出品 | 创业最前线 星空 8月19日，上海巴兰仕汽车检测设备股份有限公司（以下简称"巴兰仕"）开启申购，该公司于今年6月成功过会，其在北交所IPO的日子即将到来。 据巴兰仕招股书披露，他们是一家国内汽车维修保养设备行业的制造商，主要从事举升机、拆胎机、平衡机等汽车养护设备的研发、生产和销售。 （图 / 巴兰仕汽车举升机（图源：巴兰仕官网）） 「创业最前线」注意到，在汽车后市场设备赛道的IPO角逐中，巴兰仕虽手握海外渠道、知名客户资源等"筹码"，却也面临专利诉讼风险、业绩增速放 缓、回款风险等挑战。 1、老夫少妻掌舵，公司曾遭警示 巴兰仕此前曾于2014年和2023年两度登陆新三板，冲刺北交所IPO前仍在新三板创新层。 据巴兰仕2014年的公开转让说明书披露，该公司最早成立于2005年1月份，当时是由程玉慧、陈天、冯定兵、徐彦启、李松等多位自然人共同出资成立。 2009年，巴兰仕的最大个人股东是持股23%程玉慧，同年6月，她将所有持股转让给了自己的丈夫蔡喜林，而到2014年公司挂牌新三板时，公开资料显示 程玉慧已经因病去世，蔡喜林也已经再婚，娶孙丽娜为妻。 | 时间 | 股本形成及演变 | 备注 | | -- ...

Company Overview - Balanshi is set to launch its IPO on August 19, 2023, with a price of 15.78 yuan per share and a total issuance of 19 million shares, potentially raising 300 million yuan [1] - The company specializes in automotive maintenance, testing, and repair equipment, with key products including tire changers, balancing machines, and lifting equipment [2][10] - As of May 30, 2025, the actual controllers of the company are Cai Xilin and Sun Lina, who collectively hold 46.66% of the shares [2] Financial Performance - Balanshi's revenue for 2022, 2023, and projected 2024 is 643 million yuan, 794 million yuan, and 1.057 billion yuan respectively, with net profits of 30.04 million yuan, 80.55 million yuan, and 129.40 million yuan [3][4] - The company reported a revenue increase of 5.64% year-on-year for the first half of 2025, with a net profit growth of 11.80% [3] Market Context - The automotive aftermarket in China reached approximately 1.1 trillion yuan in 2023, reflecting a growth of 12.96% since 2020, driven by the aging vehicle population [2] - The average vehicle enters the maintenance phase at around 3-3.5 years, indicating a growing demand for maintenance services as vehicles age [2] Revenue Composition - In 2024, the revenue breakdown shows that lifting machines account for 48.57%, tire changers for 24.08%, and balancing machines for 10.64% of total revenue [5][7] - The overall gross margin for Balanshi was 28.55% in 2024, which is slightly below the industry average [8][9] R&D and Clientele - R&D expenses for the company were 23.48 million yuan, 28.44 million yuan, and 35.83 million yuan for 2022, 2023, and 2024, representing 3.65%, 3.58%, and 3.39% of revenue respectively [9] - Major domestic clients include well-known automotive manufacturers such as BYD, Li Auto, and Great Wall Motors, as well as large automotive maintenance chains [9][10] Export and Competition - Approximately 75% of Balanshi's revenue comes from exports, with products sold in over 100 countries [10] - The company faces challenges from increasing competition in the automotive maintenance sector, particularly in the mid-to-low-end market [10]

Market Overview - Major market indices opened higher collectively on August 18, with significant gains in the film and cinema sector, including companies like Baiana and Huazhi Shumedia reaching the daily limit up [1] - The liquid-cooled server sector also saw a strong surge, with 10 stocks hitting the daily limit up, including High Cloud and Zhongxing Communications [2] - The CPO sector experienced a substantial rise, with Dekeli and Tengjing Technology also reaching the daily limit up [3] New Stock Offerings - On Tuesday, investors can subscribe to Balanshi, a major manufacturer in the automotive maintenance equipment industry, focusing on the development, production, and sales of various automotive maintenance devices [4] - Hongyuan Co., which specializes in the research, production, and sales of electromagnetic wires, is set to be listed on August 20 [4] Financing Balance Insights - As of August 15, the total market financing balance reached 20,485.99 billion, marking an increase of 75.42 billion from the previous trading day, continuing a trend of five consecutive days of increases above 20 trillion [5] - The electronic sector saw the largest increase in financing balance, with an addition of 149.57 billion, followed by non-bank financials and computers [5] - The comprehensive industry recorded the highest percentage increase in financing balance at 6.97%, followed by electronics and banking at 6.43% and 6.20% respectively [6] Individual Stock Performance - Since the financing balance surpassed 20 trillion, 56.35% of stocks have seen an increase in their financing balance, with 53 stocks experiencing significant increases of over 50% [7] - Koweil recorded the highest increase in financing balance at 1.76 billion, with a cumulative growth of 155.99%, followed by Tietuo Machinery at 435.15 million with a 150.98% increase [7] - In absolute terms, since the financing balance reached 20 trillion, the total increase amounted to 532.39 billion, with 182 stocks seeing an increase of over 1 billion [8] - Dongfang Caifu had the largest absolute increase in financing balance, adding 22.27 billion, with a cumulative growth of 9.52% [8]

Group 1 - The average first-day increase of new stocks listed on the Beijing Stock Exchange (BSE) this year has reached 326% [1][2] - The company Baranshi, a leading manufacturer of automotive maintenance and repair equipment, is set to launch its IPO with an issue price of 15.78 yuan per share [1][2] - Baranshi's main products include tire changers, balancing machines, lifts, and refrigerant recovery and charging machines, among others [1][2] Group 2 - Baranshi is recognized as a high-tech enterprise and has been designated as a "specialized, refined, distinctive, and innovative" small and medium-sized enterprise in Shanghai and Guangdong [2] - The company has strong independent R&D capabilities and extensive manufacturing experience in the automotive maintenance equipment sector [2] - Projected revenues for Baranshi from 2022 to 2024 are 643 million yuan, 794 million yuan, and 1.057 billion yuan, with net profits of 30 million yuan, 81 million yuan, and 129 million yuan respectively [2] Group 3 - The company plans to use the funds raised from the IPO for smart upgrades and expansion projects in automotive maintenance equipment, as well as for the construction of a research and development center [2] - Other companies recently listed on the BSE, such as Zhigao Machinery and Youli Intelligent, have also shown significant first-day performance, with increases of 231.19% and 246.89% respectively [2][3]

Core Viewpoint - The article highlights the impressive performance of new stocks listed on the Beijing Stock Exchange (BSE) this year, with an average first-day increase of 326% [1][4]. Group 1: New Stock Performance - In the week of August 18-22, there was one new stock subscription in the A-share market, specifically for Balanshi, which will open for subscription on Tuesday [2]. - Balanshi's issue price is set at 15.78 yuan per share, with a single account subscription limit of 902,500 shares. The company is a leader in automotive maintenance and repair equipment [3]. - Since the beginning of the year, nine new stocks have been listed on the BSE, all showing strong first-day performances, with notable increases from companies like Dingjia Precision (479.12%), Guangxin Technology (500%), and Tiangong Co. (411.93%) [4]. Group 2: Company Overview - Balanshi specializes in the research, production, and sales of automotive maintenance, testing, and repair equipment, including tire changers, balancing machines, and lifting equipment. It is recognized as a high-tech enterprise and has a significant market presence in China [3][4]. - The company has achieved revenues of 643 million yuan, 794 million yuan, and 1.057 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 30 million yuan, 81 million yuan, and 129 million yuan [4]. - Balanshi's products are sold across China and exported to over 100 countries, serving well-known clients such as BYD, Ideal Auto, and Great Wall Motors [3][4].

Group 1 - The average first-day increase of two new stocks this week was 324.82%, with Guangdong Jianke rising by 418.45%, yielding approximately 14,000 yuan per subscription [1] - As of August 17, there have been 9 new stocks listed on the Beijing Stock Exchange this year, with an average first-day increase of 326.11% [1] - The upcoming new stock for subscription is Balanshi, a major manufacturer in the automotive maintenance and repair equipment industry, scheduled for August 19 [1][2] Group 2 - Balanshi focuses on the research, development, production, and sales of automotive maintenance and repair equipment, including tire changers and lifting machines [2][3] - The company has a well-established R&D system and has been in the automotive maintenance equipment industry for 20 years, indicating a technological advantage [3] - The automotive maintenance market in China is projected to reach approximately 1.1 trillion yuan in 2023, with a compound annual growth rate of 6.50% expected from 2020 to 2025 [3] Group 3 - For the first half of 2025, Balanshi reported revenue of 540 million yuan, a year-on-year increase of 5.64%, and a net profit of 77.53 million yuan, up 11.80% [3][4][5] - The company's operating profit for the first half of 2025 was 96.23 million yuan, reflecting a 14.87% increase compared to the same period in 2024 [4][5]

Group 1 - The core viewpoint of the report highlights the strong growth potential of Balanshi (920112.SH), focusing on automotive maintenance, inspection, and repair equipment [1] - The projected net profit for 2024 is 129.40 million yuan, representing a year-on-year increase of 60.64% [1] - The market for passenger vehicle maintenance and repair services in China is expected to reach a value of 1.35 trillion yuan by 2025, indicating a promising industry outlook [1]

Investment Rating - The report suggests a "Focus on Subscription" for the company [3][4]. Core Viewpoints - The company is focused on the automotive maintenance and repair equipment sector, with plans to expand its production capacity for maintenance equipment and lifts through a public offering [2][11]. - The expected revenue for 2024 is projected to reach 1.057 billion yuan, representing a year-on-year growth of 33.10%, with a net profit of 129.40 million yuan, reflecting a year-on-year increase of 60.64% [3][22]. - The automotive maintenance market in China is anticipated to reach 1.35 trillion yuan by 2025, indicating a robust growth potential for the industry [3][14]. Summary by Sections 1. Initial Offering - The company plans to issue 19 million shares at a price of 15.78 yuan per share, with an initial P/E ratio of 10.00X [3][6]. - The total number of shares post-issue will be 82 million, with the offering representing 23.17% of the total shares before any over-allotment [3][6]. 2. Business Focus - The company specializes in automotive maintenance, testing, and repair equipment, with a diverse product range including tire changers, balancing machines, and lifts [13][18]. - The company has established a strong domestic and international sales network, serving over 100 countries and regions [13][27]. 3. Financial Performance - The projected revenue for 2024 is 1.057 billion yuan, with a net profit of 129.40 million yuan, showing significant growth compared to previous years [3][22]. - The gross profit margins for various products are improving, with balancing machines showing the highest margins [23][24]. 4. Market Outlook - The automotive maintenance industry is expected to benefit from the increasing age of vehicles and the growth of the automotive market, with a projected CAGR of 6.50% for the passenger vehicle maintenance business from 2020 to 2025 [3][14]. - The company is well-positioned to capitalize on the growing demand for automotive maintenance equipment due to its long-standing experience and technological advancements [2][3].

Core Viewpoint - The automotive after-market is experiencing significant growth due to increasing vehicle ownership and aging vehicles, positioning companies like Shanghai Balanshi as key players in the high-value segment of the industry [1][7]. Group 1: Company Overview - Shanghai Balanshi, established in 2005, specializes in automotive maintenance and repair equipment, with core products including tire changers, wheel balancers, and lifts, which contribute significantly to its revenue [2]. - The company has achieved substantial revenue growth, with projected revenues of 6.43 billion, 7.94 billion, and 10.57 billion yuan from 2022 to 2024, alongside a net profit increase from 30.04 million to 129.40 million yuan [2]. - Balanshi has received multiple industry accolades, including being recognized as one of the top 20 automotive repair equipment exporters in China for consecutive years [2]. Group 2: Market Position and Network - Balanshi has established a comprehensive marketing network across China and over 100 countries, serving a diverse clientele including major automotive manufacturers and repair chains [3]. - The company’s products are distributed through a wide network of dealers, ensuring a strong presence in both domestic and international markets [3]. Group 3: Technological Innovation - The automotive maintenance equipment industry is undergoing innovation driven by automation and the rise of electric vehicles, prompting manufacturers to enhance product performance and functionality [4][5]. - Balanshi is actively integrating advanced technologies into its product development, resulting in innovations such as fully automatic tire changers and intelligent balancing machines [5]. Group 4: Financial Performance - Balanshi has demonstrated a consistent increase in gross margin, with figures of 23.62%, 27.04%, and 28.55% over the past three years, indicating effective cost control and profit potential [6]. Group 5: Market Trends - The automotive after-market in China is projected to reach approximately 6 trillion yuan in 2023, driven by a growing demand for maintenance services as vehicle ownership increases [7]. - The average vehicle age in China has surpassed 6 years, indicating a shift towards a "golden development period" for the after-market, with a projected annual growth rate of 5.0% from 2022 to 2027 [9]. Group 6: Production Capacity and Future Plans - Balanshi's production capacity is currently under pressure, with utilization rates exceeding 120% for key products, prompting plans to raise 299.93 million yuan for capacity expansion and smart factory initiatives [10]. - The establishment of a research and development center is also planned to accelerate technological innovation and product development, enhancing the company's competitive edge [10].

Core Viewpoint - The automotive maintenance and repair equipment industry is experiencing unprecedented growth opportunities, with Shanghai Balanshi Automotive Testing Equipment Co., Ltd. (referred to as "Balanshi") demonstrating strong development momentum through robust performance growth, deep R&D capabilities, and comprehensive competitive advantages [1][2]. Financial Performance - Balanshi's main business revenue has shown steady growth from 635.59 million yuan in 2022 to 786.86 million yuan in 2023, and is projected to reach 1,046.92 million yuan in 2024, with a year-on-year growth of 23.80% in 2023 and an anticipated increase of 33.05% in 2024 [2]. - The company's main business revenue consistently accounts for over 98% of total revenue, highlighting its strategic focus on core operations [2]. - The expected revenue for the first half of 2025 is projected to be between 513.00 million yuan and 530.00 million yuan, indicating stable profit growth [2]. Industry Outlook - The automotive maintenance and repair equipment industry is entering a golden development period, with China's passenger car maintenance market reaching approximately 1.1 trillion yuan in 2023 and expected to grow to 1.3476 trillion yuan by 2025, reflecting a compound annual growth rate of 6.50% from 2020 to 2025 [3]. - The growth is driven by the increasing global vehicle ownership, particularly the rapid adoption of new energy vehicles, and the aging vehicle structure leading to higher maintenance frequency and costs [3]. Competitive Advantages - Balanshi has established a comprehensive competitive advantage through years of industry experience, including a strong R&D team with 226 domestic and international patents and 18 software copyrights as of the end of 2024 [4][5]. - The company has introduced innovative products such as battery lifts and automatic car washes, aligning with the trends in new energy vehicles [4]. - Balanshi's brand influence is significant, with its products recognized as famous trademarks and well-regarded in both domestic and international markets [4]. Manufacturing and Management - The company adheres to high standards in production, continuously improving efficiency and product quality through automation and digital transformation [5]. - Balanshi's products have received multiple international certifications, demonstrating its leading quality control capabilities [5]. - The management team, equipped with rich industry experience and market insight, plays a crucial role in navigating opportunities during transformations [5]. Future Development - Balanshi plans to increase R&D investment, particularly in new energy vehicle maintenance equipment and intelligent products, to maintain its technological leadership [7]. - The company aims to expand its international market share while enhancing operational efficiency through lean production and digital management [7]. - As the automotive industry shifts towards electrification and intelligence, Balanshi is positioned to seize opportunities in the upcoming technological revolution [7].