Industry Overview - The thermostat industry in China is undergoing a significant transformation from traditional fuel vehicles to new energy vehicles, with notable changes in market demand, technology routes, and competitive landscape [1][7] - The overall operation of the industry remains stable, but structural adjustments are evident, with the market size projected to reach approximately 15.744 billion yuan in 2024, representing a year-on-year growth of 10.69% [1][8] - The growth momentum has shifted to the new energy vehicle sector, driven by the higher requirements for temperature control precision and response speed in battery thermal management and electric motor cooling systems [1][7] Thermostat Functionality and Types - Thermostats are automatic temperature control devices that regulate the flow of coolant based on temperature, ensuring the engine operates within an optimal temperature range [2] - There are two main types of thermostats: paraffin thermostats, which are simple and cost-effective but have inherent response delays, and electronic thermostats, which offer rapid response and higher precision, becoming essential in new energy vehicles [3][4] Market Dynamics - The demand for thermostats is directly influenced by engine production, with a reported engine output of 228,894.8 million kilowatts in China from January to November 2025, reflecting a year-on-year increase of 6.99% [7] - Traditional wax thermostats dominate the fuel vehicle market due to their low cost and reliability, while electronic thermostats are increasingly penetrating the new energy vehicle market due to their precise temperature control capabilities [7] Key Companies and Performance - Wuxi Weifu has a patented controllable electronic thermostat structure, achieving dynamic temperature control and adapting to national emission standards [8][10] - Hunan Tianyan has been recognized for its high corrosion resistance and thermal conductivity in its thermostat products, with a reported revenue of 359 million yuan in the first three quarters of 2025, marking a year-on-year growth of 20.26% [8][11] Industry Trends - The advancement of electronic thermostat technology is driving the smart upgrade of the industry, with significant improvements in temperature control precision and response speed [12] - The product form is evolving towards integration and modularization, enhancing system efficiency and creating higher technical barriers [13] - The rise of new energy vehicles is restructuring market demand, necessitating a shift from single-engine components to multi-zone and multi-medium control solutions, increasing competitiveness among domestic companies [14]

Company Overview - Tianbo Intelligent Technology (Shandong) Co., Ltd. was established on September 13, 2001, with a registered capital of 90 million yuan [1] - The company is located at 158 Tianbo Road, Qufu Economic Development Zone, Shandong Province [1] - The controlling shareholder is Qufu Tianbo Investment Co., Ltd., holding a 55.7% stake [1][2] Industry Position - Tianbo Intelligent primarily manufactures automotive components such as thermostats, temperature sensors, oil pressure alarms, PCV valves, and various switches [2] - The company supplies over 100 major automotive manufacturers, including SAIC-GM, FAW-Volkswagen, and GAC Honda [2] - More than half of the domestic new energy vehicles currently utilize electronic water valves produced by Tianbo [2] Strategic Initiatives - To enhance its competitive position, Tianbo is optimizing its supply chain and collaborating with local companies that produce components for water valves [2] - The company aims to share technological resources to assist upstream and downstream enterprises in upgrading technology and reducing costs [2] - Tianbo's products, particularly its thermostats, have maintained a leading position in the domestic market for several years [2]

IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].

Group 1 - The core point of the article is that Tianbo Intelligent Technology (Shandong) Co., Ltd. has initiated the listing guidance process with CITIC Securities as the advisory institution [1] - Tianbo Intelligent was established on September 13, 2001, with a registered capital of 90 million yuan [1] - The controlling shareholder of Tianbo Intelligent is Qufu Tianbo Investment Co., Ltd., holding a 55.7% stake [1] Group 2 - The main products of Tianbo Intelligent include thermostats, temperature sensors, oil pressure alarms, PCV valves, reverse light switches, brake light switches, neutral switches, ETM, TPMS tire pressure sensors, and thermal switches [1]

Core Insights - The cross-border freight trains, strong rise of independent brands, and accelerated development of high-end manufacturing are activating new trade dynamics for private enterprises in the Beijing-Tianjin-Hebei region [1] Group 1: Export Performance - In the first quarter, private enterprises in the Beijing-Tianjin-Hebei region exported 142.75 billion yuan, an increase of 8.5% [1] - Private enterprises accounted for 44% of the total export value in the region, up 3.6 percentage points from the previous year [2] - The number of private enterprises with export performance reached 25,117, an increase of 2,495 enterprises or 11% year-on-year [2] Group 2: Cross-Border Freight Trains - The opening of multiple cross-border freight train routes in the first quarter provided new opportunities for private enterprises to expand internationally [3] - A significant train carrying 90 standard containers departed from Beijing to Tashkent, Uzbekistan, with goods valued at over 16 million yuan [3] - A direct train to Vietnam was launched, reducing transportation time by 20% compared to previous routes [3] Group 3: Automotive Industry - The export of over 4,000 domestically produced vehicles from Tianjin to South America set a new record for single-ship exports [4] - In the first quarter, exports of automobiles and auto parts from private enterprises reached 12.55 billion yuan and 5.08 billion yuan, growing by 23.4% and 39.4% respectively [4] - The automotive sector accounted for 12.3% of the total export value of private enterprises, contributing to a 3 percentage point increase in overall export growth [4][5] Group 4: Private Sector Growth - Private enterprises in Beijing have shown robust growth, with exports increasing for 21 consecutive months, reaching 35.57 billion yuan in the first quarter, a year-on-year increase of 33.7% [6] - The private economy is becoming a significant driver of high-quality development, with numerous innovative technology companies emerging [6] - Over 95% of enterprises in Beijing are private, with major groups like JD and Douyin achieving over 1 trillion yuan in revenue [6]