Core Viewpoint - Shenzhen Zhongji Automation Co., Ltd. has completed its IPO counseling filing with the Shenzhen Securities Regulatory Bureau and plans to list on the Beijing Stock Exchange, focusing on the research, design, production, and sales of lithium battery automation production equipment [2] Group 1: Company Overview - Shenzhen Zhongji was established in May 2004 and specializes in the automation production equipment for lithium batteries, particularly in the cell assembly and testing stages [2] - The company's product types include automated production lines and intelligent specialized machines capable of producing various battery forms such as cylindrical, soft-pack, and square batteries [2] Group 2: Financial Performance - The operating revenue for Shenzhen Zhongji from 2022 to 2024 is projected to be 644 million yuan, 853 million yuan, and 754 million yuan respectively, while the net profit attributable to shareholders is expected to be 14.97 million yuan, 35.55 million yuan, and 28.88 million yuan [2] - In the first half of 2025, the operating revenue was 170 million yuan, a decrease of 57.33% year-on-year, with a net loss attributable to shareholders of 47.62 million yuan compared to a profit of 2.30 million yuan in the same period last year [3] - The gross profit margin for the first half of 2025 was 24.81%, up from 20.18% in the previous year [3] - The net cash flow from operating activities in the first half of 2025 was 8.38 million yuan, an improvement from a negative 83.52 million yuan in the same period last year, attributed to an increase in sales receipts [3] Group 3: Shareholding Structure - He Weiguo and Song Yuping are the co-controlling shareholders and actual controllers of Shenzhen Zhongji, with He directly holding 18.05 million shares (28.81% of total shares) and indirectly controlling an additional 3.61% through a partnership [4] - Together, He and Song control 48.73% of the company, with He serving as the chairman and general manager, while Song is the director and deputy general manager [4]

Core Viewpoint - The report outlines the ongoing supervision and compliance measures taken by Minsheng Securities for Wuhan Yifei Laser Co., Ltd. following its IPO on the Sci-Tech Innovation Board, highlighting issues related to fund usage and internal controls [1][2][3]. Group 1: Continuous Supervision Work - The sponsor has established a comprehensive supervision system and executed a work plan for ongoing supervision of Yifei Laser [1]. - A continuous supervision agreement was signed between the sponsor and Yifei Laser, detailing the rights and obligations during the supervision period [2]. - The sponsor conducts regular communication, site inspections, and due diligence to monitor Yifei Laser's business development and compliance with regulations [2][4]. Group 2: Issues Identified and Rectification Measures - During the supervision period, Yifei Laser misused raised funds, with some funds flowing to six clients and one other company [9][10]. - The company has been penalized by the Hubei Securities Regulatory Bureau for failing to disclose its 2024 annual performance forecast and for inaccuracies in its performance report [12][13]. - Yifei Laser has implemented corrective measures, including enhancing internal control systems and conducting training for management on compliance with disclosure regulations [11][14]. Group 3: Financial Performance - For the first half of 2025, Yifei Laser reported a revenue of approximately 431.94 million yuan, a 23.90% increase from the previous year, but a significant decline in net profit by 55.06% to about 18.15 million yuan [18][20]. - The company’s gross margin in the lithium battery sector has decreased, with a reported gross margin of 24.02% in January 2025 [18]. - The company’s total assets decreased by 1.47% to approximately 2.78 billion yuan as of June 30, 2025 [18]. Group 4: Research and Development - Yifei Laser invested approximately 51.39 million yuan in R&D during the reporting period, representing 11.90% of its revenue, with a focus on technological innovation in precision laser processing [21][29]. - The company has developed several advanced technologies and products, including high-dynamic laser processing technology and laser welding quality monitoring systems [21][24]. - As of June 30, 2025, Yifei Laser holds 677 valid intellectual property rights, including 117 invention patents [29]. Group 5: Market Position and Competitive Advantages - Yifei Laser has established a strong brand presence in the intelligent equipment sector, recognized by leading industry clients [28]. - The company benefits from its location in Wuhan, a key area for laser technology, allowing it to leverage local talent and resources [28]. - Yifei Laser's product offerings include advanced automation lines and intelligent equipment, particularly in the new energy battery sector, which has garnered significant market recognition [25][26].