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]

| 公司全称 | 元创科技股份有限公司 | 公司简称 | | --- | --- | --- | | 受理日期 | 2023-06-26 | 更新日期 | | 审核状态 | 已问询 | 预计融资金额(亿元 | 前次沪市主板IPO撤单后，橡胶履带企业元创科技股份有限公司（以下简称"元创股份"）自2023年开始"转战"深市主板。如今，在问询阶段排队逾两年后， 元创股份终于迎来了上会机会，公司IPO将于9月19日迎考。从基本面来看，元创股份2024年以及2025年上半年净利均出现同比下滑。值得一提的是，公司 前次IPO撤单原因之一就系公司业绩有所下降。另外，元创股份控制权高度集中，公司实控人王文杰合计控制超九成公司股份。针对相关问题，元创股份方 面于9月17日接受了北京商报记者的采访。 分红后欲募资补流 根据安排，深交所上市审核委员会定于9月19日召开2025年第19次上市审核委员会审议会议，审核元创股份首发事项。 据了解，元创股份深市主板IPO于2023年6月26日获得受理，当年7月18日进入问询阶段。公司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 ...

前次沪市主板IPO撤单后，橡胶履带企业元创科技股份有限公司（以下简称"元创股份"）自2023年开始"转战"深市主板。如今，在问询阶段排队逾两年后， 元创股份终于迎来了上会机会，公司IPO将于9月19日迎考。从基本面来看，元创股份2024年以及2025年上半年净利均出现同比下滑。值得一提的是，公司 前次IPO撤单原因之一就系公司业绩有所下降。另外，元创股份控制权高度集中，公司实控人王文杰合计控制超九成公司股份。针对相关问题，元创股份方 面于9月17日接受了北京商报记者的采访。 分红后欲募资补流 根据安排，深交所上市审核委员会定于9月19日召开2025年第19次上市审核委员会审议会议，审核元创股份首发事项。 据了解，元创股份深市主板IPO于2023年6月26日获得受理，当年7月18日进入问询阶段。公司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。 本次冲击上市，元创股份拟募集资金约4.85亿元，其中6000万元拟用于补充流动资金项目，其余募集资金则拟分别投资于生产基地建设项目、 ...

Core Viewpoint - Yuan Chuang Technology Co., Ltd. is seeking to go public on the Shenzhen Stock Exchange, focusing on rubber track products with a high customer concentration risk [1] Group 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 [1] - The company's major clients include Wode Agricultural Machinery, USCO SPA, SANY Heavy Industry, and XCMG [1] Group 2: Financial Performance - During the reporting period, the company's operating revenues were 1.261 billion, 1.141 billion, and 1.349 billion yuan, with gross profit margins of 21.58%, 28.28%, and 22.75% respectively, showing fluctuations due to raw material price changes and product pricing adjustments [4] - The net profit attributable to the parent company was 139 million, 178 million, and 155 million yuan, with a decline in 2024 due to rising raw material costs and competitive pricing pressures [4] Group 3: Customer Concentration and Risks - The revenue from the top five customers accounted for 50.10%, 46.56%, and 49.94% of total operating income during the reporting period, indicating a high customer concentration risk [6] - Accounts receivable at the end of each reporting period were 447 million, 355 million, and 480 million yuan, representing 35.43%, 31.09%, and 35.56% of operating income, with overdue accounts receivable ratios of 20.71%, 13.24%, and 13.52% [6] Group 4: Fundraising and Investment Plans - The company plans to raise approximately 485 million yuan through the IPO, which will be allocated to production base construction, technology center development, and working capital supplementation [6][7]