«——【·前言·】——» 扛不住特朗普施加的压力，墨西哥终于决定跪了，而且反手就狠咬中国一口。据美媒《华尔街日报》日前发布的消息，美国将在未来几周 内启动《美加墨协定》重新谈判的首个正式步骤，也就是向企业和工会征求意见，以确保该协定能够符合美国利益。 几乎是同一时间，美国国务卿鲁比奥抵达墨西哥，同该国总统辛鲍姆举行会谈，重点谈及所谓"贸易与非贸易壁垒"。很明显，急于做出成 绩的特朗普已经不想再给墨西哥保留颜面，起手就是刀刀见血的外交、贸易双重施压。 «——【·关税枷锁下的战略逼宫·】——» 2025年9月的墨西哥城迎来一场决定国家贸易走向的外交博弈。美国国务院宣布启动《美加墨协定》重新谈判的消息刚出，国务卿鲁比奥 的专机已降落在墨西哥国际机场。 这场被美媒称为"规则重塑"的会谈，将墨西哥总统辛鲍姆推到了艰难抉择的悬崖边。美国政府的意图直白且强硬，通过修改区域贸易规则 中的原产地条款，将北美产业链彻底捆绑在美国利益之下。 汽车产业成为这场博弈的焦点战场。数据显示，墨西哥对美出口的汽车及零部件占美国同类进口的四成份额，2024年输美汽车达280万 辆，占其总产量的近七成。 但美国新修订的规则将汽车零部件北美产地要 ...

Core Viewpoint - Changzhou Tongbao Optoelectronics Co., Ltd. (referred to as "Tongbao Optoelectronics") has submitted a prospectus for an IPO on the Beijing Stock Exchange, planning to publicly issue no more than 18.7934 million shares. The company's performance growth is heavily reliant on its partnership with SAIC-GM Wuling, with over 60% of its revenue coming from this single client, which is projected to rise to 83.35% in 2024 [2][4][5]. Customer Dependency - Tongbao Optoelectronics' revenue from its top five clients accounted for over 94% of its total revenue during the reporting period, indicating a significant customer concentration risk [4][5]. - The sales revenue from SAIC-GM Wuling for the years 2022, 2023, and 2024 were 26,044.05 million, 33,876.85 million, and 48,995.02 million respectively, representing 68.83%, 63.99%, and 83.35% of total revenue [5][8]. Unique Client-Supplier Relationship - A notable aspect of Tongbao Optoelectronics' client base is the dual role of Huayu Vision as both a major customer and supplier. Huayu Vision has consistently been the second-largest customer while also being the largest supplier, creating a unique competitive dynamic [2][7][8]. Financial Performance - The company reported revenues of 38,969.78 million, 52,944.69 million, and 58,778.96 million for the years 2022, 2023, and 2024, with net profits of 3,669.29 million, 6,224.85 million, and 8,309.35 million respectively, indicating continuous growth [4][5]. - The gross profit margin of Tongbao Optoelectronics has been increasing, reaching 24.07% in 2024, which is higher than the industry average that has been declining [11][12]. R&D Investment vs. Profitability - Despite the rising gross profit margins, Tongbao Optoelectronics has maintained a low R&D expense ratio compared to industry peers, with rates of 3.43%, 3.80%, and 4.06% during the reporting period, significantly below the industry average [13]. - The company's business structure is heavily focused on automotive lighting systems, which accounted for over 94% of its main business revenue during the reporting period [11][12].

Company Overview - Tianrun Industrial Technology Co., Ltd. reported a 40%-50% increase in revenue for its high-power business segment in the first half of the year compared to last year, with revenue from high-power crankshafts and connecting rods around 100 million [2][3] - The company is constructing three new production lines for large connecting rods, with one expected to be completed soon and the others by the end of the year [3] Financial Performance - The revenue breakdown for the company is as follows: - Crankshaft business: 1.207 billion, accounting for 62.05% of total revenue - Connecting rod business: 435 million, accounting for 22.39% - Blanks and castings: 112 million, accounting for 5.74% - Air suspension business: 142 million, accounting for 7.29% [7] Profitability Insights - The gross margin for high-power products is currently similar to that of heavy-duty truck products, with expectations for higher margins once mass production is achieved [4] Production and Market Outlook - Production for the next three months is expected to increase by approximately 10% based on forecasts from major manufacturers [6] - The company is focusing on the commercial vehicle sector for air suspension, with plans to leverage its technology in producing air springs and electronic control systems [5] Dividend Policy - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares for the first half of 2025, with a total dividend amount of 224 million for 2024, representing 67.51% of the net profit attributable to shareholders [9] International Operations - The Thai factory has relocated two connecting rod lines and two crankshaft lines, with limited revenue generated so far as new products are being developed and certified [10] Automation and Future Directions - The company has invested in automation and industrial robots, indicating a strong interest in the robotics sector for future growth [11] - The electric steering business is progressing well, with customer trials showing positive feedback [12] Challenges and Strategic Focus - The rise of new energy heavy-duty trucks poses a challenge, but the company sees potential benefits in reduced competition [13][14] - The company is actively seeking complementary industries with high technical content and added value, focusing on automotive, new materials, and high-end manufacturing [14]

Company Overview - Changzhou Tongbao Optoelectronics Co., Ltd. (referred to as "Tongbao Optoelectronics") has recently received acceptance for its IPO application on the Beijing Stock Exchange, with Dongwu Securities as the sponsor and Tianzhi International Accounting Firm as the auditor [1] - The company has attempted three IPOs since 2017, each with different sponsoring brokers, indicating a history of challenges in the IPO process [2][4] Financial Performance - For the years 2022 to 2024, Tongbao Optoelectronics reported revenues of 39 million yuan, 52.9 million yuan, and 58.8 million yuan, respectively, showing a growth trend [9] - Net profits for the same period were 36.69 million yuan, 62.25 million yuan, and 83.09 million yuan, indicating a significant increase in profitability [9] - The company's gross profit margin improved from 21.46% in 2022 to 24.07% in 2024, reflecting better cost management and pricing strategies [9] Business Focus - Tongbao Optoelectronics specializes in manufacturing automotive electronic components, including automotive lighting systems, electronic control systems, and energy management systems [8] - The company has established long-term relationships with major automotive manufacturers, with its lighting products used in popular models from brands such as SAIC-GM-Wuling and GAC Aion [8] Supplier Relationships - In 2024, the top suppliers for Tongbao Optoelectronics included Kunshan Kaisheng Electronics Co., Ltd. and Changzhou Fuda Auto Parts Co., Ltd., indicating a diversified supply chain [11] - The company has a notable procurement relationship with Huayu Vision, which accounted for 10.25% of its total procurement in 2023 [10][11] Competitive Landscape - Huayu Vision, a competitor in the automotive lighting market, holds a 22% market share, while Tongbao Optoelectronics competes in the same segment, highlighting the competitive nature of the industry [12] - The automotive lighting market is characterized by significant players like Huayu Vision and Xingyu Co., which dominate various segments of the market [12][13]

Core Viewpoint - Changzhou Tongbao Optoelectronics Co., Ltd. (referred to as "Tongbao Optoelectronics") has initiated its third IPO journey on the Beijing Stock Exchange, raising concerns about its heavy reliance on its largest customer, SAIC-GM Wuling, which has reached 83.35% of its sales in 2024 [1][7][10]. Group 1: IPO Attempts and Challenges - Tongbao Optoelectronics has attempted to go public three times since 2017, changing its underwriting broker each time, which raises questions about underlying issues preventing a successful IPO [1][4]. - The company has faced significant challenges, including a failed IPO attempt in 2018 and another in 2023, with the latest attempt being supported by Dongwu Securities [5][6]. - The company’s IPO counseling approval is nearing expiration, adding pressure to its current attempt to list on the Beijing Stock Exchange [6]. Group 2: Customer Dependency - The company's revenue heavily depends on SAIC-GM Wuling, with sales to this customer accounting for 66.83%, 63.99%, and 83.35% of total revenue from 2022 to 2024, respectively [7][10]. - The concentration of revenue from a single customer raises concerns about the company's operational independence, as it is perceived to be functioning almost as a "processing plant" for SAIC-GM Wuling [10]. - Compared to industry peers, Tongbao Optoelectronics exhibits a significantly higher customer concentration, with no comparable company having over 67% revenue dependency on a single customer [8]. Group 3: Competitive Landscape - Notably, Huayu Vision, which is both a major customer and supplier, poses a unique challenge as it is also a competitor in the automotive lighting sector [11][15]. - The sales revenue from Huayu Vision has increased significantly, indicating a complex relationship where the company is both reliant on and competing with its suppliers [12][14]. - The dual role of Huayu Vision as a customer and supplier raises questions about the sustainability and rationality of such business relationships [14].

Core Viewpoint - Changzhou Tongbao Optoelectronics Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, with Dongwu Securities as the sponsor and Tianzhi International as the accounting firm [2][3]. Company Overview - The company is positioned as a manufacturer of automotive electronic components, focusing on the research, production, and sales of automotive lighting systems, electronic control systems, and energy management systems [3]. - Its automotive lighting products are utilized in popular models from well-known automotive brands such as SAIC-GM-Wuling, GAC Aion, GAC Trumpchi, Dongfeng Nissan, and SAIC Volkswagen [3]. Financial Information - The company plans to raise 330 million yuan for projects related to intelligent LED modules, charging and distribution systems, and control modules for new energy vehicles [4]. - Financial performance from 2022 to 2024 shows revenue growth from 390 million yuan in 2022 to 588 million yuan in 2024, with net profits increasing from 36.69 million yuan to 83.09 million yuan during the same period [5]. Shareholding Structure - As of the signing date of the prospectus, the major shareholders include Liu Wei (31.77%), Liu Guoxue (31.14%), and Tao Jianfang (15.84%), collectively holding 78.75% of the company's total shares [7]. - Liu Guoxue serves as the chairman, while Liu Wei has held various roles including general manager and vice chairman [7][8].

Group 1 - The core point of the article is that Changzhou Tongbao Optoelectronics Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange [1] - The company specializes in the research, production, and sales of automotive electronic components, including automotive lighting systems, electronic control systems, and energy management systems [2] - The IPO aims to raise 330 million yuan, primarily for projects related to intelligent LED modules for new energy vehicles, charging and distribution systems, and control modules [2] Group 2 - The total amount of funds to be raised is 33 million yuan for the new energy vehicle intelligent LED module, charging and distribution system, and control module project [3][4] - Financial projections indicate that the company expects to achieve operating revenues of 390 million yuan, 529 million yuan, and 588 million yuan for the years 2022, 2023, and 2024, respectively, with a net profit of 36.69 million yuan, 62.25 million yuan, and 83.09 million yuan for the same years [4] - The company anticipates an 11.02% increase in operating revenue and a 33.49% increase in net profit in 2024 compared to the previous year [4]

文/梧桐晓编 4月27日，北交所新受理2家江苏公司的IPO申请：江苏永大化工机械股份有限公司（874495）、常州通宝光电股份有限公司（833137）的IPO申请。北交所今年至 今共受理7家IPO申请。 | 序号 | | 简称 | 注册地 | 保荐机构 | 律师事务所 | 会计师事务所 | 更新日期 受理日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 874495 | | 永大股份 | 江苏省 南通市 | 国泰海通证 券股份有限 | 国浩律师（上 致同会计师事务所 海）事务所 （特殊普通合伙） 海) 事务所 | | | | | | | | 公司 | | | | | 2 | 833137 | 通宝光电 | 江苏省 常州市 | | And Children Class of Children Children Company Concessful Collection of 务所（特殊普通合 2025-04-27 2025-04-27 | | | | | | | | 份有限公司 | 律师事务所 | 伏) | | 由于北交所网站尚未公布两家公司的招股 ...