Core Points - Changzhou Tongbao Optoelectronics Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking the 74th company approved this year [1] - The company specializes in the research, production, and sales of automotive electronic components, including automotive lighting systems and energy management systems [1] - The lead underwriter for the IPO is Dongwu Securities, which has successfully sponsored three IPO projects this year [1][3] Company Ownership - Liu Wei holds 17,914,045 shares, representing 31.77% of the total share capital, making him the largest shareholder [2] - Liu Guoxue and Tao Jianfang hold 17,554,500 shares (31.14%) and 8,930,000 shares (15.84%) respectively, with the three collectively owning 78.75% of the company [2] - Liu Guoxue and Tao Jianfang are spouses, and Liu Wei is their son, indicating a family-controlled structure [2] IPO Details - Tongbao Optoelectronics plans to issue up to 18,793,400 shares, with a potential over-allotment option of up to 2,819,010 shares [3] - The company aims to raise 330 million yuan (approximately 33 million) for projects related to smart LED modules and charging systems for new energy vehicles [3] Review Opinions - The review committee requested a quantitative analysis of the potential negative impact on future performance due to major clients implementing a "yearly reduction" policy [4] Inquiry Issues - The committee raised concerns regarding the stability and sustainability of operations, particularly in relation to customer concentration risks and inventory management practices [5]

通宝光电定位于汽车电子零部件制造商，主营业务为汽车照明系统、电子控制系统、能源管理系统等汽 车电子零部件的研发、生产和销售。公司以汽车照明系统为基石业务，长期服务于知名汽车整车及零部 件制造商。公司的汽车照明产品已在上汽通用五菱、广汽埃安、广汽传祺、东风日产、上汽大众等汽车 品牌的多款热门车型中应用，树立了良好的市场口碑和品牌形象。 11月13日，北交所上市委员会2025年第31次审议会议的结果出炉，通宝光电顺利过会，这意味着，北交 所或将增添一家国家级专精特新"小巨人"企业。 据介绍，通宝光电此次IPO拟募集3.30亿元，用于新能源汽车智能LED模组、充配电系统及控制模块项 目。项目建成后将新增智能化生产线，大幅提升高附加值产品产能，为公司未来的增长奠定坚实基础。 业绩方面，2022年至2024年，通宝光电实现营业收入分别为3.90亿元、5.29亿元和5.88亿元，净利润分 别为3669.29万元、6224.85万元和8309.35万元。2025年1—9月，公司实现营业收入4.88亿元，较上年同 期增长30.51%；归属于母公司股东的净利润为5179.02万元，较上年同期增长5.41%。 通宝光电与上汽通用 ...

在上市委会议现场，关于经营稳定性与业绩可持续性，上市委要求通宝光电说明与主要客户合作的稳定 性与可持续性，应对客户较为集中风险的措施及有效性；说明主要客户对公司实施"年降"政策对公司未 来业绩可能产生的影响。 另外，关于存货管理，上市委要求通宝光电说明存货"寄售仓"模式中发出商品管理及存货内部控制的有 效性。 北京商报讯（记者 马换换 李佳雪）11月13日晚间，北交所官网显示，常州通宝光电股份有限公司（以 下简称"通宝光电"）IPO当日上会获得通过。 据了解，通宝光电定位于汽车电子零部件制造商，主营业务为汽车照明系统、电子控制系统、能源管理 系统等汽车电子零部件的研发、生产和销售。公司IPO于2025年4月27日获得受理，当年5月28日进入问 询阶段。公司此次冲击上市拟募集资金3.3亿元。 ...

值此新能源汽车智能化的时代风口，汽车电子零部件领域"专精特新"企业常州通宝光电股份有限公司（下称"通宝光电"）即将迎来发展的关键节点。11月13 日，通宝光电将在北交所IPO上会，接受发审委面审。 招股书显示，通宝光电本次计划公开发行股票数量不超过1879.34万股，拟募集资金3.3亿元。所募资金将用于新能源汽车智能LED模组、充配电系统及控制 模块项目的建设与推进，有利于进一步巩固和扩大公司主营业务的市场份额，拓展产品应用场景，优化产品结构，从而提升公司综合竞争优势和盈利水平， 增强公司的抗风险能力和核心竞争力，实现平稳健康的可持续发展。 稳健增长，以深厚底蕴开展协同合作 通宝光电主营汽车照明系统、电子控制系统、能源管理系统等汽车电子零部件的研发、生产和销售。公司以汽车照明系统为基石业务，长期服务于知名汽车 整车及零部件制造商。 近年来，通宝光电的客户结构持续优化，业绩稳健增长。 2022年至2024年，公司营业收入从3.9亿元增长至5.88亿元，归母净利润从3669.29万元增长至8309.35万元。2024年净利润同比增长33.49%。2025年前三季 度，公司营业收入同比增长30.51%，归属于母公司 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

Core Viewpoint - Tongbao Optoelectronics is preparing for its listing on the Beijing Stock Exchange, aiming to leverage its two decades of technological accumulation and diverse automotive electronics sector to enhance shareholder value and capture high-end market opportunities in automotive electronics [1][16]. Market Position - As an "invisible champion" in the automotive electronics field, Tongbao Optoelectronics has established a strong market barrier through its leading position in niche markets and deep partnerships with major clients [3]. - The company has led the drafting of industry standards for automotive LED modules and has a comprehensive product range covering front and rear lights, with 79 patents and 5 software copyrights as of June 2025 [3][4]. Core Customer Relationships - Tongbao Optoelectronics has a long-term strategic partnership with SAIC-GM-Wuling, with sales revenue from this client accounting for 66.83% to 93.45% from 2022 to the first three quarters of 2025 [4]. - The company has received multiple awards for quality and supply contributions, indicating a strong and stable order flow, with expected sales of over one million units in 2024 [4]. Core Performance - The company has shown robust growth, with revenue increasing from 390 million yuan in 2022 to 588 million yuan in 2024, representing a compound annual growth rate of 22.81% [5]. - Net profit surged from 36.69 million yuan in 2022 to 83.09 million yuan in 2024, a growth of 126.45%, with net profit margin improving from 9.42% to 14.14% [5][6]. Product Matrix and Innovation - Tongbao Optoelectronics has developed a product matrix consisting of automotive lighting systems, electronic control systems, and energy management systems, transitioning from a lighting manufacturer to a comprehensive automotive electronics provider [9][11]. - The automotive lighting system remains the main revenue driver, accounting for 95.70% of revenue in 2024, with significant growth in the total lighting assembly business [11]. Market Outlook - The automotive lighting market in China is projected to grow from 723 billion yuan in 2022 to 1,014 billion yuan by 2025, driven by the shift towards electric and intelligent vehicles [12]. - The electronic control systems market is also expanding, with a forecasted growth from 772 billion yuan in 2023 to 810 billion yuan by 2025 [14]. Fundraising and Investment Projects - The IPO proceeds will be primarily invested in projects related to smart LED modules and charging distribution systems, aimed at expanding production capacity and enhancing product consistency [15]. - This strategic investment is expected to solidify the company's technological advantages and support its transition to a comprehensive automotive electronics solution provider [14][15]. Conclusion - Tongbao Optoelectronics is positioned for significant growth through its strong customer relationships, innovative product offerings, and favorable market conditions, with the upcoming IPO expected to provide the necessary capital to accelerate its development in the automotive electronics sector [16].

Core Points - Mexico is under pressure from the U.S. to renegotiate the USMCA, with a focus on aligning trade rules with U.S. interests [1][3] - The U.S. aims to modify regional trade rules, particularly in the automotive sector, which is crucial for Mexico's economy [7][9] - Mexico's decision to impose tariffs on countries without trade agreements, specifically targeting China, marks a significant shift in its trade policy [17][19] Trade Negotiations - The U.S. Secretary of State's visit to Mexico coincides with the announcement of the USMCA renegotiation, emphasizing trade and non-trade barriers [3][5] - The automotive industry is a focal point, with Mexico exporting 40% of its automotive and parts to the U.S., and 2.8 million vehicles expected to be exported in 2024 [7][9] - New U.S. rules require a significant increase in North American content for automotive parts, which could exclude many Mexican factories [9][11] Economic Impact - The proposed U.S. tariffs have increased production costs for Mexican vehicles, with an estimated $4,000 increase per vehicle and $12,000 for electric vehicles [11][13] - Mexico's steel exports to the U.S. are also under threat from a 25% tariff, leading to an additional cost of $828 million [13] - The automotive sector, contributing 5% to GDP, and trade with the U.S., accounting for 32% of total exports, are critical to Mexico's economy [13] Shift in Trade Policy - President of Mexico, Sin Baurm, announced tariffs on countries without trade agreements, explicitly naming China, indicating a shift from a neutral stance [17][19] - The U.S. is exerting dual pressure on Mexico, affecting its national interests and trade policies [15][17] - Proposed tariffs on Chinese products could reach 50%, significantly impacting key sectors like automotive parts and textiles [19][21] Global Supply Chain Implications - The U.S. is reshaping trade rules to create a "firewall" against China, which has drawn criticism from other Latin American countries [23] - The renegotiation of the USMCA is seen as a tool for unilateral sanctions, affecting not only Mexico-China trade but also the stability of the global economic order [23] - The increase in tariffs is expected to raise production costs across North America, ultimately impacting U.S. consumers [23]

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]