出品 | 创业最前线 星空 8月19日，上海巴兰仕汽车检测设备股份有限公司（以下简称"巴兰仕"）开启申购，该公司于今年6月成功过会，其在北交所IPO的日子即将到来。 据巴兰仕招股书披露，他们是一家国内汽车维修保养设备行业的制造商，主要从事举升机、拆胎机、平衡机等汽车养护设备的研发、生产和销售。 （图 / 巴兰仕汽车举升机（图源：巴兰仕官网）） 「创业最前线」注意到，在汽车后市场设备赛道的IPO角逐中，巴兰仕虽手握海外渠道、知名客户资源等"筹码"，却也面临专利诉讼风险、业绩增速放 缓、回款风险等挑战。 1、老夫少妻掌舵，公司曾遭警示 巴兰仕此前曾于2014年和2023年两度登陆新三板，冲刺北交所IPO前仍在新三板创新层。 据巴兰仕2014年的公开转让说明书披露，该公司最早成立于2005年1月份，当时是由程玉慧、陈天、冯定兵、徐彦启、李松等多位自然人共同出资成立。 2009年，巴兰仕的最大个人股东是持股23%程玉慧，同年6月，她将所有持股转让给了自己的丈夫蔡喜林，而到2014年公司挂牌新三板时，公开资料显示 程玉慧已经因病去世，蔡喜林也已经再婚，娶孙丽娜为妻。 | 时间 | 股本形成及演变 | 备注 | | -- ...

Core Viewpoint - Balanshi (920112.BJ) is a high-tech enterprise focused on the research, production, and sales of automotive maintenance, inspection, and repair equipment, with an IPO available for subscription on August 19 [1][5]. Company Overview - Balanshi specializes in manufacturing automotive maintenance equipment, including tire changers, wheel balancers, lifts, refrigerant recovery and charging machines, and pneumatic oil extractors [1]. - The company has a significant domestic sales network covering most provinces and municipalities in China, with products sold to various automotive service providers and manufacturers, achieving high brand recognition [5]. Financial Performance - The total revenue for Balanshi from 2022 to 2024 is projected to be 6.43 billion, 7.94 billion, and 10.57 billion respectively, with net profits of 0.3 billion, 0.81 billion, and 1.29 billion, indicating a consistent upward trend in both revenue and profit [6]. - The gross profit margins for the same period are 23.62%, 27.04%, and 28.55%, showing an overall growth trajectory [6]. Market Position and Clientele - Balanshi has established partnerships with well-known automotive manufacturers such as BYD, Li Auto, and Great Wall Motors, as well as major automotive service chains and oil companies [5]. - The company exports to over 100 countries and regions, enhancing its global market presence [5]. Investment and Use of Proceeds - The company plans to allocate raised funds towards the intelligent transformation and expansion of automotive maintenance equipment, with specific projects including a smart factory for lifting equipment and the establishment of a research and development center [4]. Risks and Challenges - Balanshi acknowledges risks associated with its reliance on OEM (original equipment manufacturer) sales, which may impact revenue if major clients face operational difficulties or if competition intensifies [6]. - The company’s foreign sales, which account for approximately 75% of its main business income, are primarily settled in USD, exposing it to currency exchange risks [7].

Core Viewpoint - Balanshi (920112.BJ) is a high-tech enterprise focused on the research, production, and sales of automotive maintenance, inspection, and repair equipment, with an IPO available for subscription on August 19 [1][5]. Company Overview - Balanshi specializes in manufacturing equipment such as tire changers, wheel balancers, lifts, refrigerant recovery and charging machines, and pneumatic oil extractors [1]. - The company has a significant domestic sales network covering most provinces and municipalities in China, with products sold to various automotive service providers and manufacturers [5]. - Balanshi is recognized as a high-tech enterprise and holds leadership positions in several automotive maintenance industry associations [5]. Financial Performance - The projected revenues for Balanshi from 2022 to 2024 are 6.43 billion, 7.94 billion, and 10.57 billion CNY, respectively, with net profits of 0.3 billion, 0.81 billion, and 1.29 billion CNY [6]. - The company's gross profit margins are expected to increase from 23.62% in 2022 to 28.55% in 2024, indicating a positive growth trend [6]. Market Position and Risks - Balanshi has established partnerships with well-known automotive manufacturers such as BYD, Li Auto, and Great Wall Motors, as well as major automotive service chains [5]. - The company primarily operates under a private label sales model for its exports, which poses risks if major clients experience significant revenue declines or operational issues [6]. - The proportion of foreign sales to total revenue is high, accounting for approximately 75% in recent years, with potential risks from currency fluctuations affecting competitiveness and profitability [7].

Company Overview - Balanshi is set to launch its IPO on August 19, 2023, with a price of 15.78 yuan per share and a total issuance of 19 million shares, potentially raising 300 million yuan [1] - The company specializes in automotive maintenance, testing, and repair equipment, with key products including tire changers, balancing machines, and lifting equipment [2][10] - As of May 30, 2025, the actual controllers of the company are Cai Xilin and Sun Lina, who collectively hold 46.66% of the shares [2] Financial Performance - Balanshi's revenue for 2022, 2023, and projected 2024 is 643 million yuan, 794 million yuan, and 1.057 billion yuan respectively, with net profits of 30.04 million yuan, 80.55 million yuan, and 129.40 million yuan [3][4] - The company reported a revenue increase of 5.64% year-on-year for the first half of 2025, with a net profit growth of 11.80% [3] Market Context - The automotive aftermarket in China reached approximately 1.1 trillion yuan in 2023, reflecting a growth of 12.96% since 2020, driven by the aging vehicle population [2] - The average vehicle enters the maintenance phase at around 3-3.5 years, indicating a growing demand for maintenance services as vehicles age [2] Revenue Composition - In 2024, the revenue breakdown shows that lifting machines account for 48.57%, tire changers for 24.08%, and balancing machines for 10.64% of total revenue [5][7] - The overall gross margin for Balanshi was 28.55% in 2024, which is slightly below the industry average [8][9] R&D and Clientele - R&D expenses for the company were 23.48 million yuan, 28.44 million yuan, and 35.83 million yuan for 2022, 2023, and 2024, representing 3.65%, 3.58%, and 3.39% of revenue respectively [9] - Major domestic clients include well-known automotive manufacturers such as BYD, Li Auto, and Great Wall Motors, as well as large automotive maintenance chains [9][10] Export and Competition - Approximately 75% of Balanshi's revenue comes from exports, with products sold in over 100 countries [10] - The company faces challenges from increasing competition in the automotive maintenance sector, particularly in the mid-to-low-end market [10]

Market Overview - Major market indices opened higher collectively on August 18, with significant gains in the film and cinema sector, including companies like Baiana and Huazhi Shumedia reaching the daily limit up [1] - The liquid-cooled server sector also saw a strong surge, with 10 stocks hitting the daily limit up, including High Cloud and Zhongxing Communications [2] - The CPO sector experienced a substantial rise, with Dekeli and Tengjing Technology also reaching the daily limit up [3] New Stock Offerings - On Tuesday, investors can subscribe to Balanshi, a major manufacturer in the automotive maintenance equipment industry, focusing on the development, production, and sales of various automotive maintenance devices [4] - Hongyuan Co., which specializes in the research, production, and sales of electromagnetic wires, is set to be listed on August 20 [4] Financing Balance Insights - As of August 15, the total market financing balance reached 20,485.99 billion, marking an increase of 75.42 billion from the previous trading day, continuing a trend of five consecutive days of increases above 20 trillion [5] - The electronic sector saw the largest increase in financing balance, with an addition of 149.57 billion, followed by non-bank financials and computers [5] - The comprehensive industry recorded the highest percentage increase in financing balance at 6.97%, followed by electronics and banking at 6.43% and 6.20% respectively [6] Individual Stock Performance - Since the financing balance surpassed 20 trillion, 56.35% of stocks have seen an increase in their financing balance, with 53 stocks experiencing significant increases of over 50% [7] - Koweil recorded the highest increase in financing balance at 1.76 billion, with a cumulative growth of 155.99%, followed by Tietuo Machinery at 435.15 million with a 150.98% increase [7] - In absolute terms, since the financing balance reached 20 trillion, the total increase amounted to 532.39 billion, with 182 stocks seeing an increase of over 1 billion [8] - Dongfang Caifu had the largest absolute increase in financing balance, adding 22.27 billion, with a cumulative growth of 9.52% [8]

Group 1 - The average first-day increase of new stocks listed on the Beijing Stock Exchange (BSE) this year has reached 326% [1][2] - The company Baranshi, a leading manufacturer of automotive maintenance and repair equipment, is set to launch its IPO with an issue price of 15.78 yuan per share [1][2] - Baranshi's main products include tire changers, balancing machines, lifts, and refrigerant recovery and charging machines, among others [1][2] Group 2 - Baranshi is recognized as a high-tech enterprise and has been designated as a "specialized, refined, distinctive, and innovative" small and medium-sized enterprise in Shanghai and Guangdong [2] - The company has strong independent R&D capabilities and extensive manufacturing experience in the automotive maintenance equipment sector [2] - Projected revenues for Baranshi from 2022 to 2024 are 643 million yuan, 794 million yuan, and 1.057 billion yuan, with net profits of 30 million yuan, 81 million yuan, and 129 million yuan respectively [2] Group 3 - The company plans to use the funds raised from the IPO for smart upgrades and expansion projects in automotive maintenance equipment, as well as for the construction of a research and development center [2] - Other companies recently listed on the BSE, such as Zhigao Machinery and Youli Intelligent, have also shown significant first-day performance, with increases of 231.19% and 246.89% respectively [2][3]

Core Viewpoint - The article highlights the impressive performance of new stocks listed on the Beijing Stock Exchange (BSE) this year, with an average first-day increase of 326% [1][4]. Group 1: New Stock Performance - In the week of August 18-22, there was one new stock subscription in the A-share market, specifically for Balanshi, which will open for subscription on Tuesday [2]. - Balanshi's issue price is set at 15.78 yuan per share, with a single account subscription limit of 902,500 shares. The company is a leader in automotive maintenance and repair equipment [3]. - Since the beginning of the year, nine new stocks have been listed on the BSE, all showing strong first-day performances, with notable increases from companies like Dingjia Precision (479.12%), Guangxin Technology (500%), and Tiangong Co. (411.93%) [4]. Group 2: Company Overview - Balanshi specializes in the research, production, and sales of automotive maintenance, testing, and repair equipment, including tire changers, balancing machines, and lifting equipment. It is recognized as a high-tech enterprise and has a significant market presence in China [3][4]. - The company has achieved revenues of 643 million yuan, 794 million yuan, and 1.057 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 30 million yuan, 81 million yuan, and 129 million yuan [4]. - Balanshi's products are sold across China and exported to over 100 countries, serving well-known clients such as BYD, Ideal Auto, and Great Wall Motors [3][4].

Investment Rating - The investment rating for the company is to actively participate in the new stock subscription [23]. Core Viewpoints - The company is a professional automotive maintenance equipment manufacturer with rich customer resources, benefiting from the global aging of vehicles and the upgrade in maintenance demand, which presents development opportunities. The fundraising will alleviate capacity bottlenecks [23]. - The company has a well-established R&D system and a strong product lineup, including tire changers, balancing machines, and lifts, with a focus on innovation and automation [6][10]. - The company achieved a revenue of 1.057 billion yuan in 2024, with a three-year CAGR of +28.26%, and a net profit of 129.4 million yuan, with a three-year CAGR of +107.57% [7]. Summary by Sections 1. Company Overview - The company was established in 2005 and is headquartered in Shanghai, primarily engaged in the R&D, production, and sales of automotive maintenance and testing equipment. It serves both domestic and international markets [6]. 2. Issuance Plan - The new stock issuance will adopt a direct pricing method with an initial issuance scale of 19 million shares, accounting for 23.17% of the total share capital post-issuance. The expected fundraising amount is 107 million yuan, with an issuance price of 15.78 yuan per share [12][13]. 3. Industry Situation - The automotive maintenance equipment industry is crucial for the automotive aftermarket, with increasing vehicle aging leading to higher maintenance demand. The growth of electric vehicles necessitates innovation in maintenance equipment [14][16]. 4. Competitive Advantages - The company has a strong R&D advantage, a well-established marketing network, and robust production and quality management capabilities, which contribute to its competitive edge in the market [17]. 5. Comparable Companies - The company is relatively small in scale compared to its peers, with a gross margin of 28.55%, placing it in the middle of the industry [21][22].

Group 1 - The average first-day increase of two new stocks this week was 324.82%, with Guangdong Jianke rising by 418.45%, yielding approximately 14,000 yuan per subscription [1] - As of August 17, there have been 9 new stocks listed on the Beijing Stock Exchange this year, with an average first-day increase of 326.11% [1] - The upcoming new stock for subscription is Balanshi, a major manufacturer in the automotive maintenance and repair equipment industry, scheduled for August 19 [1][2] Group 2 - Balanshi focuses on the research, development, production, and sales of automotive maintenance and repair equipment, including tire changers and lifting machines [2][3] - The company has a well-established R&D system and has been in the automotive maintenance equipment industry for 20 years, indicating a technological advantage [3] - The automotive maintenance market in China is projected to reach approximately 1.1 trillion yuan in 2023, with a compound annual growth rate of 6.50% expected from 2020 to 2025 [3] Group 3 - For the first half of 2025, Balanshi reported revenue of 540 million yuan, a year-on-year increase of 5.64%, and a net profit of 77.53 million yuan, up 11.80% [3][4][5] - The company's operating profit for the first half of 2025 was 96.23 million yuan, reflecting a 14.87% increase compared to the same period in 2024 [4][5]

Company Overview - Balanshi is a leading domestic manufacturer of automotive maintenance and repair equipment, focusing on R&D, production, and sales of high-tech products [2][3] - The company’s main products include tire changers, wheel balancers, lifts, refrigerant recovery and charging machines, and pneumatic oil extractors [2] Financial Performance - Balanshi achieved revenues of 643 million yuan, 794 million yuan, and 1.057 billion yuan from 2022 to 2024, with corresponding net profits of 30 million yuan, 81 million yuan, and 129 million yuan [3] - In the first half of 2025, Balanshi reported revenues of 540 million yuan and a net profit of 78 million yuan [3] Market Position - The company has a strong sales network covering most provinces, autonomous regions, and municipalities in China, with products sold to various automotive service providers, including well-known manufacturers like BYD, Li Auto, and Great Wall Motors [3] - Balanshi's products are exported to over 100 countries and regions, including Europe, South America, North America, Africa, and other Asian countries, establishing a rich and high-quality customer base [3] Upcoming IPO - Balanshi is set to launch its IPO on August 19, with an issue price of 15.78 yuan per share and a price-to-earnings ratio of 10.15 [1][2]