Friendship Group's IPO on the Shanghai Stock Exchange has been approved by the Listing Committee. The sales from the top five clients account for more than 50% of the total sales.

On June 20, Shanghai Yousheng Aluminum Industry Co., Ltd. (referred to as Yousheng) passed the listing committee meeting of the Shanghai Stock Exchange main board. The IPO sponsor is Guotai Haitong, with a planned fundraising of 2.471 billion yuan. The prospectus shows that Yousheng is a professional aluminum alloy automotive parts manufacturer that integrates design, development, production, sales, and service. The company has always focused on lightweight automotive parts, dedicated to promoting the improvement of the endurance of new energy vehicles and the energy saving and emission reduction of fuel vehicles. The company's products mainly focus on the field of new energy vehicles, with main products including automotive structural parts such as door sill beams, battery trays, bumpers, and subframes. The company's products mainly focus on the field of new energy vehicles, with customers including leading global new energy vehicle manufacturers such as Tesla, Guangzhou Automobile Group, NIO, BAIC New Energy, Geely Group, etc., forming long-term stable cooperative relationships. In the field of fuel vehicles, the company's main customers include Lingyun Industrial, FAWER Automotive Parts, Huayu Automotive Systems, etc., well-known first-tier automotive parts manufacturers. In recent years, with the vigorous development of the new energy vehicle industry, the automotive industry chain is in the process of rapid transition from traditional fuel vehicles to new energy vehicles. With the rise of the domestic automotive parts industry along with the development of new energy vehicles, it has gradually entered the supply chain of new energy vehicle manufacturers, becoming a first-tier automotive parts supplier. According to the "2024 Global Top 100 Automotive Parts Suppliers" released by Automotive News, there are 15 Chinese top 100 parts manufacturers with an average revenue of $6.944 billion, showing significant growth in both quantity and scale. The company has a certain industry position and is an important domestic supplier of aluminum alloy parts for new energy vehicles. It has established long-term stable cooperative relationships with leading global new energy vehicle manufacturers and well-known first-tier parts suppliers. The company has also continuously expanded its customer base in the field of new energy vehicles during the reporting period, establishing partnerships with leading industry customers such as Contemporary Amperex Technology, Xpeng Motors, BYD Company Limited, Changan Automobile Industry Group, etc. in 2022 and 2023. Regarding risks, the prospectus points out that the company has a high concentration of customers. In each reporting period, the company's sales revenue from the top five customers was 1.235 billion yuan, 1.521 billion yuan, and 2.044 billion yuan respectively, accounting for 52.55%, 52.37%, and 51.75% of the company's operating income. Financially, in 2022, 2023, and 2024, Yousheng achieved operating revenues of approximately 2.35 billion yuan, 2.905 billion yuan, and 3.95 billion yuan, respectively. During the same period, the company achieved net profits of approximately 233 million yuan, 321 million yuan, and 405 million yuan, respectively.