【IPO Review Results Quick Report】On September 4th (Friday), Xinpa Intelligent and Changde New Materials passed the review on the same day; all three companies reviewed in the 36th week passed.

★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 Beijing Stock Exchange, on September 4, 2026, the Beijing Stock Exchange listed committee held two review meetings on the same day, and the initial public offering applications of both companies were approved. The 82nd review meeting held in the morning reviewed Shanghai Xinpa Intelligent Technology Co., Ltd., and the 83rd review meeting held at 2 p.m. reviewed Changde New Materials Technology Co., Ltd. The review results of both meetings were "meets the conditions for issuance, listing, and information disclosure requirements," and the review opinions were all "none," meaning no conditional review opinions were raised. On the day, there were no IPO review meetings arranged at the Shanghai and Shenzhen exchanges (Shanghai and Shenzhen Main Boards, Science and Technology Innovation Board, and Growth Enterprise Board), and a total of 2 companies were reviewed on the market that day, with a 100% approval rate.

Up to this point, all three review meetings of the North China Securities Exchange in the 36th week (August 31st to September 6th) have been completed. Jiaheng New Materials (September 3rd, the 81st session), Xinpa Smart (September 4th, the 82nd session), and Changde New Materials (September 4th, the 83rd session) have all passed. The pass rate for the week was 100%, the session numbers were consecutive (the 81st, 82nd, and 83rd sessions), and there was no 84th session scheduled for the week. The proposed fundraising amounts of the three companies are 2.53 billion yuan, 280.1088 million yuan, and 2.96 billion yuan, respectively, totaling approximately 8.29 billion yuan.

II. Key Points of On-Site Inquiry by the Listing Committee

According to the two review meeting result announcements disclosed by the North China Securities Exchange, both meetings only raised one inquiry question, and both were directed towards the same theme - the sustainability of performance, but the cutting angle was somewhat different due to the industry attributes.

2.1 Xinpa Smart: Regarding the sustainability of operating performance

The Listing Committee required the company to analyze the market space of the main products, whether the product gross margin has the risk of falling, quantify the matching relationship between performance fluctuations and factors such as industry installation volume, downstream capital expenditure changes, new customer development, and the quantity of orders in hand, and the impact of the above factors on the post-period operating performance. It also required the underwriting institution and the applicant accountant to verify and express clear opinions. This inquiry points to the high binding of the company's business with the wind power installation cycle: In 2024, the company's operating revenue fell by 29.74% year-on-year to 2.15 billion yuan, and in 2025, it rose by 28.43% to 2.77 billion yuan, but it still has not recovered to the level of 3.07 billion yuan in 2023.

2.2 Changde New Materials: Regarding the stability and sustainability of performance

The Listing Committee required the company to explain the stability and sustainability of operating performance in combination with the existing orders, changes in the chemical industry cycle, trends in raw material prices, trends in the price of main products, and the stability of cooperation with Sinopec. It also required the underwriting institution to verify and express clear opinions. This inquiry points to the structural contradiction of "increasing revenue but not profit": From 2023 to 2025, the operating revenue increased from 1.064 billion yuan to 1.601 billion yuan, while the comprehensive gross margin decreased from 19.91% to 12.28%, with the gross margin of the polyether amine series falling to -0.51% in 2025; at the same time, the company's core raw materials are highly dependent on the Sinopec system, and the proportion of raw material procurement from it in each reporting period was 75.64%, 82.05%, and 69.65% respectively.

2.3 Common direction of the two inquiries

Two companies' inquiries, although from different industries, show three commonalities. First, both take "performance sustainability" as the only on-site issue, requiring the issuer to provide quantitative evidence rather than general descriptions, reflecting that the listing committee's focus on post-listing performance has shifted from post-disclosure to pre-argument. Second, both require intermediary institutions to take responsibility for verification—Xinpa Intelligent requires the underwriting institution and the declaring accountant to verify and express clear opinions, while Changxin New Materials requires the underwriting institution to verify and express clear opinions. Third, both touch on the issuer's dependence on external variables: Xinpa Intelligent corresponds to wind power installed capacity and downstream capital expenditures, while Changxin New Materials corresponds to the chemical industry cycle, raw material prices, and the stability of cooperation with a single supplier. In addition, both companies actively reduced the fundraising scale before the meeting, and the stricter review of the necessity of fundraising projects has been continuously reflected at the passing stage.

III. Basic situation of passed companies (disclosed in prospectus)

3.1 Xinpa Intelligent

Shanghai Xinpa Intelligent Technology Co., Ltd. was established in 2007, with its headquarters located in Pudong New District, Shanghai, and a production base in Pinghu, Zhejiang. 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 evaluated as a national-level "Little Giant" enterprise with specializations, characteristics, and innovations in 2021 and passed the re-examination in 2024. The company focuses on the field of wind turbine blade intelligent equipment, with main products including intelligent infusion equipment, intelligent mixing equipment, webwork fixture, automatic UT detection equipment for blades, and 3D laser projection system for blade laying. At the same time, relying on the intelligent technology research and development platform, the company independently designs and manufactures intelligent loading and unloading systems and other semiconductor packaging and testing equipment. As of the date of the prospectus, the company owns 101 patents (including 22 invention patents) and 42 software copyrights. The company's IPO application was submitted to the Growth Enterprise Market in June 2021 and was accepted; after three rounds of inquiries, it was voluntarily withdrawn in May 2022; on December 31, 2025, it changed to the Beijing Stock Exchange and was accepted; and on August 28, 2026, it completed the second round of inquiry responses and disclosed the meeting version of the prospectus. The two rounds of inquiries totaled 14 questions (10 in the first round and 4 in the second round).

Supplementary Disclosure: From January to June 2026, the company achieved operating revenue of 152,520,700 yuan, an increase of 8.82% year-on-year, and net profit attributable to the parent company's shareholders of 47,766,700 yuan, an increase of 28.74% year-on-year.

3.2 Changde New Materials (Changde Technology)

Changde New Materials Technology Co., Ltd. was established in 2017 and is located in Yueyang City, Hunan Province. It is a national-level specialized and new "Little Giant" enterprise, focusing on the green and low-carbon industry direction, mainly engaged in comprehensive utilization of resources and the manufacturing of new materials. The company is配套 domestic large-scale caprolactam producers to build a comprehensive utilization base, converting wastewater, waste gas, and by-products generated by upstream caprolactam and other petrochemical enterprises into products such as epoxy cyclohexane, n-amyl alcohol, cement admixtures, etc.; the core product of the new materials segment, polyether amine, is mainly used as an epoxy resin curing agent for wind and photovoltaic power. The company's main products are divided into five categories: organic synthesis intermediates, solvents and admixtures, polyether series products, propylene glycol series products, and polyether amine series products. The company's IPO application was submitted to the Shenzhen Stock Exchange Main Board in July 2022, with a planned fundraising of 1.169 billion yuan, and was voluntarily withdrawn in July 2024; in December 2025, it changed to the Beijing Stock Exchange and was accepted, with the underwriting institution changed from Citic Securities to China Securities. As of the signing date of the prospectus, the company has obtained 91 authorized patents, including 89 invention patents. The actual controller of the company is Jiang Weihe, with a total control of 49.41% of the company's shares.

Supplementary Disclosure: From January to June 2026, the company achieved operating revenue of 9.06 billion yuan, a year-on-year increase of 26.04%, net profit attributable to the parent company's shareholders of 61.162 million yuan, a year-on-year increase of 22.66%, net profit after excluding extraordinary items of 60.1035 million yuan, a year-on-year increase of 25.53%; the company expects to achieve operating revenue of 1.39 billion to 1.45 billion yuan from January to September 2026, a year-on-year increase of 17.47% to 22.54%, net profit attributable to the owners of the parent company of 92 million to 97 million yuan, a year-on-year increase of 25.24% to 32.05%. The above performance estimates are preliminary calculations and have not been audited, and do not constitute profit forecasts. In addition, the company distributed cash dividends of 34.9699 million yuan in June 2025; on August 25, 2026, the board of directors approved the proposal for correcting previous accounting errors, making retrospective adjustments to the financial data for the year 2024, January to June 2025, the year 2025, and January to June 2026, with the correction content being the reclassification of reporting of digital receivables receivable vouchers.

Four, Fundraising Arrangement and Subsequent Process

Both companies actively reduced the fundraising scale before the meeting. Xinpa Intelligent reduced the fundraising amount from approximately 330 million yuan (including supplementary working capital of 50 million yuan) to 280,010.88 yuan, with the supplementary working capital project cancelled; Changde New Materials further reduced from 1.169 billion yuan when applying for the Shenzhen Stock Exchange Main Board to 5 billion yuan in the first round of application at the North China Stock Exchange, to 2.96 billion yuan, cancelling the "Multi-product Line Collaborative Expansion and Quality Improvement Project" (1.27 billion yuan) and the "Supplementary Working Capital Project" (770 million yuan).

According to the review process, after the two companies are approved by the listing committee, they will enter the phase of reporting to the China Securities Regulatory Commission for the registration procedure (submitting for registration). Before that, the company Jiaheng New Materials, which passed the review this week, has passed the review on September 3rd. The three companies all belong to the second application subjects of "re-routing to the North China Securities Exchange after withdrawal from the Shanghai and Shenzhen boards". Passing the review only represents recognition of the review process; the subsequent progress of registration and issuance arrangements should be based on the formal announcements by the stock 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 promotion.

Data Source: This article is compiled based on the public review dynamics of the Shanghai and Shenzhen North exchanges, the China Securities Regulatory Commission announcements, and the public disclosure information of each company's prospectus, issuance announcement, etc. If there is a difference in the content of the article and the official final disclosure, the formal announcement by the stock exchange and the issuer shall be the criterion.

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 Companies: Jiaheng New Materials (9/3), Xinpai Smart (9/4), Changde New Materials (9/4) (Week 36)

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