据目前安排，若无变化，本周（9月8日到12日）有3只新股申购。其中上证主板1只，创业板1只，北交 所1只。 9月12日启动申购的沪主板新股友升股份，是集设计、开发、生产、销售、服务于一体的专业铝合金汽 车零部件制造商，专注于轻量化汽车零部件领域，公司产品主要聚焦于新能源汽车领域，已经形成了门 槛梁系列、电池托盘系列、保险杠系列、副车架系列等多产品体系。目前公司已进入多家全球头部车企 的供应链体系，与多家知名企业建立了长期稳定的合作关系。 业绩方面，2022年至2024年，友升股份实现营业收入分别约为23.50亿元、29.05亿元和39.50亿元，实现 净利润分别达到2.33亿元、3.21亿元和4.05亿元。本次IPO，友升股份拟募资24.71亿元。 2家公司IPO上会 本周3股打新 截至目前，本周（9月8日到12日）将有2家IPO首发上会，为拟闯关北交所IPO的雅图高新和巍特环境。 截至发稿，本周网上发行1只新股披露发行价。北交所新股世昌股份发行价为10.9元，发行市盈率10.74 倍，行业最近一个月平均动态市盈率28.04倍。 世昌股份是一家专业经营饲料的大型企业，主要产品包括畜禽配合饲料、水产配合饲料、畜 ...

IPO Review and Registration Progress - Two companies, Weite Environment and Yatu High-tech, successfully passed the IPO review and plan to list on the Beijing Stock Exchange [2] - Weite Environment focuses on water resource pipeline leakage control technology consulting and construction, with projected revenues of 303 million yuan, 293 million yuan, and 329 million yuan from 2022 to 2024 [2] - Yatu High-tech specializes in high-performance industrial coatings, with revenues expected to grow from 557 million yuan in 2022 to 742 million yuan in 2024 [3] - Three companies, Yuanchuang Co., New Guangyi, and Youxun Co., are scheduled for IPO review this week [4] - Yuanchuang Co. has experienced revenue fluctuations, with 2023 revenue at 1.141 billion yuan, down 9.45% year-on-year [4] - New Guangyi's revenue is projected to increase from 455 million yuan in 2022 to 657 million yuan in 2024, with a high customer concentration [5][6] - Youxun Co. focuses on optical communication chips, with 2025 revenue expected to be 238 million yuan [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Sanxie Electric's share price increasing by 785.62% on its debut [9] - Sanxie Electric specializes in control motors, reporting a revenue of 256 million yuan for the first half of 2025 [9] - Aifenda, which focuses on electric towel racks, saw its share price rise by 170.03% on its first day of trading, with a revenue of 505 million yuan for the first half of 2025 [10] - This week, five new stocks are scheduled for subscription, including Jinhua New Materials with an issue price of 18.15 yuan per share [11] - Jinhua New Materials specializes in ketoxime fine chemicals, with a revenue of 571 million yuan in the first half of 2025 [12] - Yunhan Chip City, focusing on electronic components distribution, reported a revenue of 1.44 billion yuan in the first half of 2025 [12]

雅图高新业绩增长持续性被问询 9月12日，北交所上市委员会召开2025年第22、23次审议会议，通过巍特环境与雅图高新的IPO申请。 两家企业均属国家级专精特新"小巨人"企业，分别专注于工业涂料和排水管网运维服务。此次过会有助 于企业进一步拓展融资渠道，推进相关项目建设。伴随审议结果公布，上市委也对两家公司收入真实 性、技术竞争力及业绩可持续性等方面提出问询。 雅图高新拥有"国家级专精特新'重点小巨人'企业""广东省制造业单项冠军"等多项资质及荣誉。公司是 一家集工业涂料研发、生产、销售及专业技能服务于一体的高新技术企业，主营业务为高性能工业涂料 的研发、生产及销售。产品主要应用于汽车修补、汽车内外饰以及涵盖新能源商用车、轨道交通及特种 车辆在内的其他工业领域。 招股书显示，2022年至2024年，雅图高新营收从6.06亿元增至7.69亿元，增速从2023年的18.68%降至 2024年的6.95%；净利润增速从47.48%降至8.33%。2022年至2024年，公司主营业务毛利率分别为 35.39%、43.5%和44%，持续攀升。 2021年1月，雅图高新冲击深交所创业板，两年后换至深交所主板；2024年6 ...

Group 1 - The Beijing Stock Exchange's listing committee approved the IPO applications of Weite Environment and Yatu High-tech, both recognized as national-level specialized "little giant" enterprises focusing on industrial coatings and drainage network operation services [1] - Yatu High-tech's revenue is projected to grow from 606 million yuan in 2022 to 769 million yuan in 2024, with a decreasing growth rate from 18.68% in 2023 to 6.95% in 2024, while net profit growth is expected to decline from 47.48% to 8.33% during the same period [1] - The company plans to raise 431 million yuan through its IPO to fund the construction of a water-based coating intelligent production line, R&D center upgrades, digital integration center, global marketing network demonstration stores, and to supplement working capital [2] Group 2 - Weite Environment is also recognized as a national-level specialized "little giant" enterprise, providing advanced services in drainage network detection, assessment, design, and smart operation using proprietary technologies [2] - The company has established partnerships with major state-owned enterprises and operates primarily in the Pearl River, Yangtze River, and Yellow River basins, focusing on water environment governance and urban flood management [2] - Weite Environment's revenue for 2024 is projected to be 329 million yuan, with a net profit of 53.24 million yuan, and the company plans to raise approximately 169 million yuan for regional operation center construction and technology R&D [3]

Group 1 - The Beijing Stock Exchange's listing committee approved Yatu High-tech Materials Co., Ltd. for IPO, marking the 50th company approved this year [1] - Yatu High-tech is a high-tech enterprise engaged in the R&D, production, and sales of high-performance industrial coatings [1] - The company is controlled by He Li Investment, which holds 43.02% of the shares, with two brothers, Feng Zhaojun and Feng Zhaohua, collectively controlling 96.50% of the shares [1] Group 2 - Yatu High-tech plans to publicly issue up to 26,592,798 shares, with a potential additional 15% through an over-allotment option, totaling a maximum of 30,581,717 shares [2] - The company aims to raise 431 million yuan for projects including the construction of a water-based paint intelligent production line and the upgrade of its R&D center [2] Group 3 - The review meeting raised inquiries regarding the authenticity of revenue and sustainability of performance growth, particularly concerning overseas business income and the operational scale of certain downstream customers [4] - The underwriters are required to expand the verification scope of important sales personnel's financial transactions to ensure there are no unusual fund flows with clients and suppliers [3]

前不久，正在冲刺北交所上市的雅图高新收到了法院传来的应诉通知书，内容是，竞争对手东来技术状 告其侵害发明专利并要求赔偿2500万元。 IPO日报发现，东来技术是雅图高新本次IPO申报中的重要参考对象。东来技术不仅被列为同行业可比 公司，也是综合考虑产品用途和应用领域后，在所有可比公司中与雅图高新最合适做比较的。 雅图高新的全称为雅图高新材料股份有限公司，即将于9月12日上会，在此之前已经接受了北交所上市 委两轮问询。 IPO日报注意到，公司毛利率变动不同于可比公司，境外销售、经销收入增长的真实合理性等问题被反 复问询。 本次IPO，公司拟募资4.31亿元，其中补流3500万元。而此前，公司完成了约3368万元的分红，大部分 都进入了冯氏兄弟的口袋。 冯兆均和冯兆华为公司的共同实际控制人。冯兆均担任公司董事长、总经理，冯兆华系公司董事、副总 经理、核心技术人员，冯兆均之子冯奕信任公司市场运营中心总监。在管理方面，冯氏兄弟俩为一致行 动人，共同参与公司的经营管理，若双方就相关问题无法达成一致，则按照持股多数原则作出一致行动 决定。 2024年6月，公司向全体股东按持股比例分配现金股利3368.42万元。按照持股比 ...

Core Viewpoint - The article discusses the upcoming IPO of Yatu High-tech and highlights the legal challenges it faces, including a lawsuit from a competitor, Donglai Technology, claiming patent infringement and seeking compensation of 25 million yuan. This lawsuit is significant as Donglai Technology is a key comparable company in Yatu's IPO application [1][20]. Group 1: Company Overview - Yatu High-tech Materials Co., Ltd. is preparing for its IPO on September 12 and has undergone two rounds of inquiries from the North Stock Exchange [2]. - The company specializes in the research, production, and sales of high-performance industrial coatings, primarily used in automotive repair and other industrial sectors [6]. - Yatu's revenue for the years 2022, 2023, and 2024 is projected to be 557 million yuan, 636 million yuan, and 742 million yuan, respectively, with a compound annual growth rate (CAGR) of 15.43% [6]. Group 2: Financial Performance - The company plans to raise 431 million yuan through its IPO, with 35 million yuan allocated for working capital [4]. - Yatu's net profit for the same years is expected to be 75.46 million yuan, 116 million yuan, and 145 million yuan, reflecting a CAGR of 38.42% [6]. - The company has a relatively low R&D expenditure compared to its peers, with a rate of 3.30% of revenue, while its gross profit margin has shown significant growth, reaching 44.00% in 2024 [14][17]. Group 3: Legal Challenges - Yatu High-tech is facing a lawsuit from Donglai Technology, which claims patent infringement related to specific products and seeks 25.05 million yuan in damages [20]. - The company believes it does not infringe on the patents in question and assesses the risk of losing the case as low, given that the sales revenue from the disputed products is minor compared to its overall income [21]. Group 4: Market and Sales Dynamics - The company has seen a significant increase in overseas sales, which accounted for 50.28%, 55.10%, and 54.66% of its revenue in the years 2022, 2023, and 2024, respectively [22]. - However, there are concerns regarding the credit risk associated with accounts receivable, as a growing proportion of receivables are overdue, and several major clients have not made any capital contributions [24][25].

本报讯 （记者刘晓一）据北交所官网信息，雅图高新材料股份有限公司（以下简称"雅图高新"）IPO将于9月12日上会审 核。 雅图高新是一家集高性能工业涂料研发、生产、销售及专业技能服务于一体的高新技术企业，其产品广泛应用于汽车修 补、汽车内外饰及新能源商用车、轨道交通、特种车辆等工业领域。作为国家级专精特新"小巨人"企业，雅图高新凭借技术沉 淀、业绩表现与战略布局，吸引了资本市场的关注。此次IPO计划募资4.31亿元，精准契合了行业"油转水"趋势与绿色制造需 求。 营收净利润双位数增长 招股书显示，作为国内汽车修补涂料行业头部企业，雅图高新的核心竞争力源于长期技术创新投入，目前公司已在水性涂 料、汽车原厂漆领域突破40余项核心专利，成为长安汽车、吉利汽车等头部车企核心供应商。 财务数据显示，2022年至2024年，公司营业收入分别达5.57亿元、6.36亿元、7.42亿元，净利润分别为7826.15万元、1.17亿 元、1.49亿元，营业收入与净利润年均复合增长率分别为15.42%、37.98%。这样的高成长性，一方面来自公司对传统汽车修补 市场的精耕细作，持续挖掘存量市场价值；另一方面则得益于其提前布局新能源 ...

Group 1: New IPOs - This week, there are three new stocks available for subscription: one on the Shanghai Main Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][5] - The Beijing Stock Exchange new stock, Shichang Co., has an issue price of 10.9 yuan and a price-to-earnings ratio of 10.74, compared to the industry average dynamic P/E ratio of 28.04 [2] - Shichang Co. specializes in feed production, offering over 100 varieties of products for livestock and aquaculture [2] Group 2: ChiNext New Stock - The ChiNext new stock, Haocreat Technology, focuses on smart distribution equipment and digital solutions for distribution networks [2] - Haocreat Technology's projected revenues for 2023 to the first half of 2025 are 672 million yuan, 867 million yuan, and 451 million yuan, with net profits of 87 million yuan, 111 million yuan, and 62 million yuan respectively [2] - The company aims to raise 477 million yuan through its IPO [2] Group 3: Shanghai Main Board New Stock - The Shanghai Main Board new stock, YouSheng Co., is a manufacturer of aluminum alloy automotive components, focusing on lightweight parts for electric vehicles [3] - YouSheng Co. has projected revenues of approximately 2.35 billion yuan, 2.91 billion yuan, and 3.95 billion yuan from 2022 to 2024, with net profits of 233 million yuan, 321 million yuan, and 405 million yuan respectively [3] - The company plans to raise 2.471 billion yuan through its IPO [3] Group 4: Upcoming IPO Meetings - Two companies, Yatu High-tech and Weite Environment, are scheduled for IPO meetings this week on September 12 [4] - Yatu High-tech specializes in the research, production, and sales of high-performance industrial coatings, with applications in various industrial sectors [4] - Weite Environment focuses on water resource pipeline leakage control technology and has become a comprehensive service provider in the field [4]

Core Viewpoint - Yatu High-tech Materials Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, which could significantly advance its listing process despite market skepticism regarding its suitability for this exchange [1][2]. Group 1: Company Overview - Yatu High-tech is a high-tech enterprise specializing in the R&D, production, and sales of high-performance industrial coatings, primarily used in automotive repair and other industrial sectors [1]. - The company has over 30 years of experience in the coatings industry and is a leading player in the domestic automotive repair coatings market [1]. Group 2: Financial Performance - The audited revenue for 2023 and 2024 is projected to be approximately 635.03 million yuan and 742.14 million yuan, respectively, with net profits of about 115.94 million yuan and 144.57 million yuan [2]. - The weighted average return on net assets for the last two years is reported at 23.08% and 23.25%, significantly exceeding the minimum requirement of 8% for the IPO [2]. Group 3: Market Positioning and IPO Concerns - There are concerns regarding the appropriateness of Yatu High-tech's choice to list on the Beijing Stock Exchange, as it does not fit the profile of smaller, innovative enterprises that the exchange aims to serve [3]. - The company’s decision to pursue an IPO while simultaneously distributing cash dividends raises questions about the necessity of raising additional funds, given its strong financial position with a low debt ratio of 21.96% and substantial cash reserves [4][5]. Group 4: Revenue and Profitability Analysis - Yatu High-tech has shown steady growth in both revenue and net profit over the past three years, with revenue increasing from approximately 557 million yuan to 742 million yuan and net profit rising from about 78.26 million yuan to 148.61 million yuan [7]. - The company's gross margin has improved significantly, reaching 44.01% in 2024, which is higher than the average of comparable companies [8]. Group 5: Customer Base and Sales Distribution - The company has a diversified customer base, with the largest customer accounting for only 3.35% of total sales, indicating low customer concentration risk [9]. - Yatu High-tech's sales are predominantly from exports, with foreign sales exceeding domestic sales in recent years, highlighting its strong international market presence [11][12].