Core Viewpoint - The article highlights the strategic transformation and expansion of Lianjian Technology, focusing on its core business in inspection and testing while pursuing aggressive mergers and acquisitions to enhance its capabilities in high-value sectors such as new energy and AI applications [1][3]. Group 1: Company Background - Lianjian Technology, originally established in 1959 as Changzhou Building Science Research Institute, has evolved into a significant player in the inspection and testing industry, growing from 300 employees post-Wenchuan earthquake to over 3,000 today [2]. - The company has developed a comprehensive service system covering various sectors, including new energy, food safety, environmental protection, and automotive components [2]. Group 2: Recent Developments - In 2022, Lianjian Technology entered the food testing sector, and in 2023, it acquired companies like Shiyi Testing and Guanbiao Testing to expand into electronic and automotive testing [4][5]. - The company reported a revenue of 271 million yuan in Q1 2025, marking a 20.4% year-on-year increase, with a net profit of 4.46 million yuan, up 30.13% [5]. Group 3: International Expansion - Lianjian Technology has been actively expanding its international presence, establishing operations in countries like Vietnam, Thailand, Indonesia, and the UAE, with plans to further develop its testing network in Southeast Asia and the Middle East [9][10]. - The company aims to build a global collaborative testing network, focusing initially on "Belt and Road" countries and later targeting mature markets in Europe and the US [10]. Group 4: Strategic Goals - The management emphasizes a dual strategy of "internal R&D + external mergers" to create a one-stop testing service platform across multiple sectors and regions [10]. - The recent name change to Lianjian (Jiangsu) Technology Co., Ltd. reflects the company's upgraded business direction and market positioning [8].

Core Viewpoint - Huamao Technology plans to acquire 100% equity of Fuchuang Youyue Technology, indicating a significant asset restructuring without changing the controlling shareholder or actual controller [1][4]. Group 1: Acquisition Details - The acquisition involves purchasing approximately 19.46% equity of Fuchuang Youyue and 100% equity of its shareholders, Yirui Technology and Fuchuang No.1, through a combination of issuing shares and cash payments [3]. - Prior to this transaction, Huamao Technology held 42.16% equity in Fuchuang Youyue through its wholly-owned subsidiary [4]. - The overall valuation of Fuchuang Youyue was approximately 9.5 billion yuan in September and October 2024, and it decreased to about 8.5 billion yuan in January 2025, reflecting a decline of about 10% [4][5]. Group 2: Financial Performance - Fuchuang Youyue, established in 2019, reported revenues of 630 million yuan and 1.17 billion yuan for 2023 and the first eleven months of 2024, respectively, with net profits of 14.52 million yuan and 120 million yuan [7]. - As of November 2024, Fuchuang Youyue's total assets were approximately 880 million yuan, with net assets around 450 million yuan, and a debt-to-asset ratio of about 50% [8][9]. - Huamao Technology's revenue for 2024 was 2.213 billion yuan, a year-on-year increase of 7.67%, and net profit was 277 million yuan, up 14.64% [10]. Group 3: Strategic Implications - By increasing its stake in Fuchuang Youyue to 100%, Huamao Technology aims to enhance its business layout in the semiconductor and computing manufacturing sectors, which are seen as a second growth curve [4][10]. - The acquisition will allow Huamao Technology to consolidate Fuchuang Youyue's financial performance into its consolidated financial statements, potentially improving overall financial metrics [10].

Core Viewpoint - The journey of Xiaoxiao Technology Co., Ltd. towards IPO has been lengthy and complex, facing multiple challenges including performance volatility, customer dependency risks, and internal control compliance issues [1][2][3]. Financial Performance - From 2021 to 2023, Xiaoxiao Technology's revenue fluctuated, with figures of 492 million yuan, 465 million yuan, and 632 million yuan respectively, while the net profit after deducting non-recurring gains and losses dropped from 47.14 million yuan to 24.46 million yuan before rebounding to 90.29 million yuan in 2023 [3][5]. - The gross profit margins during the reporting period were 22.30%, 15.54%, 25.63%, and 25.03%, indicating significant variability influenced by the profitability of key products [5][6]. Product Revenue Breakdown - The main revenue source for the company is automotive transmission system components, particularly gearbox components, which accounted for 93.49%, 92.18%, 92.01%, and 92.71% of total revenue during the reporting periods [7][8]. - The sales price of gearbox components has been on a decline, dropping from 23.15 yuan per unit in 2021 to 20.88 yuan in 2023, with a further decrease of 8.57% in the first half of 2024 [8][9]. Research and Development - Xiaoxiao Technology's R&D expenditure as a percentage of revenue was lower than the industry average, with rates of 4.01%, 4.47%, 3.42%, and 4.02% compared to the industry averages of 4.94%, 5.33%, 5.44%, and 5.49% [15][16]. - The company holds 17 invention patents, but its R&D focus remains primarily on traditional fuel vehicle components, with limited advancements in the new energy sector [15][14]. Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 91.78%, 92.32%, 93.70%, and 92.52% of total revenue during the reporting periods [16][17]. - The first major customer, BorgWarner, contributed 73.77%, 74.45%, 72.26%, and 69.80% to the company's revenue, raising concerns about dependency on a limited customer base [17][18]. Internal Control Issues - Xiaoxiao Technology has faced internal control deficiencies, including a significant fund occupation incident by a major shareholder, which highlighted weaknesses in governance and compliance [20][22]. - The company has also been noted for not providing social security and housing fund contributions for some employees, although it claims to be rectifying this situation [21].

Core Viewpoint - The article discusses the recent delisting of two companies, Yulong Co. and AVIC Capital, from the Shanghai Stock Exchange due to significant operational challenges and declining financial performance [1][3][5]. Group 1: Delisting Process - AVIC Capital announced its stock would be delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange on May 20, 2025, without entering a trading period for delisting [1][4]. - Yulong Co. also faced a similar fate, with its stock set to be delisted on the same date, having initiated the delisting process on March 21, 2025, due to poor financial conditions [3][5]. Group 2: Financial Performance - AVIC Capital's financial performance has deteriorated significantly, with total revenues dropping from 183.41 billion in 2020 to 169.39 billion in 2023, and net profits plummeting from 32.74 billion to 2.90 billion in the same period [6]. - The company failed to disclose its 2024 annual report and Q1 2025 report, citing major uncertainties in operations that could have significant impacts [7]. - The latest forecast indicates a projected net loss of 48 million for 2024, with a significant decline in revenue and fees due to business restructuring and adverse macroeconomic conditions [7].

星标 ★ IPO日报 精彩文章第一时间推送 最近A股市场重组并购热一浪接着一浪，一些涉及并购的公司，其股价动不动就蹭蹭涨个不停。一 些敢于冒险的股民，特别是以做龙头著称，敢于打板的游资，因此赚得盆满钵满。 笔者发现，在这些轰轰烈烈的并购大军中，有一些上市公司对曾IPO但未成功的企业，特别钟情。 AI制图 比如，常州光洋轴承股份有限公司（002708.SZ）正在筹划发行股份及支付现金方式购买宁波银球 科技股份有限公司100%股权并募集配套资金事项。据IPO日报报道，银球科技在2022年启动A股 上市辅导工作。 前不久，天津汽车模具股份有限公司（002510.SZ）与东实汽车科技集团股份有限公司股东德盛拾 陆号企业管理（天津）合伙企业签署了《股权收购意向协议》，公司拟以现金方式分步收购德盛拾 陆号持有的东实股份50%股权。 由于公司已持有标的公司25%的股权，本次交易完成后，东实股 份将成为公司的控股子公司。 而东实股份曾申请在深市主板上市，后在2024年5月撤单。 光洋股份和天汽模都不过是今年以来上市公司追求IPO失败企业大军中的一员。据笔者所知，目前 上海概伦电子股份有限公司（688206.SH）拟收购成都锐 ...

Core Viewpoint - The medical aesthetics industry is witnessing a surge in companies seeking to go public, with Oriental Yanmei (Chengdu) Biotechnology Co., Ltd. applying for a listing on the Hong Kong Stock Exchange despite ongoing losses and non-commercialized core products [1][3]. Company Overview - Oriental Yanmei was established in 2016, focusing on the research, development, production, and commercialization of regenerative medical devices and special medical foods. The product portfolio includes two main lines: regenerative medical material injectables and medical dressings [3]. - The company has 13 major candidate products in regenerative medical material injectables, with two entering the registration review stage. In the medical dressing line, seven products have received Class II medical device registration approval [3][4]. Financial Performance - Revenue for 2023 and 2024 is projected at 12.88 million yuan and 14.52 million yuan, respectively, with net losses of 63.5 million yuan and 69.38 million yuan during the same periods [3][4]. - Non-core business products, including pharmaceutical intermediates and other medical devices, contributed 755.1 million yuan in 2024, accounting for 52% of total revenue [3][4]. Product Development - The core product, XH301, known as the "童颜针" (youthful needle), is designed for treating nasolabial folds and has completed preclinical and clinical trials. The registration application is expected to be submitted in November 2024 [5][7]. - The company faces competition from five approved similar products in the market, with additional candidates expected to launch between 2025 and 2026 [8][9]. Funding and Shareholding - Oriental Yanmei has successfully completed multiple funding rounds, raising a total of 190 million yuan, with notable investors including Sunshine Nuohuo and Kangzhe Pharmaceutical [12][13]. - The company plans to use the funds raised from the IPO for the development and registration of its core product XH301 and other regenerative medical materials [13].

Core Viewpoint - The announcement of Changzhou Guangyang Bearing Co., Ltd. (referred to as "Guangyang Co."), regarding the acquisition of 100% equity of Ningbo Yinqiu Technology Co., Ltd. (referred to as "Yinqiu Technology") through a share issuance and cash payment, indicates a significant asset restructuring that does not constitute a restructuring listing [1]. Company Overview - Yinqiu Technology is a precision bearing manufacturer with an annual production capacity of 1.1 billion sets of bearings, covering a wide range of ball bearing models with inner diameters from 2mm to 60mm, and its products are used in various sectors including home appliances, automotive, industrial motors, textile machinery, and high-speed vacuum cleaners [4]. - In 2024, Yinqiu Technology is projected to achieve revenue exceeding 650 million yuan, representing a year-on-year growth of 30%. The company holds over 80% market share in the domestic high-speed bearing market and approximately 28% in the global market [4]. Financial Performance - Guangyang Co. has experienced significant revenue fluctuations from 2020 to 2024, with revenues of 1.434 billion yuan, 1.622 billion yuan, 1.488 billion yuan, 1.823 billion yuan, and 2.31 billion yuan respectively. The net profits during the same period were 50 million yuan, -81 million yuan, -249 million yuan, -139 million yuan, and 29 million yuan [8]. - The company faced three consecutive years of losses from 2021 to 2023, totaling approximately 430 million yuan, but showed signs of recovery in 2024 with a revenue increase to 2.31 billion yuan and a net profit growth of 120%, primarily due to increased orders for new energy vehicle components [8][9]. Strategic Rationale - The acquisition of Yinqiu Technology is expected to enhance industry synergy, as both companies are deeply involved in the bearing sector. Guangyang Co. aims to align with the technological trends of the smart electric industry, focusing on high-speed, low-friction, high-performance, and low-noise bearings [9]. - The transaction is seen as a strategic move to expand business growth points and improve financial performance [9]. Historical Context - Guangyang Co. previously attempted an acquisition in 2014 by purchasing Tianjin Tianhai Synchronization Technology Co., Ltd. for 550 million yuan, which did not meet performance expectations, leading to significant goodwill impairment [11][12][13].

星标 ★ IPO日报 精彩文章第一时间推送 5月19日，广东锦龙发展股份有限公司（000712.SZ，下称"锦龙股份"）一纸公告宣告了历时近一年的重大资产重组计划终止。 公告第二天，锦龙股份股价微跌2.67%至12.75元/股，但较2024年6月出售计划公布次日8.22元/股的收盘价，累计上涨55.1%，市场情绪呈现分 化。 制图：佘诗婕 资产负债率高企 具体来看， 2024年6月5日，锦龙股份首次披露拟通过公开挂牌转让中山证券67.78%股权，构成重大资产重组。 彼时，公司同步推进的还有东莞证券20%股权转让计划，若两项交易完成，其证券资产将仅剩东莞证券20%股权。 2024年8月，东莞证券20%股权以22.72亿元对价转让给东莞金控的协议签署，但中山证券股权的出售却陷入僵局。尽管多家意向方参与尽调，但 始终未达成正式协议。 回顾锦龙股份此前的甩卖冲动，或源于公司岌岌可危的财务现状。 截至2024年12月31日，锦龙股份资产负债率高达81.09%，短期借款16.46亿元，长期借款42.72亿元。 而高负债导致利息支出巨大，2022年— 2024年，公司利息支出均超6.6亿元/年，其中，2024年均利息支出为 ...

Core Viewpoint - Shandong Yulong Gold Co., Ltd. has announced the termination of its stock listing on the Shanghai Stock Exchange, effective May 27, 2025, without entering a delisting transition period [1][5]. Group 1: Delisting Process - The entire delisting process took only two months, starting from the company's announcement of its intention to voluntarily delist on March 21, 2025, due to poor operating conditions and deteriorating cash flow [3]. - On April 8, 2025, the company announced that the decision to voluntarily terminate its stock listing had been approved by the shareholders' meeting, and it would apply for the stock to enter the National SME Share Transfer System for continued trading [3][5]. - The company set up a dissenting shareholder protection mechanism, offering a cash option at a price of 13.20 yuan per share during the declaration period from April 17 to April 23, 2025 [3]. Group 2: Cash Option Declaration - During the cash option declaration period, a total of 31,439 securities accounts submitted declarations, with a total of 449,108,810 shares declared [4]. - After filtering out invalid declarations, 31,404 securities accounts had valid declarations, amounting to 448,882,715 shares [4]. Group 3: Market Context - In 2025, a total of 9 companies have completed the delisting process in the A-share market, which is comparable to the same period last year [6][7]. - Other companies, such as AVIC Industrial Capital Holdings Co., Ltd., have also initiated voluntary delisting applications [7].

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (referred to as "Zejing Electronics") has achieved significant growth in the automotive electronics sector, attracting investments from notable institutions despite not yet being profitable, with a recent valuation exceeding 2.5 billion RMB [1][2]. Company Overview - Zejing Electronics was founded in 2015 and has become the second-largest supplier of vehicle HUD solutions in China, with a market share of approximately 16.2% [15][16]. - The company specializes in innovative smart cockpit visual and interaction solutions, primarily focusing on HUD technologies [15]. Financial Performance - Over the past three years, Zejing Electronics has reported cumulative losses of approximately 577 million RMB, with total liabilities increasing significantly [2][14][17]. - The company's revenue for 2022, 2023, and 2024 was 214 million RMB, 549 million RMB, and 578 million RMB, respectively, while losses for the same periods were 256 million RMB, 175 million RMB, and 138 million RMB [16][17]. - The asset-liability ratio reached 215.6% in 2024, indicating a high level of debt relative to assets [17]. Investment and Growth - Zejing Electronics has undergone multiple financing rounds since its inception, with the latest E-round valuation reaching 2.585 billion RMB, marking a 42-fold increase over seven years [11][12]. - The company plans to use funds from its upcoming IPO for production line expansion, automation upgrades, and enhancing research and development capabilities [19]. Leadership Background - The co-founders, Zhang Tao and Zhang Bo, bring over 20 years of experience in the automotive and electronics sectors, respectively, which has contributed to the company's strategic positioning [5][8].