Group 1 - Four companies are scheduled for IPO meetings, including Jieka Co., Ltd. for the Sci-Tech Innovation Board, Fengbei Bio for the Shanghai Main Board, and Kema Materials and Nante Technology for the Beijing Stock Exchange [1][2] - Fengbei Bio plans to raise the most funds, with an expected amount of 750 million yuan, aimed at projects such as a new annual production of 300,000 tons of oleic acid methyl ester and 10,000 tons of industrial-grade mixed oil [1][3] - Jieka Co., Ltd. and Nante Technology are expected to raise 676 million yuan and 286 million yuan, respectively [1] Group 2 - Fengbei Bio's main business focuses on the comprehensive utilization of waste oil resources, with a secondary focus on oil chemical products [3] - Jieka Co., Ltd. specializes in the research, development, production, and sales of collaborative robot complete products, as well as robot system integration [4] - Nante Technology is engaged in the research, development, production, and sales of precision mechanical components, while Kema Materials focuses on the development and production of dry and wet friction materials [5]

Core Viewpoint - The IPO journey of Koma Materials has attracted significant attention due to its fluctuating performance during the reporting period and ongoing concerns regarding its part-time R&D personnel [2] Financial Performance - Koma Materials' main business involves the R&D, production, and sales of dry clutch friction plates and wet paper-based friction plates, with a focus on developing new friction materials [3] - From 2021 to 2023, Koma Materials reported revenues of 223 million yuan, 202 million yuan, and 199 million yuan, respectively, indicating a continuous decline in revenue [3] - Net profits for the same period were 72.52 million yuan, 41.65 million yuan, and 49.05 million yuan, showing volatility in profitability [3] - In 2022, the company experienced a 9.25% decline in revenue and a 42.57% drop in net profit, attributed to geopolitical issues, rising raw material costs, and a significant decrease in commercial vehicle production [5] - For 2024, Koma Materials projected a revenue of 249 million yuan, a 25.16% increase year-on-year, with a net profit of 68.72 million yuan, reflecting a 55.22% growth [6][7] R&D Personnel Structure - The number of part-time R&D personnel at Koma Materials decreased from 18 in 2021 to 10 in 2023, with a significant portion of their salaries accounted for in R&D expenses [8] - The company has been questioned about the specific roles and rationality of non-full-time R&D personnel, including senior management, and the allocation of their working hours and salary distribution [9][11] - As of the end of 2023, Koma Materials had 56 R&D personnel, with 46 being full-time and 10 part-time, and planned to reduce part-time personnel further in 2024 to enhance focus and efficiency [12][13] Governance and Control - Koma Materials is predominantly controlled by the Wang family, with significant shareholding and key management positions held by family members, raising concerns about potential governance risks [14][15] - The company has faced scrutiny regarding its internal control systems and compliance, particularly concerning the high salaries of executives and past tax evasion issues [16][17] - Koma Materials has stated that it does not engage in practices to evade tax obligations through low-income employees and has rectified previous discrepancies with tax authorities [18]

Core Viewpoint - Zhejiang Kema Material Co., Ltd. (Kema Materials) is attempting to go public on the Beijing Stock Exchange after previous unsuccessful attempts in 2014 and 2023, with a new IPO application submitted on June 27, 2024 [2][3]. Financial Performance - Kema Materials has maintained annual revenue around 200 million yuan, with figures of 223 million, 202 million, 199 million, and 249 million yuan from 2021 to 2024, respectively [3][4]. - Net profit showed a "U" shaped trend, with 72.52 million, 41.65 million, 49.05 million, and 71.03 million yuan for the same years, indicating a significant drop in 2022 followed by recovery in 2024 [3][4]. - The company achieved a revenue growth of 25.16% and a net profit growth of 44.83% in 2024 [9]. Product Structure Changes - Kema Materials has shifted its product focus from T1 (wet-type) to T2 (dry-type) friction materials, with T1 sales dropping from 1.08 billion yuan in 2022 to 236,080 yuan in 2024, while T2 sales increased from 862 million yuan to 2.35 billion yuan in the same period [4][5]. - The transition was driven by the market's shift away from T1 products, which were phased out in 2023, and the introduction of more environmentally friendly and automated T2 products [4][5]. Market Dependency - Over 97% of Kema Materials' revenue comes from traditional fuel vehicles, with commercial vehicles accounting for more than half of its income [6][9]. - The domestic commercial vehicle market has shown a fluctuating decline in sales from 5.13 million units in 2020 to 3.87 million units in 2024 [6]. Customer Base and Competition - Kema Materials faces increasing competition in the aftermarket for dry clutch friction plates, with a notable decrease in customer loyalty among its top clients from 2021 to 2023 [8]. - The company’s major clients include Fuda Co. and Weichai Power, but revenue from these clients has been declining [8]. International Business Growth - Kema Materials' international revenue surged by 68.27% from 26.39 million yuan in 2023 to 44.41 million yuan in 2024, with a significantly higher gross margin compared to domestic sales [11][12]. - The company’s international clients are primarily located in Mexico, Iran, Egypt, and Russia, with Russia becoming a major contributor in 2024 [10][13]. Inventory Concerns - There are concerns regarding potential inventory accumulation among trade customers, particularly with VAFRI in Mexico, where the end-of-year inventory levels reached 71.25% of annual purchases in 2024 [16][17]. - This raises questions about the authenticity of Kema Materials' revenue growth and the possibility of revenue manipulation through inventory adjustments [16][17]. Construction and Financial Transactions - The company is under scrutiny for its financial transactions with construction firms involved in its new factory project, raising concerns about potential financial irregularities and the authenticity of its reported earnings [18][20]. - The construction project has not yielded the expected performance, and there are significant financial ties between Kema Materials and the construction company, which could indicate potential financial mismanagement [18][20]. Conclusion - Kema Materials is navigating a challenging landscape with significant shifts in product focus, market dependency on traditional fuel vehicles, and scrutiny over its financial practices as it seeks to establish itself on the Beijing Stock Exchange [2][3][9].