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]

据大象君了解，北交所上市委员会2025年第44次审议会议、深交所上市审核委员会2025年第31次审议会议共定于12月18日召开，共审议3家企业，3家企业 均获通过（1家IPO、2家再融资）。 大象投顾有幸为博士眼镜提供再融资募投可研服务。 | | | | 上市委审议会议结果 | | | --- | --- | --- | --- | --- | | 公司简称 | 注册地 | 拟上市板 | 审核结果 | 主要中介机构 | | 创达新材 | 江苏 | 北证 | 通过 | 申万宏源+立信+国浩(上海) | | 上市公司 | 融资类型 | 上市板 | 审核结果 | 主要中介机构 | | --- | --- | --- | --- | --- | | 博士眼镜 | 可转债 | 创业板 | 通过 | 平安+政旦志远+国浩(深圳) | | 长高电新 | 可转债 | 深主板 | 通过 | 华泰联合+中审华+启元 | 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、陆南平及其控制的绵 ...

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]

2025年12月18日，北交所上市委审议会议日程中出现了无锡创达新材料股份有限公司（以下简称"创达新材"）的名字。这本应是公司进军资本市场的关键节 点，然而，围绕其招股说明书的一系列疑问，为此次IPO之旅增添了不确定性。作为主营电子封装材料的企业，创达新材身处国家战略支持的半导体产业链 上游，但其公开的经营数据与问询回复，尚未能充分展现出与"新材料"定位相匹配的核心竞争力和发展稳健性。深入分析可见，公司在产业链短板、业绩可 持续性及内生风险等方面面临挑战。其增长表现背后，业务独立性、盈利质量及未来抗风险能力等基本面问题，受到市场关注。 小财米 洛溪/文 增长稳定性与可持续性存疑 其次，创达新材财务数据的异常波动，揭示了其业绩增长的稳定性与可持续性方面的疑问。其中，毛利率的变动轨迹尤为引人注目。2022年至2025年上半 年，公司主营业务毛利率从24.75%攀升至33.05%，增幅显著。尤其在2023年，当同行业可比公司华海诚科、凯华材料等普遍面临业绩压力时，创达新材的 净利润却实现了超过127%的同比增长，毛利率也大幅提升。这种与行业趋势的显著背离引发了监管的多次问询。尽管公司解释为主要得益于原材料成本下 降 ...