IPO Review and Registration Progress - Four companies passed the IPO review last week, including two semiconductor firms, Qiangyi Co. and Hengrun Chang, aiming to list on the Sci-Tech Innovation Board and Beijing Stock Exchange respectively [2][3] - Qiangyi Co. focuses on the development and production of probe cards, essential for semiconductor testing, with a high customer concentration where the top five clients contribute about 80% of revenue [2][3] - Hengrun Chang specializes in plasma RF power systems, with revenue projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, although a slight decline in revenue is expected in 2025 due to increased R&D and capacity expansion [3][4] New IPO Applications and Upcoming Listings - Five companies are scheduled for IPO reviews this week, including Zhenstone Co., which plans to raise 3.981 billion yuan, focusing on clean energy materials [5][6] - Zhenstone's revenue is expected to decline from 5.267 billion yuan in 2022 to 4.439 billion yuan in 2024, primarily due to market competition and raw material price fluctuations [6] - Other companies like Yisiwei and Aide Technology are also preparing for IPOs, with Yisiwei's revenue heavily reliant on government subsidies [7][8] New Stock Listings and Subscription Dynamics - Three new stocks are set to be listed this week, including Beikang Detection, Hengkun New Materials, and Nanfang Network Digital, with significant revenue growth reported for Nanfang Network Digital [12][13] - Beikang Detection focuses on non-ferrous metal inspection services, while Hengkun New Materials specializes in key materials for semiconductor manufacturing [12][13] - Two new stocks are scheduled for subscription, including Jingchuang Electric and China Uranium, with China Uranium projected to achieve revenue between 19.5 billion and 20 billion yuan in 2025 [14][15]

Core Points - Changzhou Tongbao Optoelectronics Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking the 74th company approved this year [1] - The company specializes in the research, production, and sales of automotive electronic components, including automotive lighting systems and energy management systems [1] - The lead underwriter for the IPO is Dongwu Securities, which has successfully sponsored three IPO projects this year [1][3] Company Ownership - Liu Wei holds 17,914,045 shares, representing 31.77% of the total share capital, making him the largest shareholder [2] - Liu Guoxue and Tao Jianfang hold 17,554,500 shares (31.14%) and 8,930,000 shares (15.84%) respectively, with the three collectively owning 78.75% of the company [2] - Liu Guoxue and Tao Jianfang are spouses, and Liu Wei is their son, indicating a family-controlled structure [2] IPO Details - Tongbao Optoelectronics plans to issue up to 18,793,400 shares, with a potential over-allotment option of up to 2,819,010 shares [3] - The company aims to raise 330 million yuan (approximately 33 million) for projects related to smart LED modules and charging systems for new energy vehicles [3] Review Opinions - The review committee requested a quantitative analysis of the potential negative impact on future performance due to major clients implementing a "yearly reduction" policy [4] Inquiry Issues - The committee raised concerns regarding the stability and sustainability of operations, particularly in relation to customer concentration risks and inventory management practices [5]

通宝光电定位于汽车电子零部件制造商，主营业务为汽车照明系统、电子控制系统、能源管理系统等汽 车电子零部件的研发、生产和销售。公司以汽车照明系统为基石业务，长期服务于知名汽车整车及零部 件制造商。公司的汽车照明产品已在上汽通用五菱、广汽埃安、广汽传祺、东风日产、上汽大众等汽车 品牌的多款热门车型中应用，树立了良好的市场口碑和品牌形象。 11月13日，北交所上市委员会2025年第31次审议会议的结果出炉，通宝光电顺利过会，这意味着，北交 所或将增添一家国家级专精特新"小巨人"企业。 据介绍，通宝光电此次IPO拟募集3.30亿元，用于新能源汽车智能LED模组、充配电系统及控制模块项 目。项目建成后将新增智能化生产线，大幅提升高附加值产品产能，为公司未来的增长奠定坚实基础。 业绩方面，2022年至2024年，通宝光电实现营业收入分别为3.90亿元、5.29亿元和5.88亿元，净利润分 别为3669.29万元、6224.85万元和8309.35万元。2025年1—9月，公司实现营业收入4.88亿元，较上年同 期增长30.51%；归属于母公司股东的净利润为5179.02万元，较上年同期增长5.41%。 通宝光电与上汽通用 ...

在上市委会议现场，关于经营稳定性与业绩可持续性，上市委要求通宝光电说明与主要客户合作的稳定 性与可持续性，应对客户较为集中风险的措施及有效性；说明主要客户对公司实施"年降"政策对公司未 来业绩可能产生的影响。 另外，关于存货管理，上市委要求通宝光电说明存货"寄售仓"模式中发出商品管理及存货内部控制的有 效性。 北京商报讯（记者 马换换 李佳雪）11月13日晚间，北交所官网显示，常州通宝光电股份有限公司（以 下简称"通宝光电"）IPO当日上会获得通过。 据了解，通宝光电定位于汽车电子零部件制造商，主营业务为汽车照明系统、电子控制系统、能源管理 系统等汽车电子零部件的研发、生产和销售。公司IPO于2025年4月27日获得受理，当年5月28日进入问 询阶段。公司此次冲击上市拟募集资金3.3亿元。 ...

值此新能源汽车智能化的时代风口，汽车电子零部件领域"专精特新"企业常州通宝光电股份有限公司（下称"通宝光电"）即将迎来发展的关键节点。11月13 日，通宝光电将在北交所IPO上会，接受发审委面审。 招股书显示，通宝光电本次计划公开发行股票数量不超过1879.34万股，拟募集资金3.3亿元。所募资金将用于新能源汽车智能LED模组、充配电系统及控制 模块项目的建设与推进，有利于进一步巩固和扩大公司主营业务的市场份额，拓展产品应用场景，优化产品结构，从而提升公司综合竞争优势和盈利水平， 增强公司的抗风险能力和核心竞争力，实现平稳健康的可持续发展。 稳健增长，以深厚底蕴开展协同合作 通宝光电主营汽车照明系统、电子控制系统、能源管理系统等汽车电子零部件的研发、生产和销售。公司以汽车照明系统为基石业务，长期服务于知名汽车 整车及零部件制造商。 近年来，通宝光电的客户结构持续优化，业绩稳健增长。 2022年至2024年，公司营业收入从3.9亿元增长至5.88亿元，归母净利润从3669.29万元增长至8309.35万元。2024年净利润同比增长33.49%。2025年前三季 度，公司营业收入同比增长30.51%，归属于母公司 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in five years [3][4] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with major revenue sources from its performance "Chang Hen Ge" and cableway business [3] - ZhiXin Co. focuses on automotive welding parts and related molds, with concerns raised about market competition and revenue sustainability [4] - Three companies, including QiLong Ocean and HaiSheng Medical, passed the review at the Beijing Stock Exchange, with inquiries focused on financial information authenticity and customer stability [5] Upcoming IPOs - Four companies are set to undergo IPO reviews this week, including QiangYi Co. and HengYunChang, with QiangYi aiming to raise 1.5 billion yuan for semiconductor probe card projects [6] - Financial data for QiangYi shows steady revenue growth from 254 million yuan in 2022 to an estimated 647 million yuan in 2025, but highlights high customer concentration risks [6][7] - HengYunChang plans to raise 1.469 billion yuan, but anticipates a revenue decline in 2025 due to increased R&D expenses and capacity expansion costs [7] New Stock Listings - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of 497.08% on its first day [14][15] - Other notable listings include FengBei Bio and DaMing Electronics, with respective first-day gains of 172.6% and 413.55% [14][15] - This week, two new stocks are scheduled for subscription, including NanTe Technology, which aims to raise funds for precision mechanical components [16][17] IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi seeking to raise 725 million yuan for a new materials production base [10][11] - Core Medical has developed several artificial heart products but has yet to achieve profitability, with significant losses reported [11][12] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal [13]

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

Core Viewpoint - Tongbao Optoelectronics is preparing for its listing on the Beijing Stock Exchange, aiming to leverage its two decades of technological accumulation and diverse automotive electronics sector to enhance shareholder value and capture high-end market opportunities in automotive electronics [1][16]. Market Position - As an "invisible champion" in the automotive electronics field, Tongbao Optoelectronics has established a strong market barrier through its leading position in niche markets and deep partnerships with major clients [3]. - The company has led the drafting of industry standards for automotive LED modules and has a comprehensive product range covering front and rear lights, with 79 patents and 5 software copyrights as of June 2025 [3][4]. Core Customer Relationships - Tongbao Optoelectronics has a long-term strategic partnership with SAIC-GM-Wuling, with sales revenue from this client accounting for 66.83% to 93.45% from 2022 to the first three quarters of 2025 [4]. - The company has received multiple awards for quality and supply contributions, indicating a strong and stable order flow, with expected sales of over one million units in 2024 [4]. Core Performance - The company has shown robust growth, with revenue increasing from 390 million yuan in 2022 to 588 million yuan in 2024, representing a compound annual growth rate of 22.81% [5]. - Net profit surged from 36.69 million yuan in 2022 to 83.09 million yuan in 2024, a growth of 126.45%, with net profit margin improving from 9.42% to 14.14% [5][6]. Product Matrix and Innovation - Tongbao Optoelectronics has developed a product matrix consisting of automotive lighting systems, electronic control systems, and energy management systems, transitioning from a lighting manufacturer to a comprehensive automotive electronics provider [9][11]. - The automotive lighting system remains the main revenue driver, accounting for 95.70% of revenue in 2024, with significant growth in the total lighting assembly business [11]. Market Outlook - The automotive lighting market in China is projected to grow from 723 billion yuan in 2022 to 1,014 billion yuan by 2025, driven by the shift towards electric and intelligent vehicles [12]. - The electronic control systems market is also expanding, with a forecasted growth from 772 billion yuan in 2023 to 810 billion yuan by 2025 [14]. Fundraising and Investment Projects - The IPO proceeds will be primarily invested in projects related to smart LED modules and charging distribution systems, aimed at expanding production capacity and enhancing product consistency [15]. - This strategic investment is expected to solidify the company's technological advantages and support its transition to a comprehensive automotive electronics solution provider [14][15]. Conclusion - Tongbao Optoelectronics is positioned for significant growth through its strong customer relationships, innovative product offerings, and favorable market conditions, with the upcoming IPO expected to provide the necessary capital to accelerate its development in the automotive electronics sector [16].

Core Viewpoint - Changzhou Tongbao Optoelectronics Co., Ltd. (referred to as "Tongbao Optoelectronics") has submitted a prospectus for an IPO on the Beijing Stock Exchange, planning to publicly issue no more than 18.7934 million shares. The company's performance growth is heavily reliant on its partnership with SAIC-GM Wuling, with over 60% of its revenue coming from this single client, which is projected to rise to 83.35% in 2024 [2][4][5]. Customer Dependency - Tongbao Optoelectronics' revenue from its top five clients accounted for over 94% of its total revenue during the reporting period, indicating a significant customer concentration risk [4][5]. - The sales revenue from SAIC-GM Wuling for the years 2022, 2023, and 2024 were 26,044.05 million, 33,876.85 million, and 48,995.02 million respectively, representing 68.83%, 63.99%, and 83.35% of total revenue [5][8]. Unique Client-Supplier Relationship - A notable aspect of Tongbao Optoelectronics' client base is the dual role of Huayu Vision as both a major customer and supplier. Huayu Vision has consistently been the second-largest customer while also being the largest supplier, creating a unique competitive dynamic [2][7][8]. Financial Performance - The company reported revenues of 38,969.78 million, 52,944.69 million, and 58,778.96 million for the years 2022, 2023, and 2024, with net profits of 3,669.29 million, 6,224.85 million, and 8,309.35 million respectively, indicating continuous growth [4][5]. - The gross profit margin of Tongbao Optoelectronics has been increasing, reaching 24.07% in 2024, which is higher than the industry average that has been declining [11][12]. R&D Investment vs. Profitability - Despite the rising gross profit margins, Tongbao Optoelectronics has maintained a low R&D expense ratio compared to industry peers, with rates of 3.43%, 3.80%, and 4.06% during the reporting period, significantly below the industry average [13]. - The company's business structure is heavily focused on automotive lighting systems, which accounted for over 94% of its main business revenue during the reporting period [11][12].

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]