【IPO Review Results Quick Report】Yesterday (September 3rd, Thursday), Jiahong New Materials passed the review at the Beijing Stock Exchange.

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

I. Overview of Review Results on the Day

According to the results of the 81st review meeting of the North China Securities Exchange (NCSE) in 2026, Wuhu Jiahong New Materials Co., Ltd. (Stock abbreviation: Jiahong New Materials) meets the conditions for issuance, listing, and information disclosure requirements, and the review was passed.

On that day, there were no IPO review meetings scheduled at the Shanghai and Shenzhen Stock Exchanges (Shanghai and Shenzhen Main Boards, Science and Technology Innovation Board, and Growth Enterprise Board), and only Jiahong New Materials was the only company scheduled for review in the entire market on that day, with a 100% approval rate for the review.

From the weekly rhythm perspective, this conference is the first of the three review meetings held by the North China Securities Exchange in the 36th week (August 31st to September 6th), and also the first company to pass the review this week; the 82nd meeting (September 4th, 9:00, Xinpa Intelligent) and the 83rd meeting (September 4th, 14:00, Changde New Materials) were held today, with the serial numbers of the three meetings consecutive (the 81st, 82nd, 83rd), and there was no arrangement for the 84th meeting that week. From the perspective of sector distribution, all the companies listed in the 36th week are concentrated in the North China Securities Exchange, and there were no listing arrangements disclosed by the Shanghai and Shenzhen exchanges this week.

Two, Key Points of On-site Inquiry by Listing Committee

According to the review meeting information disclosed by the North China Securities Exchange, the Listing Committee mainly focused on two aspects during the meeting, targeting the authenticity of revenue recognition and the sustainability of operating performance of Jiahong New Materials:

Authenticity of Revenue

The Listing Committee paid close attention to the authenticity and accuracy of revenue recognition in the context of the diversified sales methods of Jiahong New Materials. According to the prospectus disclosure, the sales area of Jiahong New Materials is mainly overseas, and the proportion of overseas revenue in operating revenue for each reporting period is all over 60%. The consumption areas of thermal management products are mainly concentrated in Europe, North America, and other countries and regions, among which the income proportion in the United States is 19%, 17%, and 20% respectively. Due to the diversified sales methods, the authenticity and accuracy of revenue recognition of Jiahong New Materials have been the focus of regulatory attention. The North China Securities Exchange has inquired about this in both rounds of inquiries, raised a total of more than 10 questions, and required the underwriting institution to provide the working papers of the verification work on the issue of revenue recognition.

Sustainability of Performance

The Listing Committee required Jiahong New Materials to explain the matching usage of thermal management accessories with main products, as well as the reasons and rationality for the significant increase in the sales amount of thermal management accessories in 2025, and combined with the changes in the market competition pattern in Russia, to explain whether the revenue in the Russian market is sustainable and whether there is a risk of significant fluctuations in operating performance. According to the prospectus disclosure, the revenue of thermal management accessories for each reporting period was 37,547,900 yuan, 37,678,100 yuan, and 79,247,400 yuan, respectively, with a year-on-year increase of 110.33% in 2025, and the proportion of main business income increased from 10.83% to 18.56%; at the same time, the company's performance in the first half of 2026 increased significantly, mainly benefiting from multiple orders from the Russian market, and the sustainability of income from this market has become the focus of the review.

Three, Jiahong New Materials Fundamental Analysis (According to the prospectus disclosure)

Corporate Profile and Audit Process

Jiahong New Materials was established in 2002, with its headquarters located in Wuhu City, Anhui Province. It is a high-tech enterprise that relies on advanced polymer material technology systems, 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, temperature controllers, thermal management accessories, and special optical cables, which are widely used in the fields of oil and gas, chemicals, electricity, shipping, semiconductors, new energy vehicles, and more. The products are sold to more than 80 countries and regions around the world and have become a supplier of supporting products for enterprises such as CNOOC, PetroChina, Sinopec, Wanhua Chemical, and China Shipbuilding. According to the certificate issued by the Wire and Cable Branch of the China Electrical Apparatus 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.

Jiaheng New Materials' IPO journey has been somewhat tortuous. In June 2022, Jiaheng New Materials first submitted an IPO application to the Shenzhen Stock Exchange's Growth Enterprise Market and was accepted. In April 2023, it passed the review of the Growth Enterprise Market Listing Committee, 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, Jiaheng New Materials restarted the listing guidance, changing the target board to the North China Stock Exchange, and then listing on the New Third Board. The underwriting institution was changed from Changjiang Securities to Dongwu Securities. This IPO was accepted by the North China Stock 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. The review was resumed on April 23, 2026, and resumed on April 29, and passed on September 3, 2026. The North China Stock Exchange's first round of inquiries listed "the necessity and rationality of the fundraising projects" as one of the core issues, and raised 8 questions regarding this.

Financial and Operating Data

[Main Business] According to the prospectus, Jiaheng 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 Jiaheng 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, chemicals, electricity, ships, semiconductors, and new energy vehicles. Jiaheng New Materials has become a supplier 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 Jiaheng 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, the operating revenue of Jiaheng New Materials was 3.48 billion yuan, 4.01 billion yuan, and 4.31 billion yuan respectively in 2023, 2024, and 2025, and the net profit attributable to the parent company's shareholders was 721.786 million yuan, 668.926 million yuan, and 711.378 million yuan respectively, showing a dynamic trend in net profit.

Supplementary disclosure: In the first half of 2026, Jiaheng 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%. The growth is mainly attributed to multiple orders from the Russian market. Jiaheng New Materials is expected to achieve operating revenue of 4.64 billion to 5.68 billion yuan in 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%.

By product category, electric heating tape serves as the revenue base, with income in each period reaching 2.55 billion yuan, 2.86 billion yuan, and 2.76 billion yuan, accounting for 64.71% to 73.52% of the main business income; the thermal management accessories business has grown rapidly, with income in each period reaching 37.5479 million yuan, 37.6781 million yuan, and 79.2474 million yuan, with a year-on-year increase of 110.33% in 2025, and the proportion of main business income rising from 10.83% to 18.56%; the revenue from optical communication and other businesses increased from 50.519 million yuan in 2023 to 102.075 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 Exchange's review and inquiry.

【Production and Sales】According to the prospectus disclosure, Jiahong New Materials' sales area is mainly overseas, and the proportion of overseas revenue in operating revenue for each reporting period is all over 60%. The consumption areas of thermal management products are mainly concentrated in Europe, North America, and other countries and regions, among which the income proportion in the US accounts for 19%, 17%, and 20% respectively. Due to the diversification of sales methods, the authenticity and accuracy of Jiahong New Materials' revenue recognition has been a key focus of regulatory attention. The North China Securities Exchange has inquired about this in both rounds of inquiries, raised a total of more than 10 questions, and required the underwriting institution to provide the working papers of the verification work on the issue of revenue recognition.

【Main Customers】According to the prospectus disclosure, Jiahong New Materials' products have been supplied to well-known enterprises such as CNOOC, PetroChina, Sinopec, Wanhua Chemical, 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, Jiahong New Materials' overseas revenue has consistently accounted for more than 60% of the total revenue, with the U.S. region accounting for 19%, 17%, and 20% of the operating revenue, respectively. Europe and North America are the main consumption regions; the significant growth in performance in the first half of 2026 is mainly attributed to orders from the Russian market, the sustainability of which 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 initial application stage for 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 of domestic and foreign marketing system and brand promotion" was added. By the August 2026 meeting draft stage, the fundraising scale was reduced to 2.53 billion yuan, with a shrinkage of about 40%, and the fundraising projects were adjusted to the second phase of the intelligent factory and the construction of the research and development center, and the original "construction 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 fundraising projects" as one of the core issues, and raised 8 questions regarding this.

Four, Fundraising Arrangements and Subsequent Procedures

According to the prospectus disclosure, Jiahong 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 Jiahong New Materials Intelligent Factory project, and 46.05 million yuan for the construction of the research and development center. The second phase of the intelligent factory project aims to enhance the company's production capacity in electric heat tracing and related thermal management fields, and promote the development of products towards high-end and intelligent directions. The fundraising scale of Jiahong New Materials has undergone multiple adjustments: during the Shenzhen Stock Exchange application stage, 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 the company 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.

According to the audit process, Jiahong New Materials will enter the phase of reporting to the China Securities Regulatory Commission for the registration procedure (submitting for registration) after the approval of the listing committee. As of this document, the shares of Jiahong New Materials continue to be suspended. Passing the review only represents recognition of the audit process, and the subsequent progress of registration and issuance arrangements should be based on the formal announcements by the exchange, the China Securities Regulatory Commission, and the issuer.

★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 such as prospectuses and issuance announcements of various companies. If there are discrepancies between the content of this article and the official final disclosure, the formal announcements by the exchange and the issuer shall prevail.

Report Publisher: Forward-looking Industrial Research Institute

★About Forward-looking Industrial Research Institute★

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Prospective Industry Research Institute China's Leading Industry Consulting Company, professionally providing solutions in fields such as industrial planning, industrial application, industrial upgrading and transformation, industrial park planning, feasibility reports, etc. Scan to follow. Related Reading RELEVANT 【This Week's IPO Meeting Preview】North China Securities Exchange Meeting Enterprises: Jiaheng New Materials (9/3), Xinpai Intelligent (9/4), Changde New Materials (9/4) (Week 36)

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