Core Viewpoint - HeBi HaiChang Intelligent Technology Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, with Guojin Securities as the sponsor [2][4]. Company Overview - HeBi HaiChang focuses on the research, development, production, and sales of high-performance wiring harness equipment, providing intelligent solutions and related services for the downstream wiring harness manufacturing industry [2][4]. - The company's products serve various industries that utilize wiring harnesses, including automotive, information communication, and photovoltaic energy storage [2]. Financial Performance - The revenue for HeBi HaiChang from 2022 to 2024 is projected to be 520 million yuan, 652 million yuan, and 800 million yuan, respectively [4]. - The net profit for the same period is expected to be 108 million yuan, 121 million yuan, and 115 million yuan, indicating a year-on-year decline of 4.96% in 2024 [4]. - The decline in profitability is linked to losses from its core subsidiary, Kunshan Haihong, which reported a net loss of 10.59 million yuan in 2024 and a negative net asset of 20.32 million yuan [4]. Asset Impairment - HeBi HaiChang has experienced increasing asset impairment losses from 3.11 million yuan in 2022 to 13.13 million yuan in 2024 [5]. - The rising impairment losses are attributed to the inefficiencies in production at Kunshan Haihong, which was established to expand into the East China market but has faced challenges in meeting customer demands [5].

Core Viewpoint - Hebi Haichang Intelligent Technology Co., Ltd. (referred to as "Haichang Intelligent") has submitted its IPO application to the Beijing Stock Exchange, focusing on high-performance wiring harness equipment and intelligent solutions for various industries, including automotive, information communication, and photovoltaic energy storage [1][2]. Financial Summary - As of December 31, 2024, total assets are projected to be approximately CNY 989.91 million, an increase from CNY 793.70 million in 2023 and CNY 743.53 million in 2022 [3]. - Total equity is expected to reach CNY 509.85 million by the end of 2024, up from CNY 394.40 million in 2023 and CNY 273.30 million in 2022 [3]. - Revenue for the years 2022, 2023, and 2024 is reported as CNY 520.30 million, CNY 652.28 million, and CNY 799.64 million respectively, indicating a growth trend [3]. - The net profit for the same years is CNY 107.64 million, CNY 121.09 million, and CNY 114.76 million, showing fluctuations in profitability [3]. - The gross profit margin has decreased from 37.74% in 2022 to 34.21% in 2024 [3]. - The company’s R&D expenditure as a percentage of revenue is projected to be 7.40% in 2024, compared to 8.21% in 2023 and 6.13% in 2022 [3]. Ownership and Control - Hebi Jurin holds 22.30% of the shares and indirectly controls 13.41% of the voting rights, totaling 35.71% of the voting rights, making it the controlling shareholder [5]. - The actual controllers of the company include seven individuals, with Yang Yongjun serving as the chairman [5][6]. - The seven individuals collectively hold 90.83% of Hebi Jurin's equity, which allows them to exercise significant control over the company's decision-making processes [5]. Regulatory Compliance - Haichang Intelligent faced regulatory actions due to inaccurate disclosures regarding its relationship with Henan Tuoshuo Industrial Co., Ltd., resulting in warning letters from the China Securities Regulatory Commission [8].

Core Viewpoint - Hebi Haichang Intelligent Technology Co., Ltd. (referred to as "Haichang Intelligent") has received acceptance for its IPO application on the Beijing Stock Exchange, indicating a significant step towards public listing and capital raising [1][2]. Company Overview - Haichang Intelligent is a high-tech enterprise primarily engaged in the research, development, production, and sales of high-performance wiring harness equipment, providing intelligent solutions and related services to the downstream wiring harness manufacturing industry [2]. - The company serves various industries that utilize wiring harnesses, including automotive, information communication, and photovoltaic energy storage [2]. - Haichang Intelligent has established long-term stable partnerships with numerous well-known domestic and international companies, including Tianhai Electronics, Aptiv, BYD, Luxshare Precision, Leoni, Lear, and Great Wall Motors [2]. Financial Performance - The company's total assets are projected to reach approximately CNY 989.91 million by December 31, 2024, up from CNY 793.70 million in 2023 and CNY 743.53 million in 2022 [3]. - Shareholder equity is expected to increase to CNY 509.85 million in 2024, compared to CNY 394.40 million in 2023 and CNY 273.30 million in 2022 [3]. - Revenue for the years 2022, 2023, and 2024 is reported as CNY 520.30 million, CNY 652.28 million, and CNY 799.64 million, respectively, indicating a growth trend [3]. - The net profit for the same years is CNY 107.64 million, CNY 121.09 million, and CNY 114.76 million, showing fluctuations in profitability [3]. - The gross profit margin has slightly decreased from 37.74% in 2022 to 34.21% in 2024 [3]. Major Clients - Tianhai Electronics is the largest customer of Haichang Intelligent, with sales amounts of CNY 190.88 million, CNY 169.43 million, and CNY 198.29 million for the years 2022, 2023, and 2024, respectively, accounting for 36.69%, 25.98%, and 24.80% of total revenue [9]. - Other significant clients include BYD, Luxshare Precision, and Aptiv, contributing to a diversified customer base [9]. Shareholding Structure - As of the signing date of the prospectus, Hebi Jurin holds 22.30% of the shares and indirectly controls 35.71% of the voting rights of the company [6]. - The actual controllers of the company include seven individuals who collectively hold 90.83% of Hebi Jurin's shares, thereby exercising significant control over the company's decision-making processes [6][7].