文/梧桐数据中心 12月5日，朝阳金达钛业股份有限公司（874391）IPO申请获得北交所上市委审核通过。 单位：万元 四、主要关注点 | | 北交所 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 金钛股份 | 海绵钛系列产品研发、生 | 155,920.14 | 12,138.52 | 通过 | 中信建投/北京君致/中审 | | | 产和销售 | | | | 众环 | 朝阳金达钛业股份有限公司 主要从事海绵钛系列产品研发、生产和销售。金达集团直接持有公司57.76%的股份，为公司的控股股东；赵春雷和王淑霞夫妇合计控 制公司64.13%的股份，为公司实际控制人。报告期内，公司营业收入分别为136,872.88万元、168,430.63万元、155,920.14万元和87,744.45万元，扣非归母净利润分 别为3,887.08万元、11,632.44万元、12,138.52万元和10,506.79万元，2024年营收同比略降7.43%，扣非净利润1 ...

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's market entry and growth potential in the intelligent network camera and IoT video product sector [1][2]. Group 1: Company Overview - The company specializes in the research, design, production, and sales of intelligent network cameras and IoT video products, integrating hardware, software, cloud services, and AI [3]. - Founded in February 2017, the company transitioned to a joint-stock company in November 2020 and was listed on the National Equities Exchange and Quotations in May 2022 [3]. - As of June 2025, the company has a total of 53 employees and operates four wholly-owned subsidiaries [3]. Group 2: Shareholding Structure - Yuan Haizhong directly holds 65.66% of the company's shares and controls an additional 32.34% through Rui Mi Investment, totaling 98.00% of the shares before the IPO [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 548.55 million yuan, 672.89 million yuan, 743.01 million yuan, and 356.81 million yuan, with net profits of 34.31 million yuan, 68.53 million yuan, 81.63 million yuan, and 31.20 million yuan respectively [5]. - The total assets as of June 30, 2025, were approximately 476.97 million yuan, with total equity of about 295.12 million yuan [6]. - The company has maintained a gross profit margin of around 35.38% for the most recent fiscal year, indicating strong profitability [6]. Group 4: Listing Standards - The company has chosen to meet the listing standards set forth by the Beijing Stock Exchange, which require a market value of no less than 200 million yuan and a net profit of at least 15 million yuan over the last two years [7]. Group 5: Inquiry Issues - The main inquiries raised during the review process include the authenticity of operating performance, sustainability of revenue growth from proprietary brand products, and the rationale behind the declining sales prices of module products [8].

Core Viewpoint - Chaoyang Jinda Titanium Industry Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the research, production, and sales of sponge titanium products, and has established itself as a leading player in the domestic market and a competitive entity internationally [1]. Financial Performance - In 2024, the company's revenue decreased by 7.43% year-on-year to 1.559 billion yuan, while the net profit attributable to the parent company increased by 4.35% to 121.39 million yuan [1]. - The company reported fluctuating cash flow from operating activities, with net cash flow of -31.5 million yuan in 2023 and 12.8 million yuan in 2024 [2]. Revenue and Profit Forecast - For the fiscal year 2025, the company expects revenue to be between 1.65 billion and 1.7 billion yuan, representing a growth of 5.82% to 9.03% compared to the previous year [3][4]. - The net profit attributable to the parent company is projected to be between 179 million and 184 million yuan, indicating a growth of 47.46% to 51.58% [3][4]. Customer Concentration and Risks - The largest customer is the Northwest Nonferrous Metal Research Institute, which has a significant stake in the company, contributing 33.91% of revenue in 2025 [7][9]. - The company faces scrutiny regarding the sufficiency of revenue verification and risks associated with declining performance, particularly as sales prices for sponge titanium have been decreasing [5][6]. Product Pricing Trends - The average selling price of aerospace-grade sponge titanium has decreased from 77,400 yuan/ton in 2022 to 54,200 yuan/ton in 2024, while high-quality sponge titanium prices have also seen a decline [11][14]. - Despite the drop in selling prices, the cost of raw materials has also decreased, which has helped mitigate some of the financial impact [14][16]. Regulatory Compliance - The company was fined 310,000 yuan in July 2022 for safety production violations, highlighting potential regulatory risks [18].

Core Viewpoint - Changsha Zuxing New Materials Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's future growth in the new materials sector, particularly in aluminum pigments and fine spherical aluminum powder [1][2]. Group 1: Company Overview - The company focuses on the research and development of aluminum pigments and fine spherical aluminum powder, which are categorized as functional powder materials in the non-ferrous metal industry [3]. - Established in July 2007, the company transitioned to a joint-stock company in June 2011 and is currently listed on the innovation tier of the National Equities Exchange and Quotations [3]. - As of June 2025, the company has a total of 9.7 million shares and employs 603 people across four subsidiaries and one branch [3]. Group 2: Shareholding Structure - The controlling shareholder and actual controller of the company is Mr. Liang Xiaobin, who holds 50.57 million shares, accounting for 52.14% of the total share capital [4]. - Mr. Liang has been serving as the chairman and general manager, significantly influencing the company's operational decisions [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 629.41 million yuan, 689.65 million yuan, 707.09 million yuan, and 362.57 million yuan, with net profits of 42.98 million yuan, 64.82 million yuan, 55.86 million yuan, and 30.30 million yuan respectively [5][6]. - As of June 30, 2025, total assets amounted to approximately 956.98 million yuan, with total equity of about 799.94 million yuan [6]. - The company reported a gross profit margin of 19.69% and a net profit margin of 35.90 million yuan for the first half of 2025 [6]. Group 4: Listing Standards - The company has chosen to meet the listing standards set forth in Article 2.1.3 of the Beijing Stock Exchange's listing rules, 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% [7]. Group 5: Review Opinions - The review committee raised concerns regarding the authenticity of sales, requesting detailed explanations about major orders, including execution and payment conditions [8]. - The committee also requested further clarification on the compliance of internal control mechanisms within the company's operations [8]. Group 6: Inquiry Issues - Questions were raised about the authenticity of sales revenue, particularly regarding the distribution and scale of customers, as well as the variability in gross margins [9].

文/飞云 随着12月3日中国铀业（001280）在深主板上市，2025年A股合计新上市公司100家，已达到2024年上市公司总数。其中沪市主板22家、科创板12家、 深市主板12家、创业板30家、北交所24家。 一、各省份A股新上市公司数量排名 从省份分布来看，这100家上市公司注册地分布在19个省份（直辖市/自治区），数量排名前五的省份（直辖市）分别为：江苏（25家）、广东（19 家）、浙江（14家）、上海（6家）、安徽（5家）、北京（5家）、山东（5家）。具体如下表： | 排名 | 省份 (直辖市/自治区) | A股上市公司数量 | | --- | --- | --- | | 1 | 江苏 | 25 | | 2 | 广东 | 19 | | 3 | 浙江 | 14 | | 4 | 上海 | 6 | | 5 | 安徽 | 5 | | 5 | 北京 | 5 . . | | 5 | 山东 | 5 | | 8 | 湖北 | 4 | | 9 | 江西 | 3 | | 9 | 福建 | 3 | | 11 | 1189 | 2 | | 11 | 黑龙江 | 2 | | 13 | 内蒙古 | 1 | | 13 | 吉林 | ...

Major Transactions - The purchase of large bank certificates of deposit is classified as entrusted financial management and requires compliance with the review procedures and disclosure requirements as per the Shenzhen Stock Exchange regulations [3][4] - The distinction between agreed deposits and notice deposits should be made based on the essence over form principle, considering contract nature, yield characteristics, and liquidity arrangements [4] Related Transactions - The need for review and disclosure when a company cancels a subsidiary jointly invested with related parties depends on the impact of the cancellation on the company's financial indicators and prior disclosure [10][12] - Changes in the general partner (GP) of a fund investment involving related parties require re-examination and disclosure as per the regulations, regardless of the amount contributed [12] Fundraising - Companies must hold board meetings to review and disclose replacement matters within six months after using self-raised funds for project payments, ensuring compliance with regulatory requirements [14][16] - If a fundraising project concludes without surplus funds, there is no mandatory requirement for a separate announcement, but relevant information must be included in periodic reports [17] Regular Reports - Independent directors are required to spend at least 15 days on-site at the company, and online participation does not count towards this requirement [22][23] - When calculating the impact of asset impairment on financial disclosures, the most recent audited net profit is considered for the year in which the report is disclosed [19] Corporate Governance - Independent directors' remuneration and the purchase of liability insurance for directors must be reviewed by the board, with related directors abstaining from voting [23][24] Equity Changes - A simplified equity change report is required when a major shareholder's change reaches 5%, and if both 5% and 1% thresholds are triggered, only the 5% report suffices [26] - Specific shareholders acting in concert must combine their shareholding reductions for the purpose of regulatory limits [27]

文/梧桐晓编 11月28日，深圳市艾比森光电股份有限公司（300389）发布《第六届董事会第一次会议决议公告》。公司实际控制人、第五届董事会董事长丁彦辉被选举为公司 第六届董事会董事长。让人意外的是，丁彦辉对选举他担任董事长的议案投了反对票，反对理由：对董事长岗位薪酬不满意。丁彦辉2024年从公司获得的税前报 酬总额为435.56万元。 公司2024年年报显示，丁彦辉2024年从公司获得的税前报酬总额为435.56万元。 丁彦辉先生1973 年出生，1996 年毕业于甘肃陇东学院中文系，2004 年至 2010 年在清华大学深圳研究生院EMBA班、金融投资班、市场营销班学习。2001 年 8 月 创业成立艾比森，一直担任公司董事长、法定代表人至今（其中有十八年兼任总经理）。丁彦辉先生直接持有公司股份124,671,149 股，占公司总股本的 33.78%， 是公司的实际控制人。 | 姓名 | 性别 | 年齢 | 明务 | 任职状态 | 从公司获得的 | 是否在公司关 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 税前报酬总额 | 联方获取报 ...

Core Viewpoint - The successful IPO of China Uranium Corporation (stock code: 001280) marks a significant step in filling the upstream resource gap in the nuclear fuel industry in the A-share market, driven by the increasing global and domestic demand for nuclear power [1][2]. Group 1: Nuclear Power Demand and Uranium Resource Value - Global consensus on nuclear power growth has been reignited due to energy security concerns and carbon neutrality goals, with commitments from 31 countries to double global nuclear power capacity by 2050 [3][4]. - In China, the approval and construction of nuclear power projects have accelerated, with 29 nuclear units under construction and a total capacity of 33,165 MW expected by the end of 2024 [4]. Group 2: Supply-Demand Imbalance and Challenges - The supply of natural uranium is lagging behind the explosive growth in nuclear power demand, with a significant gap between global uranium production (47,300 tons) and demand (62,500 tons) in 2021 [5]. - China's reliance on international procurement for uranium due to insufficient domestic supply highlights the strategic importance of China Uranium in ensuring national energy security [6]. Group 3: China Uranium's Market Position - China Uranium is the only domestic operator covering the entire natural uranium industry chain, with over 90% of its revenue from uranium mining and trading [2][7]. - The company holds significant mining rights and is a key supplier for domestic nuclear power plants, ensuring a stable supply through long-term contracts [7][10]. Group 4: Financial Performance and Growth - China Uranium's revenue has shown strong growth, with projected revenues of 10.535 billion, 14.801 billion, and 17.279 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of 28.07% [11]. - The company reported a revenue of 9.551 billion yuan in the first half of 2023, a year-on-year increase of 18.74% [11]. Group 5: Strategic Investment and Capacity Expansion - The IPO proceeds will focus on capacity expansion, resource utilization, and working capital, aligning with national strategies for energy security and clean energy development [13][19]. - Key projects include the development of domestic uranium mining capacity, which will significantly enhance production and reduce reliance on foreign sources [15][16]. Group 6: Long-term Development and International Expansion - The company plans to use part of the IPO funds to support international resource exploration and projects, enhancing its global resource control capabilities [17]. - The strategic investments are crucial for meeting the growing uranium demand driven by China's nuclear power expansion plans [19].

Core Viewpoint - The termination of the IPO review for Jiangxi Shengfulai Optical Technology Co., Ltd. is primarily attributed to the company's withdrawal of its application after facing repeated inquiries regarding its declining performance and financial inconsistencies [1][2]. Financial Performance - The company reported a total asset value of approximately 391.57 million yuan as of June 30, 2023, a slight increase from 404.27 million yuan at the end of 2022 [3]. - The total equity attributable to shareholders was approximately 325.46 million yuan as of June 30, 2023, compared to 327.01 million yuan at the end of 2022 [3]. - The company's operating income for the first half of 2023 was approximately 125.53 million yuan, down from 256.11 million yuan in 2022, indicating a significant decline [3]. - The net profit for the first half of 2023 was approximately 20.09 million yuan, a decrease from 39.50 million yuan in 2022 [3]. Sales and Market Trends - Domestic sales revenue for the company has been declining, with a 10.73% decrease in 2023 compared to the previous year, attributed to a downturn in the domestic reflective materials market [4]. - The growth in 2023 was primarily driven by an increase in export sales, with major clients contributing to 76.36% of the total export revenue [4]. - However, there are concerns regarding the stability of demand from key export clients, particularly due to economic conditions in Germany affecting sales [4][5]. Production Capacity and Utilization - The company's production capacity utilization rates have been declining, with high refractive index glass microspheres at 80.60% in 2024, down from 95.75% in 2022 [12][13]. - The company plans to raise approximately 13.25 million yuan to expand its production capacity for high refractive index glass microspheres, anticipating a market demand growth of 9-10% [12]. Corporate Governance and Control - The company does not have a controlling shareholder, with the actual control held by Chen Zhengyuan and Chen Oubo, who collectively control approximately 33.91% of the company [9][11]. - The largest shareholder, Taizhou Zhentai, holds 33.84% of the shares but does not have the ability to control the company due to the dispersed nature of its shareholding [11]. Financial Control Issues - There have been instances of financial control irregularities, including issues with sales revenue recognition and internal control over research and development expenses [14][15]. - The company has acknowledged the need for improved internal controls to address these issues and ensure compliance with financial reporting standards [14][15].

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].