[September 4 IPO Observation Morning Report] The final day of the 36th week, Xinpa Intelligence and Changde New Materials listed on the same day, Jiahong New Materials passed the review yesterday.

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

I. Summary of Market Yesterday (September 3)

According to the Forward Industry Research Institute, the A-share IPO market was a "three-line intersection day" yesterday (September 3), with four arrangements progressing simultaneously, and clear results were produced on two lines.

In the review aspect, Jiaheng New Materials (Wuhu Jiaheng New Material Co., Ltd.) was reviewed at 9 am by the North Exchange Listing Committee at its 81st review meeting in 2026, with the review result being that it meets the conditions for issuance, listing, and information disclosure requirements, becoming the first and currently the only company among the three companies that were reviewed this week. The listing committee focused on inquiring about the authenticity of sales revenue and the sustainability of performance during the review, requiring the company to explain the matching usage of thermal management accessories with main products and the reasons and rationality for the significant increase in sales revenue of thermal management accessories in 2025. It also combined with the changes in the competitive landscape of the Russian market to explain whether the sales revenue in the Russian market is sustainable and whether there is a risk of significant fluctuations in operating performance.

In the listing aspect, Jintai Stock (920071) was listed on the North Exchange, with an issue price of 9.72 yuan per share and an issue price-to-earnings ratio of 13.41 times. A total of 45 million shares were publicly issued (strategic allocation of 13.5 million shares accounted for 30%, and online issuance of 31.5 million shares accounted for 70%), raising a total of approximately 4.37 billion yuan in funds. The number of valid online applications was approximately 133.403 billion shares, with an allocation ratio of 0.0236127469%.

In the subscription aspect, Xinonwei (688837) started online and offline subscription at 27.60 yuan per share with an issue price-to-earnings ratio of 59.34 times. The maximum subscription limit for a single account was 10,000 shares, and the maximum subscription required a market value of 100,000 yuan. After the implementation of the rollover mechanism, the final online subscription success rate was 0.02202614%.

In the issuance aspect, Shuoyuan Technology announced the online subscription situation and success rate, with the final online subscription success rate being 0.02455315% (with 7,032,045 valid application households and 42.066 billion valid application shares). Baimeike disclosed the online issuance result announcement, and Tengxin Precision's online subscription funds entered the frozen day.

Two, Summary of IPOs This Week (8/31-9/6, Week 36)

According to the Forward Industry Research Institute, the A-share new stock market this week (8.31-9.6, Week 36) presented a "subscription - listing - approval" three-line parallel pattern, and since Wednesday, the three lines have entered the intensive realization period simultaneously, making it the densest week in the past month.

As of today (September 4), the progress of each line has been largely implemented:

On the subscription end, among the 4 new stocks, Baymak (8/31, North Exchange), Shuoyuan Technology (9/2, Science and Technology Innovation Board), Tengxin Precision (9/2, North Exchange), and Xinuo Wei (9/3, Science and Technology Innovation Board) have all completed online subscription, among which Shuoyuan Technology's online issuance final winning rate was 0.02455315%, and Xinuo Wei's online issuance final winning rate was 0.02202614%, both of which have been publicly announced;

On the listing end, among the 3 new stocks, Beteli (301697, GEM), Maokuang Stock (601123, SSE Main Board) have been listed on September 1, Jintai Stock (920071, North Exchange) was listed yesterday, with an issue price of 9.72 yuan per share, an issue price-to-earnings ratio of 13.41 times, a public offering of 45 million shares (strategic allocation 13.5 million shares, online issuance 31.5 million shares), and an online allocation ratio of 0.0236127469%, covering the GEM, SSE Main Board, and North Exchange three boards by this week's listing targets;

On the review end, among the 3 companies, Jiahong New Materials was approved by the North Exchange Listing Committee at its 81st review meeting yesterday morning, becoming the first review project of the week and the first project to pass the review. The remaining Xinpa Intelligent and Changde New Materials completed the last two reviews of the week today.

Observing from the perspective of financing scale, this week, 4 new stocks are expected to raise a total of approximately 88.7 billion yuan, among which the unprofitable cloud AI chip company Siyuan Technology has reached 61.19 billion yuan per stock, accounting for nearly 70%, and this time the market sales ratio valuation method is used; Xinnuo Wei has 18.03 billion yuan; Tengxin Precision and Baimeike are 6.44 billion yuan and 3.06 billion yuan respectively. At the listing end, the total fundraising of 3 stocks is about 19.1 billion yuan, with industry distribution in new materials, iron ore mining and selection, and sponge titanium. At the meeting end, 3 companies plan to raise a total of about 8.45 billion yuan (Jiaheng New Materials 2.53 billion yuan, Xinpa Intelligent 280.1088 million yuan, Changde New Materials 2.96 billion yuan), with a generally small scale.

Observing from the perspective of schedule distribution, this week presents two prominent features:

Firstly, September 3rd is the "Three Lines Converging Day", on which the new stock subscription (Xinnuo Wei), new stock listing (Jintai Stock), and listing committee review (Jiaheng New Materials) were completed simultaneously, making it the only day this week with results on all three lines;

Secondly, on September 4th, the North China Securities Exchange held the 82nd (at 9 am, Xinpa Intelligent) and 83rd (at 2 pm, Changde New Materials) review meetings on the same day, making it the only "two sessions in one day" arrangement this week.

In addition, there are new developments in the registration end: Zuxing New Materials was approved by the China Securities Regulatory Commission for public offering registration at the North China Securities Exchange on August 22nd, Bayueji (874637) has obtained the approval for registration from the China Securities Regulatory Commission and the securities code has been changed to 920201, scheduled for code switching on September 9th; Suxun New Materials has progressed after the review on August 28th. Baimeike has disclosed the online issuance result announcement on September 3rd, and Tengxin Precision is expected to disclose on September 7th. Both new stocks are expected to be listed in the first week of September after completing the issuance process.

Third, today's focus (September 4th) - 2 companies under review

According to the Forward-looking Industrial Research Institute, today (September 4th) is the last trading day of the 36th week, the core focus is the two listing committee review meetings held by the North China Securities Exchange on the same day, both companies belong to the manufacturing sub-sectors, and the planned fundraising is less than 300 million yuan. The 82nd review meeting of 2026 was held at 9 am, reviewing Xinpa Intelligent (Shanghai Xinpa Intelligent Technology Co., Ltd.); the 83rd review meeting of 2026 was held at 2 pm, reviewing Changde New Materials Technology Co., Ltd. Both companies are not the first time to strive for A-share: Xinpa Intelligent had withdrawn after applying for the GEM in 2021 and this time changed to the North China Securities Exchange; Changde New Materials had applied for the main board of the Shenzhen Stock Exchange in July 2022 (planned to raise 1.169 billion yuan) and actively withdrawn in July 2024, and was accepted by the North China Securities Exchange at the end of December 2025.

Observing from the perspective of review focus, the two companies show several common characteristics:

Firstly, there is a significant fluctuation in performance - Xinpa Smart's revenue decreased by 29.74% year-on-year in 2024, with a non-GAAP net profit decline of approximately 46%. Although there was a recovery in 2025, the year-end revenue of 277 million yuan had not recovered to the 307 million yuan level in 2023; Changde New Materials has experienced three consecutive years of "increased revenue but not profit", with the comprehensive gross profit margin decreasing from 19.91% in 2023 to 12.28% in 2025, with the gross profit margin of the polyether amine series being -0.51% in 2025.

Secondly, there has been a significant reduction in the fundraising scale - Xinpa Smart reduced the disclosed amount from approximately 330 million yuan (including 50 million yuan for supplementary working capital) to 280.01 million yuan; Changde New Materials further reduced from 1.169 billion yuan at the Shenzhen Stock Exchange application stage and 5 billion yuan in the first round of application at the North China Stock Exchange to 296 million yuan, with an accumulated reduction of about 74.7%, and the supplementary working capital project was canceled.

Thirdly, both companies have issues with customer or supplier concentration - Xinpa Smart's top five customers accounted for about 62.9% of sales, with customers concentrated among domestic mainstream wind turbine blade and complete machine manufacturers; Changde New Materials' procurement of raw materials from Sinopec Group accounted for 75.64%, 82.05%, and 69.65% respectively in the three years, with core raw materials supplied through pipelines. The final review results are subject to the formal announcement by the North China Stock Exchange.

Four, Today's Listed Company - Xinpa Intelligent

Company IPO Overview

Xinpa Intelligent (Shanghai Xinpa Intelligent Technology Co., Ltd.) will undergo review by the North China Securities Exchange's Listing Committee at its 82nd review meeting at 9:00 AM on September 4, 2026.

Established in 2007, the company is headquartered in Pudong New District, Shanghai, with a production base in Pinghu, Zhejiang Province. It is a high-tech enterprise focusing on the research, design, production, sales, and service of industrial intelligent equipment with independent intellectual property rights. The company was awarded the national title of "Small Giant" for specialized, refined, and innovative enterprises in 2021 and passed the re-examination in 2024.

Xinpa Intelligent focuses on the field of wind turbine blade intelligent equipment, while also laying out intelligent loading and unloading systems and semiconductor packaging and testing equipment. This time, it plans to publicly offer up to 180,812,221 shares (excluding shares under the over-allotment option) and up to 207,934,044 shares (including shares issued under the exercise of the over-allotment option), raising a total of 280,108.88 million yuan in funds, with Orient Securities as the underwriting institution.

Xinpa Intelligent's IPO application was accepted by the North China Securities Exchange on December 31, 2025, and entered the inquiry stage in January 2026. During this period, the review was suspended due to the expiration of the financial report and the need for supplementary audit. The review was resumed in April 2026, and the second round of inquiry responses and the listing prospectus were disclosed on August 28, 2026. The two rounds of inquiries contained a total of 14 questions (10 in the first round and 4 in the second round), mainly focusing on performance fluctuations and sustainability, the compliance and accuracy of revenue recognition, and the necessity and rationality of the fundraising projects.

Stock Issuance Document Core Data Analysis

[Main Business] According to the prospectus disclosure, Xinpa Intelligent is a high-tech enterprise focusing on the research, development, design, production, sales, and service of industrial intelligent equipment with independent intellectual property rights, focusing on the field of wind turbine blade intelligent equipment. Xinpa Intelligent's main products include intelligent infusion equipment, intelligent mixing equipment, webbing fixture, automatic ultrasonic testing equipment for blades, and 3D laser projection system for blade laying, which are key equipment for wind turbine blade manufacturing, achieving the intelligent upgrade of the core process of wind turbine blade production. At the same time, relying on the intelligent technology research and development platform, Xinpa Intelligent independently designs and manufactures intelligent loading and unloading systems and semiconductor packaging and testing equipment. As of the date of the prospectus, Xinpa Intelligent has a total of 101 patents (including 22 invention patents) and has obtained 42 software copyrights; Xinpa Intelligent's intelligent infusion equipment, intelligent mixing equipment, webbing fixture, and automatic ultrasonic testing equipment for blades have been recognized as the "Shanghai High-tech Achievement Transformation Project", and the intelligent infusion equipment has been awarded the title of "2020 Shanghai High-end Intelligent Equipment First Set Breakthrough".

[Revenue Composition] According to the prospectus disclosure, Xinpa Intelligent's operating revenue for 2023-2025 was 306,621.6 million yuan, 215,436.9 million yuan, and 276,686.1 million yuan, respectively, with year-on-year growth rates of 53.72%, -29.74%, and 28.43%; net profit was 83,997.7 million yuan, 54,748.5 million yuan, and 71,679.79 million yuan, respectively; and the comprehensive gross profit margin was 48.97%, 43.81%, and 46.97%, respectively.

Supplementary Disclosure: From January to June 2026, Xinpa Intelligent achieved operating revenue of 152,520.7 million yuan, an increase of 8.82% year-on-year, and net profit attributable to the parent company's shareholders of 47,766.7 million yuan, an increase of 28.74% year-on-year.

From the perspective of product categories, wind turbine blade intelligent equipment is the absolute main force. The income for each period is 270,803,500 yuan, 169,928,900 yuan, and 229,634,600 yuan, respectively, accounting for 88.49%, 79.10%, and 83.59% of the total operating revenue; the sales revenue of accessories is 28,547,300 yuan, 31,408,500 yuan, and 42,135,600 yuan, respectively, accounting for 9.33%, 14.62%, and 15.34%; the revenue from semiconductor packaging and testing equipment, which is regarded as the second growth curve, is 5,337,600 yuan, 13,480,600 yuan, and 2,959,400 yuan, respectively, accounting for only 1.74%, 6.28%, and 1.08%, with a year-on-year decline of about 78% in 2025, and has not yet formed effective performance support.

【Production and Sales】According to the prospectus disclosure, Xinpa Intelligent adopts a "production based on sales" production model, organizing raw material procurement and production arrangements according to order situations, with the production process mainly concentrated in equipment installation and debugging. Production capacity is mainly limited by the number of production personnel and the company's site. Xinpa Intelligent operates with light assets, with fixed assets of 50,817,900 yuan and a newness rate of 72.9% as of December 31, 2025.

From the perspective of capacity utilization, the capacity utilization rates calculated by working hours are 93.15%, 84.67%, and 134.45%, respectively, with overproduction in 2025.

From the perspective of production and sales, in 2023, the output of wind turbine blade intelligent equipment was 406 units, the sales were 420 units, and the production and sales ratio was 103.45%; the output of semiconductor packaging and testing equipment was 258 units, the sales were 120 units, and the production and sales ratio was 46.51%; the combined production and sales ratios for each period were 81.41%, 112.29%, and 68.71%, respectively. The company explained that the low production and sales ratio in 2025 was mainly due to the wind turbine blade intelligent equipment that has been shipped but has not yet been accepted by customers.

Regarding prices, the unit prices of production equipment are 628.6 yuan per unit (set), 629.3 yuan per unit (set), and 550.9 yuan per unit (set), respectively, with a 12.45% decline in unit prices in 2025; the average price of intelligent injection equipment decreased from 861.1 yuan per unit to 733.8 yuan per unit, and the intelligent mixing equipment decreased from 406.2 yuan per unit to 351.1 yuan per unit.

【Main Customers】According to the prospectus disclosure, Xinpa Smart's downstream customers are concentrated in leading wind turbine blade and complete machine manufacturing companies, mainly including domestic mainstream manufacturers such as China Materials Technology, Times New Material, Envision Energy, Mingyang Smart Energy, Sany Heavy Energy, and Dongfang Electric, and have become qualified suppliers for internationally renowned wind energy companies such as LM and Nordex, with end customers distributed in Spain, Brazil, India, Morocco, and other places.

During each reporting period, the sales revenue of Xinpa Smart's top five customers was approximately 1.79 billion yuan, 1.50 billion yuan, and 1.74 billion yuan, accounting for 58.30%, 69.82%, and 62.90% of the operating revenue respectively, with a customer concentration slightly higher than the average level of comparable listed companies in the same industry; by 2025, the top five customers will be in the following order: China Materials Technology (16.81%), Mingyang Smart Energy (15.36%), Envision Energy (14.78%), Times New Material (9.10%), and Sany Heavy Energy (6.85%). Xinpa Smart's overseas revenue accounted for 8.52%.

【Capital Raising Purpose】According to the prospectus disclosure, Xinpa Intelligent plans to raise 280,010.88 million yuan this time, after deducting the issuance expenses, all of which will be invested in the "High-end Equipment Research and Development Base Project". Specifically, this includes the Industrial Intelligent Equipment Industrialization Base Construction Project of 195,511.2 million yuan and the Research and Development Center Construction Project of 84,598.76 million yuan. Among them, the Industrial Intelligent Equipment Industrialization Base Construction Project will be built in the Pudong New Area of Shanghai to establish a production base, introduce new equipment such as gantry milling machines, CNC lathes, and welding flaw detectors, expand the production capacity of wind turbine blade intelligent equipment, and achieve the self-production of machine processing parts and sheet metal processing parts; the Research and Development Center Construction Project mainly purchases research and development testing equipment, increases the number of research and development personnel, and builds an integrated research and development and testing technology research center for industrial intelligent equipment and related supporting products. During the prospectus declaration stage, Xinpa Intelligent had planned to raise 50 million yuan in capital for the purpose of supplementing working capital, but this project has been canceled in the meeting materials.

Five, Today's Meeting Company - Changde New Materials

Company IPO Overview

Changde New Materials Technology Co., Ltd. will undergo review at the Beijing Stock Exchange's Listing Committee's 83rd meeting on September 4, 2026, at 2:00 p.m.

Changde New Materials was established in 2017, located in Yueyang City, Hunan Province, and is a national-level specialized and new "Little Giant" enterprise focusing on green and low-carbon industries. It mainly engages in comprehensive utilization of resources and the manufacturing of new materials, emerging from the supporting system of Sinopec. Changde New Materials plans to publicly offer no more than 44.6615 million shares this time, raising 2.96 billion yuan in funds, with CITIC Securities as the sponsor.

The IPO journey of Changde New Materials has been fraught with difficulties: In July 2022, the company submitted its prospectus to the Shenzhen Stock Exchange's Main Board for the first time, planning to raise 1.169 billion yuan (sponsored by CITIC Securities); In July 2024, Changde New Materials and its sponsor voluntarily withdrew the application, and the Shenzhen Stock Exchange terminated the review; By the end of December 2025, the Beijing Stock Exchange accepted the IPO application, the sponsor changed to CITIC Securities, and the first round of application planned to raise 500 million yuan; On August 19, 2026, the board of directors of Changde New Materials approved the adjustment of the investment project proposal, canceling the "Supplementary Working Capital Project" and the "Multi-product Line Synergistic Expansion and Quality Improvement Project," reducing the fundraising amount from 500 million yuan to 2.96 billion yuan, and the prospectus version was disclosed on August 28.

In addition, on August 25, 2026, the board of directors of Changde New Materials reviewed and passed the proposal for the correction of previous accounting errors, involving the retrospective adjustment of financial data for the year 2024, January to June 2025, the year 2025, and January to June 2026. The correction content is the reclassification of the reporting of digital receivables and accounts receivable vouchers. The actual controller of Changde New Materials is Jiang Weihe, with a total control of 49.41% of the company's shares.

Stock Issuance Document Core Data Analysis

[Main Business] According to the stock issuance document, Changxin New Materials mainly focuses on comprehensive utilization of resources and the manufacturing of new materials, concentrating on the green and low-carbon industry direction. The main products are divided into five categories: organic synthesis intermediates, solvents and additives, polyether series products, propylene glycol series products, and polyether amine series products. The product applications cover fields such as new energy material chemicals, mining chemicals, medical chemicals, agricultural chemicals, daily chemicals, building materials chemicals, and functional material chemicals. Changxin New Materials has provided supporting facilities for several large-scale caprolactam production enterprises to build comprehensive utilization bases, located adjacent to upstream caprolactam production facilities, receiving by-products and waste liquid materials through pipelines for direct supply, processing and producing products such as epoxy cyclohexane, n-amyl alcohol, cement grinding aids, and other products. The core product of the new materials segment, polyether amine, belongs to advanced petrochemical and chemical new materials, mainly used as an epoxy resin curing agent for wind and photovoltaic power. From the perspective of business segments, the revenue proportion of comprehensive utilization of resources business increased from 30.00% in 2023 to 53.91% in 2025, while the new materials business decreased from 60.08% to 31.89%.

[Revenue Composition] According to the stock issuance document, the operating revenue of Changxin New Materials for the years 2023 to 2025 were 1.064 billion yuan, 1.555 billion yuan, and 1.601 billion yuan, respectively. The growth rate in 2024 was 46.14%, and the growth rate in 2025 decreased to 2.96%. The net profit was 85.93.40 million yuan, 74.67.66 million yuan, and 87.43.77 million yuan, respectively, with a year-on-year decline of 13.10% in 2024. The net profit attributable to the parent company after excluding non-operating income was 77.66.90 million yuan, 66.39.55 million yuan, and 79.77.63 million yuan, respectively. The comprehensive gross profit margin was 19.91%, 12.23%, and 12.28%, respectively, with a total decline of 7.63 percentage points over the three years.

Supplementary Disclosure: In the first half of 2026, Changxin New Materials achieved operating revenue of 0.906 billion yuan, a year-on-year increase of 26.04%, net profit of 61.16.20 million yuan, a year-on-year increase of 22.66%, and net profit attributable to the parent company after excluding non-operating income of 60.10.35 million yuan, a year-on-year increase of 25.53%.

By product category, solvents and additives are the primary source of income, with respective revenues of 1.92 billion yuan, 6.40 billion yuan, and 7.14 billion yuan in each period, accounting for 18.09%, 41.26%, and 44.61% of the main business income, but their gross profit margin decreased from 29.96% to 11.15%; the revenue of polyether amine product series was 2.31 billion yuan, 3.27 billion yuan, and 2.44 billion yuan, respectively, accounting for 21.75%, 21.09%, and 15.27% of the total, with the gross profit margin dropping from 17.51% to 0.94% and further to -0.51% in 2025; the revenue of propylene glycol product series was 2.29 billion yuan, 3.13 billion yuan, and 2.47 billion yuan, respectively, accounting for 21.54%, 20.16%, and 15.42%; the revenue of polyether product series decreased from 1.78 billion yuan to 192.054 million yuan, with the proportion dropping from 16.79% to 1.20%.

[Production and Sales] According to the prospectus disclosure, Changde New Materials' main products show a trend of "revenue expansion and price decline." During the reporting period, the sales prices of products such as polyether amines showed an overall downward trend: the average sales price of organic synthetic intermediates was 16.9 thousand yuan/ton, 23.5 thousand yuan/ton, and 13.4 thousand yuan/ton, respectively, down 42.94% year-on-year in 2025; the average price of solvents and additives was 0.33 thousand yuan/ton, 0.40 thousand yuan/ton, and 0.33 thousand yuan/ton, down 17.56% year-on-year in 2025; the average price of polyether amine series was 15.4 thousand yuan/ton, 11.2 thousand yuan/ton, and 10.2 thousand yuan/ton, down 26.96% and 8.86% year-on-year in 2024 and 2025, respectively; the average price of the propylene glycol series was 8.1 thousand yuan/ton, 8.0 thousand yuan/ton, and 7.7 thousand yuan/ton.

In terms of sales volume, the sales volume of the polyether amine series was 15,019 tons, 29,155 tons, and 23,931 tons, respectively. In terms of capacity utilization, the comprehensive utilization product capacity utilization of by-product components was 80.08%, 79.19%, and 82.54%; the acetal products were 0, 89.31%, and 93.83%; the polyether polyols and propylene glycol series products were 77.60%, 70.07%, and 55.83%; the polyether amine series products were 96.17%, 65.91%, and 56.19%, with most products not in full production status.

【Main Customers】According to the prospectus disclosure, Changde New Materials has established long-term and stable cooperative relationships with well-known domestic and foreign enterprises such as Daosheng Tianhe, Sinopec Group, Dongshu New Materials (a subsidiary of China Dongfang Electric Corporation), Huibai New Materials, Kangda New Materials, Shangwei New Materials, and Sherwin-Williams of the United States. During the reporting period, the concentration of Changde New Materials' top five customers showed a downward trend, from 28.32% in 2024 to 20.21% in 2025; the first customer in 2025 was Daosheng Tianhe Material Technology (Shanghai) Co., Ltd., with the main sales product being polyether amine, with a sales amount of 89.1506 million yuan, accounting for 5.57% of the total operating revenue. The concentration of procurement on the procurement side is significantly higher than that on the sales side: the proportion of procurement amounts from the top five suppliers in each period of the reporting period accounted for 82.82%, 86.25%, and 81.22% of the total procurement amount, respectively, among which the procurement amount from the first supplier, Sinopec Group, accounted for 75.64%, 82.05%, and 69.65% of the total raw material procurement amount, respectively. The by-products of caprolactam and propylene oxide, core raw materials, are all supplied through Hunan Petrochemical Pipeline "wall supply"; the decline in the proportion in 2025 is mainly due to the major overhaul of the facility conducted by Hunan Petrochemical from April to June of that year and the company's substitution procurement from other suppliers.

【Capital Raising Purpose】According to the prospectus disclosure, Changde New Materials plans to raise 2.96 billion yuan this time, with all the funds after deducting the issuance expenses allocated to the "Annual Production of 650,000 tons of Chemical New Materials Integrated Project (Phase II) 20,000 tons/year C5 Alcohol and Derivatives Project". The project will be located in the Qinzhou Petrochemical Industrial Park in Guangxi, without additional land development. The project will build multiple production lines including hydrogenation, hydrocracking, condensation, etc., and upon completion, it will be able to produce fine chemical intermediates such as n-valeraldehyde, isovaleraldehyde, n-valeryl alcohol, isovaleryl alcohol, diisobutyl ketone, etc. This is the company's layout to extend to high-value-added fine chemicals; the total investment scale of the entire annual production of 650,000 tons of chemical new materials integrated project exceeds 1.3 billion yuan, which is implemented in phases of Phase I and Phase II. Changde New Materials' capital raising plan has undergone multiple rounds of adjustments: at the Shenzhen Stock Exchange Main Board application stage, it planned to raise 11.69 billion yuan, and the first round of application adjustment at the North China Stock Exchange was reduced to 5 billion yuan (including 2.96 billion yuan for the Phase II of the annual production of 650,000 tons of integrated project, 1.27 billion yuan for the multi-product line collaborative expansion and quality improvement project, and 0.77 billion yuan for supplementary working capital). After canceling the two projects in the draft meeting in August 2026, the capital raising amount was reduced to 2.96 billion yuan.

Six, Yesterday's Pass-Through Company - Jiahong New Materials

Company IPO Overview

Jiahong New Materials (Wuhu Jiahong New Materials Co., Ltd.) was reviewed by the North China Securities Exchange's Listing Committee at its 81st review meeting at 9:00 a.m. on September 3, 2026. The review result was that it meets the conditions for issuance, listing, and information disclosure requirements. Jiahong New Materials successfully passed the review, and this time plans to raise approximately 253 million yuan in funds. Jiahong New Materials was established in 2002 and is headquartered in Wuhu City, Anhui Province. It is a high-tech enterprise that relies on an advanced polymer material technology system, specializing in the design, research and development, production, and sales of thermal management products and special optical cables. The IPO journey of Jiahong New Materials was relatively tortuous: it submitted its IPO application to the Shenzhen Stock Exchange's GEM for the first time in June 2022 and was accepted, passed the review of the GEM Listing Committee in April 2023, but due to the delay in submitting the registration, it finally withdrew the application for issuance and listing on its own initiative in December 2024, and the Shenzhen Stock Exchange terminated the review; in April 2025, Jiahong New Materials restarted the listing guidance, changing the target section to the North China Securities Exchange, followed by listing on the New Third Board, and the underwriting institution was changed from Changjiang Securities to Dongwu Securities. Jiahong New Materials' IPO was accepted by the North China Securities Exchange on December 15, 2025, and entered the inquiry stage on January 12, 2026. During this period, the review was suspended due to the expiration of the financial report and the supplementary audit, and the application for the resumption of the review was submitted on April 23, 2026, and the review was resumed on April 29. As of this draft, the shares of Jiahong New Materials continue to be suspended, and this matter still requires review by the North China Securities Exchange and registration by the China Securities Regulatory Commission.

Stock Issuance Document Core Data Analysis

[Main Business] According to the prospectus disclosure, Jiahong New Materials is a high-tech enterprise relying on an advanced polymer material technology system, specializing in the design, research and development, production, and sales of thermal management products and special optical cable products. The core products of Jiahong New Materials include self-regulating electric heating cables, constant power electric heating cables, thermostats, thermal management accessories, and special optical cables, which are widely used in the fields of oil and gas, chemical industry, electricity, shipping, semiconductor, and new energy vehicles. Jiahong New Materials has become a supplier of supporting products for enterprises such as CNOOC, PetroChina, Sinopec, Wanhua Chemical, and China Shipbuilding, and its products are sold to more than 80 countries and regions around the world. According to the certificate issued by the Wire and Cable Branch of the China Electrical Equipment Industry Association, the market share of Jiahong New Materials' electric heating cable products in the domestic market has ranked first for three consecutive years from 2022 to 2024.

[Revenue Composition] According to the prospectus disclosure, the operating revenue of Jiahong New Materials for the years 2023 to 2025 are 3.48 billion yuan, 4.01 billion yuan, and 4.31 billion yuan respectively, and the net profit attributable to the parent company's shareholders are 721.786 million yuan, 668.926 million yuan, and 711.378 million yuan respectively, showing a fluctuating trend in net profit.

Supplementary disclosure: In the first half of 2026, Jiahong New Materials achieved operating revenue of 2.76 billion yuan, a year-on-year increase of 60.19%, and net profit attributable to the parent company's shareholders of 641.359 million yuan, a year-on-year increase of 129.52%.

By product category, electric heating tape serves as the revenue base, with respective income for each period of 2.55 billion yuan, 2.86 billion yuan, and 2.76 billion yuan, accounting for a proportion of 64.71% to 73.52% of the main business income; the thermal management accessories business has seen rapid growth, with respective income for each period of 37.5479 million yuan, 37.6781 million yuan, and 79.2474 million yuan, a year-on-year increase of 110.33% in 2025, with the proportion of main business income rising from 10.83% to 18.56%; the income from optical communication and other businesses increased from 505.19 million yuan in 2023 to 1,020.75 million yuan in 2025, with the proportion rising from 14.58% to 23.91%. The above structural changes, especially the significant increase in the sales amount of thermal management accessories in 2025, have become one of the focuses of the North China Securities Exchange's review and inquiry.

[Production and Sales] According to the prospectus disclosure, Jiaheng New Materials' sales area is mainly overseas, and the proportion of overseas revenue in each reporting period exceeds 60%. The consumption areas of thermal management products are mainly concentrated in Europe, North America, and other countries and regions, among which the revenue proportion in the United States is 19%, 17%, and 20% respectively. Due to the diversification of sales methods, the authenticity and accuracy of Jiaheng New Materials' revenue recognition has been a focus of regulatory attention. The North China Securities Exchange has inquired about this in both rounds of inquiries, raising a total of more than 10 questions, and requiring the sponsor institution to provide the working papers of the verification work on the issue of revenue recognition. In terms of performance, in the first half of 2026, Jiaheng New Materials achieved operating revenue of 276 million yuan, a year-on-year increase of 60.19%, and net profit attributable to the parent company's shareholders of 64.1359 million yuan, a year-on-year increase of 129.52%. The growth is mainly attributed to several orders from the Russian market. Jiaheng New Materials expects to achieve operating revenue of 464 million to 568 million yuan in the whole year of 2026, a year-on-year increase of 8% to 32%, and net profit of 94.74 million to 116 million yuan, a year-on-year increase of 33% to 63%.

【Main Customers】According to the prospectus disclosure, Jiaheng New Materials' products have been supplied to well-known enterprises such as China National Offshore Oil Corporation, China National Petroleum Corporation, China Petrochemical Corporation, Wanhua Chemical, and China Shipbuilding, and have been sold to more than 80 countries and regions around the world. Customers are distributed across multiple downstream industries including oil and gas, chemicals, electricity, and shipping. In terms of sales regions, the proportion of Jiaheng New Materials' overseas revenue has continuously exceeded 60%, with the United States accounting for 19%, 17%, and 20% of the operating revenue, and Europe and North America being the main consumption regions. The significant growth in performance in the first half of 2026 is mainly attributed to orders from the Russian market, where the sustainability of the market revenue has been listed as a key inquiry item by the listed committee.

【Capital Raising Purpose】According to the prospectus disclosure, Jiaheng New Materials plans to raise approximately 2.53 billion yuan in this round of fundraising, of which 2.07 billion yuan is for the second phase of the Wuhu Jiaheng New Materials Intelligent Factory Project, and 46.05 million yuan for the construction of the research and development center. The purpose of the second phase of the intelligent factory project is to enhance the company's production capacity in the field of electric heat tracing and related thermal management, and promote the development of products towards high-end and intelligent directions. The scale of Jiaheng New Materials' fundraising has undergone a significant adjustment: during the reporting stage of the GEM, it planned to raise 3.13 billion yuan (for the industrialization project of new heat tracing materials intelligent components, the construction of the research and development center, and the construction of the domestic and foreign marketing system); when it first submitted the application to the North China Securities Exchange in December 2025, the fundraising scale was increased by 35.8% to 4.25 billion yuan, and a new project "construction and promotion of domestic and foreign marketing system and brand promotion" was added. By the stage of the meeting materials in August 2026, the fundraising scale was reduced to 2.53 billion yuan, with a shrinkage of about 40%, and the investment projects were adjusted to the second phase of the intelligent factory and the construction of the research and development center. The original "construction and promotion of domestic and foreign marketing system and brand promotion project" was canceled. The first round of inquiries by the North China Securities Exchange listed "the necessity and rationality of the investment projects" as one of the core issues, and raised 8 questions in this regard.

★Data Source and Disclaimer★

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 compiled based on the public review dynamics of the Shanghai and Shenzhen exchanges, the China Securities Regulatory Commission announcements, and the public disclosure information of each company's prospectus, issuance announcement, etc. If there is any discrepancy between the content of the article and the official final disclosure, the formal announcement of the exchange and the issuer shall be the criterion.

Report Publisher: Forward Industry Research Institute

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