[Announcement for IPO this week] Only one IPO will be held on the Beijing Stock Exchange this week (Suxun Xincai, 8-28) All five companies in the previous period will be held on the Beijing Stock Exchange

★ Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. Preview this week

According to the exchange's public review, only one IPO meeting will be scheduled for A-shares this week (the 35th week of 2026, August 24-August 28)-Suxun Xincai (Beijing Stock Exchange, August 28), there will be no IPO in Shenzhen, and only one main board refinancing in Shanghai (Bailong Chuangyuan Convertible Bonds, August 27). Compared with the five companies held meetings last week (week 34), the pace of initial reviews this week has slowed down significantly, and the number of IPOs held in a single week has dropped to a low level during the year.

2. Today's key tracking: Suxun New Materials (874335) is scheduled to hold a meeting on August 28

The official website of the Beijing Stock Exchange shows that the IPO application of Jiangsu Suxun New Materials Technology Co., Ltd. will be submitted to the Listing Committee for review on August 28. In this shock listing, the company plans to publicly issue no more than 9.02 million shares (including over-allotment of no more than 10.373 million shares) and plans to raise funds of 446.697 million yuan, which will be exclusively sponsored by Open Source Securities. The following is the interpretation of the core data.

2.1 Issue overview

2.2 Interpretation of core data of the prospectus

[Main Business] According to the prospectus, the company was established in April 2009. It is a high-tech enterprise committed to the research and development, production and sales of metal packaging materials, and has been rated as a specialized and innovative "Little Giant" enterprise by the Ministry of Industry and Information Technology. The main products include chrome-plated thin plates, tinned thin plates, stainless steel thin plates, steel-plastic composite thin plates, etc. The products are used in metal packaging fields such as crown caps, food can lids and beverage packaging. It is the first domestic company to supply food-grade chrome-plated thin plates on a large scale.

[Income Composition] According to the prospectus, the company's operating income from 2023 to 2025 is 2.415 billion yuan, 2.982 billion yuan and 3.025 billion yuan respectively, and the total main business income in 2025 is 2.815 billion yuan. Among them, the total revenue of chrome-plated sheets and tin-plated sheets used in bottle caps and cans accounted for more than 82%, constituting the absolute pillar of performance; according to statistics from high pollution standards, the total revenue of chrome-plated sheets and steel-plastic composite sheets in 2025 was 1.604 billion yuan., accounting for 56.99% of the main business income, contributing a gross profit of approximately 206 million yuan, accounting for 62.92% of the gross profit of the main business.

[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.

2.3 Review concerns (objectively listed according to the prospectus and inquiry replies)

1. Environmental compliance: The company's chrome-plated thin plates adopt hexavalent chromium plating process, and related products are included in the "High Pollution" list of the Comprehensive Environmental Protection List (2021 Edition) of the Ministry of Ecology and Environment. The inquiries focused on situations such as the actual output in some years exceeding the EIA acceptance or approved production capacity, the project of a subsidiary company started before obtaining the EIA approval, and the commissioning of production without obtaining a pollutant discharge permit.

2. Performance fluctuations: In 2025, net profit attributable to the parent company fell by 6.44% year-on-year. In the first half of 2026, net profit attributable to the parent company fell by approximately 28.9% year-on-year, and net operating cash flow fell by approximately 49.5% year-on-year; The comprehensive gross profit margin dropped from 17.24% in 2022 to 10.51% in 2023, and rebounded to 11.04% in the first half of 2026, still at a low level.

3. Capacity expansion and orders: It is planned to raise 300 million yuan to add an additional 300,000 tons of tinned sheet production capacity (about twice the existing production). Coupled with the trial production of 200,000 tons in Malaysia, the digestion of the new production capacity will face overseas anti-dumping and tinned sheet prices. Challenges such as downward trend and traders destocking.

4. Traders and related party transactions: Overseas income is mainly through trader channels, and some of the top ten customers have low registered capital or insured persons; family affiliated companies of the actual controller, packaging suppliers indirectly held by the secretary of the board, etc. The fairness of pricing and business independence of related party transactions are the focus of the review.

5. Gambling period: According to the supplementary agreement, if the company fails to complete the issuance and listing before December 31, 2026, the repurchase obligation for the actual controller will automatically resume, and there are clear window constraints on the review schedule.

3. Review of previous review results (Week 34 8/17-8/21)

According to statistics from the Prospective Industry Research Institute, a total of 5 A-share companies attended the meeting last week (week 34), and all 5 companies passed the meeting smoothly, with a meeting passing rate of 100%. The sector covers 1 Science and Technology Innovation Board, 1 GEM, and 3 Beijing Stock Exchange, focusing on hard technology and advanced manufacturing. The specific results are as follows:

Note: The fields such as sponsor institution and proposed fundraising in the above table are subject to publicly disclosed information, and missing items are marked with "-"; for detailed company interpretation, please refer to "Quick Report of IPO Review Results-Weekly Report (8.17-8.22)".

4. Follow-up review schedule

★ Data sources and disclaimers ★

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

Data sources: Beijing Stock Exchange/Shanghai Stock Exchange/Shenzhen Stock Exchange announcements, China Securities Regulatory Commission website, prospectus and issuance announcement and other public channels.

Report produced by: Prospective Industry Research Institute.

★ About the Prospective Industry Research Institute ★

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT.

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If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

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