距离2023年6月27日向创业板递交申请已近两年，北京昊创瑞通电气设备股份有限公司(以下称昊创瑞 通)的上会进程仍未落定。不过，随着公司近期更新第六版招股书，并披露审核中心意见落实函，其IPO 上会或已临近。 报告期内，公司主要从事智能配电设备的研发、生产和销售，主要产品包括智能环网柜、智能柱上开关 和箱式变电站等，这些设备广泛应用于城市电网、农村电网改造及工业配电系统，承担着电网故障识别 与保护的关键功能。 2022年至2024年(以下称报告期)，昊创瑞通营业收入分别为5.60亿元、6.72亿元、8.67亿元，业绩保持稳 定增长；同期间，对应扣非净利润分别为6878.42万元、8832.49万元、1.10亿元，营业收入和扣非净利 润复合增长率分别高达24.47%和26.40%。 值得注意的是，由于所处的行业特殊性，昊创瑞通的业绩增长严重依赖国家电网下属企业。2022年至 2024年，其对国家电网下属企业的销售收入占公司营业收入的比例分别为88.92%、91.99%、77.38%。 可见，最近一年近八成营业收入来自国家电网下属企业。 在IPO审核中，客户集中度超过50%就被视为重大风险，而昊创瑞通却最高飙至9 ...

| 项目 | 2024年12月31 | 2023 年 12 月 31 | 2022年12月 31 | | --- | --- | --- | --- | | | 日/2024 年度 | 日/2023 年度 | 日/2022 年度 | | 资产总额(万元) | 71,195.76 | 66,654.31 | 46,209.04 | | 归属于母公司所有者权益(万元) | 43,602.25 | 32,286.29 | 23,358.10 | | 资产负债率(母公司)(%) | 37.15 | 49.31 | 47.78 | | 营业收入(万元) | 86,725.23 | 67,236.55 | 55.979.89 | | 净利润(万元) | 11,128.52 | 8,740.74 | 6.876.07 | 与行业内主要竞争对手相比，公司专注于智能环网柜、智能柱上开关和箱式变电站等产品的研发、生产 和销售，具有研发与技术优势、产品质量控制优势、管理团队优势和品牌优势。根据《电力行业关键设 备供需统计分析报告(配网协议库存篇)》，报告期内，国家电网配网物资协议库存招标的智能环网柜(一 二次融合环网箱)、智能柱上 ...

日常用电，是再熟悉不过的场景，小到手机充电，大到日常出行、商业服务、工业生产等，几乎离不开 用电。但电力系统是怎么把电能输入至千家万户、千厂万店，却是大部分人陌生的领域。 简单来说，电力系统由发电厂、送变电线路、供配电所和用电等环节组成，而为了将电能经输电、变电 和配电供应到各用户，电力系统在各个环节和不同层次还具有相应的信息与控制系统，对电能的生产过 程进行测量、调节、控制、保护、通信和调度，以保证用户获得安全、优质的电能。 北京昊创瑞通电气设备股份有限公司（以下简称昊创瑞通）便是深度参与其中的一家企业，近年来，该 企业通过对智能配电技术的前瞻布局与持续攻坚，构建了一套全面且先进的核心技术体系，也由此带来 业绩高增长，最近三年营收、净利润复合增长分别是24.47%、27.22%。如今，带着稳定且大幅增长的 业绩，昊创瑞通走进了A股投资者视野。 分析指出，昊创瑞通的崛起，是中国高端制造在关键基础设施领域自主可控的缩影。这家深耕十八年的 技术型企业，正从细分领域的"隐形冠军"蜕变为智能电网生态的核心参与者。未来，借助资本市场的力 量，还将进一步加速市场份额的拓展，提升在智能配电设备市场的占有率。 "让电网更智能 ...

Core Viewpoint - Zhuhai Kangjin Electric Co., Ltd. is planning to go public in Hong Kong, aiming to leverage its position as a leading provider of integrated power equipment and smart energy management solutions in response to China's shift towards a renewable energy-driven power system [1] Company Overview - Established in 2006, Kangjin Electric focuses on technology-driven integrated power equipment and smart energy management solutions, developing a "source-network-load-storage" integrated platform [1] - The company ranks third in the ring network cabinet sales in China, holding a 4.4% market share according to Frost & Sullivan [1] Business Segments - The company operates in two main segments: smart distribution network equipment and smart renewable energy business solutions [2] - The smart distribution network equipment segment includes ring network cabinets, transformers, low and high voltage complete equipment, pole-mounted switches, and distribution automation terminal equipment [2] - The smart renewable energy business solutions segment encompasses smart energy storage, smart charging systems, and comprehensive energy projects with energy management platforms [2] Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be RMB 638 million, RMB 824 million, and RMB 969 million respectively [2] - Gross profit for the same years is expected to be RMB 186 million, RMB 230 million, and RMB 246 million, with corresponding gross margins of 29.1%, 27.9%, and 25.4%, indicating a declining trend [2] - Net profit for 2022 and 2023 is reported at RMB 517.8 million and RMB 562.5 million, with a significant drop to RMB 383.4 million in 2024, reflecting a decrease of 31.9% [2] Intellectual Property - The company has over 1,400 employees, with approximately 17.1% being R&D and technical engineers [2] - It has obtained 194 intellectual property certificates, including 111 patents in China, 6 trademarks, 73 software copyrights, and 1 patent in the Netherlands [2]

康晋电气成立于2006年，是一家科技驱动的一体化电力设备提供商及智能能源管理解决方案提供商。公 司已开发极具竞争力的"源网荷储"一体化平台，拥有全面的电力系统全生命周期产品覆盖能力。根据弗 若斯特沙利文报告，以2024年环网柜销售收入计，康晋电气排名第三，在中国市场占4.4%的市场份 额。公司是环网柜领域的领先企业，与竞争对手相比，公司拥有超过十项固体、环保、常压环网柜的发 明专利，为中国环网柜市场中专利数量最多的公司之一。 康晋电气在招股书中披露了几项主要风险因素：首先，公司经营的行业竞争日益激烈，来自本地及全球 的竞争对手可能对业务带来重大不利影响；其次，若未能持续优化技术、不断开发改良产品及扩大产品 组合，可能对竞争地位造成不利影响；第三，产品质量或性能问题可能导致产生大笔保修费用，影响客 户购买意愿；第四，公司面临与延迟付款和客户违约相关的信用风险；第五，未来增长与盈利能力可能 因市场状况及产品服务需求波动受到影响。 截至2024年12月31日，康晋电气拥有超过1,800名客户，其中超过300名客户与公司合作超过三年。2022 年至2024年，公司五大客户的收入合计占同期总收入的比例分别为53.2%、 ...

Core Viewpoint - Beijing Haochuang Ruitong Electric Equipment Co., Ltd. is on the verge of listing on the A-share market, marking a significant milestone in its development as a national-level specialized and innovative "little giant" in the smart distribution equipment industry [1][4]. Company Overview - Haochuang Ruitong has been dedicated to the smart distribution equipment sector for over 18 years, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [2][3]. - The company has established a robust core technology system that includes fault location and self-healing technology, IoT integration, high-precision power sensor technology, and air-insulated technology [2][3]. Financial and Investment Highlights - The company plans to publicly issue no more than 27.90 million shares, raising approximately 477 million yuan, which will be used for projects including the production of smart ring main units and the establishment of a smart distribution R&D center [1][5]. - R&D investment has increased from 17.30 million yuan to 32.32 million yuan over the past three years, with a compound annual growth rate of 36.69% [2][3]. Technological Achievements - Haochuang Ruitong has obtained 119 patents and 29 software copyrights, including 14 invention patents, and has contributed to the formulation of two national standards [3]. - The company's outdoor pole-mounted vacuum circuit breaker has been recognized for its advanced technical performance, particularly in integrated design and high-precision sensor technology [3]. Industry Context - The power equipment industry is experiencing significant growth driven by the "new infrastructure" strategy and the "dual carbon" goals, with an estimated investment in distribution network construction exceeding 1.52 trillion yuan during the 14th Five-Year Plan period [4]. - The demand for stable, reliable, and intelligent distribution networks is increasing, influenced by the integration of IoT, 5G, and digital twin technologies [4][5]. Future Outlook - The establishment of the smart distribution R&D center will focus on self-healing control technology based on big data and collaborative optimization algorithms for distributed energy access [5]. - With the successful fundraising and implementation of investment projects, the company aims to enhance its smart manufacturing capabilities, expand production scale, and solidify its market position in the smart distribution equipment sector [5].

长江商报消息 ●长江商报记者 张璐 "夫妻店"创业18年，终于走到资本市场门口。6月17日，北京昊创瑞通电气设备股份有限公司（下称"昊 创瑞通"）深交所创业板IPO通过上市委会议。 昊创瑞通主要从事智能配电设备的研发、生产和销售，主要产品包括智能环网柜、智能柱上开关和箱式 变电站等。国家电网以及下属企业是公司最大客户。 招股书显示，2022年—2024年（下称"报告期"），昊创瑞通业绩呈现增长趋势，但公司超77%销售收入 来自国家电网下属企业。这意味着一旦国家电网招标生变，公司可能面临"断奶"困境。 长江商报记者注意到，昊创瑞通曾因瑕疵、运输操作不当等问题，发生产品质量问题。质量问题曾导致 公司部分产品被国网下属企业实施6个月的中标资格暂停。 产能扩张是昊创瑞通此次IPO募资的重点，但大幅度扩产后能否顺利消化，备受市场和监管关注。 对国家电网下属企业高度依赖 据招股书显示，2022年—2024年，昊创瑞通研发费用分别为1730.30万元、2336.20万元和3232.70万元， 占当期营收的比例分别为3.09%、3.47%和3.73%。而同期同行业可比公司研发费用率均值分别为 5.54%、5.54%和5.58 ...

据深交所审核官网信息，今日北京昊创瑞通电气设备股份有限公司（简称：昊创瑞通）IPO上会获审核通过，拟募资4.77亿元。 | 2025-6-17 1 创业板 吴创瑞通 北京 通过 | 721 | 电气机械和器材制 造业 | 47,653.64 | 11,128.52 | 长江证券 - - 天健 - 国浩（北京） | | --- | --- | --- | --- | --- | --- | | 上会日期 | | 所属行业 | | 拟募资金额（万元） 最近一年净利润（万元） 保荐机构 会计师事务所 律师事务所 | | 昊创瑞通本次创业板IPO于2023年6月27日获受理，在审期间答复了三轮审核问询函及一次审核中心意见落实函。对比同期申报创业板的企业来看，昊创 瑞通申报时的净利润规模并不突出，但在2023年"827"新规、新"国九条"等系列持续收紧IPO、加强监管的政策周期下，公司或依靠近年来持续增长的业 绩坚守到了上会。但同时，大客户依赖及期间费用率低于可比公司均值的情形，也让监管对其业绩稳定性产生了多番疑虑。 汉鼎咨询在本篇结合申报材料、在审期间审核问询问题及上市委审议现场主要关注问题，对昊创瑞通的基本情况及监 ...

文/梧桐数据中心 二、控股股东、实际控股人 段友涛直接持有公司38.00%的股份，并通过鼎盛盈科间接控制公司4.87%的股份，张伶俐直接持有公司32.16%的股份，二人合计控制公司75.03%的股份，二人系 夫妻关系，同时段友涛担任公司董事长兼总经理，张伶俐担任公司董事兼副总经理，因此公司控股股东、实际控制人为段友涛和张伶俐夫妇。 6月17日，北京昊创瑞通电气设备股份有限公司创业板IPO申请获得深交所上市委审核通过。 单位：万元 | | 创业板 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 昊创瑞通 | 智能配电设备的研发、 | 86,725.23 | 10,989.96 | 通过 | 长江证券/国浩 (北京) | | | 生产和销售 | | | | 天健 | 昊创瑞通 是一家专注于智能配电设备及配电网数字化解决方案的高新技术企业，主要从事智能配电设备的研发、生产和销售，主要产品包括智能环网柜、智能柱 上开关和箱式变电站等。公司控股股东、实际控制人 ...

Core Viewpoint - The company, Haocreat Ruitong Electric Equipment Co., Ltd., is preparing for its IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, focusing on smart distribution equipment and digital solutions for distribution networks. Concerns have been raised regarding the high ownership concentration by the controlling couple, potential conflicts of interest, and the company's financial health and operational risks [1][3][20]. Ownership Structure - The controlling couple, Duan Youtao and Zhang Lingli, hold over 75% of the company's shares, with Duan as the chairman and general manager, and Zhang as a director and deputy general manager, giving them significant influence over company decisions [3][5]. - The majority of shareholders are employees of the company, indicating a strong internal ownership structure [6]. Financial Concerns - The company has experienced rapid revenue growth from 275 million yuan in 2020 to 867 million yuan in 2024, but its gross margin has fluctuated significantly, raising concerns about sustainability [20][21]. - The company reported a high cash balance of 280 million yuan against short-term borrowings of only 20 million yuan, questioning the necessity of raising additional funds for liquidity [20]. Production Capacity and R&D - The company plans to expand its production capacity significantly, with utilization rates exceeding 100% for its main products, but there are concerns about the ability to absorb this new capacity [13][20]. - R&D expenses are below industry averages, with a rate of 3.73% compared to the industry average of 5.58%, raising questions about the adequacy of investment in innovation [11][14]. Customer Concentration - The company is highly dependent on the State Grid, with over 77% of its revenue coming from this single customer, which poses a risk if the relationship deteriorates [21][22]. - The top five customers accounted for over 94% of sales, indicating a significant concentration risk [21][22]. Quality Control Issues - The company has faced product quality issues that led to a temporary suspension of bidding qualifications from major clients, impacting its reputation and financial performance [23]. Related Party Transactions - Concerns have been raised regarding related party transactions, particularly the sale of a subsidiary at a nominal price, which may indicate potential conflicts of interest [24][25].