[August 25 IPO Morning Post] Suiyuan Technology's prospectus letter of intent appeared. Makuang shares paid today. Tianbo Intelligent/Luozhou shares/Jiefeng Power will be released tomorrow

Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. The market resumed yesterday (Monday, August 24)

2. Yesterday's IPO launched: Jiefeng Power (920269.BJ)-Beijing Stock Exchange launched the issuance and subscribed on August 26

Issue overview

On August 24, Jiefeng Automotive Power Systems Co., Ltd. disclosed documents such as the "Announcement on Public Offering of Shares to Unspecified Qualified Investors and Listing on the Beijing Stock Exchange" and officially launched the issuance. The company is headquartered in Wuhu, Anhui Province. It is a national high-tech enterprise and a specialized and new small and medium-sized enterprise in Anhui Province. It mainly supplies goods to entire vehicle factories as a first-level supplier.

Interpretation of core data of the prospectus

[Main Business] According to the prospectus, Jiefeng Power is mainly engaged in the research and development, design, production and sales of core automotive parts and components products mainly in the fields of automotive exhaust systems, power systems and other fields. The core products cover exhaust system parts, power system parts, and directly supply them to well-known domestic and foreign vehicle manufacturers as a first-level supplier; at the same time, it arranges emerging businesses such as hydrogen fuel cell parts and smart suspension parts. The company relies on Chery Automobile to form a mature parts supporting system and has a certain scale of local parts supply capabilities.

[Income Composition] According to the prospectus, the company's operating income from 2023 to 2025 will increase from 1.707 billion yuan to 2.373 billion yuan (compound growth rate of 17.91%), and the parent's net profit will increase from 131 million yuan to 147 million yuan. However, in 2025, the growth rate of net profit dropped sharply to only 1.11%, showing the characteristics of "increasing income but not increasing profits". In terms of revenue structure, exhaust system parts and power system parts are the main sources of income from the main business; new businesses such as hydrogen fuel cell parts and smart suspension parts are still in the expansion period, among which smart suspension parts During the reporting period, the cumulative sales revenue was less than 3 million yuan, contributing very little to the overall revenue.

[Product Production and Sales] According to the prospectus, the company's traditional exhaust system parts production and sales scale is large, but the operating rate of the production lines of emerging businesses such as smart suspensions is less than 10%(about 9%). This IPO still plans to raise funds to expand production. With nearly 4 million smart suspension parts, the digestion feasibility of new production capacity and the rationality of expansion have attracted market and review attention. In addition, the sales volume of the company's main products is highly correlated with the production schedule of downstream vehicle factories, and production and sales are significantly affected by fluctuations in orders from core customers.

[Major Customers] According to the prospectus, the company directly supplies supplies products to well-known domestic and foreign automakers such as Chery, SAIC, and Volkswagen as a first-level supplier. The sales revenue of the top five customers has accounted for more than 90% of operating revenue for a long time.(The first three quarters of 2022-2025 are 93.70%, 94.85%, 96.26%, and 95.81% respectively), of which sales revenue to Chery Automobile accounted for about 70%, customer concentration is high, and there are certain related transactions.

[Fundraising Purpose] According to the prospectus, the company plans to raise 400 million yuan this time, all of which will be used for the "Automobile Exhaust System and Smart Suspension Parts Industrialization Project" to expand the production capacity of smart suspensions and other parts. It should be noted that the forecast sales unit price of the investment products is significantly higher than the maximum selling price of the company's existing products, and the current capacity utilization rate of the new business is low. The rationality of the expansion scale and benefit forecast is the focus of review and market attention.

3. Yesterday's key tracking: Majang Shares (601123)-The winning rate was 0.0323%, and payment was made today

On August 24 (T+1), Makuang Co., Ltd. disclosed the "Announcement on the Subscription Status and Winning Rate of the Initial Public Offering and Listed on the Main Board." After the callback mechanism was launched, 29.64 million shares (accounting for 30%) were finally issued offline and 69.16 million shares (accounting for 70%) were finally issued online. The final online winning rate was 0.03225550%, and the payment date of winning investors was August 25 (Today).

Makeng Mining Co., Ltd.(Fujian Makeng Mining Co., Ltd.) is an iron ore mining enterprise. It is actually controlled by the State-owned Assets Supervision and Administration Commission of Fujian Province and Zijin Mining has a stake in it. This time, it plans to publicly issue 123.5 million shares (accounting for 10% of the total share capital after issuance), and plans to raise 1 billion yuan for the Makeng Iron Mine Mining and Mining Capacity Expansion Project (adding 5 million tons/year of iron ore Mining and Processing Capacity). 90% of the company's revenue comes from Fujian, and the top five customers account for more than 80% of revenue, with high regional and customer concentration.

4. Today's announcement (Tuesday, August 25)

Today's IPO market focuses on three major events: the official appearance of the prospectus of cloud AI chip company Suiyuan Technology, the successful signing of Makuang shares, and the announcement of Tianbo Intelligent's issuance.

4.1 Suiyuan Technology (688801) Science and Technology Innovation Board IPO Letter of Intent Released-Subscription and Deadline September 2

On August 25, Shanghai Suiyuan Technology Co., Ltd. disclosed the "Proposal of Intent for Initial Public Offering of Shares and Listing on the Science and Technology Innovation Board" and the announcement of the issuance arrangements, and officially launched the issuance of the Science and Technology Innovation Board. The company plans to publicly issue 43.0352 million shares (accounting for 10% of the total share capital after issuance). The preliminary inquiry date is August 28, the online subscription date is September 2 (subscription code 787801), and the sponsor institution is CITIC Securities.

Founded in March 2018, the company focuses on cloud AI chips and products. It has independently developed and iterated four-generation architecture and five cloud AI chips to build a complete product system of AI chips, accelerator cards and modules, smart computing systems and clusters, and AI software platforms. product system. According to the prospectus, the company's main business income increased from 292 million yuan in 2023 to 986 million yuan in 2025, with a compound growth rate of 83.76%. However, it was still at a loss during the same period, and R & D investment accounted for a relatively high proportion of operating income. As an unprofitable hard technology company, its issuance pricing and subsequent listing performance will become the focus of market observation.

4.2 Makuang Shares (601123) won the contract payment

Today is the winning bid payment day for Majang Shares. Winning investors need to ensure that they have sufficient subscription funds on the capital account date before completing the subscription of new shares.

4.3 Tianbo Intelligent (603448) issue announcement released-subscription tomorrow (8/26)

On August 25, Tianbo Intelligent disclosed the issuance announcement. The company will launch online subscription on the main board of Shanghai Stock Exchange on August 26 (Wednesday), with the subscription code of 732448, the issue price of 62.65 yuan/share, issue 30 million shares (accounting for 25% of the total share capital after issuance), and issue 9.6 million shares online. The subscription limit is 9500 shares, and the top market value of Shanghai Stock Exchange is 95,000 yuan. The payment date is August 28. The company is a manufacturer of automotive thermal management system components (expanding automotive acoustic components), registered in Qufu, Shandong Province, and was established in 2001. According to the issuance announcement, the corresponding financing scale of this offering price is 1.8795 billion yuan, which is lower than the fundraising demand disclosed in the prospectus of intent of 2.057 billion yuan.

5. This week's forecast (August 24-August 28)

5.1 New share subscription arrangements

According to statistics from the Prospective Industry Research Institute, this week (August 24 to August 28), the subscription of new shares ushered in an intensive window of "three cities", covering the main board of the Shanghai Stock Exchange, the GEM and the Beijing Stock Exchange:

5.2 New share issuance/inquiry arrangements

Suiyuan Technology (688801): Preliminary inquiry was made on August 28, and online subscription (Science and Technology Innovation Board) was made on September 2. A cloud AI chip company plans to raise 6 billion yuan.

5.3 Registration and Conference News

6. Key follow-up agenda

Data sources and disclaimers

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

Data sources: Beijing Stock Exchange/Shanghai Stock Exchange/Shenzhen Stock Exchange announcements, China Securities Regulatory Commission website, company prospectus and issuance announcement and other public channels.

Report produced by: Prospective Industry Research Institute.

About Prospective Industry Research Institute

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT. Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

Forward-looking Economist

This article explores Aromatherapy, fragrance, perfume, essential oil, non-fire aroma, aroma candle, rattan aroma, home aroma, natural aroma, diffuser, sharing the latest industry insights and offering practical references for enthusiasts.

Source: 前瞻产业研究院 (https://www.qianzhan.com/)

This article is reproduced from the original source for information sharing only. If it infringes any copyright, please contact us and we will remove it promptly.

© 2026 CeresMall | www.CeresMall.com