Core Viewpoint - The article discusses the recent IPO counseling registrations of seven companies in China, highlighting their business models, financial performance, and investment backgrounds. Group 1: 华澜微 (HuaLan Micro) - 华澜微 has no controlling shareholder or actual controller and has not achieved profitability since its establishment [5][6] - The company has undergone 14 rounds of financing, with notable early investors including 深创投 and TCL创投 [5] - 华澜微's revenue from 2019 to 2023 shows a growth trend, with figures of 2.91 billion, 4.35 billion, 5.95 billion, 6.04 billion, and 2.29 billion respectively, while net losses have been recorded [6] - The company was placed on the U.S. Entity List in July 2021, which has affected its operations and led to a strategic shift towards domestic business [7] Group 2: 恒翼能 (Hengyi Energy) - 恒翼能 focuses on intelligent manufacturing equipment for lithium batteries and has become a leading supplier globally [9] - The company has a registered capital of approximately 1.26 billion and has over 2,000 employees across multiple countries [9] - In 2023, 恒翼能 completed a D-round financing led by Morgan Stanley Private Equity Fund [10] Group 3: 玄机科技 (Xuanji Technology) - 玄机科技 is a well-known digital content production company with a registered capital of approximately 515.79 million, focusing on animation IPs [12] - The company has significant backing from Tencent, which holds about 20.5% of its shares [12][14] - Revenue projections for 2023 and 2024 are 262 million and 317 million respectively, with net profits of 40.92 million and 68.2 million [14] Group 4: 先临三维 (Xianlin 3D) - 先临三维 specializes in high-precision 3D scanning technology and has a registered capital of approximately 404 million [16] - The company reported a revenue of 1.202 billion in 2024, with a net profit of 226 million, reflecting a growth of 18.07% and 59.08% respectively [17] - The company's gross margin stands at 69.1% [15] Group 5: 森峰激光 (Senfeng Laser) - 森峰激光 focuses on laser processing equipment and has a registered capital of 57 million [19] - The company has experienced rapid revenue growth, achieving 992 million, 1.332 billion, and 1.288 billion from 2022 to 2024 [20] - The company withdrew its application for the ChiNext listing in December 2024 due to strategic considerations [19] Group 6: 莫森泰克 (Mosen Tech) - 莫森泰克 specializes in automotive components and has a registered capital of approximately 106 million [22] - The company reported a revenue of 1.956 billion in 2024, with a net profit of 264 million, marking a year-on-year growth of 24.42% and 37.32% respectively [23] Group 7: 鹰峰电子 (Eagle Peak Electronics) - 鹰峰电子 focuses on passive electronic components and has a registered capital of approximately 104.93 million [25] - The company has seen fluctuating revenues, with figures of 1.482 billion, 1.396 billion, and 1.841 billion from 2022 to 2025 [27] - The global passive components market is projected to grow from 32.77 billion in 2021 to 42.82 billion by 2027, with a CAGR of 4.56% [26]

Core Viewpoint - Eagle Peak Electronics is seeking to leverage its technological advancements in passive components for electric vehicles and renewable energy sectors to drive growth through an IPO, aiming to capitalize on the current market dynamics and support for specialized enterprises [1][6]. Group 1: Company Overview - Eagle Peak Electronics is a leading domestic player in passive electronic components, focusing on capacitors, inductors, busbars, and resistors, primarily used in electric vehicles, wind and solar energy storage, and industrial automation [2]. - In the first half of 2025, the company's revenue from the electric vehicle sector accounted for 65.33%, while wind and solar energy and industrial automation contributed 18.57% and 12.58%, respectively [2]. - The company has invested significantly in R&D, with expenses reaching 36.46 million yuan in the first half of 2025, a 20.8% increase year-on-year, and holds 16 invention patents with 163 R&D personnel, making up 11.64% of its total workforce [2]. Group 2: Financial Performance - Eagle Peak Electronics reported a revenue of 1.841 billion yuan in 2024, a year-on-year increase of 31.94%, and 853 million yuan in the first half of 2025, up 17.78% year-on-year, despite a decline in gross margin from 19.24% to 15.84% due to rising prices of copper and aluminum [3]. - The company's net profit attributable to shareholders fell to 67.65 million yuan in 2024, a decrease of 39.90%, indicating a clear trend of revenue growth without corresponding profit increases; in the first half of 2025, net profit declined by 22.41% year-on-year [3]. - Operating cash flow has been negative for two consecutive years, with a net cash flow of -79.96 million yuan in the first half of 2025, and accounts receivable reached 655 million yuan, constituting 64.41% of current assets, highlighting the need for improved bargaining power with downstream clients [3]. Group 3: Market Challenges - The company faces customer concentration risk, with over 70% of revenue coming from its top five clients, including a significant reliance on a leading electric vehicle manufacturer, which poses risks related to order fluctuations [4]. - The business is sensitive to policy changes, particularly regarding subsidies for renewable energy; any unexpected reduction in these subsidies could adversely affect downstream demand [5]. - There is pressure from technological advancements, particularly the accelerated replacement of traditional inductors by silicon carbide (SiC) devices, with Eagle Peak's progress in SiC module commercialization lagging behind international competitors like Infineon [5]. Group 4: Market Outlook - The Beijing Stock Exchange is increasing support for specialized and innovative enterprises, positioning Eagle Peak Electronics as a "little giant" in this category, which, combined with the high growth potential in the renewable energy sector, suggests significant valuation flexibility [6]. - The upcoming IPO represents a strategic move for Eagle Peak Electronics to transition from technological leadership to capital leadership, reflecting a broader survival strategy for companies in the renewable energy supply chain amid industry cycles [6].

Core Viewpoint - The company, Shanghai Eagle Peak Electronics Technology Co., Ltd. (Eagle Peak Electronics), is preparing for its initial public offering (IPO) and has engaged Guotai Junan Securities as its advisory institution for the process [1] Group 1: Company Overview - Eagle Peak Electronics is a leading domestic enterprise in the field of power electronic passive components, involved in the research, production, and sales of capacitors, inductors, busbars, and resistors [2] - The company has established R&D and production bases in Shanghai and Anhui, focusing on high-temperature, high-voltage, high-current, low-noise, and low-parasitic parameter performance in its core products [2] Group 2: Market Position and Growth - Initially, Eagle Peak Electronics' products were primarily used in industrial automation and wind power photovoltaic sectors, serving high-quality clients such as Vestas, Sungrow Power Supply, Danfoss, and Schneider Electric [3] - The rapid growth of the new energy vehicle market has created significant opportunities for automotive-grade passive components, leading the company to invest in the development of automotive-grade film capacitors and boost inductors [3] - In the last three years, the revenue from the company's products in the new energy vehicle sector was 323 million, 927 million, and 778 million yuan, with a compound annual growth rate of 55.29%, accounting for 37.26%, 63.70%, and 56.85% of the main business revenue respectively [3] Group 3: Strategic Partnerships - Eagle Peak Electronics has established cooperative relationships with well-known companies in the new energy vehicle sector, including BYD, BorgWarner, Renault Group, and Nidec, as well as in the wind power photovoltaic sector with Vestas, Sungrow Power Supply, and Siemens [4] - The company is actively expanding its market presence and aims to establish partnerships with more influential enterprises [4]