Core Viewpoint - Sichuan Securities Regulatory Bureau has accepted Chengdu Zhengheng Power Co., Ltd.'s application for public stock issuance and listing on the Beijing Stock Exchange, with the filing date set for December 4, 2025, and the counseling institution being GF Securities [1] Group 1: Counseling and Previous IPO Attempts - The counseling agreement between GF Securities and Zhengheng Power was signed on December 3, 2025, with additional participation from Beijing Deheng Law Firm and Zhonghui Accounting Firm [2][3] - Zhengheng Power previously applied for an IPO on the ChiNext board in June 2022, which was accepted by the Shenzhen Stock Exchange. However, the application was withdrawn, and the review was terminated on February 12, 2025 [3][4] Group 2: Business Overview and Financial Performance - Zhengheng Power, established in 1997, focuses on the R&D, production, and sales of engine cylinder blocks and other components for both new energy hybrid and fuel vehicles [4] - The company reported projected revenues of 704.66 million yuan and 887.01 million yuan for 2023 and 2024, respectively, with net profits of 74.79 million yuan and 93.06 million yuan for the same years [5] - Total assets are expected to reach 1.356 billion yuan by December 31, 2024, up from 1.176 billion yuan in 2023, with total equity increasing from 753.38 million yuan to 843.90 million yuan [6] Group 3: Investment Projects and Client Base - Previous IPO fundraising projects included "Automobile Lightweight Intelligent Manufacturing Project," "Commercial Vehicle Engine Core Component Expansion Project," and "Technology Center Upgrade Project," with a total fundraising target of 487 million yuan [7][8] - Major clients include well-known automotive manufacturers such as China Ordnance Group, BYD, Great Wall Motors, and SAIC Group [6]

请发行人：（1）说明外部人员作为股权激励对象的原因及合理性，是否存在股份代持或其他利益安排；（2）说明历史上存在股东人数经穿透计算后实际超过二 百人是否存在重大违法违规风险。同时，请保荐人发表明确意见。 文/梧桐兄弟 2月12日，深交所公布对成都正恒动力股份有限公司创业板IPO终止审核的决定，直接原因是公司及保荐机构东吴证券撤回申报。公司上市申请在2023年6月9日获 得审核通过，但迟迟未提交注册，直至IPO终止。公司本次IPO拟募资4.8693亿元。 一、上市委会议现场问询的主要问题 1.主营业务问题。根据发行人申报材料，发行人主营产品发动机缸体等主要应用于传统燃油汽车，也可应用于混合动力新能源汽车领域。报告期各期，发行人传统 燃油乘用车领域的销售收入分别为38,918.50万元、46,790.77万元、52,009.94万元，占主营业务收入比例分别为71.63%、74.67%、73.19%；新能源汽车领域的销售 收入分别为680.78万元、1,905.93万元、5,129.29万元，占主营业务收入比例分别为1.25%、3.04%、7.22%。 请发行人： （1）结合燃油汽 车未来市场空间、主要客户在新能源 ...