据京沪深交易所披露，上周（11月24日-11月28日）3家企业上会，新增3家新受理企业；2家IPO注册获 通过，2只新股上市。 与此同时，本周（12月1日-12月5日）3家公司上会迎考，2只新股安排申购，1只新股上市。 一、IPO审核与注册进展 审3过2，永大股份遭暂缓审议 上周，3家IPO首发上会，均拟登陆北交所。其中，永大股份IPO申请遭暂缓审议，美德乐、海菲曼首发 上会获通过。 永大股份专业从事基础化工、煤化工、炼油及石油化工、光伏与医药等领域压力容器的研发、设计、制 造、销售及相关技术服务，形成了以反应压力容器、换热压力容器、分离压力容器、储存压力容器为主 的非标压力容器产品体系。审议会议现场，上市委重点对其收入确认、经营业绩持续稳定性、光伏业务 风险三大问题提出了问询。 财务数据显示，2025年前三季度，永大股份实现营收3.61亿元，同比下滑25.16%；归母净利润0.7亿 元，同比下滑3.34%。公司称主要系受项目执行进度影响，2025年第三季度确认收入的项目相对较少且 上年同期基数较高。 美德乐主营智能制造装备的研发、设计、制造和销售业务，主要产品为模块化输送系统和工业组件。报 告期内，公司应用 ...

Core Viewpoint - Zuxing New Materials Co., Ltd. has submitted its prospectus for an IPO on the Beijing Stock Exchange, aiming to raise 258 million yuan for various projects, despite concerns about the necessity of the funds given its low debt ratio and increasing cash reserves [1][3]. Financial Performance - The company reported revenues of 629 million yuan, 690 million yuan, and 707 million yuan from 2022 to 2024, with net profits of 51.78 million yuan, 86.74 million yuan, and 58.72 million yuan, indicating a decline in net profit by over 30% in 2024 despite revenue growth [3]. - Operating cash flow has been consistently negative during the reporting period, with net cash flows of -9.78 million yuan, -52.47 million yuan, and -0.86 million yuan, attributed to differences in settlement cycles with major clients and suppliers, as well as increased inventory and accounts receivable [2][3]. Research and Development - The company has a low focus on R&D, with R&D expenses as a percentage of revenue at 2.51%, 2.47%, and 2.30%, which is below the average of comparable companies [5]. - In contrast, sales expenses have been increasing, with rates of 3.15%, 3.30%, and 3.77%, also exceeding the average of comparable companies [5]. Employee Structure - A significant portion of the workforce has lower educational qualifications, with 87.74% holding a diploma or below, and only 0.17% having a doctoral degree [6]. - The company employs 579 people, with 16.58% in sales, 50.43% in production, and 14.68% in R&D [6]. Pricing Trends - The average selling prices of the company's main products have been declining, with aluminum pigment prices at 53,300 yuan/ton, 52,000 yuan/ton, and 50,100 yuan/ton from 2022 to 2024 [8][10]. - The selling prices of fine spherical aluminum powder also showed a downward trend, priced at 20,700 yuan/ton, 19,600 yuan/ton, and 20,300 yuan/ton during the same period [8][10]. Regulatory Issues - The company has faced regulatory penalties in the past, including a reprimand from the National Equities Exchange and Quotations for failing to properly disclose significant information during its previous IPO attempt [12][13]. - It has also received minor administrative penalties from local health and safety authorities, which, while not significantly impacting operations, have affected the company's reputation [14].