Group 1 - The report highlights the selection of 94 companies in the North Exchange, covering various sectors including high-end equipment manufacturing, TMT, chemical new materials, consumption, and biomedicine, with a focus on new productivity companies [2][11][19] - The report emphasizes the importance of specialized and innovative companies, particularly "little giant" enterprises, in driving the new productivity construction [2][3][19] - The five selected companies for this report are Ruijian Medical, Kanghua Co., Tongbao Optoelectronics, Zuxing New Materials, and Peicheng Technology, with an average revenue of 626 million yuan and an average net profit of 95.72 million yuan for 2024 [4][19][20] Group 2 - Ruijian Medical specializes in blood purification products, achieving a revenue of 483 million yuan and a net profit of 127.93 million yuan in 2024, with a gross margin of 51.05% [4][28][30] - Kanghua Co. focuses on POCT in vitro diagnostics, reporting a revenue of 728 million yuan and a net profit of 125.07 million yuan in 2024, with a gross margin of 66.68% [4][35][40] - Tongbao Optoelectronics, which specializes in automotive lighting components, achieved a revenue of 588 million yuan and a net profit of 83.09 million yuan in 2024, reflecting an 11.02% increase in revenue [4][39][40] - Zuxing New Materials is an internationally recognized aluminum pigment manufacturer, with a revenue of 707 million yuan and a net profit of 58.72 million yuan in 2024 [5][39][40] - Peicheng Technology, a third-party BMS "little giant," reported a revenue of 733 million yuan and a net profit of 93.44 million yuan in 2024 [5][39][40]

Group 1 - The core point of the article is that Changzhou Tongbao Optoelectronics Co., Ltd. is making another attempt to go public on the Beijing Stock Exchange, with a fundraising target of 330 million yuan [1][3] - The company has a concentrated ownership structure, with three family members controlling 78.7487% of the shares, giving them significant decision-making power [1][3] - In June 2024, the company received a warning letter from the Jiangsu Securities Regulatory Bureau due to accounting errors that led to inaccurate financial disclosures for three reporting periods [1][4] Group 2 - Tongbao Optoelectronics has a high dependency on its major client, SAIC-GM-Wuling, which accounted for 83.35% of its total revenue in 2024 [1][5] - The company has faced challenges with its core product, the automotive lighting system, which saw a decrease in average selling price by 9.12% in 2024, despite a production and sales rate of 105.81% [1][6] - The company has experienced growth in revenue and net profit from 2022 to 2024, with revenues of 390 million yuan, 529 million yuan, and 588 million yuan, and net profits of 36.69 million yuan, 62.25 million yuan, and 83.09 million yuan respectively [5]

Core Viewpoint - Tongbao Optoelectronics is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 330 million yuan, despite past issues with financial disclosures and a heavy reliance on a single major client, SAIC-GM-Wuling [1][2][4]. Group 1: IPO Preparation - Tongbao Optoelectronics has had a history of attempting to go public, including a previous attempt in 2017 and a recent application that was accepted by the Beijing Stock Exchange [2][3]. - The company plans to issue up to 18.79 million shares, with all proceeds allocated to projects related to smart LED modules and power distribution systems for electric vehicles [3]. Group 2: Ownership Structure - The ownership of Tongbao Optoelectronics is highly concentrated, with three family members controlling 78.75% of the shares, giving them significant influence over company decisions [1][3]. Group 3: Financial Performance - The company reported revenues of 390 million yuan, 529 million yuan, and 588 million yuan from 2022 to 2024, with net profits increasing from 36.69 million yuan to 83.09 million yuan during the same period [6]. - Despite the growth in revenue and profits, the average selling price of its core product, automotive lighting systems, decreased by 9.12% in 2024 [7]. Group 4: Client Dependency - Tongbao Optoelectronics is heavily dependent on SAIC-GM-Wuling, with sales to this client accounting for 83.35% of total revenue in 2024 [1][6]. - The company has a significant reliance on its top five clients, with their sales contributing 94.65%, 98.42%, and 96.57% of total revenue from 2022 to 2024 [6].

Core Viewpoint - Changzhou Tongbao Optoelectronics Co., Ltd. (referred to as "Tongbao Optoelectronics") has initiated its third IPO journey on the Beijing Stock Exchange, raising concerns about its heavy reliance on its largest customer, SAIC-GM Wuling, which has reached 83.35% of its sales in 2024 [1][7][10]. Group 1: IPO Attempts and Challenges - Tongbao Optoelectronics has attempted to go public three times since 2017, changing its underwriting broker each time, which raises questions about underlying issues preventing a successful IPO [1][4]. - The company has faced significant challenges, including a failed IPO attempt in 2018 and another in 2023, with the latest attempt being supported by Dongwu Securities [5][6]. - The company’s IPO counseling approval is nearing expiration, adding pressure to its current attempt to list on the Beijing Stock Exchange [6]. Group 2: Customer Dependency - The company's revenue heavily depends on SAIC-GM Wuling, with sales to this customer accounting for 66.83%, 63.99%, and 83.35% of total revenue from 2022 to 2024, respectively [7][10]. - The concentration of revenue from a single customer raises concerns about the company's operational independence, as it is perceived to be functioning almost as a "processing plant" for SAIC-GM Wuling [10]. - Compared to industry peers, Tongbao Optoelectronics exhibits a significantly higher customer concentration, with no comparable company having over 67% revenue dependency on a single customer [8]. Group 3: Competitive Landscape - Notably, Huayu Vision, which is both a major customer and supplier, poses a unique challenge as it is also a competitor in the automotive lighting sector [11][15]. - The sales revenue from Huayu Vision has increased significantly, indicating a complex relationship where the company is both reliant on and competing with its suppliers [12][14]. - The dual role of Huayu Vision as a customer and supplier raises questions about the sustainability and rationality of such business relationships [14].

Core Viewpoint - Changzhou Tongbao Optoelectronics Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, with Dongwu Securities as the sponsor and Tianzhi International as the accounting firm [2][3]. Company Overview - The company is positioned as a manufacturer of automotive electronic components, focusing on the research, production, and sales of automotive lighting systems, electronic control systems, and energy management systems [3]. - Its automotive lighting products are utilized in popular models from well-known automotive brands such as SAIC-GM-Wuling, GAC Aion, GAC Trumpchi, Dongfeng Nissan, and SAIC Volkswagen [3]. Financial Information - The company plans to raise 330 million yuan for projects related to intelligent LED modules, charging and distribution systems, and control modules for new energy vehicles [4]. - Financial performance from 2022 to 2024 shows revenue growth from 390 million yuan in 2022 to 588 million yuan in 2024, with net profits increasing from 36.69 million yuan to 83.09 million yuan during the same period [5]. Shareholding Structure - As of the signing date of the prospectus, the major shareholders include Liu Wei (31.77%), Liu Guoxue (31.14%), and Tao Jianfang (15.84%), collectively holding 78.75% of the company's total shares [7]. - Liu Guoxue serves as the chairman, while Liu Wei has held various roles including general manager and vice chairman [7][8].

Group 1 - The core point of the article is that Changzhou Tongbao Optoelectronics Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange [1] - The company specializes in the research, production, and sales of automotive electronic components, including automotive lighting systems, electronic control systems, and energy management systems [2] - The IPO aims to raise 330 million yuan, primarily for projects related to intelligent LED modules for new energy vehicles, charging and distribution systems, and control modules [2] Group 2 - The total amount of funds to be raised is 33 million yuan for the new energy vehicle intelligent LED module, charging and distribution system, and control module project [3][4] - Financial projections indicate that the company expects to achieve operating revenues of 390 million yuan, 529 million yuan, and 588 million yuan for the years 2022, 2023, and 2024, respectively, with a net profit of 36.69 million yuan, 62.25 million yuan, and 83.09 million yuan for the same years [4] - The company anticipates an 11.02% increase in operating revenue and a 33.49% increase in net profit in 2024 compared to the previous year [4]

文/梧桐晓编 4月27日，北交所新受理2家江苏公司的IPO申请：江苏永大化工机械股份有限公司（874495）、常州通宝光电股份有限公司（833137）的IPO申请。北交所今年至 今共受理7家IPO申请。 | 序号 | | 简称 | 注册地 | 保荐机构 | 律师事务所 | 会计师事务所 | 更新日期 受理日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 874495 | | 永大股份 | 江苏省 南通市 | 国泰海通证 券股份有限 | 国浩律师（上 致同会计师事务所 海）事务所 （特殊普通合伙） 海) 事务所 | | | | | | | | 公司 | | | | | 2 | 833137 | 通宝光电 | 江苏省 常州市 | | And Children Class of Children Children Company Concessful Collection of 务所（特殊普通合 2025-04-27 2025-04-27 | | | | | | | | 份有限公司 | 律师事务所 | 伏) | | 由于北交所网站尚未公布两家公司的招股 ...