Core Viewpoint - Rongxin Huike Electric Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 977 million yuan for various projects [1][1][1] Company Overview - Rongxin Huike is a high-tech enterprise specializing in the research, development, manufacturing, sales, and service of core equipment for new power systems [1][1][1] - The company primarily provides flexible transmission complete equipment and high-power converters, along with technical services [1][1][1] IPO Details - The IPO was accepted on November 25, 2025, and is now in the inquiry phase [1][1][1] - The funds raised will be allocated to the development and industrialization of offshore wind power transmission equipment and key technologies, as well as the development of green low-carbon flexible power core equipment [1][1][1] - Additional funding will support the construction of a research and testing center and replenish working capital [1][1][1]

智通财经APP获悉，12月11日，荣信汇科电气股份有限公司(简称：荣信汇科)申请上交所科创板上市审 核状态变更为"已问询"，国金证券为其保荐机构，拟募资9.77亿元。 招股书显示，荣信汇科是专业从事新型电力系统核心设备研发、制造、销售及服务的技术企业，主要为 客户提供柔性输电成套装备、大功率变流器等高端装备和技术服务。 公司产品及服务广泛应用于新型电力系统"源-网-荷-储"各领域，具体包括高效发电、电力输配、油气管 网、国防科工、船舶制造、冶金化工、电能存储等重要行业和重大工程，助力构建以新能源为主体的新 型电力系统，促进世界电力高端装备的技术革新。 柔性直流输电技术是构建以新能源为主体的新型电力系统的关键技术之一，而柔性直流换流阀是柔性直 流输电系统的核心设备。荣信汇科作为柔性直流换流阀成套装备的主要供应商之一，自2020年初至本招 股说明书签署日，按中标容量统计公司市场份额超过25%，位列行业第一梯队。 报告期内，公司下游客户主要为国家电网、南方电网、新能源发电集团、国家管网等大型国央企、工矿 企业以及海外新能源发电、工矿企业等;公司主要采购电子元器件(IGBT、电容器、二极管等)、结构 件、水冷系统等原 ...

来源：《理财周刊》 在首次冲击科创板折戟后，荣信汇科电气股份有限公司（下称"荣信汇科"）重启IPO征程，其科创板招股书已于近期正式获 得受理。 荣信汇科本次IPO拟募集资金总额9.77亿元，其中3.37亿元投向深远海海上风电送出成套装置及关键技术研发与产业化项 目，2.33亿元用于绿色低碳柔性电源核心装备研发及产业化项目，2.56亿元投入研发/试验中心建设项目，另有1.5亿元专项 用于补充公司流动资金，以优化财务结构、支撑业务持续发展。 | 序号 | 项目名称 | 投资总额 | 募集资金投 资金额 | | --- | --- | --- | --- | | | 深远海海上风电送出成套装置及关键技术的研发 及产业化项目 | 33.746.00 | 33,746.00 | | 2 | 绿色低碳柔性电源核心装备的研发及产业化项目 | 23,363.00 | 23,363.00 | | ਤੇ | 研发/试验中心建设项目 | 25.586.00 | 25.586.00 | | ব | 补充流动资金 | 15.000.00 | 15.000.00 | | | 合计 | 97.695.00 | 97.695.00 | 图片 ...

Core Viewpoint - Rongxin Huike Electric Co., Ltd. has officially received acceptance for its IPO application on the Sci-Tech Innovation Board, focusing on the development, manufacturing, and sales of core equipment for new power systems [1] Group 1: Company Overview - Rongxin Huike is a high-tech enterprise specializing in the research, manufacturing, and sales of flexible transmission equipment and high-power converters, serving various industries including power generation, oil and gas pipelines, and defense [1][2] - The company is recognized as a national-level "little giant" enterprise and has undertaken several major national scientific research projects, receiving widespread recognition for its products and technologies [1][3] Group 2: Technological Advancements - The company has successfully applied over 100,000 pressed IGBT devices in the power electronics field, with more than 12,000 of these being domestically produced, thus promoting the localization of core components in flexible DC transmission equipment [2] - Rongxin Huike has developed a complete intellectual property system in the flexible transmission field, with 166 patent authorizations, including 108 invention patents [3] Group 3: Market Position and Opportunities - The company holds a market share of over 25% in the flexible DC converter market, participating in four out of five operational high-voltage flexible DC projects since 2020 [4] - As of September 2025, the company has an order backlog exceeding 3.68 billion yuan, which is expected to be gradually delivered over the next 2-3 years, laying a solid foundation for future performance [4] Group 4: IPO and Future Plans - The funds raised from the IPO will support the company's response to national energy strategies and carbon reduction goals, focusing on the research and industrialization of key technologies related to new power systems [5] - Planned projects include the development of offshore wind power transmission equipment and green low-carbon flexible power core equipment, aimed at establishing a leading advantage in the core equipment field of new power systems [5]

Group 1 - During the week of November 24 to November 30, three new IPO applications were accepted by the Shanghai and Shenzhen Stock Exchanges, with two approved, one postponed, and two terminated [1] - The three new IPO applications included two from the Shenzhen Stock Exchange and one from the Shanghai Stock Exchange, with a total of 26 IPO applications accepted since the second half of the year [1] - The two companies that terminated their reviews were Xinqiang Electronics and Suzhou Jiangtian Packaging Technology, with Xinqiang Electronics having a cash dividend of 181 million yuan during the reporting period [1][4] Group 2 - Rongxin Huike Electric Co., Ltd. is making its second attempt to apply for an IPO on the Sci-Tech Innovation Board, having previously withdrawn its application due to information disclosure violations [2] - The company aims to raise 977 million yuan for projects related to offshore wind power and green low-carbon flexible power equipment [2] - Rongxin Huike's financial performance has shown significant volatility, with revenues and net profits fluctuating greatly during the reporting period [3] Group 3 - Xinqiang Electronics withdrew its IPO application within six months, with a reported revenue of 869 million yuan in 2022 and a net profit of 84.98 million yuan [4][5] - The company has a high cash dividend amounting to 181 million yuan over two years, indicating strong cash flow [5] - The actual controller of Xinqiang Electronics holds a significant share, raising concerns about potential improper control [5] Group 4 - YD Chemical Machinery Co., Ltd. had its IPO review postponed due to inquiries regarding revenue recognition and the stability of its operating performance [1][6] - MoreThread has completed its subscription and is in the countdown to listing, with a share price of 114.28 yuan and a total issuance of 70 million shares [7] - Muxi Co., Ltd. is set to begin its subscription process on December 5, with 40.1 million new shares being issued [7]

IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]

Core Viewpoint - Rongxin Huike Electric Co., Ltd. is attempting to relist on the Sci-Tech Innovation Board (STAR Market) after a previous failed IPO due to undisclosed issues regarding a controlling shareholder, raising concerns about the legitimacy of its asset transfer and financial stability [1][2][11]. Company Background - Rongxin Huike was established in January 2017, fully funded by the A-share listed company Dream Network Rongxin, which had previously transformed into a mobile internet-focused entity [2][4]. - The company specializes in the research, manufacturing, and sales of core equipment for new power systems, including flexible transmission equipment and high-power converters [2]. Financial Performance - The company has shown significant revenue volatility, with revenues of 19.42 billion RMB in 2022, plummeting to 2.33 billion RMB in 2023, a decrease of 88.01% year-on-year [15][16]. - The net profit attributable to the parent company has also fluctuated, with a profit of 1.76 billion RMB in 2022, a loss of 0.66 billion RMB in 2023, and a slight profit of 0.38 billion RMB in 2024 [15][16]. - The company’s cash flow from operating activities has turned negative, indicating worsening financial health, with figures of 2.52 billion RMB in 2022, -1.41 billion RMB in 2023, -1.86 billion RMB in 2024, and -3.21 billion RMB in the first half of 2025 [21]. IPO and Valuation Concerns - The IPO plan involves issuing up to 135.6 million shares, aiming to raise approximately 976.95 million RMB, which would imply a pre-IPO valuation of around 3.9 billion RMB [12]. - Recent share transfers have shown decreasing valuations, with the latest transfer in April 2025 valuing the company at approximately 1.237 billion RMB, significantly lower than previous valuations [12][13]. - The company’s ability to meet IPO listing standards is in question due to its inconsistent financial performance, particularly if it incurs losses in 2025 [16][18]. Industry Comparison - Compared to peers, Rongxin Huike's financial stability and performance are significantly weaker. Competitors have consistently reported profits, while Rongxin Huike has faced frequent losses [18][20]. - The company’s technology may be advanced, but its ability to convert this into stable revenue is under scrutiny, especially when compared to other companies in the same sector that have shown steady growth [18][20].

Core Viewpoint - Rongxin Huike Electric Co., Ltd. is making a second attempt to go public on the Sci-Tech Innovation Board, increasing its fundraising target from 600 million to 977 million yuan, despite ongoing issues with revenue volatility and customer concentration [1][2]. Financial Performance - From 2018 to 2020, Rongxin Huike's revenue was 68.03 million, 236 million, and 807 million yuan, with net profits of -44.87 million, 12.99 million, and 83.19 million yuan respectively. For the period from 2022 to the first half of 2025, revenues were 1.942 billion, 233 million, 508 million, and 234 million yuan, with net profits of 182 million, -56.28 million, 35.42 million, and -5.37 million yuan, indicating alternating profit and loss [5][6]. Customer Concentration - The company has a high customer concentration, with the top five clients contributing 96.55%, 70.84%, 71.27%, and 92.96% of total revenue from 2022 to the first half of 2025. This raises concerns about customer stability as the primary clients vary across periods [7]. Inventory and Cash Flow - As of the end of the reporting periods, the company's inventory was valued at 400 million, 747 million, 1.173 billion, and 1.704 billion yuan, representing 70.09% of current assets and 60.52% of total assets by mid-2025. The net cash flow from operating activities totaled -397 million yuan over the reporting periods [6][8]. Regulatory Issues - After withdrawing its previous IPO application, the company received a warning from the Shanghai Stock Exchange for failing to timely report the detention of its actual controller, which raises concerns about its compliance and governance practices [3][4].

Core Viewpoint - Rongxin Huike Electric Co., Ltd. is attempting to relist on the Sci-Tech Innovation Board (STAR Market) after a previous unsuccessful attempt, with its IPO application accepted on November 25, 2023. The company has shown significant fluctuations in performance, reporting a net loss of 5.37 million yuan in the first half of the year [1][5]. Group 1: IPO Attempt and Financials - Rongxin Huike's IPO application was previously accepted in December 2021 but was withdrawn in June 2022. The current fundraising target has increased from 600 million yuan to 977 million yuan [5]. - The company plans to allocate the raised funds to various projects, including 337 million yuan for offshore wind power equipment, 234 million yuan for green low-carbon flexible power equipment, 256 million yuan for R&D center construction, and 150 million yuan for working capital [5]. - The company's debt-to-asset ratio has been rising, reaching 31.91% at the end of 2022 and projected to rise to 57.36% by mid-2025 [5][6]. Group 2: Performance Fluctuations - Rongxin Huike's revenue and net profit have fluctuated significantly, with revenues of approximately 1.942 billion yuan in 2022 and a projected 2.33 billion yuan in 2023, while net profits have varied from 182 million yuan to losses of 56.28 million yuan [8]. - The company's revenue recognition is heavily influenced by the timing of project completions, leading to substantial quarterly revenue fluctuations [9]. - The company has a backlog of orders exceeding 3.68 billion yuan, which is expected to be delivered over the next 2-3 years, providing a foundation for future performance [9]. Group 3: Inventory and R&D - The company's inventory has been increasing, with values of 401 million yuan in 2022 and projected to reach 1.704 billion yuan by mid-2025, primarily due to the need for substantial stock for ongoing projects [10]. - R&D expenses have also shown significant variability, with amounts ranging from 47.97 million yuan to 21.18 million yuan across the reporting periods, reflecting the company's revenue fluctuations [10]. Group 4: Shareholding Structure - The controlling shareholders of Rongxin Huike include Baiyun Electric Group and Zuo Qiang, with significant involvement from the Hu family [7][11]. - Zuo Qiang has a history in the capital market, previously being a controlling figure in another listed company, and has been involved in the management of Rongxin Huike since its inception [11][12].

Core Viewpoint - Rongxin Huike Electric Co., Ltd. is attempting to go public on the Sci-Tech Innovation Board (STAR Market) again after a previous unsuccessful attempt, with a planned fundraising of 977 million yuan [1] Company Overview - Rongxin Huike is a high-tech enterprise specializing in the research, manufacturing, sales, and service of core equipment for new power systems, providing flexible transmission complete equipment and high-power converters [1] Financial Performance - The projected operating revenues for Rongxin Huike from 2022 to the first half of 2025 are approximately 1.942 billion yuan, 233 million yuan, 508 million yuan, and 234 million yuan respectively [1] - The corresponding net profits attributable to the company are expected to be around 182 million yuan, -56.28 million yuan, 35.42 million yuan, and -5.37 million yuan for the same periods [1] Fundraising Purpose - The company aims to use the raised funds for the research and industrialization of offshore wind power transmission complete devices and key technologies, the development of green low-carbon flexible power core equipment, the establishment of a research/testing center, and to supplement working capital [1] Previous IPO Attempt - This is the second attempt by Rongxin Huike to list on the STAR Market, having previously received acceptance for its IPO application in December 2021, which was later withdrawn in June 2022 [1]