Group 1 - The article discusses the approval of three companies for IPOs on different stock exchanges, including the Shanghai Stock Exchange, the ChiNext, and the Beijing Stock Exchange [1] - The companies approved include Changyu Group, focusing on zirconium products and specialty nylon, with projected 2024 revenue of 1.637 billion yuan and net profit of 208.42 million yuan [3][6] - Gode Electric Materials specializes in components for electric vehicle battery thermal runaway protection, with projected 2024 revenue of 907.92 million yuan and net profit of 173.02 million yuan [4][15] - Xiangying Electronics focuses on ceramic shells and packaging heat dissipation substrates for power semiconductor devices, with projected 2024 revenue of 457.26 million yuan and net profit of 73.72 million yuan [5][20] Group 2 - Changyu Group's revenue for the reporting period was 1.669 billion yuan, 1.608 billion yuan, 1.638 billion yuan, and 896.29 million yuan, with net profits of 272.75 million yuan, 191.42 million yuan, 208.42 million yuan, and 111.00 million yuan respectively [8][9] - Gode Electric Materials reported revenues of 475.11 million yuan, 650.92 million yuan, 907.92 million yuan, and 457.62 million yuan, with net profits of 57.87 million yuan, 100.17 million yuan, 173.02 million yuan, and 80.31 million yuan [15][16] - Xiangying Electronics had revenues of 218.99 million yuan, 320.55 million yuan, 457.26 million yuan, and 288.92 million yuan, with net profits of 42.86 million yuan, 55.38 million yuan, 73.72 million yuan, and 43.92 million yuan [23][24] Group 3 - Changyu Group's major products include zirconium chloride, zirconium carbonate, and specialty nylon, with a total of 1,163 employees as of June 2025 [6][8] - Gode Electric Materials has a total of 992 employees and focuses on customized thermal runaway protection solutions for electric vehicle batteries [13][15] - Xiangying Electronics specializes in key components for power semiconductor devices, with a total of 183 employees as of June 2025 [20][21] Group 4 - Changyu Group's major shareholders include Liu Qiyong and Liu Ce, who control 53.20% of the company [7][8] - Gode Electric Materials is controlled by Zhu Guolai, who holds 60.55% of the voting rights [14][15] - Xiangying Electronics is primarily controlled by Chen Guoxian and his family, who collectively hold 79.87% of the voting rights [21][22]

Core Viewpoint - The article discusses the administrative regulatory measures taken by the Guangxi Securities Regulatory Bureau against Zhihong Accounting Firm and its personnel due to deficiencies identified in the audit of Guangxi Wuzhou Transportation Co., Ltd.'s 2024 annual report [1][3]. Group 1: Risk Assessment Procedures - The audit team failed to adequately understand the audited entity and its environment, leading to inaccuracies in the records of significant components' operational conditions and accounting policies [3]. - There was insufficient understanding of the internal control activities of the audited entity, particularly regarding inventory cycle business controls, as they did not obtain signatures from inventory personnel and monitors on the inventory count sheets [3]. Group 2: Substantive Procedures for Revenue - The audit procedures were inadequate, as the team did not sufficiently address abnormal situations in certain businesses and failed to maintain reasonable professional skepticism [4]. - Analysis procedures were lacking, particularly regarding abnormal situations where gross profit margins were negative, which were not adequately analyzed [4]. - Confirmation procedures were insufficient, as reliable responses were not obtained from certain important clients, and alternative procedures were not executed [4]. Group 3: Project Review - Prior to issuing the audit report, the team did not improve certain audit procedures as per review comments, which is a violation of quality management standards [5]. Group 4: Other Issues - The audit engagement letter was signed after the actual audit work had commenced, which is against the stipulated regulations [6]. - The documentation and archiving of audit working papers were not conducted in a standardized manner, violating relevant auditing standards [6]. - The actions of the audit team were found to be in violation of the Information Disclosure Management Measures for Listed Companies, leading to the issuance of a warning letter and recording in the securities market integrity archive [6].

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's growth and market entry [1]. Group 1: Company Overview - The company specializes in the research, production, and sales of high-performance thermosetting composite materials, with key products including epoxy molding compounds, liquid epoxy encapsulants, silicone gels, phenolic molding compounds, and conductive silver pastes [4]. - Chuangda New Materials was established in October 2003 and transitioned to a joint-stock company in February 2015, with its stock code being 873294 [4]. - As of June 30, 2025, the company had a total of 46 employees and six wholly-owned subsidiaries [4]. Group 2: Financial Performance - The company's revenue for the reporting period was as follows: 31,132.73 million yuan, 34,481.10 million yuan, 41,904.61 million yuan, and 21,146.75 million yuan [7]. - The net profit attributable to the parent company during the same period was 2,053.85 million yuan, 4,624.67 million yuan, 5,877.95 million yuan, and 3,208.71 million yuan [7]. - The total assets as of June 30, 2025, were 644.27 million yuan, with total equity amounting to 564.70 million yuan [8]. Group 3: Shareholding Structure - The major shareholders include Zhang Jun, Xixin Investment, Lu Nanping, and Mianyang Huili, with respective shareholdings of 15.87%, 11.11%, 7.67%, and 17.22% [5]. - Zhang Jun and Lu Nanping are the actual controllers of the company, holding significant voting rights through their direct and indirect shareholdings [6]. Group 4: Listing Standards - The company has chosen to meet the listing standards set by the Beijing Stock Exchange, which require a market value of no less than 200 million yuan, net profits of at least 15 million yuan in the last two years, and an average return on equity of no less than 8% [10]. Group 5: Inquiry Issues - The main inquiry issues raised during the review include the authenticity of operating performance, the necessity and rationality of fundraising projects, and the revenue recognition of specific projects [11].

文 /Ronald 江阴市赛英电子股份有限公司（ 874558）申报北交所IPO于2025年6月27日获得受理，现已完成两轮 问询。公司是一家专业从事陶瓷管壳、封装散热基板等功率半导体器件关键部件研发、制造和销售的高 新技术企业，是国家级专精特新"小巨人"企业。公司前身有限公司成立于2002年11月，2016年1月整 体变更为股份公司，2025年4月14日挂牌新三板。目前公司注册资本3240万元。 一、报告期营收、净利润持续增长，但经营活动产生的现金流量净额持续下降，最近一年半为负数 2022年、2023年、2024年，公司实现营业收入分别为2.190亿元、3.206亿元、4.573亿元，扣非归 母净利润分别为0.429亿元、0.554亿元、0.737亿元。 虽然报告期营收、净利润同比增长，但经营活动产生的现金流量净额却出现了不良变化。 2022年、 2023年，公司经营活动产生的现金流量净额分别为0.237亿元、0.172亿元，到2024年在营收增长 42.65%的情况下，经营活动产生的现金流量净额却为-0.077亿元，同比下降145%。2025年上半 年，公司经营活动产生的现金流量净额为-0.075亿元， ...

Core Viewpoint - The article highlights the successful IPO of domestic GPU company Muxi Co., Ltd. on the STAR Market, reflecting the urgent demand for GPU localization in China, with a total fundraising of approximately 4.197 billion yuan [1]. Group 1: Market Demand and Growth - The AI and digitalization wave has elevated the strategic importance of GPUs, with the Chinese AI intelligent computing GPU market expected to grow from 14.286 billion yuan in 2020 to 99.672 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 62.5% [3]. - By 2029, the market is projected to exceed 1.03 trillion yuan, with GPU servers dominating 70% of the accelerated server market in China by 2024 [3]. - The global GPU market is currently dominated by international leaders, with NVIDIA holding a 66% market share in the Chinese AI accelerator market in 2024, indicating significant room for domestic manufacturers to grow [3]. Group 2: Muxi's Strategic Positioning - Muxi Co., Ltd. has targeted the high-value segment of the industry chain by focusing on general-purpose GPUs for data centers, aligning closely with the core business directions of leading international companies [4]. - The company has developed a complete self-controlled system from hardware design to software stack optimization, with its main product, the Xiyun C500, matching the performance of NVIDIA's A100 [4]. - Muxi's proprietary MetaXLink high-speed interconnect technology has achieved bandwidth performance comparable to NVIDIA's flagship H200 product, showcasing its competitive edge [4]. Group 3: R&D Investment and Team Expertise - Muxi has committed to substantial R&D investments, with expenditures of 648 million yuan, 699 million yuan, and 900 million yuan from 2022 to 2024, representing R&D revenue ratios of 151,857.63%, 1,317.63%, and 121.24% respectively [6]. - The founding team, with extensive experience from AMD, has a deep understanding of GPU architecture design and software ecosystem development, ensuring effective collaboration and strategic execution [7]. - As of March 2025, 74.94% of Muxi's workforce is dedicated to R&D, with a strong patent portfolio of 255 authorized patents, including 245 invention patents, establishing a solid technological barrier [7]. Group 4: Competitive Strategy and Market Position - Muxi has adopted a "asymmetric breakthrough" strategy, focusing on specific technology routes and vertical scenarios to build competitive advantages without direct confrontation with international giants [8]. - The company has developed a software stack, MXMACA®, that is compatible with over 6,000 CUDA open-source applications, facilitating rapid ecosystem development [8]. - Muxi's product matrix includes the Xiyun C series for training and inference, the Xisi N series for AI inference, and the Xicai G series for graphics rendering, strategically targeting the booming AI model training and intelligent computing center construction in China [9]. Group 5: Commercialization and Ecosystem Development - Muxi's core product, the Xiyun C500 series, began mass production in February 2024, with cumulative sales exceeding 25,000 units by March 2025, and revenue skyrocketing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a CAGR of 4,074.52% [10]. - The company has established compatibility with major operating systems and AI frameworks, enhancing its competitive advantage and accelerating its market share growth [10]. - Muxi's rapid commercialization and ecosystem adaptation position it favorably against competitors, contributing to its sustained market share increase [10]. Group 6: Future Outlook - Muxi's "asymmetric breakthrough" approach is seen as a key driver for the overall advancement of China's GPU industry, aligning with national strategies for technological self-reliance [11]. - The successful IPO is expected to inject continuous R&D funding into the company, fostering collaborative development within the domestic GPU industry chain [12].

Group 1 - The article discusses the approval of two companies for IPO, one on the Sci-Tech Innovation Board and one on the Growth Enterprise Market [1] - China Electronics Technology Group Corporation holds 84.50% of the voting rights in China Electronics Blue Sky Technology Co., Ltd., making it the controlling shareholder [2][4] - The revenue for China Electronics Blue Sky Technology Co., Ltd. during the reporting period was 2,521.11 million, 3,524.04 million, 3,127.02 million, and 1,113.41 million yuan, with net profits of 199.44 million, 147.42 million, 289.62 million, and 37.34 million yuan respectively [8] Group 2 - Shenzhen Shangshui Intelligent Co., Ltd. specializes in the research, design, production, and sales of intelligent equipment for integrated process capabilities [3][13] - The revenue for Shenzhen Shangshui Intelligent Co., Ltd. during the reporting period was 396.54 million, 600.60 million, 636.59 million, and 397.71 million yuan, with net profits of 95.77 million, 234.29 million, 152.52 million, and 93.61 million yuan respectively [16] - The company has a significant dependency on BYD, with sales to BYD accounting for 49.04%, 48.39%, 65.78%, and 36.29% of total sales during the reporting periods [20][21] Group 3 - The company expects a net profit of over 150 million yuan in 2024, but has a relatively single product structure [3][16] - The company’s inventory value exceeded 1 billion yuan, while the expected revenue for 2024 is only around 640 million yuan [39][40] - The average acceptance cycle for major projects has been increasing, reaching 26.75 months in the first half of 2025 [45]

文 / 国枫律师事务所 吴金凤 合资成立公司时，每一个合资方都带着对未来的美好愿景，非常迫切地希望早日成立合资公司，早日将 合资公司做大做强。此时，合资方之间看对方难免带着滤镜。但随着合资公司的经营发展，很多问题包 括利益的冲突可能会凸显或者爆发出来。本文结合《中华人民共和国公司法》（ 2023年修订，以下简 称"《公司法》"）的规定，拟从事先防范的角度，为合资公司设立提供一些法律建议，以期进行一些主 要法律风险防控。 一、合资前的尽职调查 合资方的资信能力、履约能力关乎后续合资合作能否顺利进行。初步合资意向达成后、正式合资前，出 资方可以委托中介机构对合资方进行尽职调查。对合资方进行正式的尽职调查在国有企业中越来越被重 视。即便考虑委托中介机构进行尽职调查成本过高而无法委托的，也建议应通过信用中国、国家企业信 用信息公示系统、天眼查、企查查、中国裁判文书网、中国执行信息公开网以及动产融资统一登记平台 等公开平台对合资方的基本情况及履约能力进行网络尽职调查，对合资方是否存在诉讼情况、失信情况 等进行摸底。 笔者曾接受一项咨询，甲乙合资成立公司，乙系通过丙进行代持，后乙未按约定进行实缴出资，存在出 资违约情形， ...

Core Viewpoint - The humanoid and intelligent service robot sector is recognized as a potential $10 trillion market, with Chery Automobile positioning itself as a leader by achieving mass production and delivery of robots, marking a significant technological and strategic advancement in the industry [1][18]. Group 1: Chery's Strategic Positioning - Chery has successfully completed the mass production of 220 Mornine humanoid robots by April 2025, becoming the first automotive company globally to achieve this milestone [1]. - The company has also delivered over 1,000 units of its Argos robotic dog, indicating a new phase of large-scale application [1]. - Chery's strategic focus on technology-driven growth has allowed it to ignite a second growth engine beyond its core automotive business [1][6]. Group 2: Technological Advancements - The Mornine robot has transitioned from a promotional virtual image to a functional intelligent assistant capable of executing tasks in real environments, achieving a technological leap from L2 to L3 capabilities [3]. - Chery's "Intelligent Construction of the Whole Domain" technology system supports the Mornine robot's advanced features, including multi-modal perception and independent task execution [3][9]. - The integration of automotive and robotic technologies allows for significant cost reductions in research and manufacturing, leveraging shared resources and expertise [8][9]. Group 3: Market Expansion Strategy - Chery has outlined a three-step strategy for expanding the Mornine robot's application: deepening automotive scenarios, expanding into public services, and ultimately entering household services [4]. - The company aims to sell over 40,000 robots and 90,000 robotic dogs by 2030, targeting a significant scale-up in production and market presence [4]. - Chery's robots have already been deployed in over 30 countries, including Malaysia, Indonesia, and the UAE, showcasing their global reach [13]. Group 4: Globalization and Market Penetration - Chery's established global channels and strong export performance, with 136,700 vehicles exported in November 2025 alone, provide a solid foundation for its robot business [12]. - The company has built a robust global operational system, with over 18.28 million users worldwide, facilitating the rapid entry of its robots into international markets [12]. - Chery's robots have received essential certifications for entry into the European market, further enhancing their global competitiveness [13]. Group 5: Financial Performance and Market Recognition - Chery's automotive sales reached 2.5615 million units in the first eleven months of 2025, with a notable 69.4% increase in electric vehicle sales [14]. - The company's diverse brand matrix supports its financial strength, providing resources for the development and market expansion of its robotic business [17]. - Analysts have recognized Chery's strategic positioning and growth potential, with positive ratings reflecting confidence in its long-term value [14].

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. is preparing for an IPO on the ChiNext board, focusing on the manufacturing of new energy battery electrode sheets and intelligent equipment in the new materials field. The company has a significant market share in its sector but faces challenges due to reliance on a limited product structure and major customer dependency, particularly on BYD [1][8]. Financial Performance - In 2024, the company reported a net profit exceeding 150 million yuan, with revenues of 396.54 million yuan, 600.60 million yuan, 636.59 million yuan, and 397.71 million yuan across different periods. The gross profit margins for its main business were 48.10%, 57.08%, 48.72%, and 53.65% respectively [2]. - The total assets as of June 30, 2025, were 2.05 billion yuan, with a debt-to-asset ratio of 65.35%. The company's net profit for the first half of 2025 was 93.71 million yuan, with a projected total for the year of 161.12 million yuan, reflecting a 5.64% increase from the previous year [3][5]. Product Structure and Market Position - The company's main product, the cyclic efficient pulping system, accounted for 89.89%, 90.21%, 93.48%, and 93.96% of its revenue in the respective years, indicating a heavy reliance on a single product line. The market share for this product has decreased from 89% in 2022 to 60% in 2024 due to increased competition [6]. - The company has invested 182.04 million yuan in R&D, representing 8.96% of total revenue, with 116 R&D personnel making up 19.33% of the workforce [6]. Customer Dependency - The company has a significant dependency on BYD, with sales to the top five customers accounting for 91.48%, 91.76%, 89.86%, and 93.65% of total revenue in the respective years. Sales to BYD alone represented 49.04%, 48.39%, 65.78%, and 36.29% of total sales, indicating a critical reliance on this customer [8][11]. Accounts Receivable and Credit Risk - The accounts receivable balance has increased over the years, with a notable rise in overdue accounts, which accounted for 55.57%, 52.93%, and 81.20% of total receivables in the respective years. The increase in overdue accounts is attributed to extended payment cycles from customers in the lithium battery manufacturing sector [13][14]. - The company has not recognized any impairment for its "Dichain" receivables, which are used for sales to BYD, indicating low credit risk associated with these transactions [17][18]. Inventory Management - The company's inventory value exceeded 1 billion yuan, with a significant increase in the proportion of inventory to current assets, reaching 63.42% by the end of 2024. The inventory write-down provisions have also increased, reflecting a growing concern over inventory management [27][31]. Project Acceptance Cycle - The average project acceptance cycle has been increasing, reaching 26.75 months in the first half of 2025. This trend is attributed to the complex internal approval processes of major clients, particularly in the lithium battery sector, which has slowed down project completions [33][38].

文 /旋风 12月10日，福建证监局 公布《关于对国浩律师（上海）事务所采取出具警示函措施的决定》。 经查， 国浩律所（上海） 对慧翰微电子股份有限公司（301600）首次公开发行股票并上市项目提供证券法律 服务过程中，存在以下问题：一、内部风险控制制度执行不到位。内核程序执行不到位。二、核查验证 程序不规范。一是现场查验笔录未经被调查的自然人或者单位负责人签名，部分笔录律师未签名。二是 部分网络查询未制作查询笔录。三是未就部分回函不一致事项采取进一步核查措施。四是对发行人是否 存在对外重大担保、金额较大其他应付款及部分董事、监事、高级管理人员等自然人有关资格或一定期 限内职业经历的查验不到位。三、工作底稿制作不规范。一是未保存部分函证客户、供应商邮件回执， 部分工作底稿无落款日期，大部分工作底稿未注明来源。二是未标明目录索引和页码，大部分工作底稿 无经办律师签名、未加盖律师事务所公章。 | 索 引 号 | bm56000001/2025-00014285 | ਜੋ 崇 | 行政监管措施;证券服务机构监管 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年1 ...