New Rease Industrial Co., Ltd. has "terminated" (withdrawn) its IPO on the Shenzhen Stock Exchange's Growth Enterprise Market. The company is primarily engaged in the production, research, and sales of metal smelting, refining equipment, and related products.

On February 7th, Shanghai Xin Yan Industrial Equipment Co., Ltd. (referred to as "Xin Yan Industrial") had its IPO review status changed to "terminated" (withdrawn) by the Shenzhen Stock Exchange's ChiNext Board. On February 5th, Xin Yan Industrial applied to withdraw its application for issuance and listing. According to Article 62 of the Shenzhen Stock Exchange's Rules for the Review of Stock Issuance and Listing, the Shenzhen Stock Exchange decided to terminate the review of Xin Yan Industrial's initial public offering and listing on the ChiNext Board. According to the prospectus, Xin Yan Industrial is mainly engaged in the research, production, and sales of metal smelting, refining equipment, and related products. Its main products or services include induction melting equipment, accessories, maintenance, and services, with induction melting equipment primarily including medium-frequency induction furnaces, vacuum induction furnaces, and supporting automatic pouring systems. The direct applications of the products are mainly in the downstream industries of casting, special steel, and high-temperature alloys, while the indirect downstream includes industries such as automotive parts, high-speed railways and railway equipment, machinery, clean energy, national defense and military industry, aerospace, and other fields. With its core technologies in key areas such as induction power supply, induction furnace body, and melting and pouring control systems, the company's independently developed medium-frequency induction furnaces and vacuum induction furnaces have advantages such as high efficiency, energy saving, high safety, strong stability, and system intelligence. The company has a complete range of medium-frequency induction furnace products, with a maximum power of up to 45 megawatts and a furnace capacity covering 0.05-120 tons. The minimum electricity consumption per ton of steel can reach 475 kilowatt-hours. Its products are at the forefront domestically in terms of technology. At the same time, the vacuum induction furnaces produced by the company, as one of the mainstream refining equipment in the high-temperature alloy industry, have gained market recognition, and the company has successfully entered the field of vacuum refining equipment manufacturing. The company competes with international advanced equipment manufacturing companies such as Inductotherm, ABP, and ALD in the domestic market and achieves domestic substitution. After years of accumulation in the core technologies and product advantages in the field of induction smelting equipment manufacturing, the company has won a number of high-quality listed companies in the casting industry and large enterprise customers, as well as recognition from customers in the stainless steel industry such as Qing Shan Industrial and Xin Jin Hui, and established good cooperative relationships with them, establishing a good market reputation and brand value in the industry. During the reporting period, the specific breakdown of the company's main operating revenue by product was as follows: During the reporting period, the company's revenue mainly came from downstream customers in the casting industry, with an annual proportion of over 70%. In terms of finances, in 2020, 2021, 2022, and January to June 2023, Xin Yan Industrial achieved operating revenues of 243 million yuan, 321 million yuan, 400 million yuan, and 209 million yuan, respectively; during the same period, the company achieved net profits of 46.92 million yuan, 68.28 million yuan, 80.79 million yuan, and 34.47 million yuan, respectively. It is worth noting that Xin Yan Industrial cautioned investors in the prospectus about the risks associated with fluctuations in raw material prices. Specifically, the company's main raw materials include electrical components, non-ferrous metals, supporting equipment, steel structures, ferrous metals, mechanical parts, pneumatic hydraulics, cooling water system components, and other auxiliary materials. During the reporting period, the proportion of direct materials to the main operating costs of the company was over 80%, which is relatively high. The purchase unit price of copper materials in 2021 increased by 32.98% compared to 2020. If the prices of the company's main raw materials continue to rise significantly in the future and the company finds it difficult to offset the impact by cost control measures and price adjustments, it will result in a decline in the company's gross profit margin and adversely affect its business performance.