Company Overview - Jiangyin Huaxin Precision Technology Co., Ltd. has been established since 2002, focusing on precision stamping in the production and sales of precision stamping cores and related molds [2] - The company has developed core competencies in various production processes, including glue dispensing, self-locking riveting, argon arc welding, and laser welding, with the ability to mass-produce ultra-thin silicon steel of 0.2mm [2] - Huaxin Precision has achieved breakthroughs in in-mold glue dispensing technology, with products applied in high-end clients' electric vehicle drive motors, significantly enhancing motor efficiency and stability [2] Market Position - The company has become a mainstream supplier of electric vehicle drive motor cores and micro-special motor cores, establishing stable partnerships with renowned companies such as BYD, Valeo, and Bosch [2] - The upcoming IPO aims to raise funds primarily for the expansion of electric vehicle drive motor core projects, precision stamping and mold R&D center projects, and to supplement working capital [3] Strategic Goals - The fundraising aligns with the strategic layout of the rapidly developing new energy vehicle industry, enhancing the company's core competitiveness and facilitating high-quality development [3] - The company emphasizes the importance of investor trust and support as a driving force for its progress, aiming to provide detailed insights into its operational status, development strategy, and future plans during the roadshow [3]

Core Viewpoint - The company expresses gratitude for investor participation and emphasizes its commitment to transparency and governance in the capital market [2] Group 1: Company Mission and Strategy - The company has a mission of "Empowering Precision, Creating the Future" and has built strong technical capabilities and customer resources in the precision stamping field over the past two decades [2] - The company aims to leverage its recent listing as an opportunity to enhance capacity expansion, research and development innovation, and market development [2] Group 2: Investor Relations and Communication - The company acknowledges the importance of maintaining ongoing communication with investors and encourages them to follow updates through the company’s official website and investor hotline [2] - The company is committed to adhering to legal regulations and maintaining transparent and efficient information disclosure to reward investor trust and support [2]

Core Viewpoint - The company aims to become a global leader in integrated precision stamping core solutions, focusing on innovation and quality manufacturing in the precision stamping field [1][8]. Business Overview - The company's main business is the research, production, and sales of precision stamping cores and related precision stamping molds [1]. - The company has established a subsidiary in Mexico as a key node for entering the North American market, specifically for producing cores for electric vehicle drive motors, with production expected to start in the second half of 2025 [2]. Financial Performance - The company's revenue and net profit have shown consistent growth, with revenues of 1.1919 billion, 1.1888 billion, and 1.4205 billion yuan for 2022, 2023, and 2024 respectively, and net profits of 113.73 million, 155.82 million, and 149.65 million yuan [4]. - The comprehensive gross profit margins were 16.89%, 21.86%, and 20.43% during the same period, indicating a strong performance in its main business [6]. Market Dynamics - The core drivers for the growth in revenue from electric vehicle drive motor cores are attributed to the industry's growth, with China's electric vehicle sales projected to increase from 6.887 million to 12.866 million units from 2022 to 2024, representing a compound annual growth rate of 36.68% [5]. - The company has established partnerships with major clients such as BYD, BMW, and ZF, enhancing its market presence and product competitiveness [5]. Competitive Advantages - The company possesses several competitive advantages, including technological superiority, customer relationships, scale advantages, and a comprehensive process capability [10][11]. - As of June 2025, the company holds 80 authorized patents and has developed core processes such as adhesive bonding and laser welding, enabling it to process ultra-thin silicon steel [11]. Future Development Strategy - The company's core development strategy for the next 3-5 years focuses on expanding the application of precision stamping cores and downstream processing businesses, aiming to become a global leader in integrated solutions [8]. - Future R&D investments will concentrate on core technology innovation, product and process development, and mold technology upgrades [12][13]. Industry Landscape - The precision stamping industry has seen significant growth, with many large automotive and electrical equipment manufacturers establishing production bases in China, leading to improved production processes and technology levels [15]. - The company has a strong competitive position in the industry, recognized for its comprehensive process capabilities and partnerships with leading manufacturers [16]. Investment and Funding - The company plans to use the funds raised from its IPO for projects including the expansion of electric vehicle drive motor core production, the establishment of a precision stamping and mold R&D center, and to supplement working capital [24]. - The investment is expected to enhance the company's production capacity and market share, ultimately improving its profitability and competitiveness [25][26].

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]

Group 1 - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) application of Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) on June 6, 2025 [2] - Huaxin Precision plans to publicly issue no more than 43.7375 million shares, accounting for no less than 25% of the total share capital after issuance [4] - The IPO aims to raise 720 million yuan, which will be used for the expansion of new energy vehicle drive motor core projects, precision stamping and mold R&D center projects, and to supplement working capital [4] Group 2 - Huaxin Precision was established on August 19, 2002, and is located in Jiangyin City, focusing on the R&D, production, and sales of precision stamping products, primarily precision stamping cores and related molds [5] - The main products include various types of precision stamping cores, such as those for new energy vehicle drive motors, micro motors, electrical equipment, and ignition coils [5] Group 3 - In the fiscal years 2022, 2023, and 2024, Huaxin Precision's operating revenues were 1.192 billion yuan, 1.189 billion yuan, and 1.421 billion yuan, respectively, while net profits attributable to the parent company were 114 million yuan, 156 million yuan, and 153 million yuan [9] - The comprehensive gross profit margins for the same periods were 16.89%, 21.86%, and 20.43%, with weighted average return on equity at 17.75%, 19.37%, and 15.92% [9] Group 4 - As of the end of 2024, Huaxin Precision's total assets amounted to 1.837 billion yuan, with equity attributable to shareholders of the parent company at 1.040 billion yuan [10] - The company's asset-liability ratio was 40.67% at the end of 2024, down from 40.92% in 2023 and 45.74% in 2022 [10] Group 5 - The actual controllers of Huaxin Precision are Guo Zhengping, Guo Yunrong, and Guo Wanrong, who collectively control 68.97% of the company's shares through their investment firm [11][13] - Guo Zhengping, born in 1957, serves as the chairman, while Guo Yunrong and Guo Wanrong hold positions as board members and executives [13]

Summary of Key Points Core Viewpoint - This week, one new stock will be available for subscription, following a significant increase in the stock market last week, where a new stock surged by 165% on its debut [2][3]. New Stock Subscription - One new stock, "新恒汇" (Xinhenghui), will be available for subscription on June 3, with a total issuance of approximately 5,988.89 million shares and an online issuance of about 1,437.3 million shares [3]. - The stock has a subscription limit of 1.40 million shares, and the top subscription requires a market value of 14 million yuan [3]. Recent Market Performance - Last week, the A-share market welcomed a new member, "古麒绒材" (Guqi Ruan Cai), which debuted on May 29, 2025, at an issuance price of 12.08 yuan and closed at 27.02 yuan, marking a first-day increase of 164.9% [4]. - The company specializes in high-specification down materials, primarily producing goose and duck down for use in clothing and bedding [4]. IPO and Financial Performance - This week, one company, 华新精科 (Huaxin Jingke), is undergoing IPO review, having submitted its application on March 3, 2023, and is sponsored by Huatai United Securities [5]. - In 2024, 华新精科 reported revenue of 1.421 billion yuan and a net profit of 153 million yuan [5]. - The company has significant revenue contributions from its projects with BMW, with income from this partnership accounting for 0.93%, 26.83%, and 25.33% of total revenue in different reporting periods [6]. IPO Guidance and Trends - There has been a 200% increase in IPO guidance filings, with three new companies added to the list [7][8].