8月22日，赣州能之光新材料有限公司（以下简称为"赣州能之光"）母公司——宁波能之光新材料科技股份有限公司（以下简称为"能之光"）在北京证券 交易所鸣钟开市。 赣州经开区党工委副书记、管委会主任梁丁盛受邀出席上市仪式。 △能之光上市仪式现场 为进一步拓展发展空间，公司于2018年在赣州经开区设立子公司——赣州能之光新材料有限公司，作为其核心研发与生产基地，既依托宁波总部的技术积 淀，又借力赣州的产业生态与区位优势，实现了跨区域协同发展的良性布局。 △赣州能之光新材料有限公司 据公开资料显示，本次能之光上市所募金额将全部投资于赣州能之光，用以建设"功能高分子材料扩产项目"与"研发中心建设项目"，项目建成后，赣州能 之光的研发与生产能力将实现质的飞跃。此次能之光北交所上市，必将为企业高质量发展插上腾飞的翅膀，也将为赣州新材料产业发展注入新的强劲动 力。 来源：欧潭融媒 宁波能之光新材料科技股份有限公司成立于2001年，是专注于功能高分子材料的"国家高新技术企业"，在聚合物接枝改性材料领域占据行业领先地位，产 品广泛应用于汽车、电子、包装等关键领域。 ...

Group 1 - The company, 聚赛龙, is a national high-tech enterprise specializing in modified general plastics, modified engineering plastics, and modified special engineering plastics [2] - 聚赛龙 was established in 1998 and listed on the Shenzhen Stock Exchange's ChiNext board in March 2022, with stock code 301131 [2] - The company has two major production bases located in East and South China [2] Group 2 - In the first quarter of 2025, 聚赛龙 achieved operating revenue of 360.3 million yuan, a year-on-year increase of 5.76% [2] - The net profit attributable to shareholders for the same period was 15.8 million yuan, reflecting a year-on-year increase of 9.32% [2] - The non-recurring net profit for the first quarter of 2025 was 15.6 million yuan, up 13.75% year-on-year [2] Group 3 - The company's stockholder concentration is very high, with 10,130 shareholders and an average of 3,041 circulating shares per person [2] - The average holding amount per shareholder is 138,000 yuan [2] Group 4 - The convertible bond, 赛龙转债, experienced a decline of 2.03% to 150.215 yuan per bond, with a trading volume of 102 million yuan [1] - The bond has a credit rating of "A+" and a maturity period of 6 years, with specific interest rates for each year [1] - The conversion price for the bond is set at 36.4 yuan, with the conversion starting on January 13, 2025 [1]

Core Viewpoint - The company Nengzhiguang is set to issue shares at a price of 7.21 yuan per share, with a total of 14.78 million shares to be issued, aiming to raise approximately 1.07 million yuan for expansion and R&D projects, which is significantly lower than the industry average P/E ratio [1][4]. Company Overview - Nengzhiguang was established in September 2001 and is headquartered in Ningbo, Zhejiang Province. The company specializes in the R&D, production, and sales of polymer additives and functional polymer materials, serving various end markets including automotive, electronics, and photovoltaic components [4][13]. - The major shareholder is Ningbo Weili Te, holding 26.46% of the shares, with Zhang Farou as the actual controller, possessing 51.13% of the voting rights [4]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 5.56 billion yuan, 5.69 billion yuan, and 6.11 billion yuan respectively, with net profits of 21.86 million yuan, 49.81 million yuan, and 55.94 million yuan [4][5]. - The gross profit margin has improved from 12.03% in 2022 to 17.05% in 2024, attributed to increased sales of high-margin products and cost optimization [9][10]. - R&D investment as a percentage of revenue has increased from 1.86% in 2022 to 2.16% in 2024, indicating a focus on innovation [12]. Market Context - The global polymer materials additives market was valued at approximately 110.3 billion USD in 2021, with a compound annual growth rate (CAGR) of 21.65% from 2013 to 2021, reflecting rapid growth in the industry [13]. - The industry is characterized by high competition, with numerous domestic and international players, including established giants like Mitsui Chemicals and Dow Chemical, posing challenges for Nengzhiguang [15].

Group 1 - The company is rated as a "small giant" enterprise specializing in high polymer additives and functional polymer materials, with a focus on expanding production capacity for functional polymer materials [2][12] - The initial offering price is set at 7.21 CNY per share, with an issuance price-to-earnings ratio of 10.24X, and the subscription date is August 13, 2025 [3][6] - The company plans to invest the net proceeds from the offering into a "functional polymer material expansion project" and a "research and development center construction project," aiming to increase annual production capacity of functional polymer materials by 30,000 tons [10][11] Group 2 - In 2024, high polymer additives are expected to account for 94.2% of total revenue, with major global clients including LG and BASF [12][30] - The revenue from high polymer additives in 2024 is projected to be 575 million CNY, reflecting a year-on-year increase of 6%, while functional polymer materials are expected to generate 28 million CNY [25][30] - The company has maintained a stable customer concentration, with the top five customers accounting for approximately 20% of total sales from 2022 to 2024 [26][28] Group 3 - The high polymer additives industry is experiencing rapid growth, driven by strong downstream demand, with the global market capacity for polymer additives estimated at approximately 110.3 billion USD in 2021, growing at a compound annual growth rate of 21.65% from 2013 to 2021 [35][39] - The plastic additives market in China is projected to reach 9.78 billion USD by 2026, with a compound annual growth rate of 4.78% [41][39] - The demand for modified plastics in China is expected to reach approximately 22.84 million tons in 2023, representing a year-on-year growth of 8% [50][51]

Group 1 - The company Nengzhiguang (920056.SH) is recognized as a national-level "little giant" in the polymer additives and functional polymer materials sector, with a net profit CAGR of 60% over the past three years [2] - The demand for polymer materials is increasing year by year, providing significant growth opportunities for domestic replacement enterprises [2] - The average PE (TTM) of comparable companies is 95.44X, indicating that the company has stronger research capabilities compared to its peers [2]

Investment Rating - The investment rating for the company is suggested to be "actively participate" in the new share subscription [30]. Core Viewpoints - The company is recognized as a "small giant" in the polymer additive sector, leading in the compatibilizer niche, with a stable growth in revenue and profitability [10][30]. - The company has a strong focus on technological innovation and has established multiple research platforms to support its development [8][9]. - The company is well-positioned in a growing market, with a significant potential for expansion in high-end applications and import substitution [13][19]. Summary by Sections 1. Company Overview - The company, established in 2001 and headquartered in Ningbo, Zhejiang, specializes in the research, production, and sales of polymer additives and functional polymer materials, serving various end markets including automotive, cables, electronics, and photovoltaic components [7][10]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial issuance scale of 14.78 million shares, accounting for 18.6% of the total share capital post-issuance, and an expected fundraising of 107 million yuan [14][15]. 3. Industry Situation - The polymer additive market in China has been steadily growing, with a significant increase in market size and consumption, driven by the widespread application of polymer materials [20][21]. 4. Competitive Advantages - The company boasts strong independent research and development capabilities, advanced technology and process advantages, and comprehensive service offerings to meet diverse customer needs [23][24]. 5. Financial Performance - The company achieved a revenue of 611 million yuan in 2024, with a three-year CAGR of 4.82%, and a net profit of 55.94 million yuan, with a CAGR of 59.95% over the same period [10][18]. 6. Subscription Analysis - The company is positioned favorably for investment, with a low initial valuation and a moderate liquidity ratio, suggesting a good opportunity for investors [30].

IPO Pipeline Overview - As of July 27, there are 305 companies in the IPO pipeline, with 30 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 30 on the Growth Enterprise Market, and 183 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 24 accepted, 223 under inquiry, 12 approved, 27 suspended, and 19 registered [3] Newly Listed Companies - During the period from July 21 to July 27, two companies were newly listed: Shandong Shanda Electric Power Technology Co., Ltd. on the Growth Enterprise Market and Jiyuan Group Co., Ltd. on the Shanghai Main Board [4] - Shandong Shanda Electric Power Technology Co., Ltd. closed at 66.85 CNY per share, with a surge of 356.00% and a trading volume of 22.22 billion CNY, achieving a turnover rate of 82.61% [4][6] - Jiyuan Group Co., Ltd. closed at 40.75 CNY per share, with an increase of 274.54% and a trading volume of 13.72 billion CNY, achieving a turnover rate of 80.75% [6] New Counseling Record Companies - Six companies were newly recorded for counseling from July 21 to July 27, including Guangde Tianyun New Technology Co., Ltd. and Beijing Yingshirui Technology Co., Ltd. [7] - Guangde Tianyun New Technology Co., Ltd. focuses on the development, production, and sales of automotive sunroofs and interior components [8] - Beijing Yingshirui Technology Co., Ltd. integrates advanced cloud computing and AI technologies to provide digital service solutions for environmental monitoring [8] CSRC Review Status - Qingdao Taikaiying Special Tire Co., Ltd. successfully passed the review, while Xiamen Hengkang New Materials Technology Co., Ltd. was postponed [10] - Qingdao Taikaiying specializes in the design, research, sales, and service of tires for the mining and construction industries [12] CSRC Registration Approval - Three companies received registration approval from July 21 to July 27: Ningbo Nengzhiguang New Materials Technology Co., Ltd., Shanghai Balanshi Automotive Testing Equipment Co., Ltd., and Beijing Haochuang Ruitong Electric Equipment Co., Ltd. [14] - Ningbo Nengzhiguang focuses on the research, production, and sales of polymer additives and functional polymer materials [16] - Shanghai Balanshi specializes in automotive maintenance and testing equipment [17] Termination of Review - No companies withdrew from the review process during the period from July 21 to July 27 [20]

Group 1 - The company, 聚赛龙, specializes in modified general plastics, modified engineering plastics, and modified special engineering plastics, and is recognized as a national high-tech enterprise and a national specialized and innovative small giant enterprise [2] - 聚赛龙 was established in 1998 and listed on the Shenzhen Stock Exchange's ChiNext in March 2022, with the stock code 301131 [2] - The company has two major production bases located in East and South China, and its core products have received UL and CQC certifications [2] Group 2 - For the period from January to March 2025, 聚赛龙 reported a revenue of 360.3 million yuan, representing a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 15.8 million yuan, up 9.32% year-on-year [2] - The company's non-recurring net profit for the same period was 15.6 million yuan, reflecting a year-on-year increase of 13.75% [2] - As of May 2025, 聚赛龙 has a highly concentrated shareholder structure, with 10,130 shareholders and an average of 3,041 circulating shares per person, amounting to an average holding value of 138,000 yuan [2] Group 3 - The company's convertible bond, 赛龙转债, increased by 2.07% to 139.697 yuan per bond, with a trading volume of 98.34 million yuan and a conversion premium rate of 13.73% [1] - The convertible bond has a credit rating of "A+" and a maturity of 6 years, with interest rates increasing from 0.30% in the first year to 2.80% in the sixth year [1] - The conversion price for the bond is set at 36.4 yuan, with the conversion period starting on January 13, 2025 [1]

Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. successfully passed the IPO review at the Beijing Stock Exchange, despite controversies surrounding its past regulatory issues and the foreign nationality of its actual controller's family [1][2]. Financial Performance - The company's revenue showed steady growth from 2022 to 2024, with figures of 556 million, 569 million, and 611 million yuan, representing year-on-year growth rates of 5.10%, 2.34%, and 7.38% respectively [1]. - Net profit figures for the same period were 21.86 million, 49.81 million, and 55.94 million yuan, with growth rates of -9.45%, +127.80%, and +12.31% respectively, indicating a significant profit increase in 2023 despite modest revenue growth [2][3]. - The company's gross profit margin improved from 12.03% in 2022 to 16.85% in 2023, contributing to the remarkable net profit growth [2]. R&D and Innovation - The company has faced challenges in its R&D projects, with some projects regressing from pilot to small-scale testing stages between 2024 and 2025 [3]. - R&D investment as a percentage of revenue was low, at 1.86%, 1.92%, and 2.16% from 2022 to 2024, which is below the industry average and the threshold for high-tech enterprises [5][6]. - Direct R&D expenses have also decreased, raising concerns about the company's innovation capabilities [5]. Production Capacity - The company's production capacity has not exceeded 50,000 tons during the reporting period, with the Ningbo plant at 30,000 tons and the Ganzhou plant below 20,000 tons [8]. - There is a discrepancy regarding the company's reported production capacity, with claims of over 90,000 tons on its website, leading to confusion about its actual capacity [10]. - The company plans to expand its production capacity by an additional 30,000 tons through a new project, but faces challenges in effectively utilizing this increased capacity given the current underutilization rates [12]. Financial Management - The company has a low debt ratio of 17.25% and generated a net cash flow of 68.91 million yuan from operating activities in 2024, indicating a strong financial position [12]. - Despite having cash reserves, the company plans to raise funds for working capital, which raises concerns about its financial strategy and investor treatment [13].

Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. (referred to as "Nengzhiguang") has successfully passed the IPO review on the Beijing Stock Exchange, aiming to raise 160 million yuan [1][2]. Financial Performance - Nengzhiguang's revenue from 2021 to 2024 was 529 million yuan, 556 million yuan, 569 million yuan, and 611 million yuan respectively, with net profits showing significant fluctuations [5][6]. - The company reported a substantial increase in net profit in 2023, reaching 50.8 million yuan, a 173.31% increase compared to the previous year [5][6]. - The gross profit margins for the years 2021 to 2024 were 12.29%, 12.03%, 16.85%, and 17.05%, indicating a notable increase in 2023 [7][8]. Regulatory Scrutiny - The regulatory body has raised concerns regarding the authenticity and sustainability of Nengzhiguang's reported performance, particularly focusing on the significant increase in gross profit margins and net profits in 2023 [5][9]. - The company was asked to provide detailed analyses of its top 20 customers, including revenue, gross profit, and gross margin changes, as well as the reasons behind the increase in high-margin product sales [4][12]. Customer Base and Revenue Recognition - Nengzhiguang has a diverse customer base, with the top five customers accounting for 23.05%, 22.87%, 22.30%, and 19.36% of revenue from 2021 to 2024, indicating a low concentration of revenue [14][15]. - The company confirmed that it does not engage in practices such as premature revenue recognition and has robust internal controls for revenue recognition [15][17]. Raw Material Costs and Pricing - The primary raw materials for Nengzhiguang include PP, PE, and POE, which account for over 80% of total costs, making the company vulnerable to fluctuations in the petrochemical industry [7][9]. - The company stated that it generally adopts a "market price + negotiation" approach for raw material procurement, ensuring that procurement prices are fair and aligned with market trends [9][10].