Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 267 listed companies as of June 22, 2025. The market is also witnessing new IPO activities, with several companies undergoing the listing process. Trading Activity - As of June 22, 2025, the BSE has 267 listed companies with a total share capital of 37.428 billion shares and a circulating share capital of 23.926 billion shares [3] - For the week of June 16-22, 2025, the trading volume was 6.437 billion shares, a decrease of 13.58% from the previous week, while the trading value was 144.247 billion yuan, down 11.53% [4][5] - The average trading price was 22.41 yuan, reflecting an increase of 2.37% [5] - The BSE 50 Index fell by 2.55% to 1347.46 points, with 11 stocks rising and 39 falling [5] New IPOs and Listings - During the week of June 16-22, 2025, one company initiated its IPO, two companies passed the listing committee meeting, and ten companies had their listing applications accepted [8][9][25] - As of June 22, 2024, there are 94 companies awaiting review, including 22 accepted, 59 under inquiry, and 10 submitted for registration [8] Company-Specific Highlights - **Guangxin Technology Co., Ltd.**: Initiated its IPO on June 17, 2025, with an issuance price of 10.00 yuan per share, raising 40 million yuan through strategic placement [11] - **Ningbo Nengzhiguang New Materials Technology Co., Ltd.**: Passed the listing committee meeting on June 19, 2025, focusing on high-margin product sales and raw material price impacts [15][16] - **Balan Technology Co., Ltd.**: Approved for listing on June 20, 2025, with a focus on automotive maintenance and testing equipment [20][21] - **Guli Fa Group Co., Ltd.**: Received listing application acceptance on June 17, 2025, aiming to raise 529 million yuan for various projects [27] - **Huada Tong Gas Manufacturing Co., Ltd.**: Accepted for listing on June 17, 2025, with plans to raise 265 million yuan for production expansion [36] Financial Performance - **Guangxin Technology**: Revenue from 2022 to 2024 was 304 million yuan, 420 million yuan, and 578 million yuan, with net profits of 14.72 million yuan, 49.44 million yuan, and 116 million yuan respectively [12] - **Ningbo Nengzhiguang**: Revenue from 2022 to 2024 was 556 million yuan, 569 million yuan, and 611 million yuan, with net profits of 21.86 million yuan, 49.81 million yuan, and 55.94 million yuan respectively [18] - **Balan Technology**: Revenue from 2022 to 2024 was 643 million yuan, 794 million yuan, and 1.057 billion yuan, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [23] Market Outlook - The BSE is experiencing a dynamic environment with ongoing IPO activities and fluctuating trading volumes, indicating both opportunities and challenges for investors and companies alike [4][5][8]

6月19日，宁波能之光新材料科技股份有限公司（以下简称"能之光"）IPO在北交所上市委召开的2025年 第10次审议会议上成功过会。"上会即过会"的IPO审核节奏，仍然还在三大交易所IPO审核环节延续。 单从营业收入来看，其增长性其实只是一般。实际上，该公司的业绩增长主要体现在净利润指标上。 2022年到2024年公司净利润分别为2186.49万元、4980.77万元、5594.09万元，三年的增幅分别 为-9.45%、+127.80%、+12.31%。也就是说在报告期内，该公司的净利润真正做到了"翻一番拐个弯"。 但该公司净利润的翻番是在2023年这一年实现的，能之光在营业收入只增长2.34%的情况下，却实现了 净利润的127.80%的增长，这堪称是一个奇迹。而该公司将这个奇迹的产生归结为2023年公司毛利率的 增长，公司的毛利率从2022年的12.03%猛增到2023年的16.85%。而撇开2023年的奇迹，该公司业绩的 增长其实也是很普通的。比如2022年净利润较上年实际上还下跌了9.45%。 而且从今年一季报来看，该公司的业绩甚至出现变脸。营收同比下滑3.53%至1.33亿元、净利润骤降 23.21% ...

Core Viewpoint - The recent surge in IPO applications on the Beijing Stock Exchange indicates a robust growth potential across various sectors, with companies focusing on innovation and advanced technology solutions [1][4]. Group 1: IPO Applications and Companies - A total of 17 companies submitted IPO applications to the Beijing Stock Exchange from June 1 to June 20, showing a significant increase compared to May [1]. - Notable companies include Autu Technology, Longxin Intelligent, New Fortune Technology, and Ryan Precision Engineering, each specializing in different high-growth sectors [1][2]. - Autu Technology focuses on automotive stamping automation solutions, while Longxin Intelligent provides smart factory solutions for industries like new energy and fine chemicals [1][2]. Group 2: Financial Performance and Projections - Longxin Intelligent's projected revenues for 2022, 2023, and 2024 are 336 million, 582 million, and 604 million yuan, respectively, driven by demand in the new energy sector [2]. - New Fortune Technology specializes in thermal management components for electric vehicles, with plans to raise 463 million yuan for expansion and working capital [2]. - Ryan Precision Engineering aims to raise 359 million yuan for projects including aluminum profile production and upgrading its R&D center [3]. Group 3: Successful IPO Approvals - Companies Energlow and Balanshi have recently received approval for their IPOs, indicating strong market confidence [3][4]. - Balanshi focuses on automotive maintenance equipment and plans to raise 300 million yuan for smart upgrades and expansion [3]. - Energlow specializes in high polymer additives and has developed over 300 product grades, serving various industries including automotive and electronics [4]. Group 4: Emphasis on R&D and Innovation - Companies applying for IPOs and those that have been approved emphasize significant investment in R&D to maintain competitive advantages [4][5]. - Autu Technology's R&D expenses are projected to increase from 14.3 million to 18.5 million yuan from 2022 to 2024, reflecting its commitment to innovation [4]. - Ryan Precision Engineering has developed multiple core technologies and maintains a strong focus on R&D, with expenses projected to be around 3.28% to 4.53% of revenue from 2022 to 2024 [5][6].

Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. (referred to as "Nengzhiguang") has successfully passed the IPO review on the Beijing Stock Exchange, aiming to raise 160 million yuan [1][2]. Financial Performance - Nengzhiguang's revenue from 2021 to 2024 was 529 million yuan, 556 million yuan, 569 million yuan, and 611 million yuan respectively, with net profits showing significant fluctuations [5][6]. - The company reported a substantial increase in net profit in 2023, reaching 50.8 million yuan, a 173.31% increase compared to the previous year [5][6]. - The gross profit margins for the years 2021 to 2024 were 12.29%, 12.03%, 16.85%, and 17.05%, indicating a notable increase in 2023 [7][8]. Regulatory Scrutiny - The regulatory body has raised concerns regarding the authenticity and sustainability of Nengzhiguang's reported performance, particularly focusing on the significant increase in gross profit margins and net profits in 2023 [5][9]. - The company was asked to provide detailed analyses of its top 20 customers, including revenue, gross profit, and gross margin changes, as well as the reasons behind the increase in high-margin product sales [4][12]. Customer Base and Revenue Recognition - Nengzhiguang has a diverse customer base, with the top five customers accounting for 23.05%, 22.87%, 22.30%, and 19.36% of revenue from 2021 to 2024, indicating a low concentration of revenue [14][15]. - The company confirmed that it does not engage in practices such as premature revenue recognition and has robust internal controls for revenue recognition [15][17]. Raw Material Costs and Pricing - The primary raw materials for Nengzhiguang include PP, PE, and POE, which account for over 80% of total costs, making the company vulnerable to fluctuations in the petrochemical industry [7][9]. - The company stated that it generally adopts a "market price + negotiation" approach for raw material procurement, ensuring that procurement prices are fair and aligned with market trends [9][10].

6月19日，北京证券交易所（简称"北交所"）上市委员会今年第10次审议会议结果出炉，宁波能之光新 材料科技股份有限公司（简称"能之光"）符合发行条件、上市条件和信息披露要求，成功过会。 上市委员会审议会议向能之光提出问询的主要问题集中在经营业绩真实性方面，包括要求其说明对前二 十大客户分产品分年度说明收入、毛利、毛利率情况，综合分析毛利率变动原因及逐年上升的合理性。 从在审期间北交所对能之光的两轮问询来看，由于近三年业绩波动比较明显，交易所对其业绩增长持续 性、毛利率上涨合理性及真实性等问题已经多次关注，第二轮问询中多个问题都与业绩相关。 公开资料显示，能之光此次IPO拟募集1.60亿元，用于功能高分子材料扩产项目、研发中心建设项目、 补充流动资金。 北交所首发受理速度持续加快 从发审会节奏上来看，6月前两周北交所IPO获受理7家，相较5月继续提速，北交所首发受理速度持续 加快。截至目前，2025年A股已受理49家企业，占去年全年受理总数已超六成。其中，今年北交所已经 受理29家企业，遥遥领先其他板块。上交所受理了13家，其中主板4家、科创板9家，深交所受理7家， 其中主板3家、创业板4家。 按月份来看，6月 ...

梳理来看，实控人张发饶持股比例过半，且其身兼董事长、总经理职务；曾存在第三方回款、利用员工个人账户收付客户保证金等财务内控不规范；收入放 缓，扩产消化问题引关注；研发费用率低于3%，何以成为高新技术企业；分红3299万元，要补流3350万元是否合理；应收账款保持在高位，坏账准备不 低；控股股东微丽特短线交易被出具警示函；因信息披露违规，张发饶、董事会秘书蓝传峰及财务总监王月先被进行监管工作提示。 据短平快解读了解，2001年9月，能之光有限成立，2016年12月完成股改，次年5月在全国股转系统挂牌，股票简称"能之光"，此后于2019年7月终止挂牌， 但2022年6月再次股票，目前属于创新层。 张发饶表决权过半。截至招股书披露日，张发饶为能之光的实际控制人，个人直接持股13.84%，通过一致行动人宁波微丽特（控股股东）间接控制26.46% 股权，通过一致行动人宁波能馨间接控制6.2%股权。 另外，张发饶还通过一致行动人YUHUALI、QINYAZHANG、GAOXINZHANG及JAREDZHANG分别控制公司1.71%、0.95%、0.95%及0.95%股份，其中 YUHUALI是其妻子，其余三人都是其子女。 ...

01 2023年仅有奥升德刚与公司合作即成为公司主要客户，奥升德基本情况如下： 问询 根据问询回复文件，（1）发行人 2023年业绩大幅增长，发行人2023年存在部分客户如奥升德刚与发行人合作即成为发行人工程塑料改性助剂主要客户的 情形。 （2）发行人收入确认依据仅为客户签字确认的签收单。 请发行人说明：（1）2023年部分客户刚与发行人合作即成为发行人主要客户的原因、背景和合理性，是否与发行人及相关主体存在关联关系或其他利益 往来。 （2）收入确认依据仅为客户 签字确认的签收单的有效性，是否存在物流收货人和客户签字人员不一致的情形，说明发行人如何确认客户签字人员 的身份真实性，是否与客户定期对账。 【公司简介】 宁波能之光新材料科技股份有限公司是从事高分子助剂及功能高分子材料的研发、生产和销售的高新技术企业，主要生产高分子助剂和功能高分子材料。 02 回复 一、2023年部分客户刚与发行人合作即成为发行人主要客户的原因、背景和合理性，是否与发行人及相关主体存在关联关系或其他利益往来 （一）奥升德基本情况 | 交易主体名称 | 奥升德功能材料(苏州)有限公司 | | --- | --- | | 法定代表人 | ...

在北交所IPO审核趋严的背景下，宁波能之光新材料科技股份有限公司（以下简称"能之光"）的上市进程，已变成该公司内控不规范的"整改"之路。特别是 当问询函中上百次出现"不规范""违规""整改"等审核敏感词时，也预示着该公司的IPO之路或将面临更多挑战与不确定性。 | 代码 | 873715 | | --- | --- | | 公司全称 | 宁波能之光新材料科技股份有限公司 | | 审核状态 | 已问询 | | 保存机构 | 国金证券股份有限公司 | | 会计师事务所 | 容诚会计师事务所(特殊普通合伙) | | 律师事务所 | 北京德恒律师事务所 | | 评估机构 | | 来源：北交所 招股书显示，能之光成立于2001年，一家从事高分子助剂及功能高分子材料的研发、生产和销售的高新技术企业，其主营业务产品为高分子助剂。该公司此 次IPO计划募集资金1.6亿元，其中0.91亿元拟用于功能高分子材料扩产项目，0.35亿元拟用于研发中心建设项目，0.34亿元拟用于补充流动资金。巧合的 是，在IPO申请被受理前，该公司累计分红总额刚好与补充流动资金的募资金额相等。 问询函显示，能之光财务内控进行整改的内容主要体现在"第三 ...