来源：金融投资报 随着羽玺新材、幺麻子、天元重工等IPO相继获得受理，超纯股份、菊乐股份等公司已被问询，2026年 开年以来，四川企业IPO开始明显加速。在众多进入IPO程序的川企中，已注册生效的宏明电子，有望 成为今年登陆A股市场的第一家四川上市公司。 | | 四川IPO 申报 | 125 | | | --- | --- | --- | --- | | 股票简称 | 申报企业名称 | 审核讲度 | 拟上市板 | | 宏明电子 | 成都宏明电子股份有限公司 | 洁册信效 | 创业板 | | 超纯股份 | 成都超纯应用材料股份有限公司 | 已问询 | 创业板 | | 菊乐股份 | 四川菊乐食品股份有限公司 | 已问询 | 北交所 | | 容健医疗 | 四川睿健医疗科技股份有限公司 | 已问询 | 北交所 | | 孕婴世界 | 成都孕婴世界股份有限公司 | 已问询 | 北交所 | | 美康股份 | 四川美康医药软件研究开发股份有限公司 | 已问询 | 北交所 | | 羽玺新材 | 四川羽玺新材料股份有限公司 | 品受理 | 北交所 | | 天元重工 | 德阳天元重工股份有限公司 | 已受理 | 北交所 | | 么 ...

据了解，宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，同时，公司还涉 及精密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域和新能源电池及汽车电子结 构件等领域。本次冲击上市，宏明电子拟募集资金约19.51亿元。 北京商报讯（记者 马换换 李佳雪）近日，深交所官网显示，成都宏明电子股份有限公司（以下简称"宏 明电子"）创业板IPO注册生效。 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has approved Chengdu Hongming Electronics Co., Ltd.'s initial public offering (IPO) registration, marking a significant step towards its listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1][2] - The IPO is underwritten by Shenwan Hongyuan Securities, with a total fundraising target of approximately 1.951 billion yuan, which will be allocated to projects including the "technological transformation of electronic component production base," "intelligent manufacturing of precision components and molds," "upgrading of the R&D center," and to supplement working capital [1] - Hongming Electronics primarily engages in the research, production, and sales of new electronic components, focusing on passive components such as resistors and capacitors, and aims to provide high-performance and reliable products [1] Group 2 - The company's revenue and profit are mainly derived from its electronic component business, which has significant applications in the defense sector, highlighting its specialized position in the high-reliability electronic component market [1] - Following the CSRC's approval, Hongming Electronics and its lead underwriter will conduct preliminary inquiries, roadshows, and ultimately determine the issue price to initiate the subscription process [2]

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. (Hongming Electronics), a company with a rich history dating back to 1958, is at a critical juncture as it approaches its IPO registration after successfully passing the review process. The company faces challenges related to high dividend payouts, customer dependency, and asset quality, particularly under the leadership of its new chairman, Liang Tao [2][8]. Company Background - Hongming Electronics originated from the state-owned No. 715 Factory established in 1958 and transitioned to a joint-stock company in 2000. The company has a significant focus on electronic components and precision parts [2][3]. - As of June 30, 2025, the company has 547 shareholders, including 25 institutional investors, with the largest shareholder being Chuan Investment Trust, holding 56.5% of the shares [3][5]. Financial Performance - The company has distributed dividends totaling approximately 280 million yuan over three years, with specific amounts of 107 million yuan, 100 million yuan, and 72.93 million yuan for 2022, 2023, and 2024, respectively [5][6]. - Hongming Electronics plans to raise approximately 1.951 billion yuan through its IPO, aimed at funding seven major projects, including the industrialization of high-energy pulse capacitors and the enhancement of precision component capabilities [6][7]. Customer Dependency and Risks - The company has a high customer concentration, with the top five customers accounting for over 60% of total revenue during the reporting period. This dependency poses risks, particularly as major clients exert pricing pressure [12][13]. - The company has faced declining revenues, with total revenue dropping from 3.146 billion yuan in 2022 to 2.494 billion yuan in 2024, and net profit decreasing from 476 million yuan to 268 million yuan during the same period [15][16]. Asset Quality Concerns - Hongming Electronics has seen a significant increase in accounts receivable, rising from 731 million yuan at the end of 2022 to 2.08 billion yuan by mid-2025, indicating potential cash flow issues [16][19]. - The company also faces challenges with inventory management, with a substantial portion of inventory being long-term, leading to increased storage costs and potential write-downs [19][20]. Leadership and Future Challenges - Liang Tao, the new chairman, is tasked with addressing the company's financial strategies and customer dependency while navigating the IPO process. His background in microelectronics and previous roles in technology management may aid in this transition [8][10]. - The company must balance historical financial practices with future growth needs, focusing on diversifying its customer base and improving asset quality to enhance resilience against market fluctuations [16][20].

智通财经APP获悉，12月26日，中国证监会发布《关于同意成都宏明电子股份有限公司首次公开发行股票注册的批复》。据悉，宏明电子拟在深交所创业板 上市，申万宏源证券为其保荐机构，拟募资19.5071亿元。 据招股书，宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高性能、高可靠性的电子元器件产品。同时，公 司还涉及精密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域和新能源电池及汽车电子结构件等领域。 报告期内，公司主要产品为以阻容元器件为代表的新型电子元器件产品和精密零组件产品。其中，收入和利润主要来源于电子元器件业务，公司电子元器件 主要应用于防务领域。 ...

本次冲击上市，宏明电子拟募集资金约19.51亿元。 据了解，宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，同时，公司还涉 及精密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域和新能源电池及汽车电子结 构件等领域。公司IPO于2025年5月30日获得受理，当年6月16日进入问询价阶段；2025年12月12日，公 司上会获得通过。 北京商报讯（记者 马换换 王蔓蕾）12月15日，深交所官网显示，成都宏明电子股份有限公司（以下简 称"宏明电子"）创业板IPO提交注册，公司冲击上市进入最后一关。 ...

IPO Pipeline Overview - As of December 14, there are 266 companies in the IPO pipeline, with 18 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 20 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 164 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 11 accepted, 163 under inquiry, 8 approved, 60 suspended, and 24 submitted for registration [3] Newly Listed Companies - During the period from December 8 to December 14, BaiAoSaiTu (Beijing) Pharmaceutical Technology Co., Ltd. was listed on the Sci-Tech Innovation Board with stock code 688796, closing at 65.80 yuan per share, a rise of 146.63%, with a trading volume of 1.671 billion yuan and a turnover rate of 75.80% [4][5] New Counseling Record Companies - A total of 17 companies were newly recorded for counseling from December 8 to December 14, including Shandong Huichuan Precision Technology Co., Ltd. and Si'an New Energy Co., Ltd. [6][7] - Shandong Huichuan specializes in high-end automotive components, particularly air conditioning compressor system parts [8][9] Approval Status of Companies - Seven companies successfully passed the review process from December 8 to December 14, including Guangzhou Huigu New Materials Technology Co., Ltd. and Anhui Linping Circular Development Co., Ltd. [13][14] - Guangzhou Huigu focuses on polymer materials and aims to be a global leader in functional material technology innovation [14] Registration Approval Status - Jiangsu Aisheren Medical Technology Group Co., Ltd. and Shimon Supply Chain Management Co., Ltd. received registration approval during the specified period [17][18] - Jiangsu Aisheren specializes in disposable medical consumables for rehabilitation and medical protection [18] Termination of Review - Two companies, Chuangzheng Electric Co., Ltd. and Harbin Dongsheng Metal Technology (Group) Co., Ltd., withdrew their IPO applications during the period [19][20] - Chuangzheng Electric focuses on explosion-proof solutions and products for industrial electrical fields [20]

Group 1 - The core point of the article is that Chengdu Hongming Electronics Co., Ltd. has received approval for its IPO on the ChiNext board and is set to enter the issuance and listing phase [1][9] - Hongming Electronics is a leader in the domestic electronic components industry and has been involved in key national R&D plans during the 13th and 14th Five-Year Plans, receiving multiple national science and technology progress awards [1][7] - The company has a history dating back to 1958 and has continuously been recognized as one of the top 100 electronic component enterprises in China for over 30 years [7][9] Group 2 - In 2024, Hongming Electronics achieved an operating income of 2.494 billion yuan and a net profit of 252 million yuan after deducting non-recurring gains and losses [9] - The company plans to raise approximately 1.95 billion yuan through its IPO, with funds primarily allocated for the industrialization of high-energy pulse capacitors [9] - Chengdu has seen a total of 6 new listed or approved companies this year, with a total of 153 listed companies in the city, ranking first in the central and western regions [4][10]

Group 1: IPO Review Highlights - This week, the A-share IPO review market demonstrated high activity and efficiency, with 7 companies successfully passing the review, achieving a 100% approval rate and setting a record for the highest number of reviews in a single week this year [2] - The companies reviewed span across the core sectors of the Shanghai, Shenzhen, and Beijing stock exchanges, indicating a balanced distribution: 1 from the Shanghai main board, 1 from the Sci-Tech Innovation Board, 2 from the Growth Enterprise Market, and 3 from the Beijing Stock Exchange [2] - Among the 7 companies, 6 were accepted for review within a year, with 5 having submitted their applications only about six months ago, highlighting the capital market's role in supporting technological innovation and the real economy [2] Group 2: Company Financials - **Guangzhou Huigu New Materials Technology Co., Ltd.**: Revenue for 2022-2024 was 664 million, 717 million, and 817 million CNY, with net profits of 26 million, 106 million, and 146 million CNY respectively [3] - **Chengdu Hongming Electronics Co., Ltd.**: Revenue for 2022-2024 was 3.146 billion, 2.727 billion, and 2.494 billion CNY, with net profits of 690 million, 598 million, and 386 million CNY respectively [4] - **Anhui Linping Circular Development Co., Ltd.**: Revenue for 2022-2024 was 2.879 billion, 2.800 billion, and 2.485 billion CNY, with net profits of 154 million, 212 million, and 153 million CNY respectively [5][6] - **Shandong Yuelong Rubber and Plastic Technology Co., Ltd.**: Revenue for 2022-2024 was 189 million, 219 million, and 268 million CNY, with net profits of 47.9 million, 60.8 million, and 83.6 million CNY respectively [7] - **Youyan Metal Composite Materials (Beijing) Co., Ltd.**: Revenue for 2022-2024 was 414 million, 498 million, and 610 million CNY, with net profits of 24 million, 45 million, and 55 million CNY respectively [9] - **Jiangsu Yuanli Digital Technology Co., Ltd.**: Revenue for 2022-2025 was 502.85 million, 527.15 million, 544.88 million, and 285.49 million CNY, with net profits of 60.94 million, 73.85 million, 82.03 million, and 43.44 million CNY respectively [10] - **Guangdong Meiya Tourism Technology Group Co., Ltd.**: Revenue for 2022-2025 was 457.39 million, 353.51 million, 400.95 million, and 182.65 million CNY, with net profits of 23.96 million, 69.26 million, 75.02 million, and 36.16 million CNY respectively [11] Group 3: New Listings - **Bai Ao Sai Tu**: Listed on the Sci-Tech Innovation Board on December 10, 2023, after previously listing on the Hong Kong Stock Exchange, raising approximately 1.267 billion CNY [12] - **Transsion Holdings**: Plans to achieve dual listing in A-share and Hong Kong, with a projected smartphone shipment of 201 million units in 2024, capturing 14% of the global market share [13] - **Shangdingxin**: A power semiconductor supplier, has re-applied for listing on the Hong Kong Stock Exchange after a previous application lapsed [14] - **Dazhu CNC**: Previously listed on the A-share market, has submitted a second application for listing on the Hong Kong Stock Exchange [15] - **Huaxida**: Reapplying for listing after a previous application lapsed, focusing on smart home solutions [16] - **Xihua Technology**: A leading company in edge AI chips, showing significant growth with a compound annual growth rate of 67.8% from 2022 to 2024 [18] - **Ledong Robotics**: A leading intelligent robotics company, has submitted a second application for listing on the Hong Kong Stock Exchange, with cumulative losses of 212 million CNY over the past three and a half years [19]

中国经济网北京12月13日讯深圳证券交易所上市审核委员会2025年第29次审议会议于昨日召开，审 议结果显示，成都宏明电子股份有限公司（简称"宏明电子"）首发符合发行条件、上市条件和信息披露 要求。这是今年过会的第91家企业（其中，上交所和深交所一共过会51家，北交所过会40家）。 宏明电子的保荐机构为申万宏源证券承销保荐有限责任公司，保荐代表人为龙家立、黄学圣。这是 申万宏源今年保荐成功的第2单IPO项目。此前，11月6日，申万宏源保荐的重庆至信实业股份有限公司 过会。 无。 2025年上交所深交所IPO过会企业一览： | 序号 | 公司名称 | 上会日期 | 拟上市地点 | 保荐机构 | | --- | --- | --- | --- | --- | | 1 | 马可波罗控股股份有限公司 | 2025/1/14 | 深交所主板 | 招商证券 | | 2 | 中策橡胶集团股份有限公司 | 2025/2/13 | 上交所主板 | 中信建投 | | 3 | 江苏汉邦科技股份有限公司 | 2025/2/21 | 上交所科创板 | 中信证券 | | 4 | 山东威高血液净化制品股份 | 2025/2/26 | 上交 ...