(I) Basic Company Information Full Name: Anhui Jialiqi Advanced Composites Technology Co.,Ltd. Abbreviation: Jialiqi Code: 301586.SZ IPO Application Date: May 31, 2022 Listing Date: August 28, 2024 Listing Board: Shenzhen ChiNext Industry: Railway, Shipping, Aerospace and Other Transportation Equipment Manufacturing IPO Sponsor: CITIC Securities Sponsor Representatives: Shan Zengjian, Yu Lei IPO Underwriter: CITIC Securities IPO Legal Counsel: Jingtian & Gongcheng (Shanghai) IPO Auditor: BDO China Shu Lun Pan Certified Public Accountants LLP
(II) Professional Evaluation Details (1) Information Disclosure: Required to explain the compliance and accuracy of revenue recognition methods with Customer B; required to clarify whether relevant risk disclosures are sufficient and complete; required to explain whether relevant review opinions from the State Administration for Science, Technology and Industry for National Defense and other relevant departments regarding this ChiNext listing application have been obtained; required to explain whether the conclusion that "corresponding funds do not constitute substantial advance payment of costs and expenses outside the company and do not constitute fund occupation" has sufficient evidence support.
(2) Regulatory Penalties: No deductions
(3) Media Supervision: No deductions
(4) Listing Cycle: Deductions applied The average days from application to listing for A-share companies listed in 2024 was 629.45 days. Jialiqi's listing cycle was 820 days, higher than the overall average.
(5) Multiple Applications: Not applicable, no deductions.
(6) Issuance Costs and Fee Rates Jialiqi's underwriting and sponsorship fees were 17.7008 million yuan, with an underwriting and sponsorship commission rate of 4.72%, lower than the overall average of 7.71%.
(7) First-Day Trading Performance The stock price rose 244.33% compared to the issue price on the first trading day.
(8) Three-Month Performance The stock price rose 210.56% compared to the issue price after three months of listing.
(9) Issue Price-to-Earnings Ratio Jialiqi's issue P/E ratio was 19.15 times, compared to the industry average of 33.30 times, representing 57.51% of the industry average.
(10) Actual Fundraising Ratio Expected fundraising of 1.166 billion yuan, actual fundraising of 375 million yuan, representing a 67.82% reduction in actual funds raised.
(11) Short-term Performance After Listing In 2024, the company's operating revenue increased by 35.41% year-over-year compared to the previous year, while net profit attributable to shareholders decreased by 2.05% year-over-year, and non-GAAP net profit attributable to shareholders increased by 1.24% year-over-year.
(12) Subscription Abandonment and Underwriting Ratios Subscription abandonment rate: 0.43%
(III) Total Score Summary Jialiqi's IPO project received a total score of 82 points, classified as Grade B. Negative factors affecting Jialiqi's rating include: information disclosure quality needs improvement, listing cycle exceeded two years, actual fundraising amount significantly reduced, decline in net profit attributable to shareholders in the first accounting year after listing, and subscription abandonment rate of 0.43%. This comprehensively indicates that while the company has relatively good short-term profitability, information disclosure quality needs improvement, and investors are advised to pay attention to the authenticity behind its performance results.
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