履带板产品的应用领域与工程履带较为接近，销售没有明显的季节性，公司主要采取"以销定产，适量备货"的生产模 式。 报告期内，公司主要客户包含沃得农机、USCO SPA、ZENITH TRACK CO.,LTD.、潍柴雷沃等。 招股书显示，元创股份主营业务为橡胶履带类产品的研发、生产与销售，主要产品包括农用机械橡胶履带、工程机械橡 胶履带和橡胶履带板，作为联合收割机、挖掘机、装载机、摊铺机等多种履带式农用或工程机械的行走部件，最终应用 于农业生产、工程施工等不同应用领域。 我国橡胶履带行业市场格局相对稳定，下游市场应用领域相对明确。当前，我国橡胶履带行业呈现较为明显的分层竞争 格局，行业内企业主要分为两个层次，发行人属于第一层次，由国内少数几家企业组成，通过自主研发和技术吸收消 化，结合市场需求自主研发具有自身特点的橡胶履带产品，为国内外大型主机厂提供配套或服务于大型机械配件贸易 商。 生产模式上，公司农用履带以内销为主，存在一定的季节波动，且农用履带主流型号及规格相对稳定，主要采取"预生产 为主，订单生产为辅"的生产模式。 工程履带以外销为主，业务遍布全球多个国家和地区，其客户自身经营情况和所在地经济情况差异较 ...

作者 | 希波 出品 | 创业最前线 编辑 | 王亚静 美编 | 邢静 审核 | 颂文 橡胶履带是一种橡胶与金属材料复合而成的环形橡胶带，其作为履带式机械的行走部件，因接地压力小等优异性能被广泛应用于工程、农业等各个领域。 元创科技股份有限公司（以下简称"元创股份"）深耕橡胶履带多年，有"国内橡胶履带市场占有率第一"的光环。9月19日，其在深主板首发过会。 早在2021年12月，元创股份就申报拟在沪主板上市，在2022年11月主动撤回申请。此后，公司在2023年6月选择在深主板二次冲刺上市，历经两年多终于 成功过会。 不过，深交所9月30日披露，因财务资料已过有效期，元创股份审核状态变更为"中止"。 除此之外，元创股份家族持股高度集中，实控人之一王文杰过往的行贿风波，公司对单一大客户的依赖，以及备受质疑的研发实力等问题，都是其绕不开 的考验。 接下来，这家典型的家族企业能否跨越治理与创新的瓶颈，仍是未知数。 元创股份的故事始于1991年4月。 彼时，王大元与妻子陈如香、妻弟陈基省、前女婿郑岳平出资25万元，共同创办了三门胶带制品厂，持股比例分别为80%、8%、8%和4%。 1999年，王氏家族开始整合股权。其 ...

Core Viewpoint - Yuan Chuang Technology Co., Ltd. has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant step in its growth within the rubber track industry [1][2]. Company Overview - Yuan Chuang Technology, formerly known as Sanmen Rubber Tape Factory, initially focused on tape production and has since expanded into the research and production of agricultural and engineering rubber tracks and track plates [2]. - The company specializes in the rubber track sector, recognized for its advanced technology, stable product quality, and excellent service, leading to strong partnerships with well-known manufacturers and quality traders both domestically and internationally [2][3]. Market Position - Yuan Chuang holds the top position in the domestic market for rubber tracks, as confirmed by recent research reports and industry associations [3]. - The company has established solid business relationships with major manufacturers such as Wode Agricultural Machinery, Weichai Lovol, and SANY Heavy Industry, with sales extending across Asia, Europe, North America, Oceania, South America, and Africa [3]. Financial Performance - The company's revenue has shown an upward trend, with figures of 1.261 billion yuan in 2022, 1.141 billion yuan in 2023, and a projected 1.349 billion yuan in 2024 [3]. - The net profit, adjusted for non-recurring gains and losses, was 137 million yuan in 2022, 176 million yuan in 2023, and is expected to be 150 million yuan in 2024, indicating strong operational stability and profitability [3]. IPO Details - The IPO aims to raise 485.13 million yuan, which will be allocated to projects including the construction of production bases, a technology center, and to supplement working capital [4]. - The production base project focuses on relocating and expanding existing rubber track and track plate production capacity, which is expected to enhance business scale and economic benefits [4]. - The technology center project is designed to improve the company's R&D and innovation capabilities, providing robust technical support for business development [4].

Group 1 - The core viewpoint of the article is that Yuan Chuang Technology Co., Ltd. is facing multiple challenges regarding its IPO, including low R&D investment, high customer concentration, and fluctuating gross margins, which may impact its market competitiveness and sustainability [2][3][6][8] Group 2 - Yuan Chuang Technology claims to be a leading player in the rubber track manufacturing industry, with a significant market position and involvement in drafting national standards [3] - The company's R&D investment as a percentage of revenue is low, at 0.57%, 0.80%, and 0.72% for the years 2022, 2023, and 2024 respectively, which is below the 3% threshold for high-tech enterprises [3][4] - The company has 36 patents but questions remain about whether its R&D intensity aligns with its self-proclaimed technological leadership [3][4] - Yuan Chuang Technology's R&D focuses on improving production processes and product performance to meet emerging market demands [4][5] Group 3 - The company has a high customer concentration, with sales to its top five customers accounting for 50.10%, 46.56%, and 49.94% of total revenue during the reporting period [6][7] - The largest customer, Wode Agricultural Machinery, contributes a significant portion of revenue, raising concerns about dependency risks [6][7] - To mitigate risks associated with customer concentration, the company is pursuing a dual strategy of deepening existing customer relationships and expanding its customer base [7] Group 4 - The rubber track industry is experiencing increased competition, with a low market concentration and high price sensitivity in the aftermarket [8] - Yuan Chuang Technology's gross margins have fluctuated, reported at 21.58%, 28.28%, and 22.75% over the reporting period, influenced by raw material prices and market conditions [8][9] - The company has mechanisms in place to adjust product prices in response to raw material cost fluctuations, demonstrating its ability to pass costs to downstream customers [9]

Core Viewpoint - This week, three companies are scheduled for IPO meetings, indicating ongoing market activity and interest in new listings [1] Group 1: Upcoming IPOs - Yuan Chuang Co., Ltd. plans to list on the Shenzhen Main Board [2] - Youxun Co., Ltd. aims for an IPO on the Sci-Tech Innovation Board [2] - Xin Guang Yi plans to list on the Growth Enterprise Market [2] Group 2: Fundraising Details - Youxun Co., Ltd. is expected to raise the most funds, with an estimated amount of 808 million yuan, allocated for next-generation access networks, high-speed data center chip development, and other projects [2] - Xin Guang Yi and Yuan Chuang Co., Ltd. plan to raise 638 million yuan and 485 million yuan, respectively [2] Group 3: Company Profiles - Yuan Chuang Co., Ltd. specializes in the research, production, and sales of rubber track products [4] - Xin Guang Yi focuses on high-performance special functional materials, including anti-overflow special films and high-resistance special films [5] - Youxun Co., Ltd. is recognized as a "national manufacturing champion" in the optical communication field, concentrating on the research, design, and sales of optical communication front-end transceiver chips [6] Group 4: Underwriters - Both Youxun Co., Ltd. and Xin Guang Yi are sponsored by CITIC Securities [3]

Company Overview - Yuan Chuang Technology Co., Ltd. is applying for listing on the Shenzhen Main Board, with Guotai Junan Securities as the sponsor [1] - The company specializes in the design, research, production, and operation of various specifications of rubber tracks and rubber track plates for agricultural and engineering machinery [1] - Yuan Chuang has established solid business relationships with well-known domestic and international manufacturers, covering sales in Asia, Europe, North America, Oceania, South America, and Africa [1] Financial Performance - The company's revenue shows a growth trend, with revenues of 1.26 billion yuan, 1.14 billion yuan, and 1.35 billion yuan for the years 2022 to 2024 respectively [1] - The net profit before and after deducting non-recurring gains and losses for the same years is 137 million yuan, 176 million yuan, and 150 million yuan respectively [1][2] Market Position - Yuan Chuang holds the number one market share in the domestic market according to the latest QYResearch report [2] - The company has a competitive edge in the global rubber track market due to its technology, product quality, and service level [2] Industry Trends - The rubber industry in China is expected to see significant growth, with sales revenue projected to reach 521.15 billion yuan by 2024 [3] - The industry is focusing on structural adjustments, technological innovation, and green development to enhance product quality and competitiveness [3] Standards and Innovations - Yuan Chuang has participated in the formulation of national standards for the rubber track industry, demonstrating its leadership and understanding of industry trends [4] - The company plans to use the funds raised from the public offering for production base construction, technology center development, and working capital [4] Strategic Goals - Yuan Chuang aims to maintain its first-mover advantage, expand market size, and enhance product research and innovation [4] - The company is committed to adapting its products to meet diverse customer needs and aligning with trends in intelligent, green, and international manufacturing [4]