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] - 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 over the past month [2] - The ChiNext new stock, Haocreat Technology, focuses on smart distribution equipment and digital solutions for distribution networks, with projected revenues of 6.72 million yuan, 8.67 million yuan, and 4.51 million yuan for 2023 to the first half of 2025, and net profits of 0.87 million yuan, 1.11 million yuan, and 0.62 million yuan respectively [2] Group 2: Company Profiles - YouSheng Co., launching on the Shanghai Main Board, specializes in aluminum alloy automotive components, particularly in the lightweight automotive parts sector, with a focus on new energy vehicles [3] - YouSheng Co. has projected revenues of approximately 23.50 billion yuan, 29.05 billion yuan, and 39.50 billion yuan from 2022 to 2024, with net profits of 2.33 billion yuan, 3.21 billion yuan, and 4.05 billion yuan respectively [3] - Yatu High-tech and Weite Environment are set to present their IPOs on the Beijing Stock Exchange, with Yatu focusing on high-performance industrial coatings and Weite specializing in water resource pipeline leakage control technology [4]

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]

Core Viewpoint - The company Yatu High-tech is facing a lawsuit from competitor Donglai Technology for alleged patent infringement, which could impact its upcoming IPO and financial stability [1][12]. Group 1: Company Overview - Yatu High-tech is a high-tech enterprise specializing in the research, production, and sales of high-performance industrial coatings, primarily used in automotive and other industrial sectors [2]. - The company recorded revenues of 557 million, 636 million, and 742 million yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate (CAGR) of 15.43% [2]. - The company plans to raise 431 million yuan through its IPO, with 35 million yuan allocated for working capital [2]. Group 2: Financial Performance - The net profit attributable to the parent company for the same years was 75.46 million, 116 million, and 145 million yuan, with a CAGR of 38.42% [2]. - The gross profit margins for the company were 35.39%, 43.50%, and 44.00% for the years 2022, 2023, and 2024, showing a significant increase [9]. - The company's R&D expenditure as a percentage of revenue was lower than that of comparable companies, at 3.30%, 3.63%, and 3.06% for the respective years [8][10]. Group 3: Legal Issues - The lawsuit from Donglai Technology claims that Yatu High-tech infringed on two of its patents, seeking 25 million yuan in damages [12]. - The company believes it has a low risk of losing the case, as its products do not fall within the scope of the claimed patents [13]. - The sales revenue from the products involved in the lawsuit accounted for a small percentage of the company's total revenue, indicating limited financial impact [13]. Group 4: Shareholder Structure - The company is largely controlled by the Feng brothers, who hold a combined 96.50% of the shares, raising concerns about corporate governance and internal controls [4][3]. - In June 2024, the company distributed cash dividends of approximately 33.68 million yuan, primarily benefiting the Feng family [4]. Group 5: Market Position and Risks - Yatu High-tech's international sales accounted for 50.28%, 55.10%, and 54.66% of its revenue in the respective years, with significant growth in overseas markets [14]. - The company faces risks related to its receivables, as a growing proportion of accounts receivable are overdue, and several major clients have not made capital contributions [15].

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].

Core Viewpoint - Yatu High-tech Materials Co., Ltd. is set to undergo an IPO review on September 12, aiming to raise 431 million yuan, aligning with the industry's shift towards water-based coatings and green manufacturing [1] Group 1: Financial Performance - Yatu High-tech is a leading player in the domestic automotive repair coatings industry, with a strong focus on long-term technological innovation, holding over 40 core patents in water-based coatings and original automotive paints [2] - The company's revenue and net profit are projected to grow significantly from 2022 to 2024, with revenues of 557 million yuan, 636 million yuan, and 742 million yuan, and net profits of 78.26 million yuan, 117 million yuan, and 149 million yuan, reflecting compound annual growth rates of 15.42% and 37.98% respectively [2] Group 2: Fundraising and Production Expansion - The IPO fundraising plan includes 141 million yuan allocated for the construction of a water-based coating intelligent production line, which is crucial for meeting the rising demand for low-pollution coatings driven by national policies [3] - By the end of 2024, Yatu's water-based coating production capacity is expected to reach 684.25 tons per year, with a significant increase in capacity utilization from 36.2% in 2021 to 70.39% in 2024, and the new project will enable a 12-fold increase in production capacity [3] Group 3: R&D and Market Development - The fundraising plan allocates 106 million yuan for upgrading the R&D center, focusing on automotive original paints, low-temperature curing water-based coatings, functional resins, and high-end industrial paints, aiming to fill domestic technology gaps and enhance competitiveness against foreign brands [4] - Yatu plans to invest 83 million yuan in establishing a global marketing network, including brand demonstration stores in key domestic and international markets, and 86 million yuan in a digital integration center to enhance supply chain efficiency and customer service [4]

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].