10月31日，西安泰金新能科技股份有限公司(简称：泰金新能)上交所科创板IPO通过上市委会议。保荐机构为中信 建投（601066）证券，拟募资9.9亿元。 招股书显示，泰金新能主要从事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，是国际上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，是国内贵金属钛电极 复合材料及电子封接玻璃材料的主要研发生产基地。 泰金新能能够提供高端铜箔生产所用阴极辊、生箔一体机、铜箔钛阳极、表面处理机、高效溶铜罐等核心设备、 关键材料及完整成套铜箔生产线解决方案，也可提供应用于绿色环保、铝箔化成、湿法冶金、电解水制氢等行业 的高性能钛电极及应用于航空航天、军工电子等行业的玻璃封接制品，市场认可度高。 公司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、绿色环保、铝箔化成、湿法冶金、氢 能、航天军工等领域。 泰金新能已实现4-6μm极薄铜箔生产用阴极辊的制造，实现了进口替代。2022年，公司率先研制成功全球最大直径 3.6m阴极辊及生箔一体机，2024年，公司阴极辊及铜箔钛阳极产品的市场占有率均位居国内第一，产品性能行业 领 ...

泰金新能是国际上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，是国内 贵金属钛电极复合材料及电子封接玻璃材料的主要研发生产基地，目前已实现4-6μm极薄铜箔生产用阴 极辊的制造，实现了进口替代。2022年，泰金新能率先研制成功全球最大直径3.6m阴极辊及生箔一体 机，2024年，公司阴极辊及铜箔钛阳极产品的市场占有率均位居国内第一，产品性能行业领先。 除阴极辊外，泰金新能还能够提供铜箔生产所用生箔一体机、铜箔钛阳极、表面处理机、高效溶铜罐等 核心设备及完整成套铜箔生产线解决方案，整体技术达到国际先进水平，同时可提供应用于绿色环保、 铝箔化成、湿法冶金、电解水制氢等行业的高性能钛电极及应用于航空航天、军工电子等行业的玻璃封 接制品，市场占有率国内领先。经中国有色金属学会鉴定，高性能电解铜箔成套装备整体技术达到国际 先进水平，"中温旋压无缝高晶粒度高导电性钛阴极辊"和"多元、多层、梯度、纳米化复合钛阳极"居国 际领先水平。 高性能电子电路铜箔整体解决方案提供商泰金新能科创板IPO过会。 10月31日，上交所上市审核委员会召开2025年第47次上市审核委员会审议会议，审议西安泰金新能科技 股份 ...

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. is a leading enterprise in providing high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions, currently applying for an IPO [1] Financial Performance - The company reported a compound annual growth rate (CAGR) of 47.78% in operating revenue over the past three years, indicating a strengthening of its ongoing business capabilities [1] - However, the projected revenue growth rates for 2022 to 2024 are 93.41%, 66.18%, and 31.42%, showing a declining trend year-over-year [1] - Revenue growth for the first three quarters of 2025 is expected to further decline to 18.61% [1] Production Capacity and Utilization - The capacity utilization rate for the core product, cathode rolls, was only 50% in 2024 and dropped to 16.41% in the first half of this year, before recovering to around 50% in September [2] - The production capacity and sales rates for cathode rolls and integrated foil machines have shown similar patterns of underutilization [2][4] Contracts and Projects - In November 2024, the company won a contract for a 20,000-ton high-end copper foil project with Zhongcheng Caihong, amounting to approximately 145.37 million yuan [6] - The project is set to begin production debugging in December 2025, with the first batch of equipment already delivered to the site [6] Market Position and Comparison - In 2024, Taijin New Energy's shipment volume exceeded that of its comparable company, Hongtian Co., by more than double, with Taijin reporting 365 units shipped [10] - Despite this, Hongtian's sales volume of electrolysis copper foil equipment reached 482 units, significantly higher than Taijin's reported figures [10] - Taijin's revenue for 2024 is projected at 2.194 billion yuan, nearly double that of Hongtian's 1.374 billion yuan [11]

新"国九条"发布后，A股首家获受理的IPO企业西安泰金新能科技股份有限公司（简称"泰金新能"）上市备受关注。 日前，泰金新能上会，但却被暂缓审议。上交所要求说明未来业绩、产品验收延期等问题。 作为陕西省的一家链主企业，泰金新能的销售模式有些特别，采用"预收定金—发货款—验收款—质保金"的销售结算方式。这一模式下，泰金新能负债率居 高不下，常年在90%左右，且高于行业均值。 在这一模式下，如果订单持续增长，可以令泰金新能先获得客户资金支持。但在订单不足之时，其资金也会受到影响。2024年，泰金新能的合同负债减少了 9亿元之多，同年的经营现金流由正转负。而反观短期借款，却飙升了20倍，资金缺口接近2亿元。 此次上市，泰金新能明确表示"募集资金到位后，可以有效缓解公司资金状况，进而负债也会得到有效缓解"。但若要长期改善负债情况，泰金新能的销售模 式不得不重点审视与考量。 暂缓审议 对于上交所的第二轮问询，泰金新能8月21日进行了回应。8月29日，泰金新能迎来了IPO的重要一环：上会。同日，和泰金新能一起上会的还有恒坤新材。 两家企业的中介机构均是 不过，这两家企业走向相反。恒坤新材过会，泰金新能却暂缓审议。上交所上 ...

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].

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. (Taijin New Energy) is set to hold its IPO meeting on August 29, aiming to enhance its technological innovation and industry competitiveness through the raised funds [1] Company Overview - Taijin New Energy, a subsidiary of the Northwest Nonferrous Metal Research Institute, specializes in high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products [1][3] - The company is a leading provider of high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions, with applications in large computers, 5G communication, consumer electronics, new energy vehicles, and aerospace [1][3] Market Growth and Demand - The demand for high-end electronic circuit copper foil is driven by the rapid growth of industries such as AI, high-speed communication, cloud computing, and new energy vehicles [2] - The market size for China's electrolytic copper foil equipment is projected to reach 20 billion yuan in 2023, a 33.33% increase from 2022, with expectations to grow to 29 billion yuan by 2028 [2] Competitive Position - Taijin New Energy has achieved significant market share in the domestic market, with over 45% market share in cathode rollers and leading positions in other related products [3] - The company has successfully replaced imports of key production equipment, including cathode rollers, and has developed advanced manufacturing capabilities [3] Financial Performance - The company has shown steady revenue growth, with projected revenues of 1.005 billion yuan, 1.669 billion yuan, and 2.194 billion yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 47.78% [3] - Net profits for the same period are expected to be approximately 98.29 million yuan, 155 million yuan, and 195 million yuan [3] Investment Plans - The funds raised from the IPO will be invested in projects related to high-end intelligent equipment for green electrolysis, high-performance composite titanium electrode materials, and the establishment of a corporate R&D center [4] R&D Focus - Taijin New Energy emphasizes technological innovation as a core driver for sustainable development, with R&D expenses projected to reach 37.55 million yuan, 48.54 million yuan, and 71.84 million yuan from 2022 to 2024 [6] - The company has accumulated 29 key core technologies and holds 88 authorized invention patents, including 2 U.S. patents [6] Future Development - The company aims to address national strategic needs and industry bottlenecks through continuous technological innovation, aspiring to become a global leader in green and intelligent electrolysis solutions [7]

Core Viewpoint - The article highlights the significance of Xi'an Taijin New Energy Technology Co., Ltd. (Taijin New Energy) as the first IPO company accepted by the Shanghai Stock Exchange's Sci-Tech Innovation Board after the release of the new "National Nine Articles," emphasizing its role in advancing high-end manufacturing and addressing key technological challenges in China's copper foil production [1][14]. Group 1: Company Overview - Taijin New Energy, established in 2000, focuses on the upstream equipment of the electrolytic copper foil industry, providing complete sets of high-end electrolytic copper foil equipment and anode materials [2]. - The company's core business, electrolytic copper foil equipment, contributed 66.54% to its main business revenue in 2024, with key products including cathode rollers and foil production machines [2]. Group 2: Technological Advancements - Taijin New Energy has successfully broken the overseas monopoly in the cathode roller sector, which was previously dominated by companies like Nippon Steel and Mitsui, marking a significant milestone for domestic copper foil production [2]. - The company has achieved notable technological breakthroughs, including the development of a Φ3600mm ultra-large diameter cathode roller, the first of its kind globally, showcasing its capabilities in large-scale equipment [4]. Group 3: Market Position and Growth - In 2024, Taijin New Energy held over 45% market share in China's electrolytic copper foil cathode roller market, with sales of 365 units, solidifying its position as a domestic leader [3]. - The company's revenue surged from 1.005 billion yuan to 2.194 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 47.78%, while net profit increased from 98.29 million yuan to 195.39 million yuan, reflecting a CAGR of 40.99% [9]. Group 4: Industry Opportunities - The electrolytic copper foil market is experiencing a demand explosion, driven by the growth of new energy vehicles, 5G communications, and AI servers, with global lithium battery copper foil shipments expected to reach 840,000 tons in 2024, a 21.74% increase year-on-year [7]. - The high-end PCB copper foil market, currently dominated by foreign companies, presents a significant opportunity for domestic brands, as the market is projected to grow at a CAGR of 10% [8]. Group 5: Future Development and Strategic Projects - Taijin New Energy plans to raise 990 million yuan for projects focused on high-end intelligent equipment for green electrolysis, high-performance composite coating titanium electrode materials, and the establishment of a research and development center [11]. - The company aims to align its projects with national strategies, including carbon neutrality and domestic substitution, enhancing its role in the green transition and supporting the development of a self-sufficient industrial chain [13][14].