需要指出的是，信胜科技报告期各期境外销售收入占比均超过49%。公司外销主要客户 M.RAMZAN及其关联方位于巴基斯坦，LIBERTY、ALLIANCE等位于印度，上述客户作为品牌商与公 司稳定合作多年。报告期内，公司向巴基斯坦客户销售金额占各期主营业务收入的比例分别为 15.73%、7.64%、16.22%和13.44%，公司向印度客户销售金额占各期主营业务收入的比例分别为 20.47%、23.31%、24%和24.43%。不难看出，信胜科技2024年核心外销市场集中于印度和巴基斯坦， 来自这两个国家的销售收入占主营业务收入的40.22%。 1月16日，浙江信胜科技股份有限公司（下称"信胜科技"）迎来北交所上市委的审议，距离上市更 进一步，信胜科技的保荐机构为国信证券。 IPO日报注意到，信胜科技的实控人夫妇控股99.05%，业绩持续增长，近半来自外销，外销市场集 中于印度和巴基斯坦。 业绩持续增长 信胜科技成立于2004年，主营业务为电脑刺绣机的研发、生产和销售，同时涵盖刺绣机零配件与整 机的全产业链服务，旗下SINSIM及子品牌ERED产品已覆盖全球80多个国家和地区，广泛应用于服装、 家纺、汽车内饰、 ...

Group 1 - The core viewpoint of the news is that Zhejiang Xinxing Technology Co., Ltd. has had its listing review status updated to "meeting postponed" by the Beijing Stock Exchange, with a reduced fundraising target of 449 million yuan, reflecting an 8.18% decrease [1][4] Group 2 - Xinxing Technology was established in 2004 and primarily engages in the research, production, and sales of computer embroidery machines, which are used in clothing, home textiles, and toys [4] - The IPO proceeds are intended for projects including frame construction, component construction, information system upgrades, research center construction, and working capital supplementation [4] - The main issues raised by the review committee include the reasons and rationality of third-party payment collections, differences in expenses under various sales models, and the sustainability of significant performance growth [4][5] Group 3 - The company has a low controlling stake in its subsidiaries, holding 57.04% in Xinxing Machinery and 51.00% in Xinxing Precision, which may lead to internal control risks [4] - The review committee has requested further verification of the authenticity of sales revenue and additional disclosures regarding the borrowing from subsidiaries for project implementation [5]

Core Viewpoint - Zhejiang Xingsheng Technology Co., Ltd. (hereinafter referred to as "Xingsheng Technology") has had its IPO application on the Beijing Stock Exchange postponed, marking the first such case for 2026 among the three major exchanges in China, with Guosen Securities as the sponsor [2] Group 1: IPO Application and Regulatory Requirements - The listing committee has requested the sponsor and the reporting accountant to further verify all sales customers with "cross-border foreign exchange payment capabilities," including agreements and execution regarding fund payments and business expenses, reasons for frequent changes in payers, annual foreign exchange quotas, and allocations to Xingsheng Technology to confirm the authenticity of the company's sales revenue [2] - The listing committee also requires Xingsheng Technology to disclose additional information regarding the main circumstances of borrowing from subsidiaries to implement fundraising projects, as well as measures to effectively control the use of raised funds, prevent benefit transmission, and protect the interests of the company and minority investors [4] - Furthermore, the committee has inquired about the authenticity and sustainability of operating performance, as well as the implementation of fundraising projects through controlling subsidiaries [5] Group 2: Financial Performance - For the years 2022 to 2024 and the first half of 2025, the company's operating revenues are projected to be CNY 600 million, CNY 704 million, CNY 1.03 billion, and CNY 655 million respectively; net profits attributable to the parent company are expected to be CNY 52.6 million, CNY 58.9 million, CNY 120 million, and CNY 87.8 million [6] - In 2025, Xingsheng Technology anticipates achieving operating revenues between CNY 1.35 billion and CNY 1.55 billion, representing a year-on-year growth of 31.07% to 50.49%; net profits attributable to the parent company are expected to be between CNY 195 million and CNY 225 million, with a year-on-year growth of 62.95% to 88.02% [6] Group 3: Company Profile - Xingsheng Technology specializes in the research, production, and sales of computer embroidery machines, boasting a long brand history and core technology; it is recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology and is among the first batch of key "Little Giant" enterprises in the national specialized and innovative category [7] - The main products are categorized based on embroidery techniques, including flat embroidery machines and specialty machines [7] Group 4: Shareholding Structure - Wang Haijiang and Yao Xiaoyan hold 46.67% of the company's shares directly, while through Xingsheng Holdings and Haichuang Investment, they control 52.38% of the shares, collectively holding 99.05% of the voting rights, making them the actual controllers of the company [9]

Core Viewpoint - Xinxing Technology's IPO application on the Beijing Stock Exchange has been postponed, marking the first such case for 2026 among major Chinese exchanges, with Guosen Securities as the sponsor [2] Group 1: IPO Application and Regulatory Requirements - The listing committee has requested further verification from the sponsor and the reporting accountant regarding sales customers with "cross-border foreign exchange payment capabilities," focusing on payment agreements and execution [2] - Xinxing Technology is required to disclose additional information about borrowing from subsidiaries for fundraising projects and measures to control the use of raised funds to protect the interests of the company and minority investors [4] - The committee has raised questions about the authenticity and sustainability of the company's operating performance and the implementation of fundraising projects through its subsidiaries [4] Group 2: Company Overview and Financial Performance - Xinxing Technology specializes in the research, production, and sales of computer embroidery machines, recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology [4] - The company's total assets have increased from approximately 618.49 million yuan in 2022 to about 1.20 billion yuan by mid-2025, with total equity rising from 302.14 million yuan to approximately 563.74 million yuan in the same period [5] - Revenue for the years 2022 to 2025 is projected to grow from 600 million yuan to between 1.35 billion and 1.55 billion yuan, with net profit expected to rise significantly from 52.6 million yuan in 2022 to between 195 million and 225 million yuan in 2025 [6] Group 3: Shareholding Structure - The actual controllers of Xinxing Technology, Wang Haijiang and Yao Xiaoyan, hold 46.67% of the company's shares directly and control 99.05% of the voting rights through affiliated entities [8]

Core Viewpoint - The embroidery machine industry, particularly in China, is experiencing a recovery phase with significant growth in production and export values, driven by global economic recovery and increased demand in downstream industries [1][5]. Industry Definition and Classification - Embroidery machines, also known as sewing machines for embroidery, are categorized into ordinary mechanical embroidery machines and computer embroidery machines, with the latter being the dominant type in the market [2][3]. - Computer embroidery machines can be further divided into single-head and multi-head machines, showcasing advanced technology and automation capabilities [2]. Current Industry Status - China is the world's leading manufacturer of computer embroidery machines, accounting for approximately 80% of global production [3][4]. - The industry is entering a phase of recovery, with production expected to grow from 60,000 units in 2023 to 69,000 units in 2024, and further to 78,000 units in 2025 [4]. Industry Value - The industry value is projected to increase from 5 billion yuan in 2023 to 7.5 billion yuan in 2024, and potentially exceed 10 billion yuan in 2025 [4][5]. Export Growth - China's embroidery machine exports are expected to reach 4.864 billion yuan in 2024, marking a year-on-year increase of 39.96%, and further grow to 6.614 billion yuan in 2025 [5]. Industry Chain - The upstream of the embroidery machine industry includes raw materials like steel and electronic components, while the midstream involves manufacturing processes, and the downstream applications span various sectors such as fashion and home textiles [6]. Industry Barriers - The computer embroidery machine sector is characterized by high technical barriers, requiring strong R&D capabilities, as well as challenges related to production equipment, branding, and talent [7]. Competitive Landscape - The global market is dominated by brands from China and Japan, with Japanese companies like Tajima and Barudan leading in high-end segments, while Chinese brands are gaining ground in mid to low-end markets [9]. - Key players in the domestic market include Zhejiang Xinsong Technology, Zhejiang Yuelong, and others, with increasing concentration as leading firms enhance their competitive advantages [9][10]. Development Trends 1. **Market Growth Potential**: The downstream textile and apparel industries are expected to drive demand for embroidery machines, supported by government policies promoting consumption [11]. 2. **Concentration of Leading Enterprises**: The competitive landscape is shifting towards larger firms with better resources, leading to a decline in the market share of smaller companies [12]. 3. **Demand for High-Performance Machines**: There is a growing demand for multi-head and high-speed embroidery machines to improve efficiency in the competitive textile sector [13][14]. 4. **Intelligent and Green Development**: The industry is moving towards smart, digital, and environmentally friendly solutions, incorporating advanced technologies for production efficiency [15]. 5. **Expansion of Application Fields**: The scope of embroidery machines is broadening to include specialized applications, reflecting a shift towards differentiation and innovation in product offerings [16].

IPO Review and Registration Progress - Six companies were reviewed for IPO last week, with five passing and one, Xinxing Technology, having its review postponed. The other companies that passed include Gaote Electronics, Lianxun Instruments, Tianhai Electronics, Ruier Jinda, and Zhongke Instruments [1][2] - Xinxing Technology, which specializes in computer embroidery machines, reported a revenue of 1.044 billion yuan for the first three quarters of 2025, a year-on-year increase of 44.48%, and a net profit of 150 million yuan, up 105.18% year-on-year. The company aims to raise approximately 449 million yuan through its IPO [1][2] - Gaote Electronics is set to be the first IPO on the Shenzhen Stock Exchange in 2026, focusing on automotive components. The review committee raised concerns about the company's declining gross margin and prolonged accounts receivable collection period [2][3] - Lianxun Instruments, the first company to pass on the Sci-Tech Innovation Board in 2026, specializes in electronic measurement instruments and semiconductor testing equipment. The review committee inquired about industry cycles and technology iterations [2][3] - Tianhai Electronics plans to list on the Shenzhen main board and aims to raise 2.46 billion yuan, the largest among last week's reviewed companies. The review committee focused on the sustainability of operating performance [3] - Ruier Jinda and Zhongke Instruments are also seeking to list on the Beijing Stock Exchange, with the committee questioning the authenticity of their performance and revenue recognition [3] Upcoming IPOs and Fundraising - This week, six companies are preparing for IPO, with Huikang Technology aiming to raise 1.797 billion yuan, the highest among them. Other companies include Aiteke and Liqi Intelligent, with planned fundraising of 1.5 billion yuan and 1 billion yuan, respectively [4][5] - Huikang Technology, which specializes in refrigeration equipment, reported steady revenue growth from 1.93 billion yuan in 2022 to 3.204 billion yuan in 2024, with net profit increasing from 197 million yuan to 451 million yuan [5][6] - Aiteke focuses on automotive electronic solutions and has a high customer concentration risk, particularly with Chery Automobile, which accounted for over 50% of its revenue in recent years [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Kema Materials seeing a significant increase of 371% on its first day. This week, one new stock, Aisheren, is set to be listed with an issue price of 15.98 yuan per share [8][9] - Aisheren, focused on medical health, expects to achieve revenue between 889 million yuan and 939 million yuan in 2025, representing a year-on-year growth of approximately 28.65% to 35.89% [8] - Three new stocks are scheduled for subscription this week, including Nongda Technology, which has an issue price of 25 yuan per share and anticipates revenue of 2.2 billion to 2.4 billion yuan in 2025 [10][11]

IPO Pipeline Overview - As of January 18, there are 328 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 43 on the Sci-Tech Innovation Board, 19 on the Shenzhen Main Board, 41 on the Growth Enterprise Market, and 204 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Two companies were newly listed between January 12 and January 18: Chongqing Zhixin Industrial Co., Ltd. on the Shanghai Main Board (stock code: 603352) and Zhejiang Kema Friction Material Co., Ltd. on the Beijing Stock Exchange (stock code: 920086) [3][4]. - Chongqing Zhixin closed at 68.58 CNY per share, with a rise of 213.44% and a trading volume of 2.527 billion CNY, achieving a turnover rate of 78.67% [4]. - Zhejiang Kema closed at 54.95 CNY per share, with a rise of 371.27% and a trading volume of 988 million CNY, achieving a turnover rate of 96.14% [5]. New Counseling Records - Eleven companies were newly registered for counseling between January 12 and January 18, including Shandong Tianjiao Biotechnology Co., Ltd. and Shanghai Beibian Technology Co., Ltd. [6][7]. Companies Passing Review - Six companies successfully passed the review process from January 12 to January 18, including Hangzhou Gaote Electronic Equipment Co., Ltd. and Suzhou Lianxun Instrument Co., Ltd. [11][12]. Companies Obtaining Registration Approval - Five companies received registration approval between January 12 and January 18, including Hangzhou Mirui Technology Co., Ltd. and Shenzhen Shangshui Intelligent Co., Ltd. [15][16]. Terminated Review - Jiangsu Yadian Technology Co., Ltd. withdrew its IPO application during the period from January 12 to January 18 [18][19].

Core Viewpoint - The listing review of Zhejiang Xingsheng Technology Co., Ltd. has been postponed by the Beijing Stock Exchange's Listing Committee, indicating potential concerns regarding the company's financial disclosures and operational practices [1] Group 1: Company Overview - Zhejiang Xingsheng Technology specializes in the research, production, and sales of computer embroidery machines [2] - As of the signing date of the prospectus, the controlling shareholder, Xingsheng Holdings, directly holds 47.62% of the company's shares, while the actual controllers, Wang Haijiang and Yao Xiaoyan, hold a combined 99.05% of the voting rights [2] Group 2: Fundraising and Use of Proceeds - The company plans to publicly issue up to 38 million shares, with an option to issue an additional 15%, totaling a maximum of 43.7 million shares [2] - The intended fundraising amount is approximately 449.36 million yuan, allocated for projects including the construction of an annual production facility for 11,000 embroidery machine frames and a research and development center [2] Group 3: Review Opinions and Inquiries - The review committee has requested further verification of the authenticity of sales revenue, particularly concerning third-party payment capabilities and the rationale behind customer payment patterns [3][4] - Questions have been raised regarding the sustainability of the company's significant performance growth and the demand in overseas markets such as India and Pakistan [4] - The company is required to clarify the necessity and rationale for implementing fundraising projects through its subsidiaries, ensuring the protection of investor interests [4]

Core Viewpoint - Zhejiang Xinxing Technology Co., Ltd. (referred to as "Xinxing Technology") faced a delay in its IPO review on January 16, marking the first delayed IPO project for the three major exchanges in 2026 [1][2]. Group 1: Company Overview - Xinxing Technology specializes in the research, production, and sales of computer embroidery machines [1][2]. - The company’s IPO was accepted on June 26, 2025, and entered the inquiry stage on July 23 of the same year [1][2]. - Xinxing Technology aims to raise approximately 449 million yuan through this IPO [1][2]. Group 2: Regulatory Requirements - The listing committee requested the sponsoring institution and the reporting accountant to further investigate all sales customers with "cross-border foreign exchange payment capabilities," including agreements and execution regarding fund payments and business expenses [1][2]. - The committee also required Xinxing Technology to disclose details about borrowing from subsidiaries to implement fundraising projects and to ensure effective control over the use of raised funds to prevent interest transfer and protect the interests of the company and minority investors [1][2]. - Additionally, the committee inquired about the authenticity and sustainability of the company's operating performance and the implementation of fundraising projects through its controlling subsidiaries [1][2].

Core Viewpoint - Zhejiang Xingsheng Technology Co., Ltd. (referred to as "Xingsheng Technology") has had its IPO application postponed, marking the first such case for the three major exchanges in China in 2026 [1] Group 1: Company Overview - Xingsheng Technology specializes in the research, production, and sales of computer embroidery machines [1] - The company’s IPO was accepted on June 26, 2025, and it entered the inquiry stage on July 23, 2025 [1] - The company aims to raise approximately 449 million yuan through this IPO [1] Group 2: Regulatory Concerns - The listing committee has requested the sponsoring institution and the reporting accountant to further investigate all sales customers with "cross-border foreign exchange payment capabilities" [1] - Specific areas of inquiry include agreements and execution regarding fund payments and business expenses, reasons for frequent changes in payers, annual foreign exchange quotas for relevant customers, and their allocation to the issuer [1] - The committee also requires Xingsheng Technology to disclose additional information regarding the borrowing from subsidiaries to implement fundraising projects [1] Group 3: Performance and Governance - The listing committee has raised questions regarding the authenticity and sustainability of the company's operating performance [1] - There are inquiries about the implementation of fundraising projects through controlling subsidiaries [1] - The committee emphasizes the need for effective control measures over the use of raised funds to prevent benefit transfer and protect the interests of the company and minority investors [1]