大客户靠居间商开拓，获认证后仍持续付服务费 来源|时代商业研究院 作者|彭元重 编辑|郑琳 获客靠"中介"，离开居间商的无锡创达新材料股份有限公司（下称"创达新材"）能否"独立行走"？ 2025年12月18日，创达新材成功过会，拟登陆北交所。此次IPO，创达新材拟募资3亿元用于半导体封装材料扩产项目、研发中心建设项目及补充流动资 金。 时代商业研究院注意到，2023年起创达新材开始采用居间合作模式获客，在与客户达成交易后给予居间商服务费。2023—2024年及2025年上半年，创达新 材通过居间商促成的收入分别占同期收入的6.60%、10.37%、12.95%，占比逐年提升，已成为近年收入增长的重要来源。 然而，居间服务费并非一次性支付，在成功获客后，创达新材仍按销售金额的一定比例持续给予居间商服务费，引发北交所对于其居间合作模式的问询。 此外，在创达新材的供应商中，出现了前全资子公司的身影，且创达新材与其存在"独家供应"与"同址经营"的情形，引起北交所对于上述关联交易的关 注。 12月16日、25日，就居间合作模式、关联采购等相关问题，时代商业研究院向创达新材发送邮件并尝试致电询问。但截至发稿，该公司尚未回 ...

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has successfully passed the IPO review, aiming to raise approximately 300 million yuan for the construction of a production line for semiconductor packaging materials, a research and development center, and to supplement working capital [3]. Financial Performance - The company reported operating revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [7]. - The net profit attributable to the parent company for the same periods was 22.73 million yuan, 51.47 million yuan, 61.22 million yuan, and 33.18 million yuan [7]. - For the first nine months of 2025, the company achieved operating revenue of 323 million yuan, representing a year-on-year growth of 8.84%, and a net profit of 52.94 million yuan, with a year-on-year increase of 22.20% [8]. Business Model and Operations - The company's main business includes the research, production, and sales of high-performance thermosetting composite materials, with key products such as epoxy molding compounds, liquid epoxy packaging materials, organic silicone gels, phenolic molding compounds, and conductive silver pastes [6]. - The company provides cleanroom engineering materials and services for the electronics industry, indicating a diversified approach in its operations [6]. IPO Details - The IPO was accepted on June 30, 2025, and entered the inquiry stage on July 24, 2025 [3]. - The company plans to use the raised funds for the construction of a production line with an annual capacity of 12,000 tons for semiconductor packaging materials, as well as for the establishment of a research and development center and to supplement working capital of 63 million yuan [6].

| 审议会议日期 公司简称 注册地 | | | 拟融资 | 2024年/2025年1-6月 | 2024年/2025年1-6月 拟上市 | | 审议结果 | 中介机构 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (亿元) | 营业收入(亿元) | 净利润(亿元) | 板块 | | | | 2025年12月18日 | 创达 | 江苏 | 3 | 4.19/2.11 | 0.61 /0.33 | 北交 | 通过 | 申万宏源 立信 | | 新材 | | | | | | 所 | | | | | | | | | | | | 国浩 | | | | | | | | | | 制表:财汇安投 | 创达新材本次北交所IPO保荐机构、会计师事务所、律师事务所分别为申万宏源证券承销保荐有限责任公司、立信会计师事务所（特殊普通合伙）和国浩 律师（上海）事务所。 创达新材2003年成立，主营业务为高性能热固性复合材料的研发、生产和销售，目前 主要产品包括环氧模塑料、液态环氧封装料、有机硅胶、酚醛模塑 料和导电银胶等电子封装材料。 2022年度、20 ...

中国经济网北京12月19日讯 北京证券交易所上市委员会2025年第44次审议会议于2025年12月18日 上午召开，审议结果显示，无锡创达新材料股份有限公司（以下简称"创达新材"）首发符合发行条件、 上市条件和信息披露要求。这是今年过会的第96家企业（其中，上交所和深交所一共过会53家，北交所 过会43家）。 创达新材的保荐机构为申万宏源证券承销保荐有限责任公司，保荐代表人为康杰、周毅。这是申万 宏源今年保荐成功的第3单IPO项目。此前，11月6日，申万宏源保荐的重庆至信实业股份有限公司过 会；12月12日，申万宏源保荐的成都宏明电子股份有限公司过会。 创达新材主营业务为高性能热固性复合材料的研发、生产和销售，目前主要产品包括环氧模塑料、 液态环氧封装料、有机硅胶、酚醛模塑料和导电银胶等电子封装材料，广泛应用于半导体、汽车电子及 其他电子电器等领域的封装，同时提供电子行业洁净室工程领域环氧工程材料及服务。 公司控股股东为张俊、锡新投资、陆南平、绵阳惠力。张俊、锡新投资、陆南平、绵阳惠力分别持 有公司15.8706%、11.1117%、7.6672%和17.2245%的股份，张俊及其控制的锡新投资、陆南平及其控 ...

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, focusing on high-performance thermosetting composite materials for various electronic applications [1] Company Overview - The company specializes in the research, production, and sales of high-performance thermosetting composite materials, including epoxy molding compounds, liquid epoxy encapsulants, silicone gels, phenolic molding compounds, and conductive silver pastes [1] - Its products are widely used in semiconductor, automotive electronics, and other electronic packaging fields, as well as providing epoxy engineering materials and services for cleanroom projects in the electronics industry [1] Financial Performance - Projected revenues for 2022, 2023, and 2024 are 311 million yuan, 345 million yuan, and 419 million yuan, respectively, indicating a revenue growth of 21.53% in 2024 [1] - Net profits for the same years are expected to be 22.73 million yuan, 51.47 million yuan, and 61.22 million yuan, with a year-on-year growth of 18.95% in 2024 [1] - Key financial metrics for 2024 include: - Revenue: 419.04 million yuan - Net profit attributable to shareholders: 61.22 million yuan - Basic earnings per share: 1.66 yuan - Weighted average return on equity: 11.60% [1]

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. (Chuangda New Materials) is preparing for its IPO on the Beijing Stock Exchange, with a focus on its profitability, independence, and authenticity during the review process [2]. Financial Performance - In 2022, Chuangda New Materials reported a total profit of 22.44 million yuan, with tax incentives accounting for over half of this amount. The lowest proportion of tax incentives to total profit during the reporting period was over 20% [2][10]. - The company's revenue from electronic packaging materials was 309 million yuan in 2022, contributing 99.42% to its main business income. The revenue figures for 2023 and 2024 are projected to be 339 million yuan and 397 million yuan, respectively [7]. - Chuangda New Materials achieved operating revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 323 million yuan from 2022 to the first half of 2025, with year-on-year growth rates of 10.76%, 21.53%, 8.84% [7]. - The net profit for the same period was 2.3 million yuan, 5.1 million yuan, 6.1 million yuan, and 5.3 million yuan, with year-on-year growth rates of 127.83%, 19.15%, and 22.20% [7]. Tax Incentives Impact - The tax incentives significantly influenced the profit figures, with amounts of 12.54 million yuan, 16.36 million yuan, 17.52 million yuan, and 8.73 million yuan during the reporting period, representing 55.88%, 28.49%, 25.00%, and 23.46% of total profits, respectively [10]. Related Transactions - The company’s related party transactions have drawn regulatory scrutiny, particularly concerning Wuxi Shaohui Trading Co., Ltd., which transitioned from a wholly-owned subsidiary to an associate company during the IPO reporting period [3][12]. - Chuangda New Materials' procurement from Wuxi Shaohui and its affiliates increased over the years, with amounts of 5.09 million yuan, 6.15 million yuan, 8.46 million yuan, and 6.66 million yuan from 2022 to the first half of 2025, representing 2.68%, 3.11%, 3.91%, and 6.23% of total procurement, respectively [13]. - The company stated that the increase in procurement through Wuxi Shaohui was due to rising demand for raw materials linked to increased production and sales of its main products [15].

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's growth and market entry [1]. Group 1: Company Overview - The company specializes in the research, production, and sales of high-performance thermosetting composite materials, with key products including epoxy molding compounds, liquid epoxy encapsulants, silicone gels, phenolic molding compounds, and conductive silver pastes [4]. - Chuangda New Materials was established in October 2003 and transitioned to a joint-stock company in February 2015, with its stock code being 873294 [4]. - As of June 30, 2025, the company had a total of 46 employees and six wholly-owned subsidiaries [4]. Group 2: Financial Performance - The company's revenue for the reporting period was as follows: 31,132.73 million yuan, 34,481.10 million yuan, 41,904.61 million yuan, and 21,146.75 million yuan [7]. - The net profit attributable to the parent company during the same period was 2,053.85 million yuan, 4,624.67 million yuan, 5,877.95 million yuan, and 3,208.71 million yuan [7]. - The total assets as of June 30, 2025, were 644.27 million yuan, with total equity amounting to 564.70 million yuan [8]. Group 3: Shareholding Structure - The major shareholders include Zhang Jun, Xixin Investment, Lu Nanping, and Mianyang Huili, with respective shareholdings of 15.87%, 11.11%, 7.67%, and 17.22% [5]. - Zhang Jun and Lu Nanping are the actual controllers of the company, holding significant voting rights through their direct and indirect shareholdings [6]. Group 4: Listing Standards - The company has chosen to meet the listing standards set by the Beijing Stock Exchange, which require a market value of no less than 200 million yuan, net profits of at least 15 million yuan in the last two years, and an average return on equity of no less than 8% [10]. Group 5: Inquiry Issues - The main inquiry issues raised during the review include the authenticity of operating performance, the necessity and rationality of fundraising projects, and the revenue recognition of specific projects [11].

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to have its IPO application reviewed by the Beijing Stock Exchange, with a focus on the sustainability, independence, and authenticity of its profitability during the review process [2] Group 1: Financial Performance - Chuangda New Materials achieved a total profit of 22.44 million yuan in 2022, with tax incentives accounting for over half of this amount [2][5] - The company's revenue from electronic packaging materials for the years 2022 to 2025 is projected to be 309 million yuan, 339 million yuan, 397 million yuan, and 202 million yuan, respectively, making it the core revenue source [4] - The company reported revenue growth rates of 10.76%, 21.53%, and 8.84% for the years 2022, 2023, and 2025, respectively, while net profit growth rates were significantly higher, indicating a mismatch between revenue and profit growth [4][5] Group 2: Tax Incentives - Tax incentives significantly impacted Chuangda's profits, with amounts of 12.54 million yuan, 16.36 million yuan, 17.52 million yuan, and 8.73 million yuan during the reporting period, representing 55.88%, 28.49%, 25.00%, and 23.46% of total profits, respectively [5] Group 3: Related Party Transactions - The Beijing Stock Exchange is scrutinizing the necessity of related party transactions, particularly with Wuxi Shaohui Trading Co., Ltd., which transitioned from a wholly-owned subsidiary to an associate company during the IPO reporting period [6] - Chuangda's procurement from Wuxi Shaohui and its affiliates increased over the years, with amounts of 5.09 million yuan, 6.15 million yuan, 8.46 million yuan, and 6.66 million yuan, representing 2.68%, 3.11%, 3.91%, and 6.23% of total procurement, respectively [6] - The company has been asked to clarify the rationale behind the transactions with Wuxi Shaohui, including the reasons for the increase in procurement through this entity rather than directly from suppliers [7]

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to go public on the Beijing Stock Exchange, planning to issue no more than 12.3293 million shares, with concerns raised about the quality of its earnings and high reliance on tax incentives for profitability [2][5]. Financial Performance - The company has shown continuous revenue and net profit growth driven by its electronic packaging materials business, with revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan over the reporting period, and net profits of 22.55 million yuan, 51.37 million yuan, 61.20 million yuan, and 33.32 million yuan respectively [3][4]. - The sales revenue from electronic packaging materials accounted for 99.42%, 98.44%, 94.86%, and 95.62% of the total revenue during the same periods [4]. Profit Quality and Tax Incentives - The quality of the company's earnings has been declining, with the ratio of net cash flow from operating activities to net profit decreasing from 3.26 to 0.68 over the reporting period, indicating a concerning trend [4][8]. - The company has a significant dependence on tax incentives, with tax benefits contributing to 55.88%, 28.49%, 25.00%, and 23.46% of total profits during the reporting period, raising concerns about sustainability if tax policies change [5]. Fundraising and Investment Projects - The company plans to raise 300 million yuan for projects including a production line for semiconductor packaging materials and a research center, with the rationale for these investments being questioned due to declining production capacity and utilization rates [6][7]. - The planned expansion of 6,000 tons of epoxy molding materials comes despite a decrease in both capacity and production in the core category, with utilization rates consistently below 90% [8]. Cash Reserves and Dividend Policy - The company has substantial cash reserves, with balances of 93.86 million yuan, 89.98 million yuan, 133.23 million yuan, and 134.93 million yuan at the end of the respective years, and no short-term debt, raising questions about the necessity of raising additional funds for working capital [9]. - The company has maintained a high dividend payout, distributing over 14 million yuan annually, which further complicates the justification for seeking additional capital through an IPO [9].

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to undergo a listing review on December 18, 2025, after experiencing significant scrutiny regarding its performance and gross margin changes compared to peers in the electronic packaging materials industry [2][3]. Financial Performance - The company reported revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of 22.55 million yuan, 51.37 million yuan, 61.20 million yuan, and 33.32 million yuan [3][4]. - In 2023, the company achieved a revenue growth rate of 10.76% and a net profit growth rate of 127.83%, indicating a significant divergence in growth compared to its peers [3][4]. Gross Margin Analysis - Chuangda's gross margin increased from 24.80% in 2022 to 31.47% in 2023, surpassing the average gross margins of comparable companies [4][10]. - The company attributed its gross margin improvement to product structure optimization and a decrease in raw material prices, with a notable 25.53% drop in average procurement prices for epoxy resin in 2023 [12][13]. Accounts Receivable Concerns - The company's accounts receivable balance has been substantial, reaching 1.72 billion yuan at the end of 2022, which constituted approximately 55.13% of its revenue, although this ratio decreased to 49.98% by 2024 [6][9]. - As of July 31, 2025, over 18 million yuan was set aside as bad debt provisions, raising concerns about the collectability of these receivables [9][10]. Competitive Landscape - Chuangda's gross margin performance in 2023 was in stark contrast to its peers, with competitors like Huahai Chengke and Kaihua Materials experiencing negative revenue and profit growth [4][5]. - The company operates in a competitive market where domestic epoxy packaging materials account for only about 30% of the market, with high-end products largely dominated by foreign brands [14]. IPO Plans - Chuangda plans to raise 300 million yuan through its IPO, with 200 million yuan allocated for production line construction and 37 million yuan for R&D center development [15].