转自：中国经营报 中经记者 夏治斌 石英婧 上海报道 在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（以下简称"绿控传动"）再度向 资本市场发起冲刺。2022年12月，它首次叩响科创板大门，却在次年3月撤回。沉寂近两年后，2025年12月，它卷土重来， 这次的目标换成了创业板。 与此同时，绿控传动的募资金额也从当初的10.72亿元大幅提升至15.8亿元。业绩的快速转身成为其冲刺创业板的底气。招 股书显示，2022年—2025年上半年，营收从7.12亿元跃升至12.19亿元，净利润也实现"逆转"，从亏损9942.82万元飙升至盈 利6829.55万元。 对于公司业绩实现大幅增长的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中和'国家战略背景下， 受传统燃油车排放标准提升、重点领域清洁运输目标与路权优先等政策驱动，叠加技术升级带来的场景拓展与成本下降， 新能源商用车经济性优势凸显，其市场规模的快速扩张有效带动公司业绩增长，公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定。招股书显示，这两大巨头既是绿控传动的重要客户， 同 ...

在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（简称"绿控传动"）再度向资本市场发起冲刺。 2022年12月，它首次叩响科创板大门 ，却在次年3月撤回。 沉寂近两年后， 2025年12月，它卷土重来 ，这次的目标 换成了创业板 。 与此同时，绿控传动的 募资金额也从当初的10.72亿元大幅提升至15.8亿元。业绩的快速转身成为其冲刺创业板的底气 。招股书显示，2022年至2025年上半年，营 收从7.12亿元跃升至12.19亿元，净利润也实现"逆转"，从亏损9942.82万元飙升至盈利6829.55万元。 对于公司 业绩实现大幅增长 的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中和'国家战略背景下，受传统燃油车排放标准提升、重点领域清 洁运输目标与路权优先等政策驱动，叠加技术升级带来的场景拓展与成本下降， 新能源商用车经济性优势凸显，其市场规模的快速扩张有效带动公司业绩增长 ， 公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定 。招股书显示，这两大巨头既是绿控传动的重要客户，同时也是公司的股东，2024年合计贡献 ...

光环之下，绿控传动的隐忧同样突出。招股书显示，2022年至2025年上半年，绿控传动前五大客户收入 占比长期维持在60%左右，客户依赖度居高不下。除此之外，截至2025年6月末，绿控传动应收账款账 面价值高达8.33亿元，占公司总资产比例为27.13%。 对于公司业绩实现大幅增长的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中 和'国家战略背景下，受传统燃油车排放标准提升、重点领域清洁运输目标与路权优先等政策驱动，叠 加技术升级带来的场景拓展与成本下降，新能源商用车经济性优势凸显，其市场规模的快速扩张有效带 动公司业绩增长，公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定。招股书显示，这两大巨头既是绿控 传动的重要客户，同时也是公司的股东，2024年合计贡献营收占比超40%。 中经记者 夏治斌 石英婧 上海报道 在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（简称"绿控 传动"）再度向资本市场发起冲刺。2022年12月，它首次叩响科创板大门，却在次年3月撤回。沉寂近两 年后，2025年12月，它卷土重来，这次的目标换 ...

Core Viewpoint - The company Suzhou Green Control Transmission Technology Co., Ltd. (referred to as "Green Control Transmission") is resuming its IPO process after a two-and-a-half-year hiatus, with a revised fundraising target of 1.58 billion yuan, shifting its listing focus to the ChiNext board [1][3]. Financial Performance - Green Control Transmission's revenue has significantly increased from 7.12 billion yuan in 2022 to 13.28 billion yuan in 2024, achieving a compound annual growth rate of 36.54% from 2022 to 2024 [3][4]. - The company reported a net profit of 48.04 million yuan in 2024, marking its first profitable year after previous losses [3][5]. - The gross margin for the main product, electric drive systems, improved from 4.82% in 2022 to 19.3% in 2024, with an overall gross margin rising from 7.13% to 19.38% in the same period [4]. Cash Flow and Financial Health - Despite revenue growth, the company's cash flow is under pressure, with accounts receivable increasing from 331 million yuan at the end of 2022 to 928 million yuan by mid-2025, representing a twofold increase [6][8]. - The company's operating cash flow turned negative again in 2024 and the first half of 2025, indicating challenges in converting sales into cash [8]. Customer Dependency - The top five customers contributed 7.31 billion yuan in revenue in the first half of 2025, accounting for 59.95% of total revenue, with SANY Group and XCMG Group being the largest clients [10]. - The growth in sales to these major clients has been substantial, with SANY's contribution increasing from 500.68 million yuan in 2021 to 1.97 billion yuan in 2022, a 293% increase [11]. Investment Plans - The company plans to invest 1.38 billion yuan in expanding its production capacity for electric drive systems, aiming to add 100,000 units annually over a three-year construction period [10].

New Listings - During the period from December 16 to December 22, three companies were listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one company was listed on the Shenzhen Stock Exchange [2] - Anrui Microelectronics, a company focused on RF and analog integrated circuit design, saw its stock price rise by 160.11% on the first day of trading, closing at 168.44 CNY per share, a 102.79% increase from the issue price of 83.06 CNY, with a total market capitalization of approximately 16.8 billion CNY [3] - Muxi Co., Ltd., which specializes in high-performance GPU chips and computing platforms, experienced a stock price increase of 692.95% on its first trading day, closing at 703.35 CNY per share, a 572.03% increase from the issue price of 104.66 CNY, with a total market capitalization of approximately 281.4 billion CNY [3] - Youxun Co., Ltd., focusing on optical communication front-end transceiver chips, saw its stock price rise by 346.57% on the first day, closing at 214.81 CNY per share, a 315.81% increase from the issue price of 51.66 CNY, with a total market capitalization of approximately 17.2 billion CNY [3] - Yuanchuang Co., Ltd., engaged in the research, production, and sales of rubber track products, had its stock price rise by 171.64% on the first day, closing at 54.19 CNY per share, a 118.95% increase from the issue price of 24.75 CNY, with a total market capitalization of approximately 4.2 billion CNY [4] Companies Passing Review - During the same period, one company passed the review on the main board of the Shanghai Stock Exchange, one company on the Sci-Tech Innovation Board, and two companies on the Shenzhen Stock Exchange's Growth Enterprise Market [5] - Changyu Group, which focuses on zirconium products, special nylon products, and fine chemical products, is among the companies that passed the review [6] - Electric Science Blue Sky, which specializes in electric energy products and systems, also passed the review [6] Companies Submitting IPO Applications - One company submitted an IPO application on the Sci-Tech Innovation Board, and three companies submitted applications on the Shenzhen Stock Exchange's Growth Enterprise Market during the period [9] - Xinovate, a company focused on unmet clinical needs and innovative drug development, submitted its IPO application [10][11] Financial Data and Projections - Xinovate reported revenues of 19.5 million CNY in 2022, with projected revenues of 0 CNY for 2023 and 2024, and a net loss of 4.63 billion CNY in 2022, narrowing to 3.86 billion CNY by 2024 [11][12] - Green Control Transmission, a company specializing in electric drive systems for new energy commercial vehicles, reported revenues of 712 million CNY in 2022, with projections of 1.33 billion CNY by 2024, and a net loss of 994.3 million CNY in 2022, turning profitable with a net profit of 480.4 million CNY by 2024 [15][16] - Jiangsu Zhanxin, focusing on high-reliability analog chips, reported revenues of 367 million CNY in 2022, with projections of 413 million CNY by 2024, and a net profit of 1.48 billion CNY in 2022, decreasing to 950 million CNY by 2024 [18] - Yuexin Semiconductor, which provides 12-inch wafer foundry services, reported revenues of 1.545 billion CNY in 2022, with projections of 1.681 billion CNY by 2024, and a net loss of 1.043 billion CNY in 2022, widening to 2.253 billion CNY by 2024 [19][20] Companies Terminating IPO Review - One company on the Shanghai Stock Exchange terminated its IPO review during the period, while no companies on the Shenzhen Stock Exchange did [21] - Jieka Robotics, which specializes in collaborative robots, was the company that terminated its IPO review [21] New Listings on Hong Kong Stock Exchange - Eight companies were listed on the Hong Kong Stock Exchange's main board during the same period [23] - Guoxia Technology, a renewable energy solutions provider, saw its stock price rise by 117.91% on the first day, closing at 42.40 HKD per share, a 110.95% increase from the issue price of 20.10 HKD, with a total market capitalization of approximately 21.7 billion HKD [24] - HashKey, a licensed digital asset platform, experienced a slight decline of 0.15% on its first trading day, closing at 5.69 HKD per share, a 14.82% decrease from the issue price of 6.68 HKD, with a total market capitalization of approximately 15.7 billion HKD [24] - Xidi Intelligent Driving, a supplier of intelligent driving products for commercial vehicles, saw its stock price drop by 13.69% on the first day, closing at 231.00 HKD per share, a 12.17% decrease from the issue price of 263.00 HKD, with a total market capitalization of approximately 10.1 billion HKD [25] Companies Submitting IPO Applications in Hong Kong - Ten companies submitted IPO applications on the Hong Kong Stock Exchange during the period, with three completing the process [27] - Jinzhiyi, focusing on AI digital employee solutions, submitted its IPO application [46]

IPO Review and Registration Progress - Six companies passed the IPO review last week, including 尚水智能, 固德电材, and others, with a focus on sustainable growth and market demand [2][3] - 尚水智能 reported revenue of 567 million yuan and net profit of 122 million yuan for the first three quarters of 2025, with BYD as its largest customer [2] - 固德电材 achieved revenue of 750 million yuan, up 18.81%, and net profit of 118 million yuan, up 2.52% [2] - 电科蓝天's revenue was 1.708 billion yuan with a net profit of 113 million yuan, focusing on commercial aerospace power supply [3] - 创达新材 plans to raise 300 million yuan for production line construction and working capital, reporting revenue of 323 million yuan and net profit of 53 million yuan [3] - 赛英电子's revenue was 438 million yuan with a net profit of 70 million yuan, facing scrutiny over the qualifications of its independent director [3] - 长裕集团 reported revenue of 1.321 billion yuan and net profit of 175 million yuan, with concerns over potential profit margin declines [4] Upcoming IPOs and New Listings - Nine companies are set to undergo IPO reviews this week, including 大普微, which is notable for being the first unprofitable company to apply for the创业板 [5][6] - 大普微 reported revenues of 962 million yuan and 1.264 billion yuan for 2024 and the first three quarters of 2025, respectively, with a net loss of 191 million yuan [6] - 视涯科技, another unprofitable company, achieved revenue of 293 million yuan, up 54.67%, but reported a net loss of 167 million yuan [7] - 三瑞智能's revenue grew from 362 million yuan in 2022 to 831 million yuan in 2024, with a net profit of 318 million yuan for the first three quarters of 2025 [7] - Five IPO applications were accepted last week, including 绿控传动, which aims to raise 1.58 billion yuan for electric vehicle drive systems [8] - 粤芯半导体, another unprofitable company, plans to raise 7.5 billion yuan, reporting revenues of 1.545 billion yuan in 2022 and a net loss of 1.043 billion yuan [10] New Stock Subscriptions and Market Performance - Three new stocks are scheduled for listing this week, including 纳百川, which focuses on thermal management for electric vehicles [12] - 沐曦股份, known as the "second domestic GPU stock," saw a significant first-day increase of 692.95% after listing [13] - Upcoming subscriptions include 陕西旅游 and 新广益, with expected revenues of 951 million to 1.117 billion yuan and 657 million yuan, respectively, for 2025 [14][15]

Core Viewpoint - Suzhou Green Control Transmission Technology Co., Ltd. (referred to as "Green Control Transmission") is attempting to go public on the ChiNext board after withdrawing its previous IPO application for the Sci-Tech Innovation Board over two years ago, with its prospectus recently accepted by the Shenzhen Stock Exchange [1][3] Group 1: IPO Details - Green Control Transmission aims to raise approximately 1.58 billion yuan, with net proceeds intended for a project to produce 100,000 sets of electric drive systems for new energy commercial vehicles and the construction of a research and development center [3] - This is not the first attempt by Green Control Transmission to list on the A-share market; it previously sought to list on the Sci-Tech Innovation Board but withdrew its application in March 2023 after entering the inquiry stage in January [3][4] - The amount targeted for fundraising has increased from 1.072 billion yuan in the previous application to 1.58 billion yuan in the current one, with some investment projects being modified [3] Group 2: Financial Performance - Green Control Transmission has shown steady growth in performance, achieving a turnaround in net profit last year. Revenue figures for 2022, 2023, and projected for 2024 are approximately 712 million yuan, 770 million yuan, and 1.328 billion yuan, respectively, with corresponding net profits of approximately -99.43 million yuan, -12.33 million yuan, and 48.04 million yuan [4] - For the first half of this year, the company reported revenue of approximately 1.219 billion yuan and a net profit of about 68.30 million yuan [4] Group 3: Employee Growth - The number of employees at Green Control Transmission has doubled in the first half of this year, increasing from 643 at the end of last year to 1,397 [1][6] - The distribution of employees by role shows that manufacturing positions account for approximately 66.64%, with management, research and development, and sales positions making up 8.38%, 14.82%, and 10.16%, respectively [6] Group 4: Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder and actual controller of Green Control Transmission is Li Lei, who directly holds 32.23% of the company's total shares and indirectly controls an additional 11.41% through Wujiang Qianqian [7] - After the current issuance, the shareholding ratio of SANY Heavy Industry, a significant customer of Green Control Transmission, will be diluted from 1.89% to 1.51% [6][7]

Core Viewpoint - Suzhou Green Control Transmission Technology Co., Ltd. (referred to as "Green Control Transmission") is making a second attempt to go public on the ChiNext board after previously withdrawing its IPO application for the Sci-Tech Innovation Board, with its IPO application accepted by the Shenzhen Stock Exchange on December 16. The company has shown steady growth in performance and is expected to turn a profit in 2024 [1][2][3]. Group 1: IPO Details - Green Control Transmission aims to raise approximately 1.58 billion yuan, with net proceeds intended for a project to produce 100,000 sets of electric drive systems for new energy commercial vehicles and for the construction of a research and development center [2][3]. - This is not the first attempt by Green Control Transmission to go public; the company previously sought to list on the Sci-Tech Innovation Board but withdrew its application in March 2023 after being accepted in December 2022 [2][3]. - Compared to its previous IPO attempt, the fundraising amount has increased from 1.072 billion yuan to 1.58 billion yuan, with changes made to some of the fundraising projects [2][3]. Group 2: Financial Performance - From 2022 to 2024, Green Control Transmission's revenue is projected to grow from approximately 712 million yuan to 1.328 billion yuan, with net profit turning from a loss of approximately 99.43 million yuan in 2022 to a profit of approximately 48.04 million yuan in 2024 [3][9]. - In the first half of 2023, the company reported revenue of approximately 1.219 billion yuan and a net profit of approximately 68.30 million yuan [3][9]. Group 3: Employee Growth - The number of employees at Green Control Transmission doubled in the first half of 2023, increasing from 643 to 1,397 [4][11]. - The distribution of employees by role shows that manufacturing positions account for approximately 66.64% of the workforce, while management, research and development, and sales positions account for 8.38%, 14.82%, and 10.16%, respectively [11]. Group 4: Shareholder Information - SANY Heavy Industry holds a stake of 1.89% before the issuance, which will be diluted to 1.51% after the IPO. SANY Group has been one of the company's top customers from 2022 to 2025, with sales revenue percentages of approximately 27.64%, 22.5%, 19.37%, and 14.38% [12]. - The controlling shareholder and actual controller of Green Control Transmission is Li Lei, who holds a total of 43.64% of the company's shares [12].

Core Insights - Suzhou Green Control Transmission Technology Co., Ltd. (Green Control Transmission) has received approval for its IPO on the ChiNext board, with China International Capital Corporation as the sponsor [2] - The company, established in December 2011, specializes in electric drive systems for new energy commercial vehicles, including pure electric, hybrid, and fuel cell vehicles [2] - Green Control Transmission holds the leading market share in the electric motor supply for new energy heavy trucks from 2022 to 2024 [2] Industry Overview - The development of the new energy vehicle industry in China is driven by technological advancements, decreasing costs, strong policy support, improved product experiences, and enhanced infrastructure [2] - According to the China Association of Automobile Manufacturers, new energy vehicle sales in China are projected to reach 12.866 million units in 2024, representing a 36% year-on-year growth, maintaining the global lead for ten consecutive years [2] - Sales of new energy commercial vehicles in China are expected to reach 607,300 units in 2024, a year-on-year increase of 71.42%, with new energy trucks and buses accounting for 322,200 and 285,000 units, respectively [2] - The penetration rates for new energy commercial vehicles from 2022 to 2024 are projected to be 11.31%, 11.27%, and 19.45%, indicating a rapid acceleration in the electrification of commercial vehicles [2][3] - The "Energy-saving and New Energy Vehicle Technology Roadmap 3.0" plans for new energy commercial vehicles to account for over 70% of annual new commercial vehicle sales by 2040, suggesting significant market potential for the electric drive system industry [3]

Core Viewpoint - Suzhou Green Control Transmission Technology Co., Ltd. (referred to as "Green Control Transmission") is making a second attempt to go public on the ChiNext board after previously withdrawing its IPO application for the Sci-Tech Innovation Board over two years ago. The company aims to raise approximately 1.58 billion yuan for its projects and has shown steady growth in its financial performance, with a projected net profit turnaround in 2024 [1][4][5]. Group 1: IPO Details - Green Control Transmission's IPO application was accepted by the Shenzhen Stock Exchange on December 16, 2025, marking its second attempt to list after a previous attempt on the Sci-Tech Innovation Board in late 2022 [1][4]. - The company plans to raise around 1.58 billion yuan, with net proceeds intended for the production of 100,000 sets of new energy medium and heavy commercial vehicle drive systems and the establishment of a research and development center [4][5]. - Compared to its previous IPO attempt, the fundraising target has increased from 1.072 billion yuan to 1.58 billion yuan, and some of the investment projects have been modified [4]. Group 2: Financial Performance - Green Control Transmission has shown steady revenue growth from 2022 to 2024, with revenues of approximately 712 million yuan, 770 million yuan, and 1.328 billion yuan, respectively. The net profit is expected to turn positive in 2024, with figures of -99.43 million yuan, -12.33 million yuan, and 48.04 million yuan for the same years [5]. - In the first half of the current year, the company reported revenues of about 1.219 billion yuan and a net profit of approximately 68.30 million yuan [5]. Group 3: Employee Growth - The company experienced a significant increase in employee numbers, doubling from 643 at the end of 2024 to 1,397 by mid-2025. This growth is seen as justifiable if it aligns with production and R&D roles [6]. - The distribution of employees by role shows that manufacturing positions account for approximately 66.64%, with management, R&D, and sales making up the remainder [6]. Group 4: Shareholder Information - SANY Heavy Industry holds a 1.89% stake in Green Control Transmission before the IPO, which will be diluted to 1.51% post-issuance. SANY Group has been one of the company's top clients, contributing significant sales revenue over the years [7]. - The controlling shareholder and actual controller of Green Control Transmission is Li Lei, who holds a total of 43.64% of the company's shares, both directly and indirectly [7].