IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

| 索 引 号 | bm56000001/2025-00011024 | | --- | --- | | 发布机构 | | | 名 称 | 关于同意江苏锡华新能源科技股份有限公司首次公开发行股票注册的批复 | | 文 름 | 证监许可〔2025〕 2102号 | 据招股书，锡华科技主要从事大型高端装备专用部件的研发、制造与销售，产品结构以风电齿轮箱专用部件为主、注塑机厚大专用部件为辅，是全球行业领 先、质量可靠、技术卓越的大型高端装备专用部件制造商。公司产品主要应用于大型风电装备与注塑机领域，公司是国内少数可提供风电齿轮箱专用部件全 工序服务的企业。 智通财经APP获悉，9月19日，中国证监会发布《关于同意江苏锡华新能源科技股份有限公司首次公开发行股票注册的批复》。据悉，锡华科技拟在上交所 主板上市，国泰海通证券为其保荐机构，拟募资14.98亿元。 公司是南高齿、弗兰德、采埃孚等全球排名前列的风电齿轮箱制造商大型专用部件、全球大型注塑机龙头海天塑机厚大专用部件的长期主力供应伙伴，大部 分主要客户与公司合作十年以上，并与德力佳、中车股份等风电齿轮箱行业具有较强竞争力及较高市场地位的优质客户逐步建立了稳定的合作关 ...

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. has updated its IPO status to "submitted for registration," indicating a significant step towards public listing and capital raising for business expansion [1] Group 1: Company Overview - Xihua Technology specializes in the R&D, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components and injection molding machine parts [1] - The company has over 20 years of industry experience and emphasizes technological innovation as its foundation for development, particularly excelling in "thick-section" ductile iron technology [1] - Xihua's products are characterized by high strength, high plasticity, high precision, and high reliability, suitable for complex environments such as offshore typhoons and desert sandstorms [1] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 580 million yuan, a year-on-year increase of 36.67%, and a net profit of 94.29 million yuan, up 55.67% [2] - For the first three quarters of this year, the company expects revenue to reach between 859 million and 869 million yuan, representing a year-on-year growth of 29.04% to 30.54% [2] - The projected net profit for the same period is estimated to be between 150 million and 157 million yuan, with a year-on-year increase of 44.03% to 50.52% [2] Group 3: Client Relationships and Market Position - The company has established strong relationships with major clients in the industry, including top global wind turbine gearbox manufacturers and leading injection molding machine companies, with most partnerships lasting over ten years [2] - Xihua Technology is actively expanding its client base by collaborating with high-quality clients such as Delijia and CRRC Corporation, exploring new avenues for revenue growth [2] Group 4: IPO and Future Plans - The company plans to raise 1.498 billion yuan through its IPO, which will be allocated to the industrialization of core wind power equipment and the construction of a research and development center [2] - Successful implementation of these projects is expected to support the company's scale expansion, improve its production capacity and technological level, and enhance its core competitiveness [2]

Group 1 - Jiangsu Xihua New Energy Technology Co., Ltd. (referred to as "Xihua Technology") has passed the IPO review on September 5 and submitted the registration on September 6, marking the final stage of its listing process [1] - Xihua Technology focuses on the research, manufacturing, and sales of specialized components for large high-end equipment, primarily wind turbine gearbox components, with injection molding machine components as a secondary focus [1] - The company aims to raise approximately 1.498 billion yuan through its IPO, which will be allocated to the development and industrialization of core wind power equipment and key components for wind turbine gearboxes [1]

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. (referred to as "Xihua Technology") has successfully passed the IPO review on September 5 and submitted its registration on September 6, marking the final stage of its listing process [1] Company Overview - Xihua Technology specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components, with injection molding machine components as a secondary product line [1] IPO Details - The company aims to raise approximately 1.498 billion yuan through its IPO, which will be allocated to the development and industrialization of core wind power equipment and key components for wind turbine gearboxes [1]

Group 1 - Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) has been approved for its initial public offering (IPO) by the Shanghai Stock Exchange, marking it as the 47th company approved this year [1] - The lead underwriter for Xihua Technology's IPO is Guotai Junan Securities Co., Ltd., which has successfully sponsored nine IPO projects this year [1][2] - Xihua Technology plans to issue up to 120 million shares, representing no less than 10% and no more than 25% of the total share capital after the issuance [2] Group 2 - Xihua Technology primarily engages in the research, development, manufacturing, and sales of specialized components for large high-end equipment, focusing on wind power gearbox components [2] - As of the signing date of the prospectus, Jiangsu Xihua Investment Co., Ltd. holds 77.98% of Xihua Technology's shares, making it the controlling shareholder [2] - The company aims to raise approximately 149.78 million yuan for projects related to the industrialization of core wind power equipment and the construction of a research and development center [3] Group 3 - The listing committee raised questions regarding the alignment of Xihua Technology's wind power product sales with the bidding quantities of Chinese wind turbine manufacturers, as well as the necessity and rationality of the new production capacity from the fundraising projects [4] - There are concerns about potential risks related to capacity digestion and significant depreciation affecting performance, which need to be adequately addressed [4]

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) is set to raise approximately 1.498 billion RMB through its IPO, focusing on the development, manufacturing, and sales of specialized components for large high-end equipment, primarily in the wind power gearbox sector [1] Financial Performance - In the fiscal years 2021, 2022, 2023, and the first half of 2024, Xihua Technology reported revenues of approximately 878 million RMB, 942 million RMB, 908 million RMB, and 425 million RMB respectively, with net profits of about 216 million RMB, 184 million RMB, 177 million RMB, and 62.07 million RMB [2] - The company's equity attributable to shareholders reached 1,091.68 million RMB in the first half of 2024, up from 1,025.67 million RMB in 2023, 836.02 million RMB in 2022, and 656.75 million RMB in 2021 [3] - The asset-liability ratio for the parent company improved to 54.01% in the first half of 2024 from 82.64% in 2021, indicating a strengthening financial position [3] Market Position and Strategy - Xihua Technology holds approximately 20% of the global market share in the casting segment of wind power gearbox components, positioning itself as a leading manufacturer in the industry [1] - The company is committed to upgrading manufacturing technologies for wind power gearbox components, aligning its R&D progress with market demands for products ranging from 1MW to 20MW [1] Customer Concentration - The company faces high customer concentration risk, with revenues from the top five customers accounting for over 97% of total revenue in recent years, and a significant dependency on a single client, NGC Group, which contributed approximately 34.83% to 59.53% of its main business revenue [2][3]

Core Viewpoint - The company, Xihua Technology, is set to undergo an IPO review on September 5, 2025, after a series of inquiries and a significant cash dividend prior to the IPO [2][3]. Group 1: Company Overview - Xihua Technology was established on June 22, 2001, and specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components [2]. - The company is one of the few in China that can provide full-process services for wind turbine gearbox components [2]. - The actual controllers of the company, Wang Rongzheng and Lu Yanyun, collectively control over 91% of the voting rights prior to the IPO [2][3]. Group 2: Financial Performance - Xihua Technology's revenue from 2021 to 2024 was approximately 8.78 billion, 9.42 billion, 9.08 billion, and 9.55 billion respectively, with corresponding net profits of about 1.87 billion, 1.83 billion, 1.77 billion, and 1.42 billion [4]. - The company experienced a decline in net profit in 2024 due to slower-than-expected project progress in the wind power sector, leading to fluctuations in market demand [5]. - In the first half of this year, Xihua Technology reported a revenue of approximately 5.8 billion, a year-on-year increase of 36.67%, and a net profit of about 949.55 million, up 52.99% year-on-year [5][6]. Group 3: IPO and Fundraising - The company plans to raise approximately 14.98 billion through the IPO, with funds allocated for the development of core wind power equipment and key components for wind turbine gearboxes [6][7]. - Initially, the company aimed to raise about 20.48 billion, including 5.5 billion for working capital, but later revised the fundraising target to 14.98 billion, eliminating the working capital component [7].

Core Viewpoint - The surge in orders for solid-state battery production equipment has led to a collective rally in the A-share new energy sector, with companies like Xihua Technology and others in the solid-state battery and photovoltaic sectors experiencing significant stock price increases [1]. Company Overview - Xihua Technology primarily produces specialized components for wind turbine gearboxes, contributing over 82% of its revenue, with a high customer concentration [2][3]. - The company's products include planetary frames, gearbox bodies, torque arms, and flanges, designed to withstand harsh environmental conditions [2]. Financial Performance - Xihua Technology's revenue for 2022, 2023, and projected 2024 is approximately 9.42 billion, 9.08 billion, and 9.55 billion respectively, with a gross profit margin of 29.18%, 30.24%, and 25.91% [9][10]. - The net profit has shown a declining trend, with figures of about 1.84 billion, 1.77 billion, and 1.42 billion for the same years [9][10]. Market Dynamics - The wind power market is characterized by cyclical demand influenced by macroeconomic conditions and government policies, which can significantly impact the demand for wind turbine components [12]. - China is a major player in the global wind power market, accounting for 68% of the new installed capacity in 2024, with a total of 117 GW expected globally [12][15]. Competitive Landscape - Xihua Technology faces significant competition in the wind turbine gearbox sector, requiring continuous technological development to meet market demands [7]. - The company has a high customer concentration risk, with over 99% of its revenue coming from its top five clients, including a significant portion from a single client [9]. Future Outlook - The company anticipates a recovery in demand starting in the second quarter of 2024, driven by improved supply capabilities for large megawatt products [10]. - Xihua Technology plans to raise approximately 1.5 billion for projects related to wind power core equipment and research center development through its IPO [18].

Company Overview - Jiangsu Xihua New Energy Technology Co., Ltd. (referred to as "Xihua Technology") is preparing for its IPO review on September 5, 2025, focusing on the R&D, manufacturing, and sales of specialized components for large high-end equipment, primarily wind turbine gearboxes and injection molding machines [1] - The company aims to become a leading global manufacturer of specialized components in the wind energy sector, aligning with national policies promoting renewable energy development [1] Financial Performance - Xihua Technology has shown steady growth, with annual revenues exceeding 900 million yuan from 2022 to 2024. In the first half of 2025, revenue reached 580.44 million yuan, a year-on-year increase of 36.67%, while the net profit grew to 94.29 million yuan, up 55.67% year-on-year [1] - The company reported a net profit growth of 57.07% in the second quarter of 2025, indicating continuous improvement in profitability [1] Order and Revenue Forecast - As of late July 2025, Xihua Technology has approximately 32,378.12 tons of orders on hand, with an average monthly tonnage of 12,951.25 tons, representing a 70.04% increase compared to the average monthly sales of 7,616.44 tons in 2024 [2] - The company anticipates revenue for the first three quarters of 2025 to be between 859 million and 869 million yuan, reflecting a year-on-year increase of 29.04% to 30.54%, with net profit expected to be between 150 million and 157 million yuan, a year-on-year increase of 44.03% to 50.52% [2] Industry Context - The Chinese wind power industry is experiencing robust demand, supported by favorable government policies, including the "2025 Energy Work Guidance Opinion" which promotes offshore wind power project development [2] - In 2024, the bidding volume for wind turbine manufacturers in China reached 220.64 GW, a year-on-year increase of 89.41%, indicating strong market growth [2] Fundraising and Future Prospects - Xihua Technology plans to raise 1.498 billion yuan through its IPO to fund the industrialization of core wind power equipment and the establishment of a research and development center, aimed at enhancing its core competitiveness [3] - Experts suggest that as the fundraising projects progress and production capacity is released, Xihua Technology is expected to make significant contributions to the national energy transition and the global wind power industry [3]