公司主营业务为控制类电机的研发、制造、销售。募集资金拟投资于三协绿色节能智控电机扩产项目、 研发中心建设项目、补充流动资金。本次发行保荐机构为东北证券股份有限公司。 （原标题：三协电机首发获北交所上市委会议通过） 证券时报•数据宝统计显示，6月9日，北交所上市委员会2025年第9次审议会议结果公告显示，常州三协 电机股份有限公司(简称三协电机)首发申请获上市委会议通过，公司拟在北交所上市。 公司主要财务指标 | 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 营业收入（万元） | 42006.27 | 36195.94 | 28714.76 | | 归属母公司股东的净利润（万元） | 5633.50 | 4864.08 | 2697.63 | | 扣除非经常损益后归属母公司所有者净利润（万元） | 5292.90 | 4826.76 | 2516.50 | | 基本每股收益（元） | 1.0600 | 1.3400 | 0.8500 | | 稀释每股收益（元） | 1.0600 | 1.3400 | 0.8500 | | 加权平均净资 ...

Core Viewpoint - Changzhou Sanxie Electric Co., Ltd. has successfully passed the listing committee review of the Beijing Stock Exchange, meeting the issuance, listing, and information disclosure requirements [1][2] Company Overview - Sanxie Electric specializes in the research, manufacturing, and sales of control motors, including stepper motors, servo motors, and brushless motors [2] - The company plans to issue up to 18 million shares, with a total fundraising target of 159 million yuan for expansion projects and working capital [2] Financial Performance - Revenue for Sanxie Electric is projected to grow from 287 million yuan in 2022 to 420 million yuan in 2024, with net profits increasing from approximately 26.98 million yuan to 56.34 million yuan during the same period [2] - In Q1 2025, the company reported revenue of 12.17 million yuan, a year-on-year increase of 28.94%, with net profit growth of 18.78% [2] Related Transactions and Regulatory Scrutiny - The entry of Shenzhen Laisai Intelligent Control Co., Ltd. as a major shareholder has raised questions regarding the fairness of transaction prices and the sustainability of sales growth [2][3] - Sales to Laisai Intelligent accounted for approximately 15% of Sanxie Electric's revenue from 2022 to 2024, with a significant increase in transaction volume post-investment [3] Market Context - The Beijing Stock Exchange has seen a surge in IPO applications, with 10 companies applying in May, representing nearly 70% of the total applications across the three major exchanges [4][5] - The quality of companies applying for listing has improved, indicating a trend towards higher-quality investment opportunities in the market [5]

Core Viewpoint - Changzhou Sanxie Electric Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's growth and market entry [1]. Group 1: Company Overview - The company specializes in the research, development, manufacturing, and sales of control motors, including stepper motors, servo motors, and brushless motors [3][4]. - Established in November 2002, the company transitioned to a joint-stock company in September 2018, with a total share capital of 53.1093 million shares before the issuance [4]. Group 2: Shareholding Structure - The controlling shareholder is Sheng Yi, who directly holds 33.4444 million shares, accounting for 62.97% of the company [5]. - The actual controllers, Sheng Yi and Zhu Shouqing, collectively control 82.46% of the shares, with Zhu holding 19.49% [5]. Group 3: Financial Performance - The company's revenue for the reporting period was 287.1476 million yuan, 361.9594 million yuan, and 420.0627 million yuan, showing a consistent growth trend [6]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 25.1650 million yuan, 48.2676 million yuan, and 52.9290 million yuan during the same periods [6]. Group 4: Inquiry Issues Raised - Questions were raised regarding the fairness of the sales price to Leisai Intelligent and the sustainability of performance growth post-investment [7]. - The company was also asked to clarify the authenticity and reasonableness of sales to Noit and the nature of its cooperation with various partners [7].

Group 1: Company Overview and Performance - The company, Zhongshan Dayang Electric Co., Ltd., reported a 13.88% year-on-year revenue growth in its BHM division for 2024, achieving a revenue of 7 billion yuan, marking a historical high for the same period [2][3]. - The BHM division's sales volume exceeded 70,000 units, driven by both existing market demand and new market expansion [2][3]. - Key domestic clients include major brands such as Changhong, Gree, Haier, and Midea, while international clients include Daikin and Johnson Controls [2]. Group 2: Future Growth Drivers - The company plans to deepen its core business in building ventilation and household electric motors, leveraging its global industrial layout to optimize product structure and expand market reach [4]. - Digitalization and lean production initiatives will be prioritized to enhance production efficiency and reduce costs [4]. - The company is actively exploring new product applications in the renewable energy sector, targeting industries like electric vehicle air conditioning and energy storage, which are expected to contribute to future revenue growth [4][6]. Group 3: Challenges and Strategic Adjustments - The revenue from the new energy vehicle powertrain system decreased in 2024 due to market conditions and longer production cycles for new products [5][6]. - The company is focusing on core and strategic customers while expanding international client resources to improve operational efficiency and product gross margins [6][7]. Group 4: Production Capacity and Expansion Plans - The company currently has a production capacity of over 80 million units for building ventilation and household electric motors, 8 million units for vehicle rotating electrical devices, and 1 million units for new energy vehicle powertrain systems [8]. - New production bases in Thailand and Morocco are under construction to enhance service capabilities for Southeast Asian and European clients, respectively [6][9].

Core Viewpoint - The listing process of Sanxie Electric has been marred by concerns over related party transactions and the fairness of these transactions, raising doubts about the company's true intentions for going public [1][5]. Group 1: Company Background - Sanxie Electric, established in November 2002, specializes in the research, manufacturing, and sales of control motors, including stepper motors, servo motors, and brushless motors [3]. - The company underwent a shareholding reform in September 2018 and was listed on the National Equities Exchange and Quotations in February 2022, later moving to the innovation layer in May 2023 [1]. Group 2: Financial Performance - From 2022 to 2024, Sanxie Electric reported revenues of 287.15 million yuan, 361.96 million yuan, and 420.06 million yuan, respectively, with net profits of 27.04 million yuan, 48.71 million yuan, and 56.37 million yuan [3]. - The company's gross profit margins improved significantly during this period, with rates of 22.31%, 28.47%, and 28.00%, indicating a 6.16 percentage point increase from 2022 to 2023 [3]. Group 3: Customer Relationships - The top five customers of Sanxie Electric have remained consistent, with Leisai Intelligent being the largest customer, contributing significantly to the company's revenue [3]. - Sales to Leisai Intelligent increased from 12.86 million yuan in 2021 to 66.54 million yuan in 2024, with the proportion of total revenue from this customer rising each year [4]. Group 4: Related Party Transactions - In 2022, Leisai Intelligent acquired an 8.98% stake in Sanxie Electric through its subsidiary, raising questions about the legitimacy of the transactions between the two companies [4]. - Sanxie Electric's sales prices to Leisai Intelligent saw significant increases, with stepper motor prices rising by 13.73% and brushless motor prices increasing by 133.51% in 2022 [4]. Group 5: Complex Supplier Relationships - Sanxie Electric's relationship with Hanpus, another major customer and supplier, has raised concerns due to significant fluctuations in procurement amounts, with purchases increasing nearly 600 times from 2022 to 2023 [7]. - The transactions between Sanxie Electric and Hanpus create a closed-loop system, leading to questions about the necessity of acting as an intermediary for sales to other clients [8][9]. Group 6: Management and Ownership - The company is primarily controlled by the couple Sheng Yi and Zhu Shouqing, who together hold 82.46% of the shares, with Sheng directly owning 62.97% [14]. - In 2023, Sanxie Electric distributed cash dividends totaling 15.01 million yuan, with a significant portion going to the controlling couple, raising suspicions about the motivations behind the company's public listing [14].

文 | 张冰冰 「国奥科技」基于新型多自由度电机理论，设计了全新的技术方案。传统电机一个动子加一个定子，只能做旋转或直线一个维度的运动，「国奥科 技」电机一个动子可以做双轴运动，既可以旋转，又可以直线运动。"当直线和旋转运动同时在一个电机中实现时，我们的执行精度就会更高。而 且我们没有任何机械传动，机械连接全部采用直驱的传动方式，通过磁场变化来控制运动的速度、节拍、力。"李思阳总结道。 编辑 | 阿至 36氪获悉，国奥科技（深圳）有限公司（以下简称「国奥科技」）近日宣布完成数千万元A轮融资，本轮融资由深创投投资，资金将主要用于扩大 产能，以及加速高端半导体、汽车、机器人等领域的产品研发。 「国奥科技」成立于2018年，是一家专注于多自由度精密电机研发与制造的高科技企业，致力于为半导体设备、精密自动化等领域提供高精度运动 控制解决方案，2024年获评为深圳市专精特新中小企业。 「国奥科技」自主研发的"一体式直线旋转电机"可实现二自由度微纳米定位，软着陆功能，精准力控达±0.01N，可应用于半导体先进封装、高精度 量测、3C、光声电精密贴装、协作及人形机器人等领域，多款产品已被半导体、3C头部厂商采用。 一、抓住 ...

Group 1 - The company, Xiangtan Electric Machine Co., Ltd. (Xiangdian), announced a significant order exceeding 10 million RMB from a well-known European steel enterprise for customized energy-efficient equipment, marking a success in its internationalization strategy [2] - Xiangdian's subsidiary, Xiangdian Smart Energy Technology Co., Ltd., plays a crucial role in the smart energy sector, focusing on energy management contracts and energy storage technology services, leveraging Xiangdian's R&D and manufacturing capabilities [2][3] - The European steel enterprise has strict standards for equipment performance, operational stability, and lifecycle service, which Xiangdian Smart Energy met through its superior product performance and reliable quality assurance [3] Group 2 - Xiangdian has increased its R&D investment, achieving significant results in motor efficiency and system integration, with energy-efficient motor products demonstrating a 20% to 30% energy savings compared to traditional motors [3] - The European steel industry is accelerating the upgrade of existing equipment to enhance production efficiency and adhere to green environmental practices, with EU regulations mandating all motors to meet IE3 efficiency standards since 2017 [3] - Xiangdian's international expansion is progressing steadily, with operations extending across Asia, Africa, the Americas, and Oceania, and the company actively showcasing its green technology innovations at international platforms like the Hannover Messe [3]

Core Viewpoint - Changzhou Sanxie Electric Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, with significant ownership concentration among its founders, raising concerns about governance and control risks [1][4][5]. Ownership Structure - The ownership of Sanxie Electric is highly concentrated, with the couple Sheng Yi and Zhu Shuqing holding 82.46% of the shares, which raises potential governance issues [3][4]. - The top shareholders are primarily company executives and employees, indicating a lack of external investor diversity [5][6]. Financial Performance - The company has shown steady revenue growth from 2021 to 2024, with revenues increasing from 282 million to 420 million yuan, representing a growth rate of 43.91%, 1.89%, 26.05%, and 16.05% respectively [17]. - Net profit has also increased significantly, from 26 million to 56 million yuan, with growth rates of 15.78%, 5.57%, 80.31%, and 15.82% [17]. Dividend Policy - Sanxie Electric distributed over 15 million yuan in dividends, which is significantly higher than the 12 million yuan planned for liquidity support, raising questions about the rationale behind such distributions amid cash flow constraints [16][17]. - The company’s dividend payout ratio for 2023 was 55.5% of its net profit, which is below the 80% threshold, indicating a controlled approach to shareholder returns [16]. Production Capacity and Utilization - The company plans to issue up to 18 million shares to raise 159 million yuan for expansion projects, including a green energy control motor expansion project [8][10]. - Production capacity utilization rates for various motor types have declined significantly from 2021 to 2024, with stepper motors dropping from 94.49% to 74.85% [10][11]. Research and Development - Sanxie Electric's R&D expenditure has been below industry averages, with a rate of 3.58% compared to peers averaging around 5.4% [14][15]. - The company plans to allocate 31.6 million yuan for R&D center construction, indicating a recognition of the need to enhance innovation capabilities [12][14]. Customer Relationships - The largest customer, Leisai Intelligent, became a shareholder through a private placement, raising concerns about potential conflicts of interest and the nature of their business relationship [22][24]. - Sales to Leisai Intelligent have increased dramatically, from 27,530 yuan in 2019 to over 6.65 million yuan in 2024, highlighting the importance of this relationship for the company's revenue [22][24].

Core Insights - The efficient energy-saving motor has become a core equipment for promoting industrial green upgrades, playing a strategic role in achieving carbon neutrality goals [1][15] - The market size of China's efficient energy-saving motor is projected to grow from 17.638 billion yuan in 2018 to 23.963 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.24% [1][15] - The demand for efficient energy-saving motors is expected to increase further due to the rapid development of emerging fields such as new energy vehicles and smart grids [1][15] Industry Overview - Efficient energy-saving motors are designed to improve energy conversion efficiency, reduce energy consumption, and minimize energy waste, achieving efficiency levels of GB18613 grade II and above [3] - The market for efficient energy-saving motors in China is experiencing growth due to the implementation of national energy-saving and emission reduction policies and the transformation of the manufacturing industry [1][15] - The production of efficient energy-saving motors in China is expected to increase from 9.6 million kilowatts in 2019 to 19.3 million kilowatts in 2024, with a CAGR of 14.99% [13] Market Dynamics - The efficient energy-saving motor industry chain includes upstream raw material suppliers (silicon steel, copper, aluminum, rare earth permanent materials), midstream manufacturing, and downstream application fields such as industrial, household appliances, and renewable energy [6][10] - The industrial sector is a significant downstream application market for efficient energy-saving motors, with demand closely linked to industrial production scale [10] Key Companies - Major players in the efficient energy-saving motor industry include Shanghai Electric, Wolong Electric, and Xiangdian Co., with each company holding a competitive edge in various segments [18][19] - Shanghai Electric focuses on a wide range of motor products and has a strong presence in large projects, while Wolong Electric has a diversified business model that includes industrial internet solutions [20][23] - Companies like Dayang Electric and Dechang Electric are innovating in the new energy vehicle motor sector and micro-motor manufacturing, respectively [19][23] Future Trends - The industry is expected to see technological upgrades that enhance energy efficiency, including new electromagnetic designs and smart control systems [25] - The application of efficient energy-saving motors is expanding into emerging markets, necessitating customized solutions and flexible manufacturing [26] - The focus is shifting from single equipment manufacturing to integrated system solutions, with companies evolving into energy efficiency partners [27]

Group 1: Private Equity and ETF Trends - Over 100 private equity firms have appeared in the top ten holders of ETFs in 2023, with a total holding of 1.783 billion shares [1] - Specific examples include Qingdao Luxiu Investment holding 30 million shares in the Invesco CSI 300 Enhanced Strategy ETF, accounting for 6.83% of the fund [1] - The trend indicates a growing interest from private equity in ETFs, reflecting a shift in investment strategies [1] Group 2: Private Equity Research Activity - In May, 48 private equity firms actively participated in A-share research, with 40 firms conducting 10-19 surveys and 8 firms conducting over 20 [2] - Notable firms include Zhenyuan Investment, which led with 72 surveys, and several billion-dollar private equity firms ranking in the top ten for research frequency [2] Group 3: Market Insights from Investment Firms - Dushuquan's latest monthly insights highlight a return to fundamental pricing in the market, emphasizing the resilience of high-quality companies [3] - The firm identifies opportunities in high-end manufacturing, AI-driven innovations, and new consumer sectors as key areas for investment [3] Group 4: Compliance Self-Inspection in Private Equity - Multiple regions, including Sichuan and Jiangxi, are initiating compliance self-inspections for private equity fund managers, focusing on fundraising and internal management [4] - Deadlines for self-inspections vary by region, with significant regulatory scrutiny expected for non-compliance [4] Group 5: New Fund Establishments - A new private equity fund focused on artificial intelligence terminals has been established in Shenzhen, with a total investment of 1.44 billion RMB [5] - The fund aims to engage in equity investment and asset management activities [5] Group 6: Gold Price Volatility and Investment Strategies - In May 2025, international gold prices experienced significant fluctuations, influenced by U.S. fiscal policies and geopolitical risks [6] - Investment strategies such as CTA are being highlighted as beneficial in capturing trends in gold futures due to increased volatility [6] Group 7: Strategic Investments - Honghui Fund has completed a strategic investment in Jiangsu Fuxing Electric Technology Co., with participation from several notable investment firms [7] - This investment reflects ongoing interest in technology and manufacturing sectors [7] Group 8: Robotics Industry Developments - A humanoid robotics company has completed Series A financing led by Shenzhen Capital Group, focusing on product upgrades and mass production [8] - The company aims to enhance its technology through practical applications, such as participating in soccer matches [8] Group 9: Corporate Changes -招商证券 has appointed Zhu Jiangtao as the new president, with a focus on strategic development [9] -宏信证券 has officially changed its name to Tianfu Securities, marking its second rebranding in history [12][14]