Group 1: IPO Applications - Beijing Stock Exchange accepted three IPO applications on May 29, 2025: Dalian Meidele (874489), Zhejiang Yongli Precision (874457), and Zhejiang Haiseng Medical (873794) [1] - As of now, a total of 12 companies have submitted IPO applications to the Beijing Stock Exchange in 2025 [1] Group 2: Dalian Meidele Industrial Automation Co., Ltd. - Dalian Meidele is a national high-tech enterprise specializing in the research, design, manufacturing, and sales of intelligent manufacturing equipment, primarily modular conveyor systems and industrial components [4] - The company has a registered capital of 56.123 million yuan and plans to list on the New Third Board on July 19, 2024 [3] - In 2024, the company expects to achieve a net profit of over 200 million yuan, with revenues of 1.138 billion yuan, and a net profit margin of 33.60% [6][7] - The company has a high customer concentration, with BYD being a major client, contributing 10.25% of total revenue in 2024 [9][10] - The IPO aims to raise 645 million yuan for four projects, including the construction of a new facility and R&D projects [12] Group 3: Zhejiang Yongli Precision Manufacturing Co., Ltd. - Zhejiang Yongli Precision focuses on the R&D, production, and sales of precision steel pipes and components for automotive applications, with a registered capital of 60 million yuan [14] - The company expects a net profit of 92.13 million yuan in 2024, with revenues projected at 568 million yuan [18][20] - The company has a high customer concentration, with BYD being the second-largest client in 2023 and 2024 [22][23] - The IPO plans to raise 380 million yuan for two projects, including the expansion of production capacity for chassis systems [26] Group 4: Zhejiang Haiseng Medical Device Co., Ltd. - Zhejiang Haiseng Medical specializes in the R&D, production, and sales of anesthesia and monitoring medical devices, with a registered capital of 64 million yuan [27] - The company anticipates a net profit of 68.04 million yuan in 2024, with revenues of approximately 304 million yuan [30][31] - The company has a low customer concentration, with the top five clients contributing only 21.66% of total revenue in 2024 [33] - The IPO aims to raise approximately 370.4 million yuan for three projects [34]

2025年1-5月，共有21家律师事务所为这43家新上市公司IPO提供了法律服务。 2025年1-5月，共有24家保荐机构承担了这43家新上市公司的IPO上市业务。 国泰海通、华泰联合、中信证券并列第一，业务单数各5单。（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 一、保荐机构业绩排名 随着5月29日古麒绒材（001390）在深主板上市，2025年1-5月A股合计新上市公司43家，其中沪市主板9家、科创板6家、深市主板6家、创业板18家、北交所4家。 相较去年同期的38家，同比增长13.16%。这43家新上市公司募资净额为249.39亿元，相较去年同期的244.18亿元，同比增长2.13%。 | 6 | 天风证券 | 2 | | --- | --- | --- | | 8 | 华安证券 | l | | 8 | 东方证券 | 1 | | 8 | 光大证券 | 1 | | 8 | 广发证券 | 1 | | 8 | 国金证券 | 1 | | 8 | 国投证券 | 1 | | 8 | 国信证券 三三 | FOR IT | | 8 | | 国元证券TONWOOD TREF | | 8 | 民生 ...

文/梧桐兄弟 河北世昌汽车部件股份有限公司（873702）北交所IPO于2024年6月26日获得受理。公司本次IPO拟募资1.71亿元。 公司前身有限公司成立于2006年11月，2021年10月整体变更为股份公司。2022年5月公司股票挂牌新三板，所属层级为基础层。目前注册资本4226.60万元。 公司控股股东为高士昌，直接持有公司2040万股股份，占公司总股本的比例为48.27%。实际控制人为高士昌、高永强父子，合计直接持有公司2,840万股股份，占 公司总股本的比例为67.20%，高士昌担任公司董事长，高永强担任公司董事、副总经理、董事会秘书。 一、主要产品用于燃油车，2023年业绩大幅增长被重点关注 公司主营业务为汽车燃料系统的研发、生产和销售，主要产品为 汽车塑料燃油箱总成 。公司所生产的汽车塑料燃油箱总成可分为 常压、高压 两类，前者用于 传 统燃油汽车 领域，后者用于新能源汽车领域中的 插电式混合动力汽车 （含增程式）。 报告期内，公司实现营业收入分别为28,152.44万元、40,608.12万元和51,485.89万元，实现扣非归母净利润分别为1,570.23万元、4,702.78万元和6,1 ...

2025年5月16日，证监会资产重组新规落地 ，明确"允许未盈利硬科技资产注入上市公司"——这是继科 创板"科八条"、地方百亿并购基金后，政策层面对并购重组的又一次强力刺激。 回顾近年数据可以看出， 并购市场热度持续升温 ，企业关注度、参与度逐渐提高： " 1、并购重组市场形势 在并购市场热度攀升、监管要求严苛的当下，课程 《上市公司并购重组审核7大法律要点（8案例）》 将以通过8个真实案例，系统拆解主板、科创板等板块审核标准，深度解析交易架构设计、信息披露合 规等7大核心法律要点。欢迎大家扫码试看课程！ 12节课，共2小时50分钟 扫码试看课程 课课课程程程大大大纲纲纲 一 并购重组市场最新动态 1、A股并购重组政策演变 • 并购重组政策变化 • 关于生物医药产业并购的"利好"政策 2、并购重组市场形势 3、近期并购重组方式统计 4、近期并购重组市场板块统计 5、近期并购重组市场地域统计 二 上市公司并购重组的监管体系及流程 1、并购重组的证券监管体系 • 上市公司重大资产重组管理办法 • 重大资产重组的认定标准 " 2、近期并购重组市场板块统计 但政策放松≠审核放宽！ 并购市场虽热，监管红线仍严：某医疗集 ...

Core Viewpoint - Understanding finance is essential for making informed decisions in the capital market, and the "Investment Banking Financial Basics to Advanced Learning Package" is a recommended resource for enhancing financial skills [1]. Summary by Sections Section 1: Understanding Financial Statements - The first chapter explains the purposes, differences, connections, core points, and key financial indicators of the three main financial statements, teaching how to extract important information from them [6][11]. - The content is presented through case studies, making it easy to understand how to trace a company's profits and compare them with industry peers [6][11]. Section 2: Identifying Financial Anomalies - The second chapter builds on the ability to read financial statements, detailing five common financial manipulation methods and nine ways to identify financial anomalies [8][9]. - Each method is illustrated with 1-3 case studies, providing a comprehensive and accessible analysis of how companies may fabricate transactions [8][9]. Section 3: Evaluating Business Operations - The third chapter combines business operations with financial metrics, explaining how to assess a company's operational status using financial data [10][11]. - It includes analysis of well-known companies' financial statements, such as evaluating Moutai's profitability and growth by examining revenue trends and profit margins [11][12]. Section 4: Tax Knowledge for Non-Financial Professionals - The fourth chapter covers essential tax knowledge for non-financial personnel, including common tax types, tax implications related to invoices/contracts, and tax planning techniques [13]. - The content is practical and relatable, addressing various tax classifications and strategies for individuals and businesses to minimize tax liabilities [13]. Section 5: Financial Issues for IPO Candidates - The fifth chapter focuses on financial issues that companies need to consider when preparing for an IPO, along with relevant solutions [15][16]. - It includes diverse case studies of companies that successfully listed, were denied IPOs, or had their reviews terminated, highlighting the financial challenges faced during the IPO process [15][16].

文/Ronald 浙江志高机械股份有限公司（874450）北交所IPO于2024年6月28日获得受理。公司本次IPO拟募资3.95亿元。 | 代码 | 874450 | 简称 | 志高机械 | | --- | --- | --- | --- | | 公司全称 | 浙江志高机械股份有限公司 | 受理目期 | 2024-06-28 | | 审核状态 | 已问询 | 更新日期 | 2025-05-23 | | 保荐机构 | 东方证券股份有限公司 | 保存代表人 | 陈华明,刘俊清 | 公司前身衢州志高机械有限公司成立于2003年8月，2015年9月整体变更为股份公司。2024年6月24日公司股票挂牌新三板。目前注册资本6444.4463万 元。公司控股股东为衢州志高掘进控股有限公司，持有公司股份比例45.90%。实际控制人为1971年8月出生的谢存先生，谢存直接持有发行人 18.08%股 份，合计直接和间接持有发行人 55.62%股份，同时谢存担任公司董事长、总经理。 一、主要产品为钻机、螺杆机，广泛应用于矿山开采、基础设施建设、房地产建设等行业，工业螺杆机收入持续下降。分销商受到特别关注 公司是一家专业从事凿岩设 ...

在现代企业的股权架构中，股权不仅仅是简单的数字比例，而是一套复杂的权利组合，涉及投票权、分 红权、经营决策权等。创始人、合伙人、核心员工和投资人各自在股权设计中有着不同的侧重点和需 求。 那么，企业在分配股权时，如何既能激励团队，又能保障稳定发展，同时避免创始人失去控制权呢？我 们对此有一些建议—— 一一一一一一一一、、、、、、、、股股股股股股股股权权权权权权权权顶顶顶顶顶顶顶顶层层层层层层层层设设设设设设设设计计计计计计计计之之之之之之之之股股股股股股股股东东东东东东东东会会会会会会会会 • 股权生命线的前提是 【同股同权】 • 注释： 【同股不同权 】的情况一般采用投票权委托协议和一致行动人协议来约定从而实现同股不 同权的效果，如果想做 AB股/双层 股权 架构设计，或者 三层股权 架构设计，就要考虑在海外上市 了，不然就不用想了。 二二二二二二二二、、、、、、、、股股股股股股股股权权权权权权权权顶顶顶顶顶顶顶顶层层层层层层层层设设设设设设设设计计计计计计计计之之之之之之之之董董董董董董董董事事事事事事事事会会会会会会会会 • 董事会的决策机制区别于股东会，按照 【一人一票制】 • 董事会成员是由股东会选 ...

Core Viewpoint - Shandong Yulong Gold Co., Ltd. has voluntarily delisted from the A-share market due to poor operating conditions and deteriorating cash flow, leading to significant uncertainty in its business operations [1][4]. Group 1: Reasons for Voluntary Delisting - The company announced that its poor operating conditions and continuous cash flow deterioration were the primary reasons for the voluntary delisting [4]. - The company faced major uncertainties in its operations, prompting the decision to withdraw its stock from trading on the Shanghai Stock Exchange [4]. Group 2: Financial Performance and Challenges - In 2023, the company reported revenue of 2.4 billion and a net profit attributable to shareholders of 445 million, but still faced significant operational uncertainties [9]. - The company's revenue has declined from 11.35 billion in 2021 to 2.4 billion in 2023, indicating a substantial drop in business performance [9]. - The company has been involved in multiple lawsuits and arbitration disputes, leading to the freezing of core assets and significant financial liabilities [12]. Group 3: Shareholder Dynamics - The controlling shareholder, Jinan High-tech Investment Co., Ltd., acquired shares in Yulong Gold for a total cost of 1.973 billion, becoming the largest shareholder [13][14]. - Jinan High-tech Capital was established in May 2024 and became the new controlling shareholder after acquiring all shares held by Jinan High-tech Holdings [14]. Group 4: Future Plans Post-Delisting - Following the delisting, the company plans to enhance its operational capabilities, improve cash flow, and strengthen its governance structure [8]. - The company intends to apply for listing on the National Equities Exchange and Quotations to maintain stock liquidity and protect minority shareholders' interests [8].

Core Viewpoint - The global venture capital (VC) market is undergoing a reshuffle influenced by technology and geopolitical factors, with a projected increase in total VC investment to $126.3 billion by Q1 2025, and a growing focus on artificial intelligence (AI) investments. However, compliance risks are also rising, necessitating careful navigation of investment structures and antitrust reviews [1]. Group 1: Differences Between CVC and IVC - Independent Venture Capital (IVC) focuses on financial returns, while Corporate Venture Capital (CVC) aims for business integration and early competitive advantages [2]. - IVC typically has a limited partnership structure and lacks industry resource advantages, whereas CVC can leverage industry experience and resources to provide business collaboration opportunities [2]. - CVC has a higher post-investment engagement level with portfolio companies compared to IVC, which has limited post-investment support [2]. Group 2: CVC Investment Structure - CVC investment structures can involve external fundraising, with companies having the capacity to provide funds and potentially attract external capital [4]. - CVCs often focus on specific sectors such as integrated circuits and new-generation information technology, while also engaging in consumer sectors like dining and retail [4]. Group 3: Compliance Considerations - Key compliance points include transaction document focus areas, such as potential conflicts of interest, antitrust risks, and the need for tax considerations [6][8]. - The importance of understanding the implications of antitrust and national security reviews (CFIUS) is emphasized for CVC investments [9]. - Investors must be aware of special rights and obligations post-transaction, including the need for regular updates on key operational and financial information from portfolio companies [15]. Group 4: Special Rights and IPO Considerations - Special rights of investors must be cleared before an IPO, with specific guidelines on when these rights should be terminated [17][18]. - The necessity for clarity on the ownership structure and the absence of significant disputes over share ownership is a rigid requirement for A-share IPOs [18]. - CVCs must ensure that any agreements do not conflict with the principles of equal treatment among shareholders, particularly during the IPO process [18]. Group 5: Course Overview - A course titled "Legal Compliance Points in Corporate Venture Capital (CVC) Operations" will cover the entire process from fundraising to exit, focusing on compliance techniques and transaction document design [19][20]. - The course will also address the historical development of CVC in the U.S. and China, along with notable case studies [21].

Core Viewpoint - The company, SiNan Navigation, reported a significant decline in profitability in its second annual report post-IPO, with a revenue of 412.86 million yuan in 2024, a slight increase of 0.28% year-on-year, but a net loss of 33.05 million yuan, representing a dramatic decline of 179.03% compared to the previous year [1]. Group 1: Revenue and Profitability - The company experienced a decline in gross profit margin, dropping nearly 4 percentage points to the lowest level in five years [3]. - The decrease in terminal prices, particularly for high-precision GNSS boards/modules and data application solutions, led to a significant drop in revenue from these segments, down 12.20 percentage points [5]. - The price of high-precision GNSS boards/modules fell from 374 yuan in 2023 to 303 yuan in 2024, a nearly 20% decrease, while the cost per unit slightly increased, resulting in a gross profit reduction of 93 yuan, or 39% [8]. - The total period expenses increased by 27.95% for sales expenses, 28.20% for management expenses, and 119.44% for financial expenses, contributing to the overall loss [9][10]. Group 2: Accounts Receivable and Financial Health - By the end of 2024, accounts receivable accounted for over 90% of the company's revenue, raising concerns about the authenticity of previous years' revenue [11]. - The accounts receivable balance increased by 1.62 times over five years, with the proportion of accounts receivable to revenue rising significantly, indicating a growing reliance on credit sales [11]. - The company recorded a substantial increase in bad debt provisions, totaling 31.60 million yuan, a 428.29% increase year-on-year, further impacting profitability [15]. Group 3: Government Subsidies - The company's profits have been heavily reliant on government subsidies, which accounted for 97.92% of total profits over the past five years, totaling 97.36 million yuan [16]. - The company has received significant government subsidies, with deferred income from these subsidies expected to contribute to future profits [20]. Group 4: Project Delays and Management Changes - All fundraising projects from the IPO have faced delays, with the completion dates pushed back significantly, indicating potential operational challenges [23][26]. - The company experienced a high turnover in financial management, with the newly appointed financial director resigning after only six months [29]. Group 5: Continued Losses in 2025 - In the first quarter of 2025, the company reported a revenue of 43.83 million yuan, a year-on-year increase of 13.32%, but continued to incur a net loss of 10.38 million yuan, a 46.24% increase in losses compared to the previous year [30].