(I) Basic Company Information Full Name: Bzs (Beijing) Technology Development Co.,Ltd. Abbreviated Name: Bzs Technology Code: 603082.SH IPO Application Date: July 1, 2022 Listing Date: January 30, 2024 Listing Board: Shanghai Stock Exchange Main Board Industry: General Equipment Manufacturing IPO Sponsor: Guotai Junan Securities Sponsor Representatives: Zhang Xinran, Dong Shuai IPO Underwriter: Guotai Junan Securities IPO Legal Counsel: Beijing Guofeng Law Firm IPO Auditor: Dahua Certified Public Accountants (Special General Partnership)
(II) Professional Evaluation (1) Information Disclosure: Required to clarify compliance with Article 32 disclosure requirements of the "Content and Format Guidelines for Information Disclosure by Companies Issuing Securities Publicly No. 57 - Prospectus"; required to modify or delete risks including "operational management risks after completion of issuance," "talent loss and shortage risks," "core technology leakage risks," "macroeconomic fluctuation risks," and remove duplicate content in "Section III Risk Factors" that overlaps with major matters reminder section; required to explain revenue cut-off testing verification and whether issuer's revenue is authentic and accurate.
(2) Regulatory Penalties: No deductions
(3) Public Supervision: No deductions
(4) Listing Cycle: No deductions The average days from application to listing for A-share companies listed in 2024 was 629.45 days. Bzs Technology's listing cycle was 578 days, below the overall average.
(5) Multiple Applications: Not applicable, no deductions
(6) Issuance Fees and Fee Rate Bzs Technology's underwriting and sponsorship fees were 48.8008 million yuan, with an underwriting and sponsorship commission rate of 5.65%, lower than the overall average of 7.71%.
(7) First Trading Day Performance Stock price rose 118.05% above the issue price on the first trading day.
(8) Three-Month Performance After Listing Stock price rose 76.22% above the issue price three months after listing.
(9) Issue Price-to-Earnings Ratio Bzs Technology's issue P/E ratio was 28.19 times, compared to the industry average of 29.42 times, representing 95.82% of the industry average.
(10) Actual Fundraising Ratio Expected to raise 715 million yuan, actually raised 863 million yuan, with an over-fundraising ratio of 20.77%.
(11) Short-term Performance After Listing In 2024, the company's operating revenue increased 10.64% year-over-year compared to the previous year, net profit attributable to shareholders increased 9.58% year-over-year, and non-recurring net profit attributable to shareholders increased 9.96% year-over-year.
(12) Share Abandonment Rate and Underwriting Ratio Share abandonment rate: 0.68%
(III) Overall Scoring Bzs Technology's IPO project scored 93.5 points overall, classified as A-level. Negative factors affecting Bzs Technology's rating include: information disclosure quality needs improvement and a 0.68% share abandonment rate. 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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