Summary of Key Points Core Viewpoint - The North Exchange has seen a decrease in trading volume and value, with a total of 274 listed companies as of August 31, 2025, and a notable decline in trading activity during the last week of August 2025 [2][3]. Trading Activity - As of August 31, 2025, the North Exchange had a total trading volume of 66.58 billion shares for the week, a decrease of 17.87% compared to the previous week [3]. - The total trading value for the same week was 1645.28 billion yuan, down 21.09% from the previous week [3]. - The average trading price was 24.71 yuan, reflecting a decrease of 3.92% [3]. - The North Exchange 50 Index fell by 1.63% to 1574.25 points, with 14 stocks rising and 36 falling [3]. New Listings and IPOs - One company, Shanghai Balanshi Automotive Testing Equipment Co., Ltd., successfully listed on the North Exchange on August 28, 2025, becoming the 274th listed company [8]. - Balanshi's stock price surged by 205.13% on its first trading day, closing at 48.15 yuan, with a total market capitalization of 39.48 billion yuan [8]. - The company aims to raise 300 million yuan for projects related to the intelligent transformation of automotive maintenance equipment [9]. Financial Performance - Balanshi reported revenues of 6.43 billion yuan, 7.94 billion yuan, and 10.57 billion yuan for the years 2022 to 2024, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [10]. - In the first half of 2025, Balanshi's revenue grew by 5.65% to 540 million yuan, and net profit increased by 11.80% to 77.53 million yuan [10]. Upcoming IPOs - One company, Sanxie Electric Co., Ltd., opened for subscription on August 26, 2025, with a target to raise 159 million yuan for expansion and R&D projects [12][14]. - Sanxie Electric reported revenues of 2.87 billion yuan, 3.62 billion yuan, and 4.20 billion yuan from 2022 to 2024, with net profits of 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan respectively [15][16]. Regulatory Status - As of August 31, 2025, there were 153 companies awaiting review on the North Exchange, with 140 under inquiry and 10 submitted for registration [5]. - No companies received IPO registration approval during the last week of August 2025 [17]. Company Developments - Jiangsu Jingchuang Electric Co., Ltd. passed the listing committee meeting on August 29, 2025, and plans to raise 175 million yuan for smart production upgrades [26]. - Zhejiang Kema Materials Co., Ltd. submitted its registration on August 26, 2025, aiming to raise 206 million yuan for environmental projects [20][21].

Core Viewpoint - Zhejiang Kema Friction Material Co., Ltd. has met the requirements for issuance, listing, and information disclosure as per the North Exchange's review meeting [2] Group 1: Business Overview - The company specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates, focusing on the development and application of new friction materials [2] Group 2: Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 202 million, 199 million, and 249 million respectively, with net profits of 41.65 million, 49.05 million, and 71.03 million respectively [4] - For the first quarter of 2025, the company reported an operating revenue growth of 18.43% year-on-year, with a net profit increase of 41.56% after excluding non-recurring gains and losses [4] - For the first half of 2025, the estimated operating revenue is between 136 million to 141 million, reflecting a year-on-year growth of approximately 8.66% to 12.65%, with net profits expected to be between 43 million to 47 million, indicating a growth of 23.49% to 34.98% [4] Group 3: Market and Performance Stability - The North Exchange has requested the company to explain the rationale behind its gross margin being higher than that of its industry peers and to clarify the differences in gross margins when selling to manufacturers versus traders [3] - The company is also required to address the stability of its operating performance, including market space and expansion capabilities for its products, and whether there is a risk of demand shrinkage for dry friction plates [3]

Group 1 - This week, one new stock, Hongyuan Co., is set for subscription on the Beijing Stock Exchange, with the subscription starting on Monday [2] - Last week, three new stocks debuted in the A-share market, with significant first-day gains: Hansang Technology surged by 186.72%, Tianfulong increased by 140.68%, and Youli Intelligent rose by 246.89% [2] Group 2 - Three companies are undergoing IPO review this week, including two on the Beijing Stock Exchange (Kema Materials and Dapeng Industrial) and one on the Sci-Tech Innovation Board [3] - Kema Materials aims to raise 206 million yuan through its IPO, with projected revenues of 202 million yuan, 199 million yuan, and 249 million yuan for 2022, 2023, and 2024 respectively, and net profits of approximately 41.65 million yuan, 49.05 million yuan, and 71.03 million yuan for the same years [3] - The actual controllers of Kema Materials are closely related, with a family structure controlling 84.4% of the company's shares [3][5] Group 3 - The board of Kema Materials consists of seven directors, with significant representation from the controlling family, including the chairman and two other board members [4] - Key positions within the company are held by relatives of the actual controllers, indicating a strong family influence in management [5] - The company has seen a 40% increase in IPO counseling filings, with seven new companies added [5][7]

Group 1 - Three companies are scheduled for IPO meetings this week from August 11 to August 15, with one on the Sci-Tech Innovation Board and two on the Beijing Stock Exchange [1][2] - Xi'an Yicai plans to raise the most funds, with an expected amount of 4.9 billion yuan, aimed at the second phase of the Xi'an Yisiwei silicon industry base project [1][3] - The other two companies, Kema Materials and Dapeng Industrial, plan to raise 206 million yuan and 154 million yuan, respectively [1][3] Group 2 - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers [2] - Kema Materials specializes in the research, production, and sales of dry clutch friction plates and wet paper-based friction plates, and is committed to developing new friction materials [3] - Dapeng Industrial is engaged in the research, design, production, and sales of precision industrial cleaning products [3]

科马材料产品涵盖干式离合器摩擦片和湿式纸基摩擦片两大核心品类，广泛应用于商用车、乘用车、工 程机械、农业机械等多个领域。 据北京证券交易所官网披露的最新信息，浙江科马摩擦材料股份有限公司（以下简称"科马材料"或"公 司"）于2025年8月11日上市委会议审议，拟募集资金2.06亿元。 科马材料自 2002 年在浙江省丽水市成立以来，始终专注于摩擦材料的研发、生产及销售，在行业深耕 二十余年。公司从最初的小型生产企业起步，凭借对产品质量的极致追求和技术创新的持续投入，逐步 成长为国内干式离合器摩擦片领域的标杆企业，与舍弗勒和法雷奥占据了国内干式离合器摩擦片高端市 场份额的 85%以上，处于领先地位。 凭借优异的产品质量和广泛的市场认可，科马材料近年来经营业绩保持稳步增长态势，展现出强劲的发 展韧性。根据公开财报数据显示，2024 年科马材料实现营业总收入 2.49 亿元，较上年同期增长 25.16%，彰显了公司在市场拓展和销售渠道建设方面的显著成效。更值得关注的是，在营收增长的同 时，公司盈利能力也大幅提升，2024 年扣非净利润达到 0.69 亿元，同比增长 55.22%。这一数据不仅反 映出公司在成本控制、 ...

Core Viewpoint - Zhejiang Kema Material Co., Ltd. is set to raise 206 million yuan through its IPO, focusing on the development and production of friction materials, particularly in the dry clutch segment, where it holds a significant market share alongside major competitors [1] Group 1: Company Overview - Kema Material has been dedicated to the research, production, and sales of friction materials since its establishment in 2002, evolving from a small manufacturer to a leading player in the domestic dry clutch friction plate market [1] - The company has achieved over 85% market share in the high-end dry clutch friction plate segment, competing with Schaeffler and Valeo [1] Group 2: Product Portfolio - The main products include dry clutch friction plates and wet paper-based friction plates, which are utilized across various sectors such as commercial vehicles, passenger cars, engineering machinery, and agricultural machinery [1] - The dry clutch friction plate is a flagship product, with significant sales in the domestic commercial vehicle market, generating revenue of 44.25 million yuan in 2024 [2] Group 3: Market Opportunities - Kema Material is actively expanding into the wet paper-based friction plate business, which is crucial for automatic transmissions and has low domestic supply, presenting a significant growth opportunity [3] - The domestic market for wet paper-based friction plates is expected to grow rapidly, with a goal of achieving 80% localization by 2030, as outlined in the "Green Book on Key Areas of Technology Innovation in Chinese Manufacturing" [3] Group 4: Financial Performance - The company reported total revenue of 249 million yuan in 2024, reflecting a year-on-year growth of 25.16%, indicating strong market expansion and sales channel development [4] - The net profit after deducting non-recurring items reached 69 million yuan in 2024, a 55.22% increase from the previous year, showcasing improved cost control and operational efficiency [4] Group 5: Market Expansion - Kema Material has established a nationwide sales network and is actively pursuing international markets, with overseas sales accounting for 18.08% of total revenue in 2024 [5] - The domestic market for dry friction plates in passenger vehicles has grown from 203 million yuan in 2022 to 226 million yuan, providing further opportunities for domestic component manufacturers [5] Group 6: IPO Fund Utilization - The funds raised from the IPO will primarily be allocated to the "Environmental-Friendly Dry Impregnation Clutch Friction Material Technology Upgrade Project" and the "R&D Center Upgrade Project," aimed at enhancing production capacity and meeting the growing automotive market demand [5]

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].