Core Viewpoint - 泰金新能 is the first IPO company accepted by the Shanghai and Shenzhen Stock Exchanges after the release of the new "National Nine Policies," but its review has been postponed [1][4]. IPO Review Results - In the week from August 25 to August 29, four companies were reviewed for IPO, with a total fundraising amount of 2.901 billion yuan. Three companies passed, while one was postponed [2][3]. Company Overview - 泰金新能 focuses on high-end green electrolysis complete equipment, titanium electrodes, and metal glass sealing products. It is a leading provider of solutions for high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production lines [7][8]. - The company's main revenue source is the electrolysis copper foil complete equipment, which accounted for 66.54% of its main business revenue in 2024 [9]. Key Technologies - 泰金新能 has developed core technologies in the production of cathode rollers, foil-integrated machines, and electrolysis tanks, achieving import substitution and reaching international advanced levels [10][14]. - The company has successfully manufactured cathode rollers for ultra-thin copper foil production, with a market share ranking among the top in China [8][14]. Financial Performance - From 2021 to 2024, 泰金新能's revenue increased from 519 million yuan to 2.194 billion yuan, with net profits rising from approximately 48.43 million yuan to 104.66 million yuan [22][24]. - The company has maintained growth despite fluctuations in the downstream copper foil market, with a projected market size of 20 billion yuan in 2023, reflecting a 33% year-on-year increase [19][21]. Market Outlook - The copper foil equipment market is expected to decline in 2024 due to reduced new capacity expansion projects, with a forecasted market size of 13.4 billion yuan, a 33% decrease year-on-year [19][21]. - However, the industry is anticipated to enter a new investment expansion cycle by 2028, following a period of adjustment [21][25]. Fundraising and Project Adjustments - 泰金新能 initially planned to raise 1.5 billion yuan for various projects, including high-end intelligent equipment and titanium electrode materials, but has since adjusted its fundraising plans, canceling the working capital supplement and reducing other project funding [27][30][33].

文/佑尚 据上交所网站消息，西安泰金新能科技股份有限公司（下称"泰金新能"）科创板IPO将于8月29日上会审 议，保荐机构为中信建投证券。 公开资料显示，泰金新能是西北有色金属研究院控股子公司，成立于2000年，公司专注于高端绿色电解 成套装备、钛电极以及金属玻璃封接制品的研发、设计、生产及销售，是国内外可提供高性能电子电路 铜箔和极薄锂电铜箔生产线整体解决方案的龙头企业，产品终端应用于大型计算机、5G高频通信、消 费电子、新能源汽车、航天军工等领域。 泰金新能表示，通过本次上市，公司可以加大技术创新投入、完善产品矩阵，提升行业竞争优势，持续 增强盈利能力，并加强团队能力建设、完善公司治理水平，为股东和行业持续创造价值。 业绩稳步增长前景广阔 近年来，随着AI、高速通信、云计算、新能源汽车等产业迎来高速发展，催生了对高多层数、高阶HDI （高密度互连）以及高频高速PCB等高端产品的强劲需求，同时极大推动高端电子电路铜箔的需求增 长，如AI服务器中GPU板组和相关芯片分别需要性能优异的高频高速PCB铜箔和载体铜箔，锂电池出货 量的增长将持续拉动对上游锂电铜箔需求等。 泰金新能是国际上可提供高性能电子电路铜箔和极 ...

其中作为电解铜箔生产核心装备的阴极辊，技术壁垒极高。过去，这一领域长期被日本新日铁、三船、纽朗等公司垄断，导致国内产能受限且 成本高昂，严重制约了我国电解铜箔及下游产业的发展。2016年，泰金新能成功实现技术突破，不仅研发出高导电效率的电解铜箔阴极辊，更 攻克了工程化应用难题，实现了批量稳定生产。这标志着国产阴极辊正式替代了美日进口产品，对国内铜箔行业的发展具有里程碑意义。 钛电极材料业务 是公司另一重要增长引擎，产品包括铜箔钛阳极、水处理阳极、多元阳极等。其中，铜箔钛阳极与阴极辊共同构成电解铜箔 生产的"心脏"，直接决定着产品的效率和品质。此外，泰金新能还提供从核心设备到整体工艺设计的铜箔生产线整体解决方案，为客户提供一 站式服务。在新兴业务领域，公司开发的多孔钛PEM双极板、扩散层等产品，已成功切入电解水制氢等绿色能源领域，持续拓宽业务边界。 目前，泰金新能在电解铜箔成套装备领域已确立显著领先优势。 2024年，中国电解铜箔阴极辊市场总出货量超过800台，泰金新能以365台的 销量独占45%以上市场份额，稳居国内龙头地位多年。 同期， 其铜箔钛阳极产品也牢牢占据国内市场第一份额，形成了阴极辊与铜箔钛阳 极 ...