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 - Harbin Itama Dapeng Industrial Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's future growth in the industrial precision cleaning sector [2][3]. Group 1: Company Overview - The company is a leading manufacturer of specialized intelligent equipment for industrial precision cleaning, primarily serving the automotive powertrain and new energy three-electric systems [4]. - Established in March 2005 and transformed into a joint-stock company in March 2016, the company has a total share capital of 46.4652 million shares before the issuance [4]. - As of the end of 2024, the company employs a total of 413 staff members [4]. Group 2: Shareholding Structure - The controlling shareholder, Bode Industrial, holds 31.9302 million shares, representing 68.72% of the company [5]. - The actual controller, Li Pengtang, directly holds 11.8098 million shares (25.42%) and indirectly controls an additional 26.2434 million shares (56.48%) through Bode Industrial, totaling 43.7400 million shares (94.13%) of voting rights [5]. Group 3: Financial Performance - The company's revenue for the reporting period was 247.3617 million yuan, 259.7188 million yuan, and 264.6866 million yuan, with net profits of 35.9147 million yuan, 40.3093 million yuan, and 38.1098 million yuan respectively [6][7]. - The total assets as of December 31, 2024, were approximately 425.05 million yuan, with total equity of about 320.46 million yuan [7]. - The company reported a gross profit margin of 33.94% for 2024, an increase from 31.05% in 2023 [7]. Group 4: Listing Standards - The company meets the listing standards set by the Beijing Stock Exchange, including a net profit of no less than 25 million yuan in the most recent year and a weighted average return on net assets of no less than 8% [8]. Group 5: Inquiries and Concerns - The inquiry raised concerns regarding the authenticity of operating performance, including fluctuations in key customer business and differences in payment progress among customers [9]. - Questions were also posed about the sustainability of operating performance, requiring a comparative analysis with competitors in the industrial precision cleaning sector [9]. - The necessity and rationale for using raised funds to supplement working capital of 25 million yuan were also questioned [10].