IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Co.) has had its IPO review status updated to "meeting postponed" by the Beijing Stock Exchange, raising concerns about revenue recognition, internal control measures, and the stability of operating performance [2] Company Overview - Yongda Co. was established in 2009 and is engaged in the research, design, manufacturing, sales, and related technical services of pressure vessels in various fields, including basic chemicals, coal chemicals, refining and petrochemicals, photovoltaics, and pharmaceuticals [5] - The company aims to raise 608 million yuan through its IPO, which will be used for the construction of a heavy chemical equipment production base and to supplement working capital [5] Industry Context - In the context of improving conditions in the photovoltaic industry, Yongda Co. entered the sector in 2021 through the Leshan GCL-Poly Energy Silicon Project [5] - Since the second half of 2023, there has been a phase of supply-demand imbalance across the entire photovoltaic industry chain, leading to a significant drop in new orders for Yongda Co.'s products in this sector, from a peak of 271 million yuan in 2023 to just 17 million yuan in 2024, with expectations of no orders in the first half of 2025 [5] Financial Performance - Revenue from Yongda Co.'s pressure vessel products in the photovoltaic sector from 2022 to the first half of 2025 was 95 million yuan, 26 million yuan, 156 million yuan, and 6 million yuan, accounting for 13.74%, 3.62%, 19.30%, and 1.99% of total revenue, respectively [6] - As of the end of the third quarter, the company's accounts receivable balance was 194 million yuan, with 60 million yuan attributed to photovoltaic sector clients, and a bad debt provision of 37 million yuan, representing over 60% of the total [6]

Core Viewpoint - The IPO application of Jiangsu Yongda Chemical Machinery Co., Ltd. has been postponed by the Beijing Stock Exchange, marking the first IPO project to face such a delay in 2023 [1] Financial Performance - Yongda's revenue from 2022 to 2024 was reported as 696 million, 712 million, and 819 million yuan respectively, while net profit attributable to shareholders was 112 million, 131 million, and 107 million yuan, indicating a "revenue increase without profit increase" trend in 2024 [1] - In the first three quarters of 2025, the company's revenue declined by 25.16% to 361 million yuan, and net profit decreased by 3.34% to approximately 70.42 million yuan, primarily due to project execution progress [1] Business Segments - The photovoltaic business showed significant volatility, with revenue proportions of 13.72%, 3.62%, 19.14%, and 1.98% from 2022 to the first half of 2025 [2] - The listing committee raised concerns regarding the future performance risks of the photovoltaic sector, emphasizing the need for the company to address industry cycle changes, policy impacts, and market demand fluctuations [2] Accounts Receivable - Yongda's accounts receivable at the end of each reporting period were valued at 239 million, 205 million, 264 million, and 253 million yuan, representing 34.44%, 28.73%, 32.24%, and 39.38% of revenue respectively [2] - The company faces potential bad debt risks from its largest customer, Hoshine Silicon Industry Co., Ltd., with accounts receivable and contract assets amounting to approximately 77.98 million yuan [3] Regulatory Scrutiny - The listing committee requested further verification of the company's internal control measures for photovoltaic project sales, the adequacy of revenue recognition criteria, and the recoverability of accounts receivable [3]

Core Viewpoint - Yongda Co., Ltd. is set to hold its listing meeting on November 26, 2023, after applying for an IPO on the Beijing Stock Exchange to raise 458 million yuan for capacity expansion [2][9]. Company Overview - Yongda Co., Ltd. specializes in the research, design, manufacturing, sales, and related technical services of pressure vessels, which are sealed devices that withstand internal or external pressure for storing, transporting, or processing gases and liquids [3]. - The company's product range includes reaction pressure vessels, heat exchange pressure vessels, separation pressure vessels, and storage pressure vessels, serving industries such as basic chemicals, coal chemicals, petrochemicals, photovoltaics, and pharmaceuticals [3]. Founding and Ownership Structure - Yongda Co., Ltd. was co-founded by Li Jin and Gu Yuwen in August 2009, with Li Jin having extensive experience in the mechanical manufacturing industry prior to founding the company [4]. - As of the IPO, Li Jin, his father Li Changzhe, and his spouse hold 61.62%, 7.74%, and 17.20% of the shares, respectively, totaling 86.56% of the ownership [4][5]. - Li Jin transferred 71% of his shares to his father in 2016, which was later diluted to 61.62% due to external capital increases [4]. IPO Fundraising and Project Details - The IPO originally aimed to raise 608 million yuan, but this was reduced to 458 million yuan, a decrease of approximately 25% [9][10]. - The funds will be used for the construction of a heavy chemical equipment production base, which is expected to add a production capacity of 30,000 tons per year for large and long pressure vessels [12]. - The project has already commenced construction, with significant portions of the funds allocated for building and equipment costs [12]. Regulatory Scrutiny and Market Demand - The company faced scrutiny regarding the necessity and rationality of its fundraising projects, particularly concerning the need for additional working capital, which was ultimately removed from the fundraising plan [10][11]. - As of September 2023, Yongda Co., Ltd. has contracts worth 282 million yuan for super-large pressure vessels, accounting for 23.34% of its total orders, indicating a need for improved market expansion for new products [13].