星标 ★ IPO日报 精彩文章第一时间推送 7月23日，聚智科技发展有限公司（下称"聚智科技"）向港交所主板递交上市申请，新华汇富为独家 保荐人。此次是聚智科技第二次递表，该公司曾于2025年1月17日递交上市申请。 IPO日报注意到，这家中国公司超过88.2%的收入来自海外，毛利率达52.69%，凭借114万件销量拿下中 国出口美国婴儿监护器的在线出口商的冠军，占据38.7%市场份额，约九成左右的销售收益依赖亚马逊 销售。 AI制图 年销售114 万件婴儿监护器 近年来，在婴儿安全产品需求上涨、婴儿健康意识提高以及智能科技进步的推动下，全球婴儿监护器市 场经历强劲增长。 由父母与子女组成的小家庭成为主流，在缺乏大家庭支援的情况下，父母益发依赖监控装置以确保婴儿 安全，再加上可支配收入增长带动婴儿监护器需求升温，全球婴儿监护器销量由2020年的1450万台增长 至2024年的2030万台，复合年增长率为8.8%；北美洲的婴儿监护器销量由2022年的680万台增加至2023 年的750万台，并进一步上升至2024年的810万台。 事实上，按出口至美国的婴儿监护器计算，中国在所有国家及地区中排名第一，占出口美国市 ...

Core Viewpoint - Huilv Ecological Technology Group Co., Ltd. is planning to acquire a 49% stake in Wuhan Junheng Technology Co., Ltd. through a share issuance and cash payment, which is expected to constitute a major asset restructuring [1]. Group 1: Acquisition Details - The transaction is still in the planning stage, with preliminary identified counterparties including shareholders of Wuhan Junheng, such as Peng Kaisheng, Xie Jiping, and Chen Zhaohua [1]. - This is not the first acquisition of Wuhan Junheng by Huilv Ecological; previous transactions include a 30% stake acquisition for 195 million yuan in May 2024 and subsequent capital increases [4][5]. - Huilv Ecological has invested approximately 500 million yuan in total to gain control over Wuhan Junheng, with the valuation of Wuhan Junheng increasing over time [5]. Group 2: Business Impact - Huilv Ecological primarily engages in landscape engineering and has experienced a significant decline in performance since its IPO, with revenues dropping from 775 million yuan in 2021 to 587 million yuan in 2024 [8]. - The acquisition of Wuhan Junheng, which specializes in optical modules, is seen as a cross-industry move that provides new growth opportunities and enhances Huilv Ecological's financial performance [8][9]. - Wuhan Junheng's revenue and net profit for 2024 are projected to exceed those of Huilv Ecological, indicating a positive impact on the latter's financial results post-acquisition [8]. Group 3: Financial Performance - Huilv Ecological expects a significant increase in net profit for the first half of 2025, projecting a growth of 177.82% to 278.14% compared to the same period before restructuring [9]. - Following the announcement of the acquisition, Huilv Ecological's stock price rose from around 4 yuan in May 2024 to 13 yuan, representing an increase of over 200% [10].

星标 ★ IPO日报 精彩文章第一时间推送 鉴于该事项仍处于洽谈阶段，尚存在不确定性，为保证公平信息披露，维护投资者利益，避免造成公司 股价异常波动，公司股票已于2025年7月24日停牌，2025年7月25日将继续停牌，预计停牌时间不超过2 个交易日。 AI制图 股东变化小 公开资料显示，时空科技主营业务为照明工程系统集成、文旅夜游创新开发及智慧城市相关业务，于 2020年8月在上交所上市。 截至最新披露，宫殿海持有公司股份为37168589股，对时空科技持股比例为37.45%，为公司的控股股 东和实际控制人。 IPO日报发现，自上市以来，实控人宫殿海的持股比例未发生过变化，其余管理层的持股比例多数也未 发生改变。 值得一提的是，原公司高管杨耀华曾发生过较大的股权变动。 资料显示，杨耀华曾任天津康达膜结构工程有限公司销售项目经理，天津万利成钢结构制造有限公司销 售项目经理。2015年至2021年，其担任上市公司副董事长、董事。现任北京新耀明投资咨询有限公司执 行董事、经理。 2024年7月，时空科技公告，公司于近日收到公司持股5%以上股东杨耀华的通知，获悉杨耀华与周蕾已 通过协议方式办理了解除婚姻关系手续，并 ...

星标 ★ IPO日报 精彩文章第一时间推送 7月25日，青岛泰凯英专用轮胎股份有限公司（下称"泰凯英"）即将在北交所上会，接受发审委面审。这家轮胎企业谋求上市已久，早在2019年就开始搭建红筹架构，如今或将 在北交所圆梦。 从经营方面来看，泰凯英无疑是独特的。据介绍，公司以场景化研发为主，并无自主生产环节。但目前，国内同行业上市公司中少有完全聚焦于矿山及建筑轮胎的企业，且均为 生产型企业。不巧的是，公司的主要代工厂目前面临着债务违约问题，主要财产已被法院查封。 此外，公司一度欲募集超过自身净资产的金额，最终却"缩水"一半。公司商业模式和收入稳定性还被发审委反复问询…… AI制图 只研发、不生产 泰凯英是一家专业从事矿山及建筑轮胎的设计、研发、销售与服务的企业。公司产品范畴属于工程子午线轮胎和全钢卡车轮胎。 从行业地位来看，根据中国橡胶工业协会轮胎分会对行业内企业的调研与统计，公司2023年工程子午线轮胎总体位列中国品牌第3名、全球品牌第8名。根据中国工程机械工业协 会对行业内企业的调研与统计，公司在2023年国内工程子午线轮胎配套市场占有率总体位列国内外轮胎品牌第3名，其中大吨位起重机轮胎国内配套市场占有率第 ...

Core Viewpoint - Xinjiang Xiling Information Technology Co., Ltd. is undergoing a potential change in control, with its major shareholders planning to alter the company's ownership structure, leading to a temporary suspension of trading [1][4]. Group 1: Company Overview - Xinjiang Xiling is recognized as one of the largest and most technologically advanced private big data application service companies in Xinjiang, holding titles such as "Top 50 Big Data Companies in China" and "National Specialized and Innovative 'Little Giant'" [3]. - The company went public in 2017 and has established itself as a benchmark for information technology development in Xinjiang [4]. - Xiling focuses on three core areas: public safety, network and data security, and digital economy, offering over 6,900 solutions across more than 30 provinces and regions, including Southeast Asia [4]. Group 2: Financial Performance - Since 2020, Xiling has faced significant financial challenges, reporting net losses of -1.36 billion, -0.85 billion, -0.61 billion, -0.40 billion, and -0.61 billion from 2020 to 2024, totaling nearly 4 billion in cumulative losses [7]. - In Q1 2025, the company reported revenue of 43.48 million, a year-on-year increase of 50.99%, but still incurred a net loss of 15.02 million, indicating a trend of increasing revenue without corresponding profit [9]. - The company's revenue heavily relies on government digitalization projects, with government client revenue accounting for 74.5% in 2024 [9]. Group 3: Business Challenges - The long repayment cycles for government projects, typically ranging from 1 to 3 years, require the company to pre-finance hardware and labor costs, which poses risks in a tightening fiscal environment [10]. - Xiling has a long-standing dependency on government contracts, with government revenue constituting 81.08% in 2019. Although attempts were made to diversify into corporate clients post-2020, results have been limited [12]. - As a local enterprise in Xinjiang, Xiling faces significant competition from industry giants like Hikvision and Dahua in the AI security sector, with its 2024 revenue of 1.63 billion being insufficient to establish a competitive edge [12].

Core Viewpoint - Beijing Tongrentang Medical and Health Investment Co., Ltd. has officially submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the fourth listed company under the Tongrentang brand following Tongrentang Co., Ltd., Tongrentang Technology, and Tongrentang Guoyao [1][2] Company Overview - Established in 2015, Tongrentang Medical and Health is a TCM medical group under the Tongrentang brand, providing TCM medical services and integrating drug and non-drug therapies [3] - The company has a history of over 350 years, with its roots tracing back to a small pharmacy in Beijing [3] - The company underwent a name change in 2019 to focus on the "healthcare" sector and completed a shareholding reform in 2024, becoming the current entity [4][5] Business Performance - As of June 24, 2025, the company has established a tiered medical service network, including 12 self-owned medical institutions and an internet hospital, making it the largest non-public TCM hospital group in China with a market share of 1.7% [5] - The company reported revenues of approximately CNY 911 million, CNY 1.153 billion, and CNY 1.175 billion from 2022 to 2024, with net profits turning from a loss of CNY 9.23 million in 2022 to profits of CNY 42.63 million and CNY 46.20 million in 2023 and 2024 respectively [6] Acquisition Strategy - The company has improved its financial performance through significant acquisitions, including the purchase of Sanxi Tang Health Hospital and Sanxi Tang Guoyao Pavilion in 2022, which contributed to 21.9%, 31.2%, and 31.8% of total revenue from 2022 to 2024 [8] - Additional acquisitions in 2024 included Shanghai Chengzhitang and Shanghai Zhonghetang, further boosting revenue growth [8] Financial Health - The company has seen an increase in debt due to cash expenditures for acquisitions, with a debt ratio rising from under 10% to over 40% during the reporting period [9] - As of April 30, 2025, the total outstanding bank loans amounted to CNY 142 million, with cash flow from operating activities showing positive growth [9] Goodwill and Valuation - The company's goodwill has significantly increased due to acquisitions, rising from CNY 26 million in 2021 to CNY 263 million in 2024, accounting for 37% of net assets [10][11]

Core Viewpoint - The company *ST Zitian (300280.SZ) is facing delisting due to significant financial misreporting, with a total of 2,499,275,347.89 yuan in false revenue reported for 2022 and 2023, accounting for 63.53% of the total disclosed revenue for those years [3]. Group 1: Company Background and History - *ST Zitian, originally known as Nantong Forging Equipment Co., Ltd., was established in March 2002 and was once a leading manufacturer of hydraulic machines in China [5]. - The company went public on the ChiNext board in December 2011 but faced declining sales and profitability due to economic downturns and industry overcapacity, resulting in a 59.35% year-on-year decline in net profit in its second year of listing [6]. Group 2: Business Transformation and Acquisitions - In response to declining performance, the company pursued a strategy of acquisitions to transform its business, acquiring 100% of Shenzhen Olive Leaf Technology in 2017 and 70% of Yijia Jingshi in 2018, among others [7]. - By 2021, the company had completely divested its forging equipment business and rebranded as Zitian Technology, focusing solely on modern advertising services, including internet advertising and cloud services [7][8]. Group 3: Financial Misconduct and Consequences - The company received an administrative penalty notice from the Fujian Securities Regulatory Bureau due to false financial reporting for two consecutive years, which could lead to mandatory delisting under the Shenzhen Stock Exchange rules [3]. - As of July 19, 2025, the company had not disclosed corrected financial reports, prompting the Shenzhen Stock Exchange to issue a notice of intent to terminate its stock listing [3].

IPO日报注意到，高凯精密曾于2021年12月终止科创板上市申请，时隔四年再次辅导；北京奥运会 信息网络安全服务商永达电子谋求上市；前景无忧业绩提升连续且迅速；基石资本董事长张维作为 百灵生物股东之一，引领参与百灵生物A轮融资；人形机器人产业发展向好，宇树科技融资后估值 达120亿元；AMD前高管联手创立的国产GPU芯片独角兽瀚博半导体，六年内企业估值达100亿 元，快手、阿里巴巴、真格基金众多知名巨头参股；英视睿达控股股东靠一致行动人协议控股；天 运股份近几年营收增长提速，净利润波动幅度较大。 星标 ★ IPO日报 精彩文章第一时间推送 7月11日以来，证监会新增披露，江苏高凯精密流体技术股份有限公司（下称"高凯精密"）、深圳 市永达电子信息股份有限公司（下称"永达电子"）、北京前景无忧电子科技股份有限公司（下 称"前景无忧"）、中山百灵生物技术股份有限公司（下称"百灵生物"）、杭州宇树科技股份有限公 司（下称"宇树科技"）、瀚博半导体（上海）股份有限公司（下称"瀚博半导体"）、北京英视睿达 科技股份有限公司（下称"英视睿达"）、广德天运新技术股份有限公司（下称"天运股份"）等8家 公司进行了IPO（首次公 ...

Core Viewpoint - Shandong University Electric Power Technology Co., Ltd. (referred to as "Shanda Electric") successfully went public on July 23, 2023, on the Shenzhen Stock Exchange's ChiNext board, raising significant capital and achieving a remarkable first-day stock performance [1][2]. Group 1: Company Overview - Shanda Electric was established in 2001 with a registered capital of 122.16 million yuan, focusing on the research and industrialization of intelligent products related to power systems [2]. - The company operates in two main business segments: intelligent monitoring of power grids and new energy, with products widely used in substations, transmission lines, and distribution networks [2]. - Shanda Electric holds over 180 intellectual property rights and has participated in the formulation of multiple national and industry standards, earning various honors such as "Little Giant" enterprises and provincial-level champions [2]. Group 2: IPO Details - The company issued 40.72 million shares at an initial price of 14.66 yuan per share, with a first-day opening price of 87.7 yuan, resulting in a first-day increase of 498.23% and a total market capitalization of 142.85 billion yuan [1]. - By the end of the first trading day, the stock closed at 66.85 yuan, reflecting a 356% increase and a market capitalization of 109 billion yuan, with a turnover rate of 82.89% [1]. Group 3: Financial Performance - Shanda Electric's total revenue for 2022, 2023, and 2024 is projected to be 478 million yuan, 549 million yuan, and 658 million yuan, respectively, with year-on-year growth rates of 9.76%, 14.8%, and 19.85% [4]. - The net profit attributable to shareholders for the same years is expected to be 76.99 million yuan, 103 million yuan, and 127 million yuan, with growth rates of 1.06%, 33.53%, and 23.18% [4]. - In Q1 2025, the company reported revenues of 111 million yuan and a net profit of 17.32 million yuan, with year-on-year growth rates of 12.02% and 15.91%, indicating stable performance [4]. Group 4: Market Position and Risks - A significant portion of Shanda Electric's revenue comes from sales to the State Grid and its subsidiaries, accounting for approximately 73.34%, 69.81%, and 69.61% of total sales from 2022 to 2024, which poses a risk of revenue volatility [4].

制图：佘诗婕 2018年11月5日 ， 习近平主席在首届进博会宣布设立科创板并试点注册制 ，标志资本市场服务科技创新的重大制度创新启动，为注册制改革提 供"试验田"。 2019年1月23日 ，中央深改委审议通过科创板及注册制总体实施方案，确立改革框架，加速制度落地。 星标 ★ IPO日报 精彩文章第一时间推送 今天 ， 科创板迎来开市6周年。 2019年7月22日，科创板正式开市，首批25家企业上市，注册制试点落地，开启"硬科技"企业资本化新征程。 图片来源：证券时报网 夯实资本市场可持续发展基础 6年来，科创板以注册制改革为抓手，支持优质科技企业上市，IPO与再融资募集资金合计超1.1万亿元。 据统计， 截至7月22日，科创板累计支持589家公司上市，IPO募集资金9257亿元，再融资募集资金1867亿元，总市值超过7万亿元。 其中 诞生8家千亿市值企业，包括中芯国际（4352亿元）、海光信息、百济神州等，另有192家市值超百亿企业 。 同时，科创板 投资者回报机制不断完善，夯实资本市场可持续发展基础。 2024年，超六成公司推出现金分红方案，总额达388亿元，290家分红比例超30%，111家实施中期分红 ...