CSRC approves Zhejiang Huayuan's application for IPO on the Shenzhen Stock Exchange's ChiNext board.

On January 3rd, the China Securities Regulatory Commission issued the "Approval for the Initial Public Offering of Zhejiang Huayuan Automotive Technology Co., Ltd." It is reported that Zhejiang Huayuan plans to list on the ChiNext board of the Shenzhen Stock Exchange, with Haitong as the IPO sponsor, aiming to raise 300 million yuan. According to the prospectus, Zhejiang Huayuan is a high-tech enterprise specializing in the research and development, production, and sales of customized automotive system components. The company's main products include special-shaped fasteners and seat locks, which are widely used in automotive body chassis and power systems, automotive safety systems, automotive intelligent electronic systems, automotive interior and exterior systems, including car seats, car sensors, and new energy power battery packs. In addition, the company extends its research and development and production advantages to the field of new energy vehicles and automotive intelligent electronics. As a secondary supplier, the company has entered the supply system of major domestic new energy vehicle manufacturers such as NIO, Xiaopeng Motors, GAC AION, BYD, and Ideal Automotive through first-tier suppliers such as Autoliv and Valeo. Its products are used in models such as NIO ES6, GAC AION Y, BYD Dynasty series and Ocean series, Ideal ONE, Ideal L7, and other well-known models. Moreover, the company has cooperated with global automotive electronics giant Sensata to supply customized bolts and other products for their sensors, expanding the application of its products in the field of automotive intelligent electronics. In terms of finances, in the fiscal years 2021, 2022, 2023, and the first six months of 2024, the company achieved operating revenues of approximately 454 million yuan, 491 million yuan, 553 million yuan, and 287 million yuan respectively. During the same period, the company's net profits were approximately 200 million yuan, 76.8197 million yuan, 82.6384 million yuan, and 41.6383 million yuan respectively.