10月31日，西安泰金新能科技股份有限公司(简称：泰金新能)上交所科创板IPO通过上市委会议。保荐机构为中信 建投（601066）证券，拟募资9.9亿元。 招股书显示，泰金新能主要从事高端绿色电解成套装备、钛电极以及金属玻璃封接制品的研发、设计、生产及销 售，是国际上可提供高性能电子电路铜箔和极薄锂电铜箔生产线整体解决方案的龙头企业，是国内贵金属钛电极 复合材料及电子封接玻璃材料的主要研发生产基地。 泰金新能能够提供高端铜箔生产所用阴极辊、生箔一体机、铜箔钛阳极、表面处理机、高效溶铜罐等核心设备、 关键材料及完整成套铜箔生产线解决方案，也可提供应用于绿色环保、铝箔化成、湿法冶金、电解水制氢等行业 的高性能钛电极及应用于航空航天、军工电子等行业的玻璃封接制品，市场认可度高。 公司产品终端应用于大型计算机、5G高频通信、消费电子、新能源汽车、绿色环保、铝箔化成、湿法冶金、氢 能、航天军工等领域。 泰金新能已实现4-6μm极薄铜箔生产用阴极辊的制造，实现了进口替代。2022年，公司率先研制成功全球最大直径 3.6m阴极辊及生箔一体机，2024年，公司阴极辊及铜箔钛阳极产品的市场占有率均位居国内第一，产品性能行业 领 ...

泰金新能是国际上可提供高性能电子电路铜箔和极薄锂电铜箔生产线整体解决方案的龙头企业，是国内 贵金属钛电极复合材料及电子封接玻璃材料的主要研发生产基地，目前已实现4-6μm极薄铜箔生产用阴 极辊的制造，实现了进口替代。2022年，泰金新能率先研制成功全球最大直径3.6m阴极辊及生箔一体 机，2024年，公司阴极辊及铜箔钛阳极产品的市场占有率均位居国内第一，产品性能行业领先。 除阴极辊外，泰金新能还能够提供铜箔生产所用生箔一体机、铜箔钛阳极、表面处理机、高效溶铜罐等 核心设备及完整成套铜箔生产线解决方案，整体技术达到国际先进水平，同时可提供应用于绿色环保、 铝箔化成、湿法冶金、电解水制氢等行业的高性能钛电极及应用于航空航天、军工电子等行业的玻璃封 接制品，市场占有率国内领先。经中国有色金属学会鉴定，高性能电解铜箔成套装备整体技术达到国际 先进水平，"中温旋压无缝高晶粒度高导电性钛阴极辊"和"多元、多层、梯度、纳米化复合钛阳极"居国 际领先水平。 高性能电子电路铜箔整体解决方案提供商泰金新能科创板IPO过会。 10月31日，上交所上市审核委员会召开2025年第47次上市审核委员会审议会议，审议西安泰金新能科技 股份 ...

更值得关注的是，公司在"超精密真空镀膜设备全链平台"的布局取得里程碑式进展。公司是国内首家掌 握并采用"一步全干法"工艺路线设计、生产超精密真空镀膜设备的厂商，其设备可一次性实现卷对卷双 面各镀1微米金属材料。 10月30日晚，洪田股份（603800.SH）发布2025年三季度报告。数据显示，公司三季度营业收入实现 4.95亿元，较上年同期增长30.64%，环比第二季度增长96.90%；实现净利润1.19亿元，较上年同期大幅 增长281.78%，环比第二季度增长1126.89%，业绩实现大幅改善。值得一提的是，与2025年上半年相 比，公司前三季度归母净利润大幅度扭亏为盈；前三季度经营现金流达到0.67亿元，去年同期为-0.23亿 元，同比增长近4倍，展现出公司较好的成本控制和精细化管理，经营效率大幅提升。 高端装备平台成效显现，驱动业绩高质量增长 这份亮眼的三季报，标志着洪田股份经营状况出现实质性转折。相比2025年上半年营收下滑的情况，第 三季度的强劲增长凸显了公司高端装备平台战略已进入收获期。 业绩大幅改善的背后，是公司长期构建的"高端装备与技术服务双平台"战略的持续发力。公司致力于打 造高端光学技术与 ...

中国上市公司网/文 日前，上海证券交易所上市审核委员会正式发布公告，定于2025年10月31日召开审议会议，核心议题为 西安泰金新能科技股份有限公司(下称"泰金新能")首次公开发行股票并在科创板上市的申请。这意味着 国内电解铜箔用钛阳极领域的"国家队"有望正式登陆A股，为新能源产业链关键环节的国产化版图再添 重要支柱。 陕西财政厅控股，核心产品市占率国内领先 要读懂泰金新能的独特价值，首先需拆解其股权结构背后的"国家队基因"。作为电解铜箔用钛阳极领域 的头部企业，泰金新能的最终控制权清晰指向陕西省财政厅——穿透股权关系可见，西北有色金属研究 院(下称"西北院")直接持有公司22.83%股份，同时通过兄弟公司西部材料间接控制20%股权，合计掌握 42.83%的表决权;而西北院100%股权归属于陕西省财政厅，这一股权架构明确了泰金新能"陕西省级国 资控股"的核心身份。 与普通财务投资驱动的企业不同，陕西省财政厅对稀有金属材料产业的定位远超"商业资产"，而是将其 定义为"战略民生资产"。早在2018年，陕西便将西北院体系纳入国有资本投资运营改革试点，目标直指 西安航空、航天、新能源三大万亿级产业集群——此次泰金新能 ...

Core Viewpoint - The announcement of Xi'an Taijin New Energy Technology Co., Ltd.'s IPO application marks a significant step for the domestic titanium anode sector, enhancing the localization of the new energy industry chain in China [1][2]. Group 1: Company Background and Structure - Taijin New Energy is a leading player in the titanium anode market for electrolytic copper foil, with its ultimate control linked to the Shaanxi Provincial Finance Department, indicating its status as a state-owned enterprise [2]. - The company is part of a strategic initiative by the Shaanxi government to develop key industries, including aerospace and new energy, with its IPO seen as a critical step in this strategy [2]. Group 2: Market Position and Financial Performance - Taijin New Energy has established itself as a benchmark for domestic substitution in the titanium anode market, previously dominated by Japanese and European firms, ensuring the stability and cost-effectiveness of copper foil production [3]. - The company has demonstrated strong growth, with revenue projected to increase from 1.005 billion yuan in 2022 to 2.194 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 47.78% [4]. - Net profit is expected to rise from approximately 98.29 million yuan to 195 million yuan during the same period, with a CAGR of 40.85% [4]. Group 3: Financial Structure and Competitive Advantage - The company maintains a high debt ratio, with figures of 91.35% in 2022 and 79.47% by mid-2025, yet it has low financial costs, indicating strong market positioning and customer trust [5]. - Taijin New Energy's business model includes significant advance payments from customers, which are recorded as contract liabilities, reflecting its strong bargaining power and industry position [5]. Group 4: Industry Challenges and Resilience - The company faces challenges due to structural overcapacity in the lithium battery industry, leading to a temporary decline in cash flow, with net cash flow projected to be negative in 2023 [6][7]. - Despite these challenges, Taijin New Energy's core competitiveness remains intact, supported by ongoing investments in technology and innovation, with R&D expenditures increasing over the years [7][8]. - The company has secured 90 authorized invention patents and continues to leverage its state-backed resources to maintain a competitive edge [8]. Group 5: Long-term Investment Logic - The investment rationale for Taijin New Energy is based on its combination of technological strength and state-owned enterprise backing, positioning it well for future growth if it navigates the current industry downturn successfully [10].

Core Viewpoint - The article highlights the rapid development of China's lithium battery industry, emphasizing the successful domestic replacement of foreign monopolies, particularly in the production of key components like cathode rollers, which are crucial for copper foil manufacturing [1]. Group 1: Industry Development - Over the past two decades, China's lithium battery sector has evolved from non-existence to a leading global position, with many high-quality industry leaders emerging [1]. - The domestic production of cathode rollers has surpassed 90% due to technological advancements, breaking the long-standing Japanese monopoly [1][5]. - Xi'an Aerospace New Energy Equipment Technology Co., Ltd. has become a key player in this field, recognized as an "invisible leader" in domestic equipment manufacturing [1]. Group 2: Technological Advancements - The quality of cathode rollers significantly impacts the quality of copper foil, affecting key indicators such as thickness uniformity and mechanical properties [5]. - Xi'an Aerospace New Energy has developed a 2.7-meter cathode roller that has set new domestic standards, with subsequent innovations leading to a 36% increase in production efficiency with a 3.6-meter roller [6][10]. - The company has delivered over 2,100 cathode rollers in the past five years, maintaining the highest domestic market share [10]. Group 3: Addressing Industry Challenges - The production of ultra-thin copper foil requires cathode rollers with extremely low surface roughness and uniform grain size, which has been a challenge for domestic manufacturers [13][14]. - Xi'an Aerospace New Energy has focused on solving these issues through advanced manufacturing techniques and collaborations with research institutions [14][15]. - The company has developed new technologies that enhance the quality and performance of its products, addressing critical pain points in the industry [15]. Group 4: Global Market Expansion - The demand for high-end electrolytic copper foil is expected to grow, driven by emerging industries such as 5G, AI, and new energy vehicles [17]. - Chinese copper foil manufacturers are accelerating overseas expansion and setting international testing standards, necessitating upgrades in equipment technology [19]. - Xi'an Aerospace New Energy has successfully entered international markets, securing orders from countries like South Korea and Hungary, showcasing its technological prowess [20].

Core Viewpoint - Xi'an Taijin New Energy Technology Co., Ltd. is a leading enterprise in providing high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production line solutions, currently applying for an IPO [1] Financial Performance - The company reported a compound annual growth rate (CAGR) of 47.78% in operating revenue over the past three years, indicating a strengthening of its ongoing business capabilities [1] - However, the projected revenue growth rates for 2022 to 2024 are 93.41%, 66.18%, and 31.42%, showing a declining trend year-over-year [1] - Revenue growth for the first three quarters of 2025 is expected to further decline to 18.61% [1] Production Capacity and Utilization - The capacity utilization rate for the core product, cathode rolls, was only 50% in 2024 and dropped to 16.41% in the first half of this year, before recovering to around 50% in September [2] - The production capacity and sales rates for cathode rolls and integrated foil machines have shown similar patterns of underutilization [2][4] Contracts and Projects - In November 2024, the company won a contract for a 20,000-ton high-end copper foil project with Zhongcheng Caihong, amounting to approximately 145.37 million yuan [6] - The project is set to begin production debugging in December 2025, with the first batch of equipment already delivered to the site [6] Market Position and Comparison - In 2024, Taijin New Energy's shipment volume exceeded that of its comparable company, Hongtian Co., by more than double, with Taijin reporting 365 units shipped [10] - Despite this, Hongtian's sales volume of electrolysis copper foil equipment reached 482 units, significantly higher than Taijin's reported figures [10] - Taijin's revenue for 2024 is projected at 2.194 billion yuan, nearly double that of Hongtian's 1.374 billion yuan [11]

Core Viewpoint - The IPO application of Xi'an Taijin New Energy Technology Co., Ltd. (referred to as "Taijin New Energy") has been temporarily suspended by the Shanghai Stock Exchange, which requires further clarification on future performance and product acceptance delays [2][3][6]. Company Overview - Taijin New Energy is a leading enterprise in Shaanxi Province, focusing on high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products, with applications in various sectors including large computers, 5G communications, consumer electronics, new energy vehicles, and aerospace [10][12]. Financial Performance - From 2022 to 2024, Taijin New Energy's revenue is projected to grow from 1.005 billion yuan to 2.194 billion yuan, with net profits increasing from 98.29 million yuan to 195 million yuan, indicating a consistent upward trend [11]. - In the first half of 2024, the company reported a revenue of 1.167 billion yuan, a year-on-year increase of 17.31%, and a net profit of 105 million yuan, up 8.89% [11]. Sales Model and Financial Structure - The company employs a unique sales settlement model involving "prepayment—delivery—acceptance—warranty," which has resulted in a consistently high debt ratio of around 90%, exceeding the industry average [3][17]. - In 2024, Taijin New Energy's contract liabilities decreased by 900 million yuan, leading to a negative operating cash flow of -470 million yuan, while short-term borrowings surged by 20 times, creating a funding gap of nearly 200 million yuan [3][20]. Production Capacity and Utilization - Despite revenue growth, the production capacity utilization rates for key products have declined significantly from 2022 to 2024, with cathode rollers dropping from 105.41% to 46.05% and the foil-making integrated machine from 96.30% to 18.23% [14][15]. - The company is expanding its production capacity with two fundraising projects aimed at high-end intelligent electrolysis equipment and high-performance composite titanium electrode materials, with planned investments of 439 million yuan and 397 million yuan, respectively [15][16]. Regulatory Scrutiny and Future Outlook - The Shanghai Stock Exchange has raised concerns regarding the potential for significant declines in future performance and the reasons behind the extended acceptance periods for major products, necessitating further explanations from Taijin New Energy [6][8][9]. - The company must address its reliance on prepayments and the cyclical nature of the electrolysis equipment industry to ensure sustainable growth and mitigate financial risks [20].

Core Viewpoint - 泰金新能 is the first IPO company accepted by the Shanghai and Shenzhen Stock Exchanges after the release of the new "National Nine Policies," but its review has been postponed [1][4]. IPO Review Results - In the week from August 25 to August 29, four companies were reviewed for IPO, with a total fundraising amount of 2.901 billion yuan. Three companies passed, while one was postponed [2][3]. Company Overview - 泰金新能 focuses on high-end green electrolysis complete equipment, titanium electrodes, and metal glass sealing products. It is a leading provider of solutions for high-performance electronic circuit copper foil and ultra-thin lithium battery copper foil production lines [7][8]. - The company's main revenue source is the electrolysis copper foil complete equipment, which accounted for 66.54% of its main business revenue in 2024 [9]. Key Technologies - 泰金新能 has developed core technologies in the production of cathode rollers, foil-integrated machines, and electrolysis tanks, achieving import substitution and reaching international advanced levels [10][14]. - The company has successfully manufactured cathode rollers for ultra-thin copper foil production, with a market share ranking among the top in China [8][14]. Financial Performance - From 2021 to 2024, 泰金新能's revenue increased from 519 million yuan to 2.194 billion yuan, with net profits rising from approximately 48.43 million yuan to 104.66 million yuan [22][24]. - The company has maintained growth despite fluctuations in the downstream copper foil market, with a projected market size of 20 billion yuan in 2023, reflecting a 33% year-on-year increase [19][21]. Market Outlook - The copper foil equipment market is expected to decline in 2024 due to reduced new capacity expansion projects, with a forecasted market size of 13.4 billion yuan, a 33% decrease year-on-year [19][21]. - However, the industry is anticipated to enter a new investment expansion cycle by 2028, following a period of adjustment [21][25]. Fundraising and Project Adjustments - 泰金新能 initially planned to raise 1.5 billion yuan for various projects, including high-end intelligent equipment and titanium electrode materials, but has since adjusted its fundraising plans, canceling the working capital supplement and reducing other project funding [27][30][33].

Core Viewpoint - Taijin New Energy Technology Co., Ltd. is set to launch an IPO on the Sci-Tech Innovation Board, with the review meeting scheduled for August 29, 2025, marking a significant step in its growth trajectory [1] Financial Performance - From 2022 to 2024, Taijin New Energy's revenue is projected to grow from 1.005 billion to 2.194 billion yuan, reflecting a compound annual growth rate (CAGR) of 47.78% [2] - The net profit attributable to the parent company is expected to increase from 98.2936 million to 195 million yuan, with a CAGR of 40.85%, indicating strong operational capabilities [2] Market Position - Taijin New Energy holds over 45% market share in the Chinese electrolytic copper foil cathode roller market, with a shipment volume of 365 units in 2024, positioning it among the top players in the industry [2] - The company has established a robust client base, including leading global companies like CATL and BYD, enhancing its resilience and market presence [4] Technological Strength - The company focuses on four core technological directions: "green electrolysis technology," "spinning forming technology," "surface coating technology," and "sealed connection technology," aimed at improving the environmental and operational efficiency of titanium anodes [2] - Taijin New Energy has received several national-level certifications, including National Enterprise Technology Center and National Manufacturing Single Champion Enterprise, underscoring its innovation and market position [3] Strategic Goals - The IPO aims to raise 990 million yuan, primarily for projects related to high-end intelligent equipment for green electrolysis and high-performance composite coated titanium electrode materials, aligning with national strategic directions [5] - The company is committed to addressing the challenges posed by industry cycles and competition through a dual approach of technology and capital [5] Investment Appeal - Taijin New Energy's financial metrics, particularly its contract liabilities, indicate a strong business model where clients prepay for orders, providing the company with non-interest-bearing operational funds [6] - Despite facing cash flow fluctuations due to industry adjustments, the company is well-prepared to leverage its IPO proceeds for capital replenishment and core technology development [7]