Group 1 - The report highlights the selection of 12 innovative companies from the North Exchange, focusing on their strong technological attributes and scarcity in the market, with an average revenue of 582 million yuan and an average net profit of 72.05 million yuan for 2024 [2][4][10] - Key selected companies include: - Caike Technology: A specialized fine chemical "little giant" with expected revenue of 454 million yuan and net profit of 115.64 million yuan in 2024 [2][3] - Meikang Co., Ltd.: A leader in medical knowledge base construction, with expected revenue of 245 million yuan and net profit of 91.09 million yuan in 2024 [2][3] - Aikem: A "little giant" in pre-dispersed rubber additives, with expected revenue of 516 million yuan and net profit of 84.22 million yuan in 2024 [2][3] - Fuyin New Materials: A "little giant" in precision functional materials, with expected revenue of 724 million yuan and net profit of 81.83 million yuan in 2024 [3][4] - Tianjian New Materials: A leading company in high-performance modified plastics, with expected revenue of 1.129 billion yuan and net profit of 63.52 million yuan in 2024 [3][4] - Juxin Technology: A "little giant" in semiconductor power devices, with expected revenue of 564 million yuan and net profit of 54.53 million yuan in 2024 [3][4] - Tiniou Technology: Focused on semiconductor cleaning equipment, with expected revenue of 148 million yuan and net profit of 49.08 million yuan in 2024 [3][4] Group 2 - The North Exchange has a rich reserve of new productivity companies, including 189 companies accepted for listing, covering high-end equipment manufacturing, TMT, chemical new materials, consumption, and biomedicine [1][10][13] - Among the companies awaiting approval, 153 are in various stages, with the highest number in high-end equipment (54 companies) and TMT (28 companies), showing an average revenue of 830 million yuan and net profit of 95.79 million yuan for 2024 in the high-end equipment sector [1][13][14] - The report emphasizes the importance of innovation and technology in driving industrial growth and enhancing productivity, aligning with government initiatives to promote a modern industrial system [10][12]

Core Viewpoint - Ningbo Aikem New Materials Co., Ltd. (referred to as "Aikem") has submitted its prospectus for an IPO on the Beijing Stock Exchange, aiming to raise 362 million yuan for projects including the construction of a 20,000-ton high-performance rubber additive production facility and a research and development center. Despite rapid revenue and profit growth, Aikem faces challenges related to high accounts receivable and overlapping transactions with suppliers and customers, particularly concerning its trade sales model [1][2]. Group 1: Financial Performance - Aikem's main business involves the research, production, and sales of pre-dispersed rubber additives, which account for approximately 85% of total revenue. The company achieved revenues of 375 million yuan, 429 million yuan, and 516 million yuan for the years 2022 to 2024, representing year-on-year growth rates of 14.58% and 20.28% for 2023 and 2024, respectively. Net profits for the same years were 40 million yuan, 69 million yuan, and 84 million yuan, with growth rates of 72.99% and 21.98% for 2023 and 2024, respectively [2][3]. Group 2: Accounts Receivable Issues - Aikem's accounts receivable have been increasing significantly, with year-end values of 87.46 million yuan, 102.54 million yuan, and 136.85 million yuan from 2022 to 2024. The proportion of accounts receivable, notes receivable, and financing receivables to total assets was 35.12%, 35%, and 36.59% for the same years [2][3]. Group 3: Credit Policies - The company has varying credit policies for different major customers, with some clients receiving more lenient terms. For instance, the first major customer, Haida Co., has a credit period of 90 days, while others have periods of 60 or 30 days. This leniency contributes to the high accounts receivable, as seen with Haida Co., which had an accounts receivable balance of 17.76 million yuan against a transaction amount of 26.48 million yuan in 2024 [3][4]. Group 4: Overlapping Transactions - Aikem has reported significant overlapping transactions with its major customers and suppliers, with sales to overlapping customers amounting to 35.56 million yuan and 48.48 million yuan in 2022 and 2023, respectively, representing 9.49% and 11.29% of total revenue. The procurement from these overlapping suppliers was 61.01 million yuan and 70.24 million yuan, accounting for 22.68% and 24.06% of total raw material purchases [4][5]. Group 5: Trade Sales Model Concerns - Aikem's trade sales model raises questions about the independence of its business operations. The company categorizes trade customers as direct sales clients due to buyout agreements, but many of these trade customers function more like agents. In 2022-2024, sales to trade customers accounted for over 40% of main business revenue, with concerns about the legitimacy of these transactions [7][8]. Group 6: Inventory and Sales Authenticity - Concerns have been raised regarding the authenticity of sales to certain foreign trade customers, particularly due to high inventory levels. For example, the Polish trade customer KONIMPEX had a significant increase in sales from Aikem, yet maintained high inventory levels, leading to questions about the validity of these transactions. Aikem's foreign sales revenue for 2023 was 83.06 million yuan, with a confirmation rate of 83.23% from external audits [10][11].

Core Viewpoint - Ningbo Aikem New Materials Co., Ltd. has been accepted for IPO on the Beijing Stock Exchange, aiming to raise 362 million yuan for production and R&D projects [2] Company Overview - Aikem was established in 2009 with a registered capital of 39 million yuan, focusing on the R&D, production, and sales of pre-dispersed rubber additives, recognized as a national-level "specialized and innovative" small giant enterprise [2] - The actual controllers of the company are brothers Lian Qianrong and Lian Qianfu, who collectively hold 67.66% of the voting rights [2] Shareholding Structure - Lian Qianrong directly holds 29.77% of the shares, while Lian Qianfu holds 28.87%, together owning 58.64% of the shares [5] - Lian Qianrong is also the executive partner of the employee stock ownership platform, holding 18.57% of its capital contribution, which allows him to indirectly control 9.02% of the voting rights [5] Management Background - Lian Qianrong serves as the Chairman and General Manager, while Lian Qianfu is the Deputy General Manager; they have a 10-year age difference [6] - Lian Qianrong has a background as a high school chemistry teacher and has held various positions in Aikem since 2016 [6] - Lian Qianfu has a high school education and previously worked in the clothing wholesale industry and as a sales manager at Zhejiang Ultra-Fine Chemical Co., Ltd. [7] Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 375 million yuan, 429 million yuan, and 516 million yuan, respectively [11] - Net profits for the same years are expected to be 39.91 million yuan, 69.04 million yuan, and 84.22 million yuan [11] - The comprehensive gross profit margins are projected to be 19.34%, 25.10%, and 26.20% for the years 2022, 2023, and 2024, indicating steady performance improvement [11]

Group 1 - Two companies received IPO acceptance on June 18, including Shanghai Superconductor on the Sci-Tech Innovation Board and Longyuan Co., Ltd. on the Beijing Stock Exchange [1] - As of June 18, a total of 49 IPO projects have been accepted across the Shanghai, Shenzhen, and Beijing exchanges, with Shanghai accepting 13, Beijing 29, and Shenzhen 7 [2] Group 2: Shanghai Superconductor Technology Co., Ltd. - The company focuses on the research, production, and sales of high-temperature superconducting materials, which have applications in controlled nuclear fusion, superconducting power, and advanced medical fields [3] - The company has no controlling shareholder, with the largest shareholder holding 18.15% of the shares, and no single shareholder has decisive voting power [4] - Revenue for 2022, 2023, and 2024 was reported as 35.78 million, 83.34 million, and 239.53 million yuan respectively, with net profit figures showing a transition from losses to profitability by 2024 [5][6] - The company plans to raise 1.2 billion yuan through its IPO for the production of second-generation high-temperature superconducting materials [11] Group 3: Longyuan Co., Ltd. - Longyuan specializes in the research, production, and sales of precision aluminum alloy die-casting parts, primarily for the automotive industry [13] - The company is controlled by a couple, with the husband holding 55.89% of the shares, leading to a combined control of 98.53% of the voting rights [15] - Revenue figures for 2022, 2023, and 2024 were 519.33 million, 699.40 million, and 868.89 million yuan respectively, with net profits showing consistent growth [16][17] - The company aims to raise 610 million yuan through its IPO for projects related to new energy systems and R&D center construction [21] Group 4: Springlight Technology Group Co., Ltd. - The company focuses on the research, production, and sales of soft magnetic ferrite powder and related products [23] - The controlling shareholder holds 34.04% of the shares, with additional indirect control through other entities [24] - Revenue for 2022, 2023, and 2024 was reported as 1.015 billion, 929.60 million, and 1.077 billion yuan respectively, with net profits increasing over the years [25][26] - The company plans to raise 750 million yuan through its IPO for projects related to smart power magnetic materials and R&D center upgrades [30] Group 5: Other Companies - Various companies including Huada Tong, Aikem New Materials, and Guli Fa have also received IPO acceptance, focusing on sectors such as petrochemical recycling, rubber additives, and electrical equipment [32][40][50] - Each company has outlined their business focus, shareholder structure, financial performance, and planned fundraising amounts for their respective IPOs [41][42][51]

Core Viewpoint - Ningbo Aikem New Materials Co., Ltd. has completed its IPO counseling work with the help of Yongxing Securities, marking a significant step towards its listing on the Beijing Stock Exchange [2] Company Overview - Aikem was established in 2009 with a registered capital of 39 million yuan, focusing on the research, production, and sales of pre-dispersed rubber additives [2] - The actual controllers of the company are Lian Qianrong and Lian Qianfu, who together hold 67.66% of the voting rights [2] Financial Performance - In 2022, the company's revenue was 375 million yuan, which increased to 429 million yuan in 2023, representing a growth of approximately 14.4% [2] - The net profit for 2022 was approximately 39.91 million yuan, which surged to about 69.04 million yuan in 2023, indicating a remarkable growth of 73% [2] - The comprehensive gross profit margin improved from 19.34% in 2022 to 25.10% in 2023 [2] Leadership Background - Lian Qianrong, born in 1962, has a background in education and has held various positions in the chemical industry since 2003, currently serving as the Chairman and General Manager of Aikem [2][4] - Lian Qianfu, born in 1972, has a high school education and has extensive experience in sales management within the chemical sector, currently serving as the Director and Deputy General Manager of Aikem [5][6]