-on-year [7] - Net Profit for 2024: Decreased by 16.83% year-on-year [7] - Non-recurring Net Profit for 2024: Decreased by 18.67% year-on-year [7] - Abandonment Rate: 0.58% [7] Evaluation Summary - Total Score for IPO Project: 81 points, classified as B-level [7] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle of 731 days exceeds the average of 629.45 days, significant reduction in actual fundraising, decline in revenue and net profit in the first accounting year, and abandonment rate of 0.58% [7]

Company Overview - Full Name: Zhongyan Anhui Hongsifang Fertilizer Co., Ltd [1] - Abbreviation: Hongsifang [1] - Stock Code: 603395.SH [1] - IPO Application Date: July 5, 2022 [1] - Listing Date: November 26, 2024 [1] - Listing Board: Shanghai Stock Exchange Main Board [1] - Industry: Chemical Raw Materials and Chemical Products Manufacturing [1] - IPO Sponsor: Guoyuan Securities [1] - Legal Advisor: Anhui Tianhe Law Firm [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure Issues: Required to clarify the adequacy of checks on distributors and their terminal sales; required to disclose specific measures to reduce related party transactions with controlling shareholders; required to provide a special explanation according to regulatory guidelines [1][2] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Scored down due to a listing cycle of 875 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amounted to 20.0755 million yuan, with a commission rate of 5.03%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 1917.42% on the first day compared to the issue price [4] - Three-Month Performance: Stock price increased by 497.24% within three months of listing compared to the issue price [5] - Issuance Price-Earnings Ratio: Issuance P/E ratio was 10.62 times, significantly lower than the industry average of 22.23 times, representing 47.77% of the industry average [6] - Actual Fundraising: Expected to raise 532 million yuan, but actual fundraising was 399 million yuan, a decrease of 24.93% [7] Short-Term Performance Post-Listing - Revenue and Profit Decline: In 2024, the company's operating income decreased by 10.62% year-on-year, net profit attributable to the parent company decreased by 41.16%, and non-recurring net profit attributable to the parent company decreased by 48.64% year-on-year [8] - Abandonment Rate: Abandonment rate was 0.36% [8] Overall Score - Total Score: The IPO project scored 85.5 points, classified as Grade B. Negative factors affecting the score include the need for improved disclosure quality, a listing cycle exceeding two years, reduced actual fundraising, and declines in revenue and net profit in the first accounting year [8]

Company Overview - Company Name: Shandong Tenda Fastening Technology Co., Ltd. [1] - Stock Code: 001379.SZ [1] - IPO Application Date: July 1, 2022 [1] - Listing Date: January 19, 2024 [1] - Industry: General Equipment Manufacturing [1] - IPO Sponsor: Zhongtai Securities [1] Disclosure and Evaluation - Disclosure Issues: Required to clarify the accuracy of industry position information in the prospectus and the authenticity of expenses [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: 567 days, shorter than the average of 629.45 days for 2024 A-share listings [2] Financial Metrics - Underwriting and Sponsorship Fees: CNY 59.43 million, with a commission rate of 7.00%, lower than the average of 7.71% [3] - First Day Performance: Stock price increased by 42.70% compared to the issue price [4] - Three-Month Performance: Stock price decreased by 9.42% compared to the issue price [5] - Issuance Price-Earnings Ratio: 26.05 times, which is 86.98% of the industry average of 29.95 times [6] - Actual Fundraising: Expected to raise CNY 930 million, but actual fundraising was CNY 849 million, a decrease of 8.76% [7] Post-Listing Performance - Revenue Growth: 4.12% increase in revenue compared to the previous year [8] - Net Profit Decline: 10.49% decrease in net profit compared to the previous year [8] - Non-Recurring Net Profit Decline: 28.34% decrease compared to the previous year [8] - Abandonment Rate: 0.55% [9] Overall Evaluation - Total Score: 89 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, stock price decline in the first three months, reduced actual fundraising, and decreased net profit in the first accounting year [9]

Company Overview - Company Name: Aidi Te (Qinhuangdao) Technology Co., Ltd [1] - Stock Code: 301580.SZ [1] - IPO Application Date: April 7, 2022 [1] - Listing Date: June 26, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Specialized Equipment Manufacturing [1] - IPO Sponsor: CITIC Jianan Securities [1] - IPO Legal Advisor: Beijing Zhonglun Law Firm [1] - IPO Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Disclosure and Compliance - Disclosure Issues: Required to clarify compliance with ChiNext's positioning, provide FDA certification dates, correct shareholder information, and disclose the impact of international trade friction on material procurement and product sales [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: 811 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no penalties [3] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees of 63.2974 million yuan, with a commission rate of 7.40%, lower than the average of 7.71% [3] - First Day Performance: Stock price increased by 86.92% on the first day of listing [4] - Three-Month Performance: Stock price increased by 12.93% over the first three months [5] - Issuance Price-Earnings Ratio: 25.49 times, compared to the industry average of 27.41 times, representing 93.00% of the industry average [6] - Actual Fundraising: Expected fundraising of 1.049 billion yuan, with actual fundraising of 855 million yuan, a decrease of 18.47% [7] Short-Term Performance - Revenue Growth: 2024 revenue increased by 13.81% year-on-year [8] - Net Profit Growth: Net profit attributable to shareholders increased by 2.40% year-on-year [8] - Non-recurring Net Profit Growth: Non-recurring net profit attributable to shareholders increased by 9.32% year-on-year [8] - Abandonment Rate: 0.42% [8] Overall Evaluation - Total Score: 84 points, classified as B-level [8] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, actual fundraising decreased, and abandonment rate of 0.42% [8]

Company Overview - The full name of the company is China International Cargo Airlines Co., Ltd, abbreviated as Guohang, with the stock code 001391.SZ [1] - The IPO application date is January 6, 2023, and the listing date is December 30, 2024, on the Shenzhen Main Board [1] - The company operates in the air transportation industry, with CITIC Securities as the IPO sponsor and underwriter [1] Regulatory and Performance Evaluation - The company has been required to enhance disclosures in the prospectus regarding potential competition and revenue recognition in cargo operations [1] - The average listing period for A-share companies in 2024 is 629.45 days, while Guohang's listing period is 724 days, which is above the average [2] - The underwriting and sponsorship fees amount to 28.727 million yuan, with a commission rate of 0.82%, significantly lower than the average of 7.71% [3] Market Performance - On the first day of trading, the stock price increased by 304.35% compared to the issue price [3] - Over the first three months post-listing, the stock price rose by 192.17% from the issue price [4] Financial Metrics - The company's issue price-to-earnings (P/E) ratio is 25.99, which is 61.37% of the industry average of 42.35 [5] - The expected fundraising amount is 3.557 billion yuan, with actual fundraising at 3.495 billion yuan, indicating a decrease of 1.76% [6] Short-term Performance - In 2024, the company's operating revenue increased by 37.97% year-on-year, while net profit attributable to shareholders grew by 69.34%, and non-recurring net profit increased by 79.29% [7] - The abandonment rate for the IPO is 0.17% [7] Overall Assessment - The total score for Guohang's IPO project is 86, classified as B-level, with negative factors including the need for improved disclosure quality and the decrease in actual fundraising [7]

Company Overview - Full name: Wuxi Dingbang Heat Exchange Equipment Co., Ltd [1] - Abbreviation: Wuxi Dingbang [1] - Stock code: 872931.BJ [1] - IPO application date: June 30, 2023 [1] - Listing date: April 8, 2024 [1] - Listing board: Beijing Stock Exchange [1] - Industry: Specialized Equipment Manufacturing [1] - IPO sponsor: Dongwu Securities [1] - Lead underwriters: Dongwu Securities [1] - Legal advisor: Jiangsu Xinsu Law Firm [1] - Audit firm: Zhongxinghua Accounting Firm (Special General Partnership) [1] Regulatory and Compliance - Disclosure issues: Required to disclose risks related to project implementation, fixed asset depreciation, and sales data for specific products [2][3] - Regulatory penalties: Received a verbal warning from the National Equities Exchange and Quotations for failing to disclose external guarantees and loan transfer matters [2] - Public opinion supervision: No deductions [3] - Listing cycle: Listed in 283 days, shorter than the average of 629.45 days for 2024 A-share listings [3] - Multiple applications: Not applicable, no deductions [3] Financial Performance - Underwriting fees: Total underwriting and sponsorship fees amounted to 12.809 million yuan, with a commission rate of 7.19%, lower than the average of 7.71% [4] - First-day performance: Stock price increased by 64.52% on the first day of listing [5] - Three-month performance: Stock price increased by 20.67% compared to the issue price [6] - Issuance P/E ratio: Issued at a P/E ratio of 14.58, significantly lower than the industry average of 26.57, representing 54.87% of the industry average [7] - Actual fundraising: Expected to raise 222 million yuan, but actual fundraising was 178 million yuan, a decrease of 19.74% [8] - Short-term performance post-listing: In 2024, revenue decreased by 8.55% year-on-year, net profit attributable to shareholders decreased by 16.79%, and non-recurring net profit decreased by 16.60% [8] Overall Assessment - Total score: Wuxi Dingbang's IPO project scored 84 points, classified as B-level [9] - Negative factors affecting score: Disclosure quality needs improvement, regulatory penalties for disclosure violations, reduced actual fundraising, and declines in revenue and profit in the first accounting year [9]

Company Overview - Company Name: Zhejiang Taihu Yuanda New Materials Co., Ltd [1] - Abbreviation: Taihu Yuanda [1] - Stock Code: 920118.BJ [1] - IPO Application Date: November 30, 2023 [1] - Listing Date: August 22, 2024 [1] - Listing Board: Beijing Stock Exchange [1] - Industry: Rubber and Plastic Products [1] - IPO Sponsor: China Merchants Securities [1] - Lead Underwriters: Peng Yong, Yan Kun [1] - Legal Advisor: Beijing Dacheng Law Offices [1] - Audit Firm: Notarization Tianye Accounting Firm [1] Disclosure and Evaluation - Disclosure Issues: The company was asked to clarify its compliance with the market positioning of the Beijing Stock Exchange and to adequately disclose related risks [1]. It was also required to explain the reasons for the unaudited financial data of its subsidiary and whether the financial data is accurate and complete [1]. Additionally, the company needed to justify the selection of comparable companies and the rationale behind its expense ratios compared to industry peers [1]. - Regulatory Penalties: No penalties were imposed [2]. - Public Supervision: No deductions were made for public supervision [2]. - Listing Cycle: The average time from application to listing for A-share companies in 2024 is 629.45 days, while Taihu Yuanda's listing cycle is 266 days, which is below the average [2]. Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 12.36 million yuan, with a commission rate of 9.96%, higher than the average of 7.71% [3]. - Initial Listing Performance: The stock price increased by 36.06% on the first day of listing [4]. - Three-Month Performance: The stock price rose by 73.76% compared to the issuance price within three months of listing [5]. - Issuance Price-Earnings Ratio: The issuance P/E ratio is 12.06 times, which is 60.57% of the industry average of 19.91 times [6]. - Actual Fundraising: The expected fundraising amount is 146 million yuan, while the actual amount raised is 124 million yuan, reflecting a decrease of 15.03% [7]. Post-Listing Performance - Short-Term Financial Performance: In 2024, the company's operating revenue increased by 4.64% year-on-year, while the net profit attributable to shareholders decreased by 8.97%, and the net profit excluding non-recurring gains and losses dropped by 12.71% year-on-year [8]. Overall Assessment - Total Score: Taihu Yuanda's IPO project received a total score of 85.5, classified as Grade B [9]. Negative factors affecting the score include the need for improved disclosure quality, high issuance costs, reduced actual fundraising, and declines in net profit in the first accounting year [9]. This indicates that the company's short-term profitability and disclosure quality require attention [9].

Core Viewpoint - The company, Tongguan Mining Construction Co., Ltd., is set to go public on October 11, 2024, on the Beijing Stock Exchange, with a total score of 89.5, classified as B-level, indicating good short-term profitability but concerns regarding information disclosure quality [3][29]. Company Basic Information - Full Name: Tongguan Mining Construction Co., Ltd. [22] - IPO Application Date: June 29, 2023 [22] - Listing Date: October 11, 2024 [22] - Industry: Civil Engineering and Construction [22] - Underwriters: Tianfeng Securities and Guoxin Securities [22] - Legal Advisor: Beijing Hairun Tianrui Law Firm [22] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [22] Performance Evaluation - The company was required to enhance disclosures regarding the impact of new fixed asset depreciation on future performance and to clarify risks associated with underperforming fundraising projects [5][22]. - The average time from application to listing for A-share companies in 2024 is 629.45 days, while Tongguan's listing cycle is 470 days, which is below the average [6][22]. Financial Metrics - The underwriting and sponsorship fees for Tongguan Mining are 15.47 million yuan, with a commission rate of 6.13%, lower than the average of 7.71% [8][23]. - The company's issuance price-earnings ratio is 15.48 times, compared to the industry average of 19.24 times, representing 80.46% of the industry average [14][27]. - Expected fundraising is 283 million yuan, while the actual amount raised is 252 million yuan, indicating a decrease of 10.70% [16][28]. Short-term Performance - In 2024, the company's operating revenue increased by 19.87% year-on-year, with net profit attributable to shareholders rising by 8.26% and non-recurring net profit increasing by 7.37% [18][28]. - On the first day of listing, the stock price rose by 731.41% compared to the issue price [10][25]. - After three months of listing, the stock price increased by 346.88% compared to the issue price [12][26].