This week (December 25-December 29), 4 IPO companies will be reviewed, 1 on the Science and Technology Innovation Board, 1 on the Growth Enterprise Market, and 2 on the Beijing Stock Exchange, with a total of 264.9 billion yuan, all passed.
Among them, Jin Zeli was on the Beijing Stock Exchange on November 3, 2023 but was suspended, and the second meeting was successfully passed this week.
1. Laplace.
Laplace is a leading provider of high-efficiency photovoltaic cell core process equipment and solutions, whose main business is the R&D, production and sales of high-performance thermal process, coating and supporting automation equipment required for photovoltaic cell manufacturing, and can provide customers with semiconductor discrete device equipment and supporting products and services. The company's thermal process equipment mainly includes boron diffusion, phosphorus diffusion, oxidation and annealing equipment, etc., coating equipment mainly includes LPCVD and PECVD equipment, etc., and automation equipment is a supporting loading and unloading equipment that can effectively improve the production efficiency of process equipmentSemiconductor discrete device equipment mainly includes a series of products with comparative advantages, such as oxidation, annealing, coating and brazing furnace equipment.
Company performance. 
Fundraising projects. 
The listing criteria selected by the Company are: an expected market capitalization of not less than RMB1 billion, a positive net profit in the last two years and a cumulative net profit of not less than RMB50 million, or an expected market capitalization of not less than RMB1 billion, a positive net profit in the most recent year and an operating income of not less than RMB100 million.
In 2022, the company achieved an operating income of 126,585030,000 yuan, net profit attributable to owners of the parent company (before and after deducting non-recurring gains and losses) 10,799$690,000.
Ask questions at the Listing Committee meeting.
1.The representative of the issuer is requested to explain the advancement of the company's core technology and the sustainability of performance growth based on the advantages and disadvantages of the three technical routes of PERC, TOPCon and XBC in improving cell conversion efficiency and reducing comprehensive costs, the market competition pattern of the photovoltaic high-end equipment manufacturing industry, and the company's key technological achievements and applications in the process of industrial technology iteration. Ask the sponsor representative to give a clear opinion.
2.The representative of the issuer is requested to explain the necessity and reasonableness of the raised funds to invest in the construction of large fixed assets in combination with the company's production characteristics and the scale of existing fixed assets, as well as the specific content of the investment budget estimate of the fund-raising project. Ask the sponsor representative to give a clear opinion.
Second, Lanyu shares.
Lanyu Co., Ltd. is mainly engaged in the research and development, production and sales of digital inkjet printing ink in line with the national energy conservation and environmental protection strategic direction, and is a national specialized and special new "little giant" enterprise and a national high-tech enterprise. The company is located in the new material industry, the company's digital jet printing ink as a key consumable in digital jet printing technology, and digital printheads, system boards and other core components and other accessories products supporting digital jet printing equipment, mainly used in the textile field.
Company performance. 
Fundraising projects. 
The listing criteria selected by the company are: positive net profit in the last two years, and cumulative net profit of not less than 50 million yuan.
The issuer's net profit attributable to shareholders of the parent company in 2021 and 2022 (calculated on the basis of the lower before and after deducting non-recurring gains and losses) was 5,726740,000 yuan, 7,210020,000 yuan, with a cumulative total of 12,936$760,000.
Ask questions at the Listing Committee meeting.
Performance issues. According to the issuer's application materials, the issuer is mainly engaged in the research and development, production and sales of digital jet printing ink products. During the reporting period, the growth rate of the issuer's main business income, net profit growth rate and sales unit price of main products all showed a downward trend. At the same time, the upstream and downstream enterprises of the issuer, such as Honghua Digital Technology, Hanhong Group, Serudan, etc., have laid out the field of digital jet printing ink. Issuer please:
1) Combined with the competitive cooperation between digital printing equipment manufacturers and issuers, explain the changes in the industry competitive environment faced by the issuer, the changes in the cooperation mode between the issuer and major digital printing equipment manufacturers, and whether there is a risk of loss of major customers and product substitution;
2) Explain whether the performance growth is sustainable and whether there is a risk of significant changes in future performance. At the same time, ask the sponsor to give a clear opinion.
3. Wuxi Dingbang.
Wuxi Dingbang focuses on the R&D, design, manufacturing and sales of heat exchange equipment, providing customers with stable and energy-saving professional heat exchange solutions. The company's products include heat exchangers and air coolers, which are widely used in the petrochemical field, as the process equipment for the preparation of refined oil products, olefins, aromatics and other basic chemical raw materials, heating or cooling the medium to the temperature set by the next process, and playing the role of heat exchange, waste heat and safety guarantee.
Company performance. 
Fundraising projects. 
The listing criteria selected by the company are: an expected market capitalization of not less than 200 million yuan, a net profit of not less than 15 million yuan in the last two years, and an average weighted average return on equity of not less than 8%.
In 2021 and 2022, the company's net profit attributable to owners of the parent company before and after deducting non-recurring gains and losses was 1,988., respectively500,000 yuan, 3,994440,000 yuan, weighted average return on equity (net profit attributable to shareholders of the parent company before and after deducting non-recurring gains and losses, whichever is lower) was 1657% and 2609%。
Ask questions at the Listing Committee meeting.
1.Regarding the reasonableness of fluctuations in performance. Issuer please:
1) Explain the reasons and reasonableness of the inconsistency between the trend of gross profit margin change during the reporting period and that of comparable companies in the same industry, such as Lanke High-tech, Bluestone Heavy Equipment and Kexin Electromechanical, and whether the growth of gross profit margin after the period is sustainable.
2) Combined with the amount of steel consumption in each period of the reporting period, the unit steel consumption in each period of the reporting period is listed, and the matching between the output of the main products and the consumption of steel is explainedCombined with its own industry status, technological advancement, product competitive advantages, etc., it is supplemented to explain the reasons and rationality of the issuer's gross profit margin rising instead of falling in 2021 under the background of the largest steel product in 2021, and the transmission mechanism is better than that of listed companies in the same industry.
2.About revenue recognition accuracy. Issuers are requested to provide additional clarifications:
1) Whether it is in line with industry practice to use the time point of completion of on-site acceptance as the time point of revenue recognition for sales contracts that include performance assessment and acceptance clauses.
2) The specific reasons and reasonableness of the adjustment of operating income during the reporting period, and whether there is an adjustment of net profit in 2020 and 2021.
3.Whether the equity of the actual controller is clear. Please state to the issuer:
1) Wang Renzu indirectly held the issuer 16. in 2021 through Wuxi heat exchange with a transfer of 1 yuan shareThe reasonableness of the 32% equity, whether Wang Renzu's disposal of the issuer's equity held by Wang Renzu was with the consent of his spouse, whether the notarization procedure was performed, and whether there were potential property disputes or other disputes in the equity transaction.
2) Whether the necessary review procedures have been performed for Yu Mingjie's equity incentive in accordance with the articles of association and other provisions.
3) The daily production and operation of Wuxi heat exchange, including but not limited to bank account and business management, tax handling, industrial and commercial change registration, custody of official seals and financial seals, etc., and whether the above-mentioned business management personnel involve employees of the issuer.
4) At the end of each period of the reporting period, the name of the counterparty, the amount of liabilities, the term of liabilities related to Wuxi heat exchange, etc., and whether there is any external invoicing;Wuxi heat exchange, since 2011, after the cessation of production and operation, net assets from 2017 to 1209080,000 yuan becomes -438 in 2022The reason for 750,000 yuan, the current use of assets such as land and real estate in Wuxi, and whether it is used or occupied by the issuer;Whether there are other circumstances in which Wuxi heat exchange bears costs and expenses on behalf of the issuer.
Further implementation is required.
Issuers are requested to provide additional clarifications:
1) In the equity transaction of Wang Renliang, Wang Renzu and Yu Mingjie, the pricing principle of the equity transaction, and the reason and basis for confirming the share payment.
2) The reason why the gross profit margin is higher than that of comparable companies in the same industry and the change trend is inconsistent with that of comparable companies in the same industry.
3) Whether the actual controller of Wuxi heat exchange is Wang Renliang, whether Wuxi heat exchange is mixed with the issuer in terms of property, personnel and operation, whether there is a situation of paying costs for the issuer, and whether the issuer actually uses the land and site of Wuxi heat exchange. Please ask the sponsor institution and the reporting accountant to check and give a clear opinion.
Fourth, Jin Zeli.
Jin Zeli is a high-tech enterprise mainly engaged in the research and development, production and sales of corrosion-resistant soft magnetic alloys, heat-resistant steels, high-temperature alloys and other special alloy products. The company's products are mainly used in refrigeration, automobiles, small household appliances, fluid control and pneumatic control and other fields, specifically used in solenoid valves, pneumatic valves and solenoid pumps and other automation controller products, and have been extended to new fields such as new energy vehicle thermal management systems, with a wide range of downstream applications.
Company performance. 
Fundraising projects. The listing criteria selected by the Company are: expected market capitalization of not less than 200 million yuan, net profit of not less than 15 million yuan and an average weighted average return on equity of not less than 8% in the last two years, or a net profit of not less than 25 million yuan and a weighted average return on equity of not less than 8% in the most recent year.
In 2021 and 2022, the company's net profit attributable to owners of the parent company (before and after deducting non-recurring gains and losses) was 3,003370,000 yuan and 3,087950,000 yuan, weighted average return on equity (calculated based on the net profit attributable to shareholders of the parent company before and after deducting non-recurring gains and losses, whichever is lower) was 1506% and 1317%。
Ask questions at the Listing Committee meeting.
1.About business performance. Issuer please:
1) Explain in detail the specific composition of the orders in hand, the reasonableness of the sharp year-on-year increase in the orders in hand, and the specific reasons for the change in the time cycle of the customer's order.
2) Supplementary explanation of the testing progress of the issuer's related products in the field of new energy vehicles procured by Sanhua Intelligent Control, the specific progress of the first sample verification, whether it can be completed as scheduled, and the specific impact of the relevant products on the issuer's operating results.
3) Combined with the specific meaning and difference of "designated ** business" and "qualified ** business", explain in detail the way in which the customer purchases corrosion-resistant soft magnetic alloy from the issuer, the calculation basis for the steady growth of the monthly ** volume of the product to Huaiji, and the specific impact of the relevant products on the issuer's operating performance.
4) Explain whether the provision for inventory decline of SUS303, SUS304HC products and JL-38 corrosion-resistant soft magnetic alloy in austenitic stainless steel is sufficient. （
5) Explain the reasons for the significant increase in sales revenue of high-speed tool steel in the second half of 2023, the reasonableness of obtaining large orders from Hunan Lifang and Hangzhou Eda, and whether the cooperation with them is stable and sustainable.
6) Combined with the changes in the downstream industry, the trend of the issuer's post-period performance, and the stability of cooperation with major customers, etc., further explain whether the issuer's measures to deal with the decline in performance are effective, whether the adverse factors that led to the decline in performance in 2023 have been significantly improved or eliminated, and whether there is a material adverse impact on the continuing operation. Please ask the sponsor institution and the reporting accountant to check and give a clear opinion.