Core Viewpoint - Yuan Chuang Technology Co., Ltd. has successfully registered its IPO on the Shenzhen Main Board, taking only 8 days from submission to approval, with Guotai Junan Securities as the sponsor [1] Company Overview - Yuan Chuang Technology specializes in the research, production, and sales of rubber track products, including agricultural machinery rubber tracks, engineering machinery rubber tracks, and rubber track plates [3] - The company's products are used in various tracked agricultural and engineering machinery, such as combine harvesters, excavators, loaders, and pavers, serving applications in agriculture and construction [3] Financial Performance - Revenue for the years 2022 to 2024 and the first half of 2025 is projected to be CNY 1.261 billion, CNY 1.141 billion, CNY 1.349 billion, and CNY 652 million respectively [3] - Net profit attributable to the parent company for the same periods is expected to be CNY 139 million, CNY 178 million, CNY 155 million, and CNY 74.155 million [3] Financial Metrics - As of June 30, 2025, total assets are projected to be CNY 2.040 billion, with equity attributable to shareholders at CNY 1.312 billion [4] - The company's debt-to-asset ratio is expected to be 35.68% in 2025, down from 38.09% in 2024 and 33.31% in 2023 [4] - The basic earnings per share for 2025 is projected at CNY 1.26, compared to CNY 2.63 in 2024 and CNY 3.02 in 2023 [4] IPO Fundraising - The IPO aims to raise CNY 485 million for projects including production base construction, technology center development, and working capital supplementation [4]

本次冲击上市，元创股份拟募集资金约4.85亿元，扣除发行费用后，拟按照轻重缓急顺序投资于生产基 地建设项目、技术中心建设项目、补充流动资金项目。 北京商报讯（记者 马换换 王蔓蕾）近日，深交所官网显示，元创科技股份有限公司（以下简称"元创股 份"）主板IPO注册生效。 据了解，元创股份是一家专业从事研发、生产、销售橡胶履带类产品的企业，主要产品包括农用机械橡 胶履带、工程机械橡胶履带和橡胶履带板，作为履带式机械的行走部件，最终应用于农业生产、工程施 工等不同应用领域。公司IPO于2023年6月26日获得受理，当年7月18日进入问询阶段；2025年9月19日 公司上会获得通过，并于当年11月4日提交注册。 ...

招股书显示，元创股份主营业务为橡胶履带类产品的研发、生产与销售，主要产品包括农用机械橡胶履带、工程机械橡胶履带和橡胶履带板，作为联合收割 机、挖掘机、装载机、摊铺机等多种履带式农用或工程机械的行走部件，最终应用于农业生产、工程施工等不同应用领域。 报告期内，公司主要客户包含沃得农机、USCO SPA、ZENITH TRACK CO.,LTD.、潍柴雷沃等。公司在国内市场占有率较高，根据最新的QYResearch研究 报告、中国橡胶工业协会胶管胶带分会出具的《证明》，公司的国内市场占有率排名第一。 11月14日，中国证监会发布《关于同意元创科技股份有限公司首次公开发行股票注册的批复》。据悉，元创股份拟在深交所主板上市，国泰海通证券为其保 荐机构，拟募资4.8513亿元。 ...

Core Viewpoint - Yuan Chuang Technology Co., Ltd. has submitted its IPO registration to the Shenzhen Stock Exchange, aiming to raise approximately 485 million yuan for various projects [1]. Company Overview - Yuan Chuang Technology specializes in the research, production, and sales of rubber track products, including rubber tracks for agricultural machinery, engineering machinery, and rubber track plates [1]. - The company's products are essential components for tracked machinery, with applications in agriculture and engineering construction [1]. IPO Timeline - The IPO application was accepted on June 26, 2023, and entered the inquiry stage on July 18, 2023. The company received approval on September 19, 2025 [1]. Fundraising Purpose - The funds raised from the IPO will be allocated to the construction of production bases, the establishment of a technology center, and to supplement working capital, in that order of priority [1].

Core Viewpoint - Yuan Chuang Technology Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise approximately 485.13 million yuan, with a focus on the research, production, and sales of rubber track products [1][2]. Company Overview - The main business of Yuan Chuang includes the development, production, and sales of rubber tracks, primarily for agricultural and engineering machinery [1]. - The company operates in a stable market with clear downstream applications, characterized by a layered competitive landscape [1][2]. Market Position - Yuan Chuang ranks first in domestic market share for rubber tracks, according to recent reports from QYResearch and the China Rubber Industry Association [2]. - The company has a high customer concentration, with the top five customers contributing to over 50% of total revenue in recent years [2]. Production Model - The production model for agricultural tracks is primarily domestic sales with seasonal fluctuations, while engineering tracks are mainly for export with a diverse global customer base [2]. - The company employs a "make-to-order" production strategy for engineering tracks and rubber track plates, ensuring flexibility in inventory management [2]. Financial Performance - The company reported revenues of 1.261 billion yuan in 2022, with projected revenues of 1.141 billion yuan in 2023 and 1.349 billion yuan in 2024 [3][4]. - Net profits for the same periods were 139 million yuan, 178 million yuan, and 155 million yuan, respectively [3][4]. - The company’s total assets reached approximately 2.040 billion yuan by the end of 2024, with a debt-to-asset ratio of 35.68% [4]. Fund Utilization - The net proceeds from the IPO will be allocated to the construction of a production base, a technology center, and to supplement working capital, with a total investment of approximately 796.56 million yuan [3].

作者 | 希波 出品 | 创业最前线 编辑 | 王亚静 美编 | 邢静 审核 | 颂文 橡胶履带是一种橡胶与金属材料复合而成的环形橡胶带，其作为履带式机械的行走部件，因接地压力小等优异性能被广泛应用于工程、农业等各个领域。 元创科技股份有限公司（以下简称"元创股份"）深耕橡胶履带多年，有"国内橡胶履带市场占有率第一"的光环。9月19日，其在深主板首发过会。 早在2021年12月，元创股份就申报拟在沪主板上市，在2022年11月主动撤回申请。此后，公司在2023年6月选择在深主板二次冲刺上市，历经两年多终于 成功过会。 不过，深交所9月30日披露，因财务资料已过有效期，元创股份审核状态变更为"中止"。 除此之外，元创股份家族持股高度集中，实控人之一王文杰过往的行贿风波，公司对单一大客户的依赖，以及备受质疑的研发实力等问题，都是其绕不开 的考验。 接下来，这家典型的家族企业能否跨越治理与创新的瓶颈，仍是未知数。 元创股份的故事始于1991年4月。 彼时，王大元与妻子陈如香、妻弟陈基省、前女婿郑岳平出资25万元，共同创办了三门胶带制品厂，持股比例分别为80%、8%、8%和4%。 1999年，王氏家族开始整合股权。其 ...

Group 1 - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. have received approval for their IPOs from the Shenzhen Stock Exchange on September 19 [1] - Yuan Chuang plans to raise 485.13 million yuan, while New Guangyi aims to raise 638.38 million yuan [1] - Yuan Chuang's main business involves the research, production, and sales of rubber track products, which are used in various agricultural and engineering machinery [1] Group 2 - New Guangyi focuses on the research, production, and sales of high-performance special functional materials, including anti-overflow special films and strong resistance special films [1] - The company also engages in the production and research of electronic product component materials, modified materials, optical adhesive films, new energy lithium battery materials, and photovoltaic adhesive films [1]

Group 1 - The core viewpoint of the news is that Yuanchuang Technology Co., Ltd. has been approved for IPO by the Shenzhen Stock Exchange, marking it as the 51st company to pass the review this year [1] - Yuanchuang Technology specializes in the research, production, and sales of rubber track products, including agricultural and engineering machinery tracks [2] - The company plans to issue up to 19,600,000 shares, raising approximately 48.51 million yuan for projects including production base construction and working capital [2] Group 2 - The main questions raised during the listing committee meeting focused on market competition, order status, pricing mechanisms, and the impact of these factors on the company's revenue and profitability for 2025 [3][4] - The company is required to provide detailed explanations regarding the competitive landscape of the rubber track market and its implications for future earnings [4]

Group 1 - The core viewpoint of the article is that Yuan Chuang Technology Co., Ltd. is facing multiple challenges regarding its IPO, including low R&D investment, high customer concentration, and fluctuating gross margins, which may impact its market competitiveness and sustainability [2][3][6][8] Group 2 - Yuan Chuang Technology claims to be a leading player in the rubber track manufacturing industry, with a significant market position and involvement in drafting national standards [3] - The company's R&D investment as a percentage of revenue is low, at 0.57%, 0.80%, and 0.72% for the years 2022, 2023, and 2024 respectively, which is below the 3% threshold for high-tech enterprises [3][4] - The company has 36 patents but questions remain about whether its R&D intensity aligns with its self-proclaimed technological leadership [3][4] - Yuan Chuang Technology's R&D focuses on improving production processes and product performance to meet emerging market demands [4][5] Group 3 - The company has a high customer concentration, with sales to its top five customers accounting for 50.10%, 46.56%, and 49.94% of total revenue during the reporting period [6][7] - The largest customer, Wode Agricultural Machinery, contributes a significant portion of revenue, raising concerns about dependency risks [6][7] - To mitigate risks associated with customer concentration, the company is pursuing a dual strategy of deepening existing customer relationships and expanding its customer base [7] Group 4 - The rubber track industry is experiencing increased competition, with a low market concentration and high price sensitivity in the aftermarket [8] - Yuan Chuang Technology's gross margins have fluctuated, reported at 21.58%, 28.28%, and 22.75% over the reporting period, influenced by raw material prices and market conditions [8][9] - The company has mechanisms in place to adjust product prices in response to raw material cost fluctuations, demonstrating its ability to pass costs to downstream customers [9]

Core Viewpoint - Yuan Chuang Technology Co., Ltd. is preparing for its IPO on the Shenzhen Stock Exchange after previously withdrawing its application for the Shanghai Stock Exchange due to declining performance. The company is facing challenges with net profit expected to decline in 2024 and the first half of 2025 [2][6]. Company Overview - Yuan Chuang Technology specializes in the research, production, and sales of rubber track products, including agricultural and engineering machinery tracks [3]. - The company plans to raise approximately 485 million yuan, with 60 million yuan allocated for working capital and the remainder for production base and technology center construction [3]. Financial Performance - The company has experienced a decline in net profit, with revenues of approximately 1.39 billion yuan, 1.78 billion yuan, and 1.55 billion yuan for the years 2022 to 2024, respectively [6]. - In the first half of 2025, the company reported revenue of about 652 million yuan, a year-on-year increase of 6.74%, but net profit decreased by 2.65% [7]. - The gross margin for the main business dropped from 28.28% in 2023 to 22.75% in 2024, attributed to rising raw material costs and increased competition [7]. Dividend Policy - Despite planning to raise funds, the company has distributed cash dividends from 2020 to 2023, totaling approximately 45.36 million yuan [3][4]. - The cash dividends were less than 10% of the total profit for each period, indicating a moderate approach to shareholder returns [4]. Control and Governance - The company has a highly concentrated ownership structure, with the actual controller Wang Wenjie holding over 90% of the shares, which may limit the influence of minority shareholders [4][5]. - The board of directors consists of members nominated solely by Wang Wenjie, raising concerns about governance and potential conflicts of interest [4]. Research and Development - The company has emphasized the importance of R&D but has low R&D expenditure relative to revenue, with amounts of 7.14 million yuan, 9.08 million yuan, and 9.77 million yuan from 2022 to 2024 [10]. - The number of R&D personnel is limited, with only 16 employees, and a significant portion lacking higher education qualifications [10]. Accounts Receivable - The company has reported overdue accounts receivable, with balances of 447 million yuan, 355 million yuan, and 480 million yuan over the reporting periods, representing over 30% of revenue [9]. - The overdue accounts receivable amounts were 92.49 million yuan, 46.98 million yuan, and 64.83 million yuan, indicating a potential risk if customer financial conditions worsen [9].