Summary of Key Points Core Viewpoint - The North Exchange has seen a decrease in trading volume and value, with a total of 274 listed companies as of August 31, 2025, and a notable decline in trading activity during the last week of August 2025 [2][3]. Trading Activity - As of August 31, 2025, the North Exchange had a total trading volume of 66.58 billion shares for the week, a decrease of 17.87% compared to the previous week [3]. - The total trading value for the same week was 1645.28 billion yuan, down 21.09% from the previous week [3]. - The average trading price was 24.71 yuan, reflecting a decrease of 3.92% [3]. - The North Exchange 50 Index fell by 1.63% to 1574.25 points, with 14 stocks rising and 36 falling [3]. New Listings and IPOs - One company, Shanghai Balanshi Automotive Testing Equipment Co., Ltd., successfully listed on the North Exchange on August 28, 2025, becoming the 274th listed company [8]. - Balanshi's stock price surged by 205.13% on its first trading day, closing at 48.15 yuan, with a total market capitalization of 39.48 billion yuan [8]. - The company aims to raise 300 million yuan for projects related to the intelligent transformation of automotive maintenance equipment [9]. Financial Performance - Balanshi reported revenues of 6.43 billion yuan, 7.94 billion yuan, and 10.57 billion yuan for the years 2022 to 2024, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [10]. - In the first half of 2025, Balanshi's revenue grew by 5.65% to 540 million yuan, and net profit increased by 11.80% to 77.53 million yuan [10]. Upcoming IPOs - One company, Sanxie Electric Co., Ltd., opened for subscription on August 26, 2025, with a target to raise 159 million yuan for expansion and R&D projects [12][14]. - Sanxie Electric reported revenues of 2.87 billion yuan, 3.62 billion yuan, and 4.20 billion yuan from 2022 to 2024, with net profits of 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan respectively [15][16]. Regulatory Status - As of August 31, 2025, there were 153 companies awaiting review on the North Exchange, with 140 under inquiry and 10 submitted for registration [5]. - No companies received IPO registration approval during the last week of August 2025 [17]. Company Developments - Jiangsu Jingchuang Electric Co., Ltd. passed the listing committee meeting on August 29, 2025, and plans to raise 175 million yuan for smart production upgrades [26]. - Zhejiang Kema Materials Co., Ltd. submitted its registration on August 26, 2025, aiming to raise 206 million yuan for environmental projects [20][21].

Group 1 - The core viewpoint of the article is that Jiangsu Jingchuang Electric Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking it as the 46th company to pass the review this year [1] - The company plans to issue up to 14,463,334 shares, with an option for an additional 2,169,500 shares through an over-allotment option, bringing the total potential issuance to 16,632,834 shares [3] - The funds raised, totaling 175 million yuan, will be allocated for core production line upgrades, the establishment of a smart instrument R&D center, and the development of a cold cloud platform [3] Group 2 - The main business of the company includes the research, production, and sales of smart controllers for cold chain equipment, pharmaceutical and food cold chain monitoring devices, heat pump testing instruments, and environmental particulate matter detection instruments [2] - The largest shareholder, Li Chaofei, holds 44.66% of the company, with family members collectively owning 79.70%, indicating significant control over company decisions [2] - The company has faced inquiries regarding the authenticity of its revenue, sustainability of performance growth, and the adequacy of its research and development capabilities [5]

Core Viewpoint - Jiangsu Jingchuang Electric Co., Ltd. has met the listing conditions and information disclosure requirements as per the Beijing Stock Exchange's review, but has faced inquiries regarding revenue authenticity, performance sustainability, and R&D capabilities [1][2]. Financial Performance - For the first half of the year, the company reported an operating income of 249 million yuan, a year-on-year increase of 6.83%, and a net profit attributable to shareholders of 28.34 million yuan, up 0.58% from the previous year [2]. - The net profit after deducting non-recurring gains and losses was 28.21 million yuan, reflecting a growth of 16.13% year-on-year [2]. Revenue Recognition Concerns - The Beijing Stock Exchange has raised questions about the company's revenue recognition methods, particularly regarding the reconciliation cycle with clients and compliance with accounting standards [2][3]. - The second round of inquiries focused on the data obtained from third-party platforms and the verification of financial data's authenticity and accuracy [3]. Land Use Issues - The company has been found to have previously used educational land for industrial production, raising concerns about compliance with land management laws [4]. - Jingchuang Electric has acknowledged this issue but believes the risk of penalties is low due to completed land use changes [4]. Governance Structure - The company exhibits a "family-style" governance issue, with the largest shareholder and their family members holding 79.7% of the shares, potentially impacting governance effectiveness and minority shareholder interests [5]. Fundraising Adjustments - The company initially planned to raise 250 million yuan through the issuance of 14.463 million new shares but has since reduced the fundraising target to 175 million yuan, a decrease of 30% [6][7]. - The investment in the "core production line intelligent upgrade" project has also been reduced from 130 million yuan to 110 million yuan, and the "marketing network construction" project has been removed from the fundraising plan [7].

Core Viewpoint - The article discusses the recent IPO approvals and the financial performance of three companies, highlighting their business models, revenue, and net profit figures for 2024, as well as the results of their IPO reviews [2][3]. Group 1: Company Overview - Jiangsu Precision Electric Co., Ltd. specializes in the research, production, and sales of cold chain equipment smart controllers, medical and food cold chain monitoring recorders, and other related products, providing IoT and cloud-based system solutions [5][11]. - Tai Jin New Energy focuses on high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products, serving various industries including large computers, 5G communications, and new energy vehicles [27][28]. - Xiamen Hengkun New Materials Technology Co., Ltd. is engaged in the research and production of key materials for integrated circuits, particularly photoresists and precursor materials [33]. Group 2: Financial Performance - Jiangsu Precision Electric reported revenues of 396.34 million, 434.50 million, and 498.80 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 48.74 million, 55.36 million, and 58.91 million yuan [7][8]. - Tai Jin New Energy's revenues increased from 1.00 billion yuan in 2022 to 2.19 billion yuan in 2024, with net profits rising from 87.64 million to 185.31 million yuan during the same period [29][30]. - Xiamen Hengkun New Materials saw its revenues grow from 321.77 million yuan in 2022 to 547.94 million yuan in 2024, with net profits of 91.04 million yuan in 2024 [35][36]. Group 3: IPO Review Results - Jiangsu Precision Electric's IPO was approved, while Tai Jin New Energy's review was postponed, and Xiamen Hengkun New Materials also received approval [2][3]. - The article notes that Jiangsu Precision Electric has a significant ownership concentration, with the top three shareholders holding 79.70% of the shares [6][7]. - Tai Jin New Energy's major shareholder is the Northwest Institute, which controls 42.83% of the company [28]. Group 4: Operational Insights - Jiangsu Precision Electric's production increased to 4.90 million units in 2023, up from 4.74 million in 2022, despite a reduction in employee numbers and electricity consumption [10][14]. - Tai Jin New Energy's operational focus includes providing solutions for high-performance electronic circuits and lithium battery production lines [27][28]. - Xiamen Hengkun New Materials is one of the few companies capable of producing key materials for 12-inch integrated circuit wafers [33].

Core Viewpoint - The company, Jiangsu Jingchuang Electric Co., Ltd., has applied for an IPO on the Beijing Stock Exchange, focusing on the development, production, and sales of cold chain equipment and related monitoring instruments, while also providing IoT and cloud-based solutions [2][3]. Group 1: Company Overview - The company specializes in cold chain equipment smart controllers, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [2][3]. - The company was listed on the New Third Board on June 6, 2023, with a registered capital of 43.39 million yuan [3]. - The major shareholder, Li Chaofei, holds 44.66% of the shares, while the controlling family collectively owns 79.70% [3]. Group 2: Financial Performance - The company reported revenues of 396.34 million yuan in 2022, 434.50 million yuan in 2023, and projected 498.80 million yuan in 2024, indicating a growth trend [3][4]. - The net profit for the same years was 48.74 million yuan, 55.36 million yuan, and projected 58.91 million yuan, respectively [4]. - The company achieved a revenue increase of 6.83% and a net profit increase of 16.13% in the first half of 2025 compared to the same period in 2024 [3]. Group 3: Land Use Issues - The company owns two plots of land totaling 75,028.84 square meters, with one plot of 57,778.44 square meters previously used for production despite being designated for educational purposes [5][6]. - The company completed rectification of the land use discrepancy by November 26, 2024, obtaining a new land use certificate [5]. - The company has committed to covering any potential costs arising from the land use discrepancies, including relocation and fines [6]. Group 4: Legal and Compliance Matters - The company faces potential fines ranging from 577,844 yuan to 2,888,922 yuan for the illegal use of land, as stipulated by the Land Management Law [12]. - The local government has not enforced penalties despite the company's non-compliance, raising questions about regulatory oversight [13]. - The company has been questioned during the IPO review process regarding the legality of its land use [10][11].

Core Viewpoint - Jiangsu Jingchuang Electric Co., Ltd. is set to raise 250 million yuan for various projects, indicating a growth trajectory in revenue and profit from 2022 to 2024 [2][3]. Group 1: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 396.34 million yuan, 434.50 million yuan, and 498.80 million yuan, respectively, showing a year-on-year growth trend [2]. - The revenue for 2024 is expected to increase by 14.80% compared to 2023 and by 25.85% compared to 2022 [2]. - The net profit for 2024 is projected to be 58.91 million yuan, reflecting a growth of 6.40% from 2023 and 20.87% from 2022 [2]. Group 2: Business Overview - The main business of Jingchuang Electric includes the research, production, and sales of smart controllers for cold chain equipment, monitoring instruments for pharmaceuticals and food cold chains, heat pump testing instruments, and environmental particulate matter detection instruments [3]. - The company also provides IoT and cloud-based system solutions, indicating a focus on technological advancement and innovation in its product offerings [3].

IPO Overview - Four companies are scheduled for IPO review next week (August 25-29), aiming to raise a total of 2.901 billion yuan [1] - The companies include: - Nabai Chuan (72.9 million yuan) in the automotive manufacturing sector [1] - Hengkun New Materials (1.006695 billion yuan) in the computer and communication equipment manufacturing sector [1] - Taijin New Energy (989.9503 million yuan) in the specialized equipment manufacturing sector [1] - Jingchuang Electric (175 million yuan) in the instrumentation manufacturing sector [1] Company Specifics Nabai Chuan - Nabai Chuan's IPO was previously postponed on July 25, 2022, and is now being reviewed for the second time [2] - The company reduced its fundraising target from 829 million yuan to 729 million yuan, removing the expansion project for its production base [2][5] - The company focuses on thermal management products for new energy vehicles and fuel vehicles [14] Hengkun New Materials - Hengkun New Materials is engaged in the research and production of key materials for integrated circuits, with a focus on photolithography and precursor materials [18] - The company reduced its fundraising target from 1.2 billion yuan to 1.007 billion yuan, eliminating the SiARC development project [5][7] - The company has a significant market presence in the 12-inch integrated circuit wafer manufacturing sector [18] Taijin New Energy - Taijin New Energy specializes in high-end green electrolysis equipment and titanium electrodes, with applications in various high-tech fields [22] - The company plans to raise 1 billion yuan, down from an initial target of 1.5 billion yuan, by removing the supplementary working capital project [7][23] - The company is recognized as a leader in providing solutions for electronic circuit copper foil production lines [22] Jingchuang Electric - Jingchuang Electric's IPO fundraising target was reduced from 250 million yuan to 175 million yuan, with the marketing network construction project removed [7][25] - The company specializes in smart controllers for cold chain equipment and environmental monitoring instruments [25] Financial Performance Nabai Chuan - The company reported a net profit of 95.4288 million yuan in the last year [1] - Total assets reached 1.9813748 billion yuan as of March 31, 2025 [16] Hengkun New Materials - The company achieved a net profit of 96.9111 million yuan in the last year [20] - Total assets were valued at 2.6453663 billion yuan as of December 31, 2024 [20] Taijin New Energy - The company reported a net profit of 195.3893 million yuan in the last year [23] - Total assets reached 3.7497225 billion yuan as of December 31, 2024 [23] Jingchuang Electric - The company reported a net profit of 25 million yuan in the last year [25] - Total assets were valued at 533.119 million yuan as of December 31, 2024 [27]

Group 1 - Jiangsu Jingchuang Electric Co., Ltd. is set to hold its IPO meeting on August 29 at the Beijing Stock Exchange [1] - The company specializes in the research, production, and sales of cold chain equipment intelligent controllers, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [1][2] - The IPO was accepted on June 24, 2024, and entered the inquiry stage on July 22, 2024 [1] Group 2 - In the latest disclosure, Jingchuang Electric adjusted its fundraising projects and amounts for the IPO [1] - Initially, the company planned to raise 250 million yuan, with investments allocated to core production line upgrades, intelligent instrument R&D center, and marketing network construction [1] - The revised fundraising amount is now set at 175 million yuan, with adjusted investment amounts of 110 million yuan and 65 million yuan for the core production line upgrade and intelligent instrument R&D center, respectively [1]