Core Viewpoint - The company, Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology), is accelerating its IPO process, highlighting its strong position in the ice-making machine industry and its potential in the global refrigeration equipment market [1][7]. Market Position - Huikang Technology has ranked first in ice-making machine sales in China for three consecutive years from 2022 to 2024, with global market shares of 8%, 10%, and 12% respectively during the same period [2] - In the consumer ice-making machine market, the company holds a dominant position with global market shares of approximately 19%, 25%, and 31% from 2022 to 2024, consistently leading the market [2] - The company was recognized as a national manufacturing single champion enterprise in the ice-making machine sector by the Ministry of Industry and Information Technology and the China Industrial Economic Federation in 2024 [2] Business Layout - Huikang Technology exports its products to over 80 countries and regions, with overseas sales contributing significantly to its revenue, accounting for 79.46%, 75.37%, and 69.9% of total revenue from 2022 to 2024 [3] - The company has established itself as a core supplier for international brands such as Electrolux and MCAppliance in the ice-making machine sector [3] - Domestically, Huikang Technology has developed its own brands, "HICON" and "WATOOR," and consistently ranks high in online retail sales on major platforms like JD.com and Tmall [3] Technological R&D - As of December 31, 2024, Huikang Technology holds 161 patent authorizations, including 20 invention patents, and has developed key technologies such as intelligent control, efficient heat dissipation, and rapid automatic defrosting [4] - The company continuously enriches its product matrix based on market demand, leading trends in miniaturization for consumer products and expanding into various commercial applications [4] Financial Performance - The company aims to raise 1.797 billion yuan through its IPO, with funds allocated for several key projects, including 758 million yuan for the construction of an intelligent manufacturing base and 461 million yuan for upgrading existing production facilities [5] - Huikang Technology's revenue has shown strong growth, with figures of 1.930 billion yuan, 2.493 billion yuan, and 3.204 billion yuan from 2022 to 2024, and net profits of 197 million yuan, 338 million yuan, and 451 million yuan during the same period [6] Overall Assessment - Huikang Technology has established itself as a leading player in the refrigeration equipment industry, with a strong market position, robust R&D capabilities, and excellent financial performance [7] - The ongoing IPO process is expected to provide additional funding to enhance production capacity, expand market reach, and increase brand influence in the global refrigeration equipment market [7]

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology) is advancing its IPO process, having entered the inquiry stage, with plans to raise 1.797 billion yuan, despite facing declining product prices and having distributed over 200 million yuan in cash dividends over the past two years [1][3]. Company Overview - Huikang Technology specializes in the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, cold cabinets, and wine cabinets, primarily serving both residential and commercial markets [3][4]. - The company is recognized as a national high-tech enterprise [3]. Financial Performance - Revenue figures for Huikang Technology from 2022 to 2024 are approximately 1.93 billion yuan, 2.493 billion yuan, and 3.204 billion yuan, respectively, with corresponding net profits of about 197 million yuan, 338 million yuan, and 451 million yuan [3]. - The company has a significant portion of its revenue from overseas sales, accounting for approximately 79.46%, 75.37%, and 69.9% of total revenue from 2022 to 2024 [3]. Dividend Distribution - Huikang Technology distributed cash dividends of 111 million yuan in 2023 and 97.91 million yuan in 2024, totaling 209 million yuan over the two years [3]. Product Pricing Trends - The average selling prices of Huikang Technology's key products, including ice machines, cold cabinets, and wine cabinets, have been declining from 2022 to 2024 [5][6]. - Specific price trends include: - Ice machine prices decreased from 435.22 yuan/unit in 2022 to 385.9 yuan/unit in 2024 - Cold cabinet prices fell from 554.03 yuan/unit in 2022 to 528.65 yuan/unit in 2024 - Wine cabinet prices dropped from 609.02 yuan/unit in 2022 to 531.11 yuan/unit in 2024 - Refrigerator prices saw a slight increase in 2023 before declining in 2024 [5][6]. Gross Margin Analysis - The gross margin for Huikang Technology's main business was 21.15%, 24.55%, and 22.54% from 2022 to 2024, indicating overall stability [7]. - The increase in gross margin in 2023 was attributed to a higher proportion of revenue from ice machines, while the decrease in 2024 was due to price reductions to maintain competitiveness [7]. Ownership Structure - The actual controller of Huikang Technology is Chen Yuepeng, who indirectly controls 38.23% of the company's shares through Huikang Group and Changxing Yupeng [7]. - Post-IPO, Chen's indirect control of shares will be diluted to 28.68% [7].

Core Viewpoint - The IPO acceptance rate has accelerated significantly in June, with a total of 34 companies accepted for IPOs across the Shanghai, Shenzhen, and Beijing exchanges, marking a new monthly high for the year and surpassing the same period last year [3][6]. Group 1: IPO Acceptance Trends - As of June 21, 2023, the total number of IPOs accepted in June has reached 34, accounting for 56% of the total accepted IPOs for the year [1][3]. - The acceptance of IPOs in June is traditionally high due to the financial data validity period of six months, leading to a rush of applications before the end of June [6][12]. - The Beijing Stock Exchange has the highest number of accepted IPOs in June, with 17 companies, representing half of the total accepted IPOs for the month [5][9]. Group 2: Financial Performance of Accepted IPOs - The newly accepted IPOs in June show strong profitability, with the average non-recurring net profit exceeding 100 million yuan for most exchanges, except for the Sci-Tech Innovation Board [7][8]. - The Shenzhen main board has the highest average non-recurring net profit among the newly accepted IPOs at 314 million yuan, with specific companies like Huikang Technology reporting 442 million yuan [7][8]. - The average non-recurring net profit for the Beijing Stock Exchange's newly accepted IPOs is 101 million yuan, with companies like Tongfu Co. reporting 233 million yuan [9]. Group 3: Policy Changes and Future Outlook - The China Securities Regulatory Commission announced the reintroduction of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, which is expected to provide important references for future IPO applications [2][11]. - The introduction of new standards aims to support high-quality unprofitable technology companies in accessing capital markets, particularly in emerging sectors like artificial intelligence and commercial aerospace [11][12]. - Analysts predict that the remaining week of June will see additional IPO applications related to these new policies, which could significantly impact the IPO landscape in the second half of the year [10][12].

Core Viewpoint - Huikang Technology is aiming to become the "first ice machine stock" in China, with significant revenue from its ice machine and home appliance business, but faces risks due to its heavy reliance on the U.S. market and family control issues [2][3]. Financial Performance - The company reported annual revenues of 3 billion yuan, with projected net profit of 450 million yuan for 2024, marking it as a "single champion" in the ice machine sector [3]. - Revenue from 2022 to 2024 is expected to grow from 1.93 billion yuan to 3.20 billion yuan, representing a year-on-year growth of 28.49% in 2024 [5]. - Net profit is projected to increase from 197 million yuan in 2022 to 451 million yuan in 2024, with a year-on-year growth of 33.61% [5]. Product Segmentation - Ice machines are the main revenue driver, with sales expected to rise from 1.36 billion yuan in 2022 to 2.58 billion yuan in 2024, increasing its revenue share from 70.83% to 81% [6]. - The average selling price of ice machines is declining, from 435.22 yuan in 2022 to 385.9 yuan in 2024, due to market demand for smaller products and competitive pricing strategies [7]. Debt and Liabilities - The company's liabilities are projected to reach 1.82 billion yuan in 2024, a 15.96% increase from the previous period, with accounts payable being a significant contributor [8][9]. Market Exposure and Risks - The U.S. market accounts for 60% of the company's revenue, raising concerns about potential risks from U.S.-China trade tensions [9][11]. - The company plans to establish a factory in Thailand to mitigate risks associated with trade disputes and to create a dual supply chain system [14][15]. Ownership and Governance - The company is controlled by the Chen family, with significant family involvement in management and board positions, raising concerns about governance and potential conflicts of interest [16][19]. - Prior to the IPO, the company distributed 209 million yuan in dividends over two years, impacting its cash flow [22][23].

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange, focusing on the refrigeration equipment sector, with a projected revenue growth from 1.93 billion yuan in 2022 to 3.20 billion yuan in 2024 [2][3]. Financial Performance - Revenue projections for Huikang Technology are 1.93 billion yuan for 2022, 2.49 billion yuan for 2023, and 3.20 billion yuan for 2024, indicating a growth trajectory [2]. - Net profit forecasts are 197 million yuan for 2022, 338 million yuan for 2023, and 451 million yuan for 2024 [2]. - Total assets are expected to increase from 1.55 billion yuan in 2022 to 2.83 billion yuan in 2024, while the asset-liability ratio is projected to decrease from 73.15% in 2022 to 64.28% in 2024 [3]. - The company anticipates a basic earnings per share of 4.05 yuan in 2024, up from 1.87 yuan in 2022 [3]. Ownership Structure - The actual controller of the company is Chen Yuepeng, who indirectly controls 38.23% of the shares through Huikang Group and Changxing Yupeng [4]. - Huikang Group is the controlling shareholder, with Chen Yuepeng serving as the chairman and Lao Qiudi as the general manager [4][6]. Research and Development - Research and development expenses are projected to account for 2.51% of revenue in 2024, down from 3.04% in 2022 [4]. Management Team - The management team includes Chen Yuepeng as chairman, Lao Qiudi as general manager, and several other directors and supervisors, with familial ties among them [5][6][7].

文/西风 6月12日，广州科莱瑞迪医疗器材（873414）北交所IPO、宁波惠康工业科技深交所主板IPO获得受理。科莱瑞迪、惠康科技2024年扣非净利润分别为0.6111亿元、 4.4229亿元。报告期，科莱瑞迪的第一大客户为美国公司且系公司的联营企业、惠康科技的第一大客户为加拿大公司。 截至6月12日，2025年沪、深、北三大交易所共受理了33家IPO项目，其中上交所受理了7家、北交所受理了21家、深交所受理了5家。 一、广州科莱瑞迪医疗器材股份有限公司北交所IPO 公司前身有限公司成立于2000年12月，2016年5月整体变更为股份公司，2016 年 11 月 24 日公司股票挂牌新三板，证券代码：839744。公司股票于 2018 年 7 月 13 日摘牌；于 2024 年 10 月 23 日第二次挂牌，挂牌同时进入创新层，证券代码：873414。公司目前注册资本6180万元。 （一） 主营业务 公司是一家放射治疗和康复治疗领域的配套医疗器械解决方案提供商，主营业务为肿瘤放射治疗中的放疗定位装置以及康复治疗中康复辅助器械的研发、生产和 销售。公司是国家级专精特新重点"小巨人"企业、广东省制造业单项冠军企 ...

Core Viewpoint - The article discusses the recent IPO applications of Guangzhou Kelaire Medical Equipment and Ningbo Huikang Industrial Technology, highlighting their financial performance and business operations, as well as their major clients and fundraising plans [1][13]. Group 1: Guangzhou Kelaire Medical Equipment - The company is a provider of medical device solutions in radiation therapy and rehabilitation, with a focus on developing, producing, and selling radiation positioning devices and rehabilitation aids [4]. - The company has a registered capital of 61.8 million yuan and has been recognized as a national-level specialized and innovative "little giant" enterprise [3]. - In the reporting period, the company achieved operating revenues of 233.26 million yuan, 238.21 million yuan, and 285.35 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 63.60 million yuan, 57.40 million yuan, and 61.11 million yuan [6]. - The company has a relatively low customer concentration, with the top five customers accounting for 17.30% of total revenue in 2024 [9]. - The first major client is an American company, Kelaire, which accounts for 6.81% of the revenue in 2024 [10]. Group 2: Ningbo Huikang Industrial Technology - The company specializes in refrigeration equipment, including ice machines, refrigerators, and cold cabinets, and has been recognized as a national high-tech enterprise [14]. - The registered capital of the company is over 111.26 million yuan, and it has shown continuous revenue growth, achieving 1.93006 billion yuan, 2.49335 billion yuan, and 3.20378 billion yuan in operating revenues for 2022, 2023, and 2024 respectively [16]. - The first major client is a Canadian company, Curtis, which accounted for 22.05% of the revenue in 2024 [20]. - The company plans to raise 1.79655 billion yuan through its IPO for various projects, including product development and production capacity expansion [21].

Group 1 - The core viewpoint of the article is that Ningbo Huikang Industrial Technology Co., Ltd. has received approval for its IPO on the Shenzhen Stock Exchange, aiming to raise approximately 1.79655 billion yuan, highlighting its strong market position in the ice-making machine sector [1] - The company is recognized as a national high-tech enterprise, focusing on the research, production, and sales of refrigeration equipment, with a product range that includes ice machines, refrigerators, and cold cabinets, serving both residential and commercial markets [1][2] - The company has a significant global presence, covering over 80 countries and regions, and holds the top market share in domestic sales of ice machines and the global market [1][2] Group 2 - The company employs a sales-driven procurement model and has established a stable business model primarily based on ODM (Original Design Manufacturer), with ODM sales accounting for 81.10%, 83.59%, and 88.19% over the reporting periods [2] - The company has been actively developing its own brands, such as "HICON" and "WATOOR," and has seen an upward trend in OBM (Original Brand Manufacturer) revenue [2] - The company plans to allocate the raised funds towards various projects, including the construction of an intelligent manufacturing base and the upgrade of production facilities, with a total investment of approximately 199.71 million yuan [3] Group 3 - Financially, the company reported revenues of 1.93 billion yuan, 2.49 billion yuan, and 3.20 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 225 million yuan, 345 million yuan, and 442 million yuan for the same years [3][4] - As of December 31, 2024, the total assets are projected to be approximately 2.826 billion yuan, with a net profit of around 451 million yuan, and a basic earnings per share of 4.05 yuan [4] - The company has maintained a decreasing debt-to-asset ratio, improving from 73.15% in 2022 to 64.28% in 2024, indicating a strengthening financial position [4]