11月21日，长裕控股集团股份有限公司(以下简称：长裕集团)更新披露了第二轮问询回复。 图片 图片来源：摄图网 长裕集团主要从事锆类产品、特种尼龙产品、精细化工产品的研发、生产和销售,系行业知名的锆类产 品及特种尼龙产品供应商。2025年5月，公司主板IPO申请获上交所受理，先后于9月和11月完成了两轮 问询。 需要注意的是，长裕集团于9月30日提交的招股说明书与5月21日的初版招股书存在出入，包括历史数据 在内，其营收、净利、资产总额等关键财务指标均发生了变化。 而更新后的招股书显示，2022年-2024年，长裕集团实现营业收入分别为16.69亿元、16.08亿元和16.38 亿元，归母净利润分别为2.63亿元、1.95亿元和2.12亿元。报告期各期末，公司资产总额分别为13.18亿 元、14.09亿元和16.71亿元，出现同一申报期内数据不一致的情况。 图片 图片来源：招股书(2025-09-30) 以更新版招股书数据来看，长裕集团业绩停滞，陷入增长困境。报告期内，长裕集团的高光时刻为期初 的2022年，彼时公司营收净利双增，净利润高达2.63亿元。 次年即2023年，长裕集团业绩双双下滑，净利润降至1. ...

Core Viewpoint - The China Securities Association announced the second batch of IPO companies for on-site inspection in 2025, with a total of 12 companies selected for inspection across various boards [1]. Group 1: Basic Information of Selected Companies - The selected IPO companies include 3 from the Shanghai Main Board, 3 from the Shenzhen Main Board, 5 from the Sci-Tech Innovation Board, and 1 from the Growth Enterprise Market [1]. - The companies cover diverse industries such as automotive manufacturing, semiconductor materials, agricultural biotechnology, and clean energy materials [5]. Group 2: Financial Performance Overview - Longyu Group reported a revenue of 163,708.79 million and a net profit of 20,102.12 million for 2024 [5]. - Yisiwei (Hangzhou) Technology achieved a revenue of 39,242.06 million and a net profit of 6,171.83 million for 2024 [11]. - Hengyun Chang reported a revenue of 54,079.03 million and a net profit of 13,058.00 million for 2024 [15]. - Xinyi Technology recorded a revenue of 20,755.23 million and a net profit of 6,308.94 million for 2024 [19]. - Aiteke reported a revenue of 346,792.85 million and a net profit of 20,295.82 million for 2024 [24]. - Tianyuan Biochemical achieved a revenue of 174,989.54 million and a net profit of 22,769.48 million for 2024 [28]. - Zhenstone reported a revenue of 443,879.18 million and a net profit of 59,959.91 million for 2024 [33]. - Kangrui New Materials achieved a revenue of 299,750.50 million and a net profit of 41,488.97 million for 2024 [38]. - Future Materials reported a revenue of 64,027.15 million and a net profit of 14,375.42 million for 2024 [42]. - Electric Science and Technology reported a revenue of 312,702.27 million and a net profit of 29,296.85 million for 2024 [47]. - Huigu New Materials achieved a revenue of 81,690.54 million and a net profit of 14,171.26 million for 2024 [52].

IPO Review and Registration Progress - Four new IPO applications were accepted last week, with the first IPO on the Shanghai main board this year being Longyu Group, which aims to raise 700 million yuan [2][3] - Longyu Group's main business involves zirconium products, special nylon products, and fine chemical products, with over 70% of revenue coming from zirconium products, although its gross margin is declining [2][3] - The company reported revenues of 1.669 billion yuan in 2022, 1.607 billion yuan in 2023, and 1.637 billion yuan in 2024, with net profits of 257 million yuan, 188 million yuan, and 205 million yuan respectively [3] - Shenglong Co., a large molybdenum company, plans to raise 1.53 billion yuan and reported a revenue of 2.864 billion yuan in 2024, a 46.3% increase year-on-year [3] - Two new IPOs were accepted on the Beijing Stock Exchange: Peicheng Technology and Kanghua Co., with Peicheng's revenue declining by 4.02% in 2024 [3][4] Upcoming IPOs - Three companies, Zhigao Machinery, Shichang Co., and Hai'an Rubber, are scheduled for IPO meetings this week, with Hai'an Rubber aiming to raise 2.952 billion yuan [5][6] - Hai'an Rubber's revenue growth has significantly slowed, with a revenue increase of only 2.19% in 2024 compared to previous years [6] - Zhigao Machinery plans to raise 395 million yuan, while Shichang Co. aims for 171 million yuan [7] New Stock Subscription and Listing Dynamics - Three new stocks are scheduled for subscription this week, with a total expected fundraising of 1.332 billion yuan [10] - Youyou Green Energy plans to issue shares at 89.6 yuan each, aiming to raise approximately 941 million yuan, exceeding its original target by 34% [10] - The company reported a revenue of 1.497 billion yuan in 2024, an 8.85% increase, but a net profit decline of 4.6% [10] - Jiao Da Tie Fa aims to raise 168 million yuan, while Ying Shi Innovation plans to raise 464 million yuan for their respective projects [11] Policy and Regulatory Developments - The China Securities Association updated the list of D-class sponsor representatives, adding eight new names from various securities firms [13] - The Ministry of Finance announced administrative penalties against several securities evaluation institutions and asset appraisers following quality checks [14] - The Shenzhen Stock Exchange is focusing on supporting the computing chip industry through reforms and enhancing the service system from "IP" to "IPO" [15]

Group 1 - The core viewpoint of the news is that Changyu Group has received approval for its IPO on the Shanghai Stock Exchange, marking it as the first IPO accepted in the main board for the year [1] - Changyu Group primarily engages in the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [1] - The company aims to raise approximately 700 million yuan, which will be invested in projects including 45,000 tons of ultra-pure oxygen zirconium chloride and deep processing, 10,000 tons of high-performance nylon elastomer products, and 1,000 tons of bioceramics and functional ceramics [1] Group 2 - From 2022 to 2024, Changyu Group's revenue is projected to be approximately 1.669 billion yuan, 1.607 billion yuan, and 1.637 billion yuan, with corresponding net profits of about 257 million yuan, 188 million yuan, and 205 million yuan [4] - The company experienced a decline in both revenue and net profit in 2023, with a slight recovery expected in 2024, although not returning to 2022 levels [4] - The zirconium products segment is the core business, contributing significantly to the company's revenue, with sales of zirconium products accounting for 76.17%, 72.43%, and 70.85% of the main business revenue from 2022 to 2024 [4] Group 3 - The gross margin of zirconium products has been declining and remains below the average level of comparable companies, with gross margins of 30.65%, 23.05%, and 22.41% from 2022 to 2024 [5] - The average selling price of zirconium products has also decreased, with prices of approximately 24,000 yuan/ton, 20,200 yuan/ton, and 18,000 yuan/ton during the same period [5] - The company's R&D expense ratio is consistently lower than that of comparable companies, with rates of 3.39%, 3.19%, and 3.3% from 2022 to 2024 [5] Group 4 - As of the signing date of the prospectus, Liu Qiyong directly holds 38.9% of Changyu Group's shares, while Liu Ce holds 9.36% directly, with both controlling a total of 53.2% of the company's shares [6]