Core Viewpoint - Beijing Stock Exchange (BSE) has approved Shenzhen Peicheng Technology Co., Ltd. for IPO, despite concerns regarding its financial performance and the rationale behind its fundraising plans [1][2]. Group 1: Company Performance - Peicheng Technology's revenue has been declining, with figures of 850 million yuan in 2022, 764 million yuan in 2023, and projected 733 million yuan in 2024, marking a cumulative decline of 13.8% over three years [2]. - The net profit for the same period shows fluctuations, with a decrease in 2024's non-recurring net profit by 20.13% [2]. - The company reported a cash dividend of 65.5 million yuan in 2022 and 12 million yuan in 2023, totaling 77.5 million yuan over two years [3]. Group 2: Fundraising and Financial Health - Peicheng Technology plans to raise 500 million yuan, with allocations of 294 million yuan for production capacity enhancement, 144 million yuan for R&D center construction, and 62 million yuan for working capital [2]. - Despite having a strong liquidity position with 280 million yuan in cash and no short-term debt as of June, the rationale for raising funds for working capital is questioned [3]. Group 3: IPO Review Process - The BSE has expedited its IPO review process, particularly towards the end of the year, influenced by financial report updates and a surge in IPO applications [4]. - The average time from acceptance to listing on the BSE is 339 days, making it an attractive option for companies initially targeting larger exchanges [4]. - The BSE maintains strict scrutiny over income recognition and performance stability, as evidenced by the recent deferral of two companies' IPO reviews due to compliance issues [5].

一、IPO审核与注册进展 审9过9，大普微业绩增长可持续性遭追问 据京沪深交易所披露，上周（12月22日-12月28日）9家企业上会，新增29家新受理企业；4家IPO提交注 册，3家IPO注册获通过，5只新股上市。 与此同时，本周（12月29日-12月31日）3家公司上会迎考，4只新股将上市，暂无新股安排申购。 上周，9家IPO首发上会获通过，其中，盛龙股份、福恩股份拟登陆深市主板；视涯科技拟登陆科创 板；大普微、三瑞智能拟登陆创业板；英氏控股、隆源股份、普昂医疗、新恒泰拟登陆北交所。 值得关注的是，大普微为创业板首家获受理的未盈利企业。公司主要从事数据中心企业级SSD产品的研 发和销售。本次冲击上市，大普微拟募集资金约18.78亿元，用于下一代主控芯片及企业级SSD研发及 产业化项目、企业级SSD模组量产测试基地项目以及补充流动资金。 在上市委会议现场，上市委要求大普微结合行业周期及发展趋势、市场竞争格局、产品竞争优劣势、成 本传导能力、主要客户、在手订单等，说明业绩增长的可持续性，预计最早将于2026年扭亏为盈的可行 性及审慎性。 财务数据显示，2022年至2024年及2025年前三季度，大普微实现营收分 ...

Core Viewpoint - Shenzhen Peicheng Technology Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, aiming to raise 500 million yuan, with significant concerns regarding its declining revenue and the impact of the BYD order cancellation incident on its growth potential [1][2]. Financial Performance - Peicheng Technology's revenue from 2022 to 2024 showed a downward trend, with figures of 850 million yuan, 764 million yuan, and 733 million yuan respectively, indicating a decline of 4.02% and 17.58% in 2024 compared to the previous year [2]. - Net profit for the same period was 92 million yuan, 113 million yuan, and 93 million yuan, reflecting a similar decline in profitability [2]. - The company's total assets increased from approximately 582 million yuan in 2022 to about 841 million yuan by June 2025, while shareholder equity rose from 210 million yuan to nearly 493 million yuan during the same period [3]. Customer Dynamics - The BYD order cancellation incident in 2023 led to a significant drop in sales to BYD, from 90 million yuan in 2022 to 38 million yuan in 2024, causing its ranking among Peicheng's customers to fall from first to fourth [4][7]. - Another major customer, Keda Technology, also saw a decline in sales from 60 million yuan in 2022 to 46 million yuan in 2023, eventually dropping out of the top five customers by 2024 [7]. IPO Fundraising and Allocation - The IPO plans to allocate 294 million yuan for battery and power control system capacity enhancement, 144 million yuan for R&D center construction, and 62 million yuan for working capital [1][9]. - The 62 million yuan for working capital has raised concerns about potential "money-grabbing" allegations, as it is perceived as excessive financing [8][10]. Operational Metrics - Peicheng Technology's liquidity ratios indicate strong short-term solvency, with current ratios of 1.55, 2.85, and 2.69 over the past three years [10]. - The company reported cash dividends totaling 77.5 million yuan from 2022 to 2023, which covers the planned working capital raise of 62 million yuan [10]. Future Projections - The company anticipates a conservative revenue growth of 10% over the next three years, projecting a working capital shortfall of approximately 102.7 million yuan, with the current fundraising plan addressing part of this need [11][13].

Core Viewpoint - Shenzhen Peicheng Electronic Technology Co., Ltd. is preparing for its listing on the Beijing Stock Exchange, focusing on the lithium battery new energy sector and facing scrutiny over product quality issues that may affect its collaboration with BYD [1][9]. Group 1: Company Overview - Peicheng Technology specializes in value-added services for local circuits in the lithium battery new energy industry, focusing on key components for batteries, power supplies, electric drives, and electric vehicles [1][9]. - The company is involved in the independent research, development, production, and sales of third-party battery management systems (BMS) and power control systems (PCS) [1][9]. Group 2: Legal and Financial Issues - Peicheng Technology is currently embroiled in a legal dispute with Shaanxi Changfeng Intelligent Technology Co., Ltd. over product quality issues, leading to a lawsuit filed on May 15, 2023, and a subsequent court ruling against the company [2][10]. - The company has fully provisioned for bad debts related to the lawsuit, anticipating difficulty in recovering the owed amounts [2][10]. Group 3: Impact on Business Relationships - The product quality issues have led to a reduction in purchases from BYD, with a decrease of approximately 55 million yuan in IGBT device procurement in 2023, and further reductions expected in 2024 [11]. - The company claims that the quality issues have only temporarily affected new product procurement from BYD, without significantly impacting existing product sales [11]. Group 4: Customer Base and Stability - Peicheng Technology's top five customers have shown instability, with significant changes from 2022 to 2024, including a yearly change in the primary customer [3][11]. - In the first half of 2023, a new customer, Guangdong Daoyuan Technology Co., Ltd., contributed 48.74 million yuan, while the previous top customer, Keda, is expected to exit the top five in 2024 and 2025 [3][11]. Group 5: Research and Development Concerns - Over 30% of the company's R&D personnel hold only a college degree or lower, raising questions about the accuracy of R&D expense accounting [12][15]. - The reported R&D expenses for the periods 2022 to 2024 were 22.57 million yuan, 35.19 million yuan, and 41.68 million yuan, primarily for employee salaries [12][15]. Group 6: Internal Control and Compliance - The company is required to clarify the distinction between production and R&D activities, including the criteria for identifying R&D personnel and the accuracy of R&D expense accounting [12][14]. - There are concerns regarding the internal controls over R&D activities and whether the expenses are accurately accounted for, especially given the educational background of a significant portion of the R&D staff [12][14][15].

Group 1 - The Ningde City lithium battery new energy industry promotion conference was held on December 28, 2025, aiming to enhance the competitiveness and supply chain resilience of the lithium battery industry [1] - During the signing ceremony, 10 projects were signed with a total investment of 7.47 billion and an expected annual output value of 12.14 billion [1] - Four key focus areas for the lithium battery sector in 2026 include: 1) Demand outlook driven by the growth of new energy vehicles and increased battery capacity, particularly in commercial vehicles [1] 2) Potential intensification of supply-demand balance due to seasonal peaks [1] 3) Limited expansion plans from companies due to general profitability and cash flow issues [1] 4) Price increase potential in 2026, considering current pricing and profitability [1] Group 2 - Guojin Securities believes that the lithium supply will establish a recovery through the excess cycle, with a significant rebound expected in 2026 [2] - The inventory cycle has transitioned from two years of destocking to an active restocking phase, with fundamentals indicating a bottoming out in 2024 and a notable recovery in 2026 [2] - The core logic is driven by terminal demand growth from AI and energy storage, while supply expansion slows due to reduced capital expenditures, leading to a supply-demand mismatch [2]

Group 1: IPO Overview - This week marks the last trading week of 2025, with no new IPOs scheduled from December 29 to 31 unless changes occur [1] - Three companies are set to present their IPOs this week: Weitongli for the Shenzhen Main Board, and Peicheng Technology and Guantai Vacuum for the Beijing Stock Exchange [1] Group 2: Weitongli - Weitongli focuses on the research, production, and sales of a range of electrical connection products, including hard connections, flexible connections, contact components, laminated busbars, and CCS [1] - The company aims to provide high-performance electrical connection products tailored to the specific needs of global customers, enhancing safety, reliability, and intelligence in electrical connections [1] - Weitongli serves high-end clients in various sectors, including major companies like Siemens, Schneider, ABB, Hitachi Energy, and GE in the electrical engineering field, as well as BYD, Stellantis, and others in the new energy vehicle sector [1] Group 3: Guantai Vacuum - Guantai Vacuum specializes in the research, manufacturing, and sales of vacuum equipment, with integrated capabilities from equipment design to delivery [2] - The company focuses on functional materials, particularly in the rare earth permanent magnet industry, with products such as vacuum sintering furnaces and vacuum melting furnaces [2] - The rare earth permanent magnet industry has been the largest revenue contributor for Guantai Vacuum in recent years [2] Group 4: Peicheng Technology - Peicheng Technology is positioned as a value-added service provider in the lithium battery new energy sector, focusing on the demand for key components in batteries, power supplies, and electric vehicles [2] - The company specializes in the independent research, production, and sales of third-party battery management systems (BMS) and power control systems (PCS) [2] - Peicheng Technology provides component application solutions centered around integrated circuits and discrete devices [2]

28日，2025年宁德市锂电新能源产业专题推介会在福建省宁德市举行，宣传推介宁德产业发展优势，加 快对接引进一批补链强链项目落地，进一步提升该市锂电新能源产业整体竞争力与供应链韧性。 "锂电产业作为新能源产业的主流赛道，当前正处在迭代升级的黄金发展期。"宁德市市长潘国强表示， 热忱期盼各位企业家朋友走进宁德、投资宁德，与宁德在锂电赛道上携手共进、共襄发展，共同点 亮"锂"想之光，创造美好未来。 宁德有系统完整的产业链生态，宁德时代生产基地全面投产，投产产能330GWh，在建、后续规划产能 170GWh，并已集聚了90多家上下游企业，全面串联起原料、研发、制造、服务等各环节，让新能源电 池制造在宁德市域内就能完成"一站式配套"。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 潘国强表示，站在时代风口，宁德立足现有资源禀赋、产业基础，正加速布局锂电产业新蓝图，全力打 造全球领先的新能源新材料产业核心区。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mys ...

当前，宁德已构建起系统完备的锂电新能源产业链生态体系。其中，宁德时代生产基地已实现全面投产，现有产能达330GWh，另有170GWh产能处于在建 或规划阶段。依托龙头企业的集聚效应，当地已汇聚90余家产业链上下游企业，成功串联起原料供应、技术研发、核心制造、配套服务等全产业链环节。 据悉，本次推介会由宁德市工业和信息化局牵头承办，核心目标是依托当地成熟的锂电新能源产业集群优势，以及龙头企业宁德时代（300750）的行业影响 力，搭建产业链上下游供需对接平台，进一步增强宁德锂电新能源产业的整体竞争力，提升供应链稳定性与韧性。 宁德市市长潘国强在活动中向与会企业家发出诚挚邀约，他表示，期待更多企业家走进宁德、布局宁德，与这座城市在锂电产业赛道上深化合作、携手前 行，共同追逐产业"锂"想，共创发展新未来。 作为当地产业龙头，宁德时代也释放出深度参与地方发展的积极信号。该公司采购中心部长黄斌明确表态，宁德时代将主动对接宁德市发展规划，持续加大 在储能、动力电池核心制造以及电池回收再生等延伸领域的投入力度。他同时向行业伙伴发出邀请："欢迎各位合作伙伴将产业链关键环节落户宁德，共筑 完善产业生态。" 2025年12月28 ...

中新网宁德12月28日电 (林榕生)28日，2025年宁德市锂电新能源产业专题推介会在福建省宁德市举行， 宣传推介宁德产业发展优势，加快对接引进一批补链强链项目落地，进一步提升该市锂电新能源产业整 体竞争力与供应链韧性。 2025年宁德市锂电新能源产业专题推介会现场。林榕生 摄 "锂电产业作为新能源产业的主流赛道，当前正处在迭代升级的黄金发展期。"宁德市市长潘国强表示， 热忱期盼各位企业家朋友走进宁德、投资宁德，与宁德在锂电赛道上携手共进、共襄发展，共同点 亮"锂"想之光，创造美好未来。 近年来，宁德时代、青拓、上汽、中铜等一批"金娃娃"扎根宁德，吸引了200多家产业链配套企业在宁 德集群成势，打造出锂电新能源、新能源汽车、不锈钢新材料、铜材料等四个具有国际竞争力的产业地 标，2025年全市四大主导产业总产值近6000亿元。 当天推介会举行的项目签约仪式上，10个项目现场签约，总投资74.7亿元，达产产值121.4亿元。 "在我们的全球产能版图中，宁德基地是当之无愧的'心脏'和'大脑'。"宁德时代采购中心部长黄斌说， 未来，宁德时代还将与宁德市的发展规划同频共振，持续加大在储能、动力电池及回收再生等延伸业务 ...

五年来枣庄市的综合实力持续攀升，民生福祉稳步改善，社会大局和谐稳定，全面从严治党成效显 著，"十四五"主要目标任务即将胜利完成。 "十四五"圆满收官、"十五五"蓝图铺展，枣庄大地处处涌动着发展热潮。12月27日，市委十二届九次全体 会议暨市委经济工作会议召开。 站在承前启后的关键节点，枣庄"十四五"成绩单如何？2025年又交出了怎么样的发展答卷？未来五年如何 准确研判发展大势、统筹发展大局？2026年又有哪些重点任务？带着这些疑问，大众网记者捕捉到一组高 频热词，勾勒出枣庄下一步的发展路径。 关键词：1—11月 GDP增长5.7% 今年1—11月，全市16项主要经济指标中有14项增速居全省前10位，其中9项增速居全省前5位、7项居全省 前3位，特别是GDP增长5.7%、连续15个季度高于全省平均，一般公共预算收入增长4.5%、高于全省平均 3.2个百分点、居全省第1位。 关键词：城市建设 一座城市发展的程度不仅在于经济总量和建筑高度，更在于对群众需求的回应力度。枣庄将坚持城市内涵 式发展，按照"东拓、西连、南美、北控、中优"的思路，突出抓好主城区建设，打造本地人自豪、外地人 向往的现代化人民城市。 关键词：民 ...