Core Viewpoint - The China Securities Association has released a list of companies for on-site inspections, including Electric Power Construction New Energy and Yueya Semiconductor, as part of the IPO process, highlighting the regulatory focus on financial authenticity and the importance of on-site supervision in the IPO review process [1][2][3] Group 1: Electric Power Construction New Energy - Electric Power Construction New Energy aims to list on the Shanghai Stock Exchange, focusing on the development, investment, operation, and management of wind and solar power projects, with an IPO fundraising target of approximately 9 billion yuan [1] - As of March, the company's revenue composition shows wind power accounting for 70.37%, solar power for 28.38%, and other sources for 1.25%, indicating a significant reliance on wind energy [1] - The solar power segment has seen a notable increase in revenue share from 15.47% in 2022 to 28.38% in Q1 2025, although this growth is accompanied by a significant decline in gross margin from 51.03% at the end of 2024 to 30% in Q1 2023, attributed to seasonal sunlight shortages [1] Group 2: Yueya Semiconductor - Yueya Semiconductor plans to list on the ChiNext board, focusing on the R&D, production, and sales of advanced packaging materials and products, with an IPO fundraising target of approximately 1.224 billion yuan [1] - The company reported revenues of 1.667 billion yuan, 1.705 billion yuan, 1.796 billion yuan, and 811 million yuan for the years 2022 to 2025 H1, with net profits showing significant fluctuations [2] - Despite maintaining higher gross margins than industry peers, Yueya Semiconductor's gross margin has declined from 38.97% in 2022 to 24.42% in 2025 H1, primarily due to falling product prices, rising raw material costs, and increased depreciation from new production lines [2]

Core Insights - The China Securities Association announced the third batch of companies for on-site inspection, including Electric Power Construction New Energy and Yueya Semiconductor, both of which are preparing for IPOs [1][2] Group 1: Electric Power Construction New Energy - The company aims to list on the Shanghai Stock Exchange and plans to raise approximately 9 billion yuan through its IPO [1] - As of March this year, the revenue composition shows that wind power accounts for 70.37%, solar power for 28.38%, and other sources for 1.25% [1] - The solar power segment has seen a significant increase in revenue share from 15.47% in 2022 to 28.38% in Q1 2025, indicating a clear upward trend [1] - Despite revenue growth of over 8% year-on-year to 5.472 billion yuan in the first half of 2025, the net profit attributable to shareholders fell by 16% to 1.127 billion yuan, primarily due to a decline in gross margin caused by seasonal sunlight shortages [1] Group 2: Yueya Semiconductor - The company is preparing for an IPO on the ChiNext board, aiming to raise about 1.224 billion yuan [1] - Revenue figures for Yueya Semiconductor from 2022 to the first half of 2025 are 1.667 billion yuan, 1.705 billion yuan, 1.796 billion yuan, and 811 million yuan, respectively, showing overall revenue growth but significant fluctuations in net profit [2] - The gross margin for the main business has decreased in recent years, with figures of 38.97%, 26.65%, 25.49%, and 24.42% from 2022 to the first half of 2025, attributed to falling product prices, rising costs of precious metals, and increased depreciation from new production lines [2] Group 3: Regulatory Environment - The regulatory body has emphasized the importance of on-site inspections as a key tool for IPO review, highlighting the need for strict accountability of intermediary institutions [2] - The Shenzhen Stock Exchange has revised its listing rules to enhance the role of on-site inspections in preventing financial fraud and ensuring the integrity of the IPO process [2][3]

Group 1 - The China Securities Association announced the third batch of companies for on-site inspection in 2025, including China Electric Power Construction Group New Energy Co., Ltd. and Zhuhai Yueya Semiconductor Co., Ltd. [1] - With the announcement of the third batch, the total number of companies selected for on-site inspection this year has reached 16 [2]. - China Electric Power Construction New Energy aims to list on the Shanghai Stock Exchange, seeking to raise approximately 9 billion yuan, while Zhuhai Yueya Semiconductor plans to list on the ChiNext board, aiming to raise about 1.224 billion yuan [1]. Group 2 - The on-site inspection of newly listed companies is a regulatory enforcement measure granted to the China Securities Regulatory Commission (CSRC) under the Securities Law, playing a crucial role in the IPO regulatory chain [1]. - In 2024, the CSRC modified the random inspection ratio for newly listed companies from 5% to 20% [1].

北京商报讯（记者 马换换 王蔓蕾）10月10日，中国证券业协会官网发布关于2025年第三批首发企业现 场检查抽查名单的公告，中电建新能源集团股份有限公司（以下简称"电建新能"）、珠海越亚半导体股 份有限公司（以下简称"越亚半导体"）2家企业被抽中现场检查。 据了解，电建新能拟冲击沪市主板上市，公司主营业务为中国境内风力及太阳能发电项目的开发、投 资、运营和管理，主要产品是电力，公司本次冲击上市拟募集资金约90亿元；越亚半导体拟冲击创业板 上市，公司主要从事先进封装关键材料和产品的研发、生产以及销售，公司本次冲击上市拟募集资金约 12.24亿元。 ...