瑞财经 严明会 1月30日，北京华电光大环境股份有限公司（以下简称：华电光大）北交所IPO获受理， 保荐机构开源证券，保荐代表人李金城、文君然，会计师事务所为容诚会计师事务所。 华电光大成立于2013年，注册资本1.3亿元，注册地在北京昌平华北电力大学主楼，主营新型催化材料研 发与产业化，国家级专精特新"小巨人"企业。 本次拟募资2.6亿元，用于"年产量5000立方CO氧化催化剂生产装备建设项目"等三大项目以及补充流动 资金。 2025年，公司与中国宝武钢铁集团有限公司合作的烧结烟气CO催化氧化协同减污降碳技术取得重大突 破。公司新产品CO氧化催化剂产品实现了商业化落地。 | 厅 | 前五大客户 | 销售内容 | 金额(月 | 百营业收入的 | | --- | --- | --- | --- | --- | | 号 | | | 元) | 比重(%) | | | | 2025年1-9月 | | | | 1 | 国家能源投资集团有限 | 平板式 SCR 脱硝催化剂 | 4.520.86 | 16.62 | | | 责任公司 | | | | | 2 | 光大环保技术装备(常 | 平板式 SCR 脱硝催化 | 2.4 ...

Core Viewpoint - Beijing Huadian Guangda Environment Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, marking it as the first company to be accepted for IPO in 2026. The sponsor for this IPO is Kaiyuan Securities [1]. Financial Performance - The company reported operating revenues of 268.80 million yuan, 330.32 million yuan, 314.61 million yuan, and 271.94 million yuan for the years 2022, 2023, 2024, and the first nine months of 2025, respectively. The net profit attributable to the parent company for the same periods was 18.73 million yuan, 43.31 million yuan, 25.23 million yuan, and 38.25 million yuan. The revenue for 2024 decreased by 4.76% year-on-year, while the net profit decreased by 41.73% year-on-year [3][5]. Cash Flow - The net cash flow from operating activities was negative for several periods, with figures of -26.49 million yuan, 0.40 million yuan, 1.04 million yuan, and -37.04 million yuan for 2022, 2023, 2024, and the first nine months of 2025, respectively, resulting in a cumulative negative cash flow of -49.12 million yuan [6][7]. Accounts Receivable - The accounts receivable balance at the end of each reporting period was 113.63 million yuan, 172.11 million yuan, 190.56 million yuan, and 194.60 million yuan, representing 42.27%, 52.11%, 60.57%, and 71.56% of the respective operating revenues [8][10]. The growth rate of accounts receivable exceeded that of operating revenue in 2023 and 2024 [9]. Customer Concentration - The top five customers contributed over 50% of the company's revenue during the reporting periods, with contributions of 52.16%, 52.74%, 57.56%, and 50.24% for 2022, 2023, 2024, and the first nine months of 2025, respectively [11]. Employee Benefits - The proportion of employees covered by social insurance and housing provident fund increased from 68.61% in 2022 to 85.10% in 2025 for social insurance, and from 44.84% to 84.85% for housing provident fund over the same period [16][18]. IPO Fundraising - The company plans to raise 260 million yuan through its IPO, with 50 million yuan allocated for working capital and the remainder for three specific projects related to catalyst production and environmental technology [19][21].

据悉，华电光大是一家致力于新型催化材料研发与产业化的高新技术企业，主营业务为脱除氮氧化物 （NOx）、一氧化碳（CO）和挥发性有机化合物（VOCs）等大气污染物的新型催化材料的研发、设 计、生产和销售、废旧催化剂回收和再生及相关服务。 北京商报讯（记者 王蔓蕾）1月29日，北交所官网显示，北京华电光大环境股份有限公司（以下简 称"华电光大"）IPO获得受理。 本次冲击上市，华电光大拟募集资金约2.6亿元，拟投资于年产量5000立方CO氧化催化剂生产装备建设 项目、年产10000立方米CO及脱硝板式催化剂装置技改项目、烟气治理设备及新型催化材料研发项目、 补充流动资金。 ...

Group 1 - The core viewpoint of the news is that Zhongzi Technology has experienced a significant stock price increase, rising 5.14% on January 21, reaching 26.38 CNY per share, with a total market capitalization of 3.154 billion CNY [1] - Zhongzi Technology has seen a cumulative increase of 5.91% over the past three days, indicating positive market sentiment [1] - The company specializes in the research, production, and sales of environmental catalysts, with the majority of its revenue (96.12%) coming from internal combustion engine exhaust purification catalysts [1] Group 2 - According to data, the Fuyong Fund has a significant holding in Zhongzi Technology, with the Fuyong Fuyou Mixed A Fund (012876) holding 40,700 shares, representing 0.6% of the fund's net value [2] - The Fuyong Fuyou Mixed A Fund has achieved a year-to-date return of 9% and a one-year return of 61.54%, ranking 1248 out of 8844 and 1051 out of 8091 in its category, respectively [2] - The fund manager, Li Xiang, has been in charge for over six years, with the fund's total asset size currently at 15.4 million CNY [2]

Group 1 - The core viewpoint of the news is that Zhongzi Technology's stock performance and financial metrics indicate a mixed outlook, with significant financing activity and a notable decline in net profit [1][2]. Group 2 - On December 23, Zhongzi Technology's stock rose by 1.45%, with a trading volume of 35.09 million yuan. The financing buy-in amount was 3.34 million yuan, while the financing repayment was 13.10 million yuan, resulting in a net financing outflow of 9.76 million yuan [1]. - As of December 23, the total financing and securities lending balance for Zhongzi Technology was 163 million yuan, with the financing balance accounting for 6.07% of the circulating market value, indicating a high level compared to the past year [1]. - The company has a total of 8,272 shareholders as of September 30, which is a decrease of 3.40% from the previous period, while the average circulating shares per person increased by 3.52% [2]. - For the period from January to September 2025, Zhongzi Technology reported an operating income of 1.191 billion yuan, representing a year-on-year growth of 12.65%. However, the net profit attributable to the parent company was a loss of 26.95 million yuan, a decrease of 91.26% year-on-year [2]. - Since its A-share listing, Zhongzi Technology has distributed a total of 25.81 million yuan in dividends, with no dividends paid in the last three years [2].

Core Viewpoint - Zhongzi Technology (688737.SH) has been recognized as a "Manufacturing Single Champion Enterprise" for its product "CNG Natural Gas Tail Gas Purification Catalyst" by the Sichuan Provincial Economic and Information Technology Department, highlighting its industry position and technological leadership [1] Group 1 - The product "CNG Natural Gas Tail Gas Purification Catalyst" has been included in the "Ninth Batch of Manufacturing Single Champion Enterprises" public announcement [1] - Manufacturing Single Champion Enterprises are defined as companies that focus on specific segments of the manufacturing industry, achieving international or domestic leading levels in production technology or processes, and holding a significant market share globally or domestically [1] - The recognition reflects the company's innovation capability, quality efficiency, and comprehensive strength, which will enhance its visibility and market competitiveness, positively impacting future development [1]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Zhongzi Technology, which saw a 5% increase in stock price, reaching 23.50 yuan per share, with a total market capitalization of 2.81 billion yuan [1] - Zhongzi Technology specializes in the research, production, and sales of environmental catalysts, with the majority of its revenue (96.12%) coming from internal combustion engine exhaust purification catalysts [1] - The company was established on July 15, 2005, and went public on October 22, 2021, indicating a relatively recent entry into the public market [1] Group 2 - From the perspective of fund holdings, Fuyong Fund has a significant position in Zhongzi Technology, with its Fuyong Fuyue Mixed A fund holding 40,700 shares, representing 0.6% of the fund's net value [2] - The Fuyong Fuyue Mixed A fund has shown a year-to-date return of 51.1%, ranking 804 out of 8,150 in its category, and a one-year return of 52.54%, ranking 645 out of 8,043 [2] - The fund manager, Li Xiang, has been in charge for 5 years and 318 days, with the fund's total asset size currently at 15.4 million yuan [2]

Group 1 - The core point of the news is that Zhongzi Technology's stock price dropped by 5.09% to 21.26 CNY per share, with a total market capitalization of 2.542 billion CNY as of the report date [1] - Zhongzi Technology, established on July 15, 2005, specializes in the research, production, and sales of environmental catalysts, with 96.12% of its revenue coming from internal combustion engine exhaust purification catalysts [1] - The company's other revenue sources include energy storage (2.06%), industrial catalysts (1.41%), and hydrogen energy (0.09%) [1] Group 2 - From the perspective of fund holdings, one fund under Nuoan Fund has Zhongzi Technology as a significant investment, with 502,600 shares held, representing 0.43% of the fund's net value [2] - The Nuoan Multi-Strategy Mixed A Fund (320016) has a total scale of 1.399 billion CNY and has achieved a year-to-date return of 61.45% [2] - The fund's manager, Kong Xianzheng, has a tenure of 4 years and 326 days, with the best return during this period being 77.63% [2]

Core Viewpoint - Zhongzi Technology's stock increased by 2.10% on October 9, with a trading volume of 82.6235 million yuan, indicating positive market sentiment towards the company [1] Financing Summary - On October 9, Zhongzi Technology had a financing buy-in amount of 9.8614 million yuan and a financing repayment of 7.9687 million yuan, resulting in a net financing buy of 1.8927 million yuan [1] - The total financing and securities lending balance for Zhongzi Technology reached 10.4 million yuan, accounting for 3.74% of its circulating market value, which is above the 60th percentile level over the past year, indicating a relatively high financing level [1] - There were no shares repaid or sold in the securities lending market on October 9, with a securities lending balance of 0.00 shares, placing it in the 90th percentile level over the past year, also indicating a high level [1] Business Performance Summary - As of June 30, Zhongzi Technology had 8,563 shareholders, an increase of 14.82% from the previous period, with an average of 13,962 circulating shares per person, up by 47.78% [2] - For the first half of 2025, Zhongzi Technology reported operating revenue of 780 million yuan, a year-on-year increase of 5.65%, but recorded a net profit attributable to shareholders of -11.9197 million yuan, a significant decrease of 313.86% year-on-year [2] - Since its A-share listing, Zhongzi Technology has distributed a total of 25.8105 million yuan in dividends, with no dividends paid in the last three years [2] Company Overview - Zhongzi Technology Co., Ltd. is located at 88 Gunan Street, High-tech Zone, Chengdu, Sichuan Province, and was established on July 15, 2005, with its listing date on October 22, 2021 [1] - The company's main business involves the research, production, and sales of environmental catalysts, with the revenue composition being: 96.12% from internal combustion engine exhaust purification catalysts, 2.06% from energy storage and energy storage+, 1.41% from industrial catalysts, 0.31% from other sources, and 0.09% from hydrogen energy [1]

Group 1 - The core viewpoint of the news is that Zhongzi Technology has seen a significant stock price increase of 5.68%, reaching 21.94 CNY per share, with a total market capitalization of 2.623 billion CNY [1] - Zhongzi Technology, established on July 15, 2005, and listed on October 22, 2021, specializes in the research, production, and sales of environmental catalysts [1] - The company's main business revenue composition includes: 96.12% from internal combustion engine exhaust purification catalysts, 2.06% from energy storage and energy storage+, 1.41% from industrial catalysts, 0.31% from other sources, and 0.09% from hydrogen energy [1] Group 2 - From the perspective of fund holdings, one fund under Nuoan Fund has Zhongzi Technology as a significant investment, with 502,600 shares held, accounting for 0.43% of the fund's net value [2] - Nuoan Multi-Strategy Mixed A (320016) has achieved a year-to-date return of 55.7% and a one-year return of 112.37%, ranking 755 out of 8173 and 410 out of 7996 respectively [2] - The fund managers, Kong Xianzheng and Wang Haichang, have had varying performance, with Kong achieving a best return of 71.81% and Wang achieving a best return of 59.72% during their respective tenures [2]