[Quick report of IPO review results] Last Friday (8.28), the Beijing Stock Exchange's Suxun New Materials Conference, and this week, the Shanghai and Shenzhen Stock Exchanges held no company meetings

★ Disclaimer: This article is an objective compilation of public information and does not constitute any investment advice or securities promotion.

1. Overview of the audit results of the day

According to the results of the 80th review meeting of the Listing Committee of the Beijing Stock Exchange in 2026, the initial application of Jiangsu Suxun New Materials Technology Co., Ltd.(securities abbreviation: Suxun New Materials, code: 874335) meets the issuance conditions, listing conditions and information disclosure requirements. The review was approved, and the Shanghai Municipal Party Committee did not put forward any conditional review opinions. On that day, there were no IPO arrangements on the Shanghai and Shenzhen Stock Exchanges (the Shanghai and Shenzhen Main Boards, Science and Technology Innovation Board, and GEM). Only one company in the entire market would attend that day, with a approval rate of 100%.

2. Points of attention for on-site inquiries from the Shanghai Municipal Party Committee

According to the review meeting disclosed by the Beijing Stock Exchange, the Shanghai Municipal Party Committee mainly conducted inquiries on two aspects at the meeting site, pointing directly to the company's operating quality and compliance risks:

2.1 Stability of operating performance

The Shanghai Municipal Party Committee required the company to combine factors such as the execution of orders on hand since July 2026, anti-dumping tax policies, exchange gains and losses, and industry fluctuation risks to analyze whether there is a decline risk in the gross profit margin of products in the second half of the year, and further demonstrate the forecast results in 2026. The rationality of stable growth. According to the prospectus, in 2023-2025, the proportion of the company's overseas revenue will increase from 31.14% to 51.93%. Exports will be settled in US dollars. Exchange gains and losses will be-4.4869 million yuan, -6.6963 million yuan and-5.8318 million yuan respectively. International trade frictions have a greater impact on the company's operations.

2.2 Chrome-plated products are environmentally compliant

Chrome-plated thin plates have been included in the "Highly Polluted" Product List of the "Comprehensive List of Environmental Protection (2021 Edition)". The Shanghai Municipal Party Committee required the company to explain whether the emissions of major pollutants since 2026 continue to meet the regulatory requirements of the environmental protection department, and to explain the enforceability of the pressure drop plan and its impact on operating results based on the execution of orders for chrome plating products. According to the prospectus, during the reporting period, the company had environmental compliance situations such as actual output exceeding the production capacity approved by the EIA, starting construction before obtaining the EIA approval, and conducting equipment debugging before obtaining the emission permit.

3. Company fundamentals (interpretation of the prospectus)

Founded in 2009, Suxun New Materials is a high-tech enterprise committed to the research and development, production and sales of metal packaging materials. It is also a specialized and innovative "little giant" enterprise of the Ministry of Industry and Information Technology (reviewed and approved in July 2024) and a high-tech enterprise (reviewed and approved in December 2025). The company's main products include chrome plated thin plates, tinned thin plates, stainless steel thin plates, steel-plastic composite thin plates, etc.

2023-2025 In 2026, the company's operating income was 2.415 billion yuan, 2.982 billion yuan and 3.025 billion yuan respectively, and the net profit attributable to the parent company was 145 million yuan, 217 million yuan and 201 million yuan respectively; In the first half of 2026, the operating income was 1.599 billion yuan (year-on-year +2.8%), and the net profit attributable to the parent company was 102 million yuan (year-on-year-27.5%), showing the characteristics of "increasing income without increasing profits". The comprehensive gross profit margin has been hovering at a low level of 10%-11% for a long time.

[Production and Sales] According to the prospectus, the actual output of the company's core "500,000-ton annual output project" from 2022 to 2024 is 274,000 tons, 414,000 tons and 520,000 tons respectively; the actual output of tinplate in 2025 is 154,200 tons. The company plans to raise 300 million yuan for the reconstruction and expansion of the metal material production line, adding an annual production capacity of 300,000 tons of tinplate, which is close to twice the current output of this product. In terms of overseas layout, the company accepts overseas orders through its Malaysian base (designed annual production capacity of 200,000 tons), which has entered the trial production stage at the end of June 2026.

[Main Customers] According to the prospectus, the company's downstream customers are mainly industrial product manufacturers in the fields of food and beverage packaging, chemical product packaging, optical fiber and cable. Overseas sales are mainly through trader channels. In 2025, the main business will be achieved through traders. Business income of 614 million yuan. In 2025, the company will supply approximately 127 million yuan of products to Budweiser and other brands through Swiss traders (chrome plated sheets account for more than 80%), and supply chrome plated sheets through Nigeria crown cap manufacturers (end customers include Coca-Cola, Qixi, etc.). Among the top ten customers during the reporting period, a total of 20 had registered capital of no more than 1 million yuan or the number of insured persons did not exceed 5, accounting for 11.50%, 9.11% and 12.57% respectively.

[Fundraising Purpose] According to the prospectus, the company plans to raise funds of 446.6970 million yuan, with the specific investment as follows: 300 million yuan for the renovation and expansion project of the metal material production line, 68.6969 million yuan for the R & D center and information construction project, and 78 million yuan to supplement working capital (a drop from the original plan of 100 million yuan). The company implemented three cash dividends in March 2023, February 2024 and June 2025, with a cumulative cash dividend of approximately 130 million yuan; on the eve of the meeting, the company proactively reduced the replenishment amount to clarify the necessity and rationality of fundraising.

4. Subsequent arrangements

According to the review process, after Suxun Xincai is reviewed and approved by the Listing Committee, it will enter the process of submitting it to the CSRC for registration procedures (submitting for registration). The company plans to raise approximately 447 million yuan in funds, mainly invested in three projects, including the high-end metal packaging materials technical transformation and expansion project (planned investment of 222 million yuan). After the meeting only means that the review process is recognized, and the subsequent registration progress and issuance arrangements shall be subject to the official announcement of the exchange, China Securities Regulatory Commission and the issuer.

★ Data sources and disclaimers ★

Disclaimer: This article is an objective compilation of public information and does not constitute any investment advice or securities recommendation

Data source: This article is based on public review developments of the Shanghai and Shenzhen Stock Exchanges, announcements of the China Securities Regulatory Commission, and public disclosure information such as prospectuses and issuance announcements of various companies. If there is any difference between the content of this article and the final official disclosure, the official announcement of the exchange and the issuer shall prevail.

Report produced by: Prospective Industry Research Institute

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