zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所上市"后备军"217 家，分布在高端装备、TMT 等新质生产力行业中 截至 2026 年 1 月 20 日，北交所已有 217 家公司获受理，待上会企业 167 家，覆 盖高端装备（71 家）、TMT（29 家）、化工新材料（35 家）、消费（21 家）、生 物医药（13 家）等多元细分领域。受理和辅导中公司中，包含了一些新质生产 力公司，我们从中首选专精特新、单项冠军企业、"独角兽"企业。同时，我们 也着重关注氢能源、商业航天、低空经济等行业。 后备军筛选系列已 29 期，筛选出一批已经上市的新质生产力公司 北交所策略专题报告 2026 年 01 月 26 日 优中选优，布局营收超 10 亿、利润过亿的成长领军者华晟智能等 ——北交所策略专题报告 北交所研究团队 在 2025 年北交所上市的 26 家公司中，本系列报告我们优选出星图测控、开发科 技、天工股份、广信科技、酉立智能、志高机械、宏远股份、能之光、三协电 机、世昌股份、锦华新材、江天科技等。其余优选公司中已过会公司包括：英氏 控股、雅图高新、金钛股份、新恒泰、原力数 ...

Core Viewpoint - Hubei Benxing New Materials Co., Ltd. (Benxing New Materials) has disclosed its IPO inquiry documents for the Beijing Stock Exchange, with Guotai Junan Securities as the sponsor and Tianheng Accounting Firm as the auditor [2] Group 1: Company Overview - Benxing New Materials was established in 2004 with a registered capital of 360 million yuan, focusing on the research, production, and sales of PVC heat stabilizers, pesticide active ingredients, and intermediates [2] - The company previously withdrew its IPO application for the main board in July 2022 [2] Group 2: Shareholding Structure - Cao Haibing directly holds 32% of the company's shares, making him the controlling shareholder, while Dai Baixiong holds 19% and serves as the chairman and general manager [2] - Dai Baixiong and Cao Haibing have signed a "Joint Action Agreement," indicating they are the actual controllers of the company [2] Group 3: Shareholder Relationships - The shareholding table indicates that Dai Baixiong, as chairman and general manager, holds 6,840,000 shares (19.00%), while Cao Haibing, as vice chairman, holds 11,520,000 shares (32.00%) [3] - Other notable shareholders include Wu Yong, who holds 4,101,556 shares (1.14%), and Xu Shanwu, who holds 2,266,994 shares (0.63%) [3] Group 4: Share Transfer and Compliance - The company has experienced multiple share transfers, with significant price discrepancies noted in some transactions, prompting the Beijing Stock Exchange to request detailed information on the share transactions involving Cao Haibing and Dai Baixiong [4] - The inquiry includes a review of the compliance of Dai Baixiong's acquisition of shares and whether there are any risks related to shareholding representation or tax compliance [6]

Core Insights - The report discusses the PVC heat stabilizers market, highlighting the classification, advantages, and disadvantages of various types of stabilizers, including lead salt, metal soap, organic composite, and organic tin stabilizers [2][3][4]. Group 1: PVC Heat Stabilizers Overview - PVC heat stabilizers are essential additives that improve the thermal stability of PVC resins during processing, preventing degradation at high temperatures [2]. - The main types of PVC heat stabilizers include: - Lead salt stabilizers: Known for good thermal stability and cost-effectiveness but are toxic and face regulatory restrictions [2]. - Metal soap stabilizers: Primarily calcium-zinc based, they are non-toxic but have inferior thermal stability compared to lead and organic tin stabilizers [3]. - Organic composite stabilizers: Environmentally friendly but currently lack comprehensive performance compared to organic tin stabilizers [3]. - Organic tin stabilizers: Include methyl, butyl, and octyl tin, with methyl tin recognized as safe for food and medical applications [4]. Group 2: Market Dynamics - The global PVC production is projected to reach approximately 54.5 million tons in 2024, with a year-on-year growth of about 3.2% [5]. - The global PVC heat stabilizers market is expected to grow from $5.14 billion in 2025 to approximately $7.57 billion by 2034, with a compound annual growth rate (CAGR) of 4.38% [6]. - The major consumption regions for PVC are Asia, Europe, and North America, with Asia accounting for over 65% of the market share [5]. Group 3: Regional Insights - China has become a significant production base for organic tin stabilizers, with its production of thiol methyl tin stabilizers exceeding 50% of the global total [5]. - The United States is the largest consumer of organic tin stabilizers, particularly in applications requiring high safety standards, such as food and medical packaging [5]. Group 4: Future Trends - The market share of methyl tin stabilizers is expected to increase as environmentally friendly stabilizers gain traction and lead salt stabilizers are phased out due to regulatory pressures [5].

Core Viewpoint - Hubei Benxing New Materials Co., Ltd. has received approval for its IPO application, indicating a significant step for the company in raising capital for expansion projects [1] Company Overview - Established in 2004, Hubei Benxing New Materials is headquartered in Suizhou, Hubei, and focuses on the research, development, and production of fine chemical products [1] - The company is recognized as a national-level specialized and innovative enterprise, with core business areas including the development, production, and sales of PVC heat stabilizers, pesticide active ingredients, and intermediates [1] Market Position - Hubei Benxing holds a leading position in its niche markets, with a global market share of 100% in the thiol methyl tin sector and the top domestic market share for the pesticide active ingredients chlorantraniliprole and thiamethoxam [1] New Energy Initiatives - The company is also venturing into the new energy sector, developing products such as lithium hexafluorophosphate, electrolytes, and silicon-carbon anode materials [1] IPO Fundraising Plans - The company plans to raise 780 million yuan (approximately 7.8 billion yuan) through its IPO to fund several projects, including: - A project for the annual production of 3,000 tons of reverse ester tin and 10,000 tons of thiol ester [1] - A project for the annual production of 6,000 tons of bromoxynil active ingredient [1] - A project for the annual production of 100,000 tons of flotation collectors [1] - Construction of a research and development center [1]

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 287 listed companies as of December 21, 2025. The market is also witnessing new listings and applications for IPOs, indicating ongoing activity despite the recent declines in trading metrics. Trading Metrics - As of December 21, 2025, the BSE has 287 listed companies with a total share capital of 39.676 billion shares and a circulating share capital of 25.312 billion shares [2] - For the week of December 22-27, 2025, the trading volume was 4.634 billion shares, a decrease of 6.63% week-over-week [3] - The trading value for the same week was 99.934 billion yuan, down 11.68% from the previous week [3] - The average trading price was 21.57 yuan, reflecting a decrease of 5.41% [3] - The BSE 50 Index fell by 1.19% to 1463.04 points, with 28 stocks rising and 22 falling [3] New Listings and IPO Applications - During the week of December 22-27, 2025, one company was listed, and one company opened for subscription [6][12] - A total of 9 companies had their IPO applications accepted, while 4 companies passed the review process [6][38] - As of December 27, 2025, there are 160 companies awaiting review, with 13 accepted, 121 under inquiry, and 14 submitted for registration [6] Recent IPOs - Jiangtian Technology (江天科技) was listed on December 25, 2025, becoming the 287th company on the BSE, with a first-day closing price of 47.85 yuan, up 180.58% from its issue price [8][9] - The company aims to raise 531 million yuan for the construction of a comprehensive R&D and manufacturing base [9] - For the first three quarters of 2025, Jiangtian Technology reported a revenue of 468 million yuan, a year-on-year increase of 10.85%, and a net profit of 89.11 million yuan, up 11.45% [11] Upcoming IPOs - Hengtong Optoelectronics (蘅东光) opened for subscription on December 23, 2025, with a target of raising 323.8 million yuan [13] - The company reported a revenue of 1.315 billion yuan for 2024, a significant increase of 91.38% year-on-year, and a net profit of 224 million yuan, up 123.75% [16] - Other companies, including Miro Technology (觅容科技) and Meiya Technology (美亚科技), have submitted registration applications, aiming to raise 314 million yuan and 200 million yuan, respectively [19][22] Companies Passing Review - Four companies passed the listing committee review during the week, including Ying's Holdings (英氏控股) and Longyuan Co., Ltd. (隆源股份) [24][26] - Ying's Holdings reported revenues of 1.974 billion yuan for 2024, with a net profit of 210 million yuan [25] - Longyuan Co., Ltd. aims to raise 560 million yuan for projects related to new energy systems [28] Companies Completing Counseling - A total of 28 companies completed their counseling work during the week [68] - These companies are preparing for their IPOs, indicating a robust pipeline for future listings on the BSE [68]

Core Viewpoint - Hubei Benxing New Materials Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, aiming to raise 780 million yuan for various projects, including the establishment of a research and development center [3] Company Overview - Benxing New Materials was established in 2004 with a registered capital of 360 million yuan, focusing on the research, production, and sales of PVC heat stabilizers, pesticide active ingredients, and intermediates [3] - The company previously withdrew its IPO application for the main board in July 2022 [3] Financial Highlights - The company reported total assets of approximately 4.623 billion yuan as of June 30, 2025, an increase from 4.139 billion yuan in 2023 and 3.554 billion yuan in 2022 [5] - Shareholder equity totaled about 2.885 billion yuan as of June 30, 2025, compared to 2.472 billion yuan in 2023 and 2.215 billion yuan in 2022 [5] - The company’s operating revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 3.726 billion yuan, 3.606 billion yuan, 4.445 billion yuan, and 2.287 billion yuan, respectively [5] - Net profit figures for the same periods were approximately 454 million yuan, 348 million yuan, 376 million yuan, and 192 million yuan [5] Shareholding Structure - Cao Haibing holds 32% of the shares and serves as the vice chairman, while Dai Baixiong holds 19% and is the chairman and general manager, together controlling 51% of the company [3] Management Changes - Wu Yiran will leave the position of financial director in September 2025, with Wu Yong, the deputy general manager and board secretary, taking over [3]

Core Viewpoint - Hubei Benxing New Materials Co., Ltd. plans to go public on the Beijing Stock Exchange, shifting from its initial plan to list on the Shenzhen Stock Exchange, with the aim of raising funds for various projects and expanding its operations in fine chemical products [1] Financial Performance - Revenue for the years 2022 to 2024 and the first half of 2025 is projected to be 3.726 billion, 3.606 billion, 4.445 billion, and 2.287 billion yuan respectively, while net profit for the same periods is expected to be 451 million, 356 million, 389 million, and 199 million yuan [1][2] - Total assets increased from approximately 3.554 billion yuan in 2022 to about 4.623 billion yuan by June 30, 2025, while total equity rose from approximately 2.215 billion yuan to about 2.885 billion yuan during the same period [2] - The company’s gross profit margin has been declining, recorded at 23.34%, 21.34%, 17.43%, and 16.98% over the respective years [3] Business Operations - Benxing New Materials specializes in the research, production, and sales of PVC heat stabilizers, pesticide active ingredients, and intermediates, with significant revenue derived from overseas markets, accounting for 44.21%, 30.24%, 28.30%, and 31.93% of total revenue during the reporting period [1][4] - The company’s main raw materials include tin ingots and various chemicals, with raw material costs significantly impacting the gross profit margin [3] Legal and Environmental Risks - The company is currently involved in a lawsuit concerning alleged commercial secret infringement, with potential damages of 160 million yuan, which could adversely affect its future operations [5] - Environmental risks are present due to the nature of the company’s products, which generate pollutants during production, although no significant incidents have been reported in the recent past [5][6]

Group 1 - The core viewpoint of the article highlights the development of the battery-grade iron phosphate project by Jiujiang Tiansheng Plastic Additives Co., Ltd., which is set to produce 10,000 tons annually in the first phase and 20,000 tons in the second phase, totaling 30,000 tons upon completion [2] - The project is part of a broader trend, with seven major lithium iron phosphate projects being established [2] - The article mentions that Hecent Energy has secured a 3GWh energy storage cooperation, indicating growth in the energy storage sector [2] Group 2 - The first forum on household storage and portable energy storage battery technology is scheduled to be held in Shenzhen on September 26 [2] - The first International Summit and Exhibition on Sulfide All-Solid-State Batteries will take place in Guangzhou on November 8, 2025 [2]

Group 1 - The 2025 annual meeting of the China Inorganic Salt Industry Association's Hydrotalcite Industry Branch was held in Golmud, Qinghai, highlighting the broad prospects of hydrotalcite in environmental protection, chemicals, and new energy sectors [1] - Experts emphasized the need to enhance product quality and stability, and to promote green production processes and high-end application development through industry-academia-research collaboration [1] - The president of the Hydrotalcite Industry Branch, Lin Yanjun, stated that strengthening industry communication, promoting technological innovation, and facilitating collaboration across the industrial chain will inject new momentum into high-quality industry development [1] Group 2 - Presentations during the meeting included insights on the new development opportunities for the hydrotalcite industry due to stricter environmental policies and the expansion of emerging applications [2] - Experts from various institutions provided new ideas for the development and application of hydrotalcite, focusing on structural regulation of hydrotalcite-based two-dimensional materials and high-value utilization of magnesium resources [2] - A company representative introduced innovative production methods that resulted in an annual production capacity of 20,000 tons of raw composite metal hydroxide (hydrotalcite), primarily producing five high-performance additive products [2]