1978年10月，爱迪生团队在历经数千次试验、测试1600多种材料后，终于制成第一个可供实用的碳丝灯泡。然而，通电后的碳丝瞬间烧断，其症结在于高温碳丝 与空气中的氧气发生剧烈反应。为解决这一难题，爱迪生团队改进了当时尚属原始的 真空泵 ，成功将玻璃泡内空气抽离。在真空环境下，碳丝最终实现了稳定发 光。 在光伏产业，晶体生长和电池片镀膜过程中，真空环境能有效提升硅材料纯度 ，直接决定太阳能电池的转换效率。而 在国家重大科技基础设施领域 ，如北京正负 电子对撞机、上海同步辐射光源等"国之重器"，更是 需要超高真空环境来保障粒子加速和实验的精确性 。 真空泵是实现上述要求的关键设备。然而，在很长一段时间里，中国高端真空泵市场被英国Edwards、日本Ebara等海外巨头垄断。这些企业凭借数十年技术积 累，曾占据国内集成电路领域主要的市场份额，不仅定价高昂，更在关键时期存在断供风险。对于中国半导体产业而言，真空泵的"卡脖子"问题，犹如汽车缺少 核心发动机，再先进的生产线也难以顺畅运转。 中科仪的崛起，恰逢其时地填补了这一空白。 公开资料显示， 中科仪的历史可追溯至20世纪50年代中科院下属的真空科研事业单位。 自成立 ...

文/梧桐数据中心 1月14日，IPO共审核2家公司（科创板、北交所各1家），2家均获通过。 公司主营业务为电子测量仪器和半导体测试设备的研发、制造、销售及服务。 公司前身有限公司成立于2017年3月，2022年10月整体变更为股份公司。本次发行前总股本为7,700.00万股。拥有9家控股子公司、2家参股公司、5家分公司。截至 2025年9月末，员工总计1,095人。 2、控股股东、实际控制人 | | 科创板 | | | | | | --- | --- | --- | --- | --- | --- | | 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 | | 联讯仪器 | 电子测量仪器和半导体测 试设备的研发、制造、销 | 78,862.99 | 13,209.65 | 通过 | 中信证券/北京德恒/容诚 | | | 售及服务 | | | | | | | | | 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 | | 瑞尔竟达 | 炼铁高炉高效、长寿、节 能、绿色、环保等技术与 ...

Core Viewpoint - The Zhejiang Securities Regulatory Bureau has issued an administrative penalty against Zhongxinghua Accounting Firm and its signing auditors for failing to perform due diligence in the audit of Silver River Technology's financial statements for 2021 and 2022, resulting in false records in the audit reports [1][4][9]. Group 1: Audit Findings - Zhongxinghua's audit reports for Silver River Technology for 2021 and 2022 contained false records, including significant overstatements of revenue and profit due to improper accounting practices [4][9]. - In 2022, Silver River Technology overstated its revenue by 51.71 million yuan and profit by 9.44 million yuan, which represented 3.21% and 12.63% of the reported amounts, respectively [4]. - In 2021, the company overstated its revenue by 16.46 million yuan and profit by 16.21 million yuan, accounting for 0.82% and 15.08% of the reported amounts, respectively [4]. Group 2: Audit Procedures - The audit procedures for 2022 were inadequate, as Zhongxinghua failed to maintain reasonable professional skepticism despite identifying significant fraud risks related to contract revenue [5][9]. - In 2021, the firm did not adequately question abnormal situations regarding revenue recognition, failing to execute further audit procedures despite recognizing significant fraud risks [6][9]. - The audit of related guarantees in 2021 and 2022 was insufficient, as Zhongxinghua only obtained scanned copies of property certificates without verifying original documents or checking mortgage records [8][9]. Group 3: Penalties Imposed - Zhongxinghua was ordered to correct its practices, with a total of 5,566,037.74 yuan in business income confiscated and an equal amount in fines imposed [1][9]. - The signing auditors, Gao Minjian and Pang Yuwen, received warnings and fines of 300,000 yuan each for their roles in the violations [1][9].

Group 1 - The article discusses the recent issuance of the Shenzhen Stock Exchange's latest "IPO Review Dynamics," highlighting two cases of external funding pools that were not disclosed during the IPO process [1][2] - Case 1 involves Issuer A, which had an external funding pool balance of approximately 15 million yuan, with inflows totaling about 30 million yuan and outflows of 40 million yuan during the reporting period [3][5] - Case 2 involves Issuer B, which had an external funding pool balance of 700,000 yuan, with inflows of 1.5 million yuan and outflows of 1.4 million yuan during the reporting period [3][5] Group 2 - The Shenzhen Stock Exchange emphasizes the importance of the authenticity and accuracy of financial data in the IPO review process, implementing strict regulatory measures for serious violations [2][6] - Issuer A faced severe penalties, including a one-year ban on submitting IPO application documents and public reprimands for its actual controller and certain board members [5][6] - Issuer B received a public reprimand, with disciplinary actions against its actual controller and senior management based on the severity of the situation [6] Group 3 - The article outlines the necessity for issuers to fully disclose the existence of external funding pools, their cash flows, and the impact on financial data reliability, as well as to cooperate with intermediaries during due diligence [4][5] - The cases illustrate the consequences of failing to rectify and disclose the existence of external funding pools, which significantly affects the assessment of whether issuers meet IPO conditions [5][6] Group 4 - The article presents two typical review cases regarding the involvement of departing personnel in shareholding of IPO candidates, emphasizing the need for thorough verification by intermediaries [7][8] - Case 1 involves a union shareholder where the intermediary could not obtain specific member information due to confidentiality, but confirmed no involvement of departing personnel [8][11] - Case 2 highlights challenges in tracing foreign shareholders and natural person shareholders, with intermediaries confirming no improper shareholding by departing personnel after extensive verification [9][10] Group 5 - The article discusses two typical review cases related to the positioning of the ChiNext board, with Issuer A meeting the quantitative indicators for ChiNext despite being in a traditional industry [12][15] - Issuer A's products align with consumer upgrade trends and demonstrate competitive advantages through technological innovation and process optimization [12][15] - Conversely, Issuer B, which produces lithium battery modules, faced challenges due to low innovation and significant competition, leading to the withdrawal of its IPO application [13][14][15]

在此背景下， 苏州联讯仪器股份有限公司 （以下简称"联讯仪器"）即将于1月14日作为科创板2026年首家上会企业接受审 核。作为国内极少数具备800G/1.6T光模块全套测试仪器供应能力的企业，联讯仪器依托高速信号处理、超精密运动控制等 平台化技术，不仅成功打破海外垄断，更将业务版图拓展至功率器件、存储芯片等半导体测试领域，构建起完善的国产替 代矩阵。本次IPO，公司拟募资17.11亿元，加码下一代光通信及半导体测试研发，在推动自身发展的同时，助力中国光通 信产业补齐高端检测短板、向全球技术前沿迈进。 2025年，AI算力革命加速推进。大模型训练与推理需求指数级增长，持续驱动全球数据中心网络升级换代。在这场算力竞 赛中，光通信凭借其高带宽、低延迟的物理优势，成为承载AI流量的"黄金通道"。随着800G、1.6T等超高速光模块从技术 前沿走向数据中心标配，其性能检测难度也水涨船高，对 光通信测试仪器 的精准度提出了前所未有的要求。然而，这一 关键设备市场长期被是德科技（Keysight）、安立（Anritsu）等国际巨头垄断，成为制约我国光通信产业链发展的关键环 节。 一、深耕高端测试领域，构筑全链条产品矩阵 ...

Core Viewpoint - Hangzhou Gaote Electronics Co., Ltd. has received approval for its IPO application on the ChiNext board, indicating a positive outlook for the company's growth and market entry [1]. Group 1: Company Overview - The main products of the company include energy storage BMS modules and related products, leveraging BMS data collection and aggregation to expand into integrated control units and data services, as well as backup power BMS and power battery BMS [2][3]. - The company was established in February 1998 and transitioned to a joint-stock company in October 2016, currently having a total share capital of 36 million shares and employing 536 people as of June 2025 [3]. Group 2: Shareholding Structure - Guiyuan Holdings holds 13,154.36 million shares, accounting for 36.54% of the total share capital, making it the controlling shareholder [4]. - Xu Jianhong, through Guiyuan Holdings and Wuer Investment, controls a total of 46.17% of the shares, establishing him as the actual controller of the company [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 345.69 million, 779.32 million, 919.04 million, and 507.29 million, with net profits of 30.19 million, 79.04 million, 87.04 million, and 34.58 million respectively [5]. - As of June 2025, total assets reached 137.40 billion, with equity attributable to shareholders at 85.16 billion, and a debt-to-asset ratio of 38.02% [6]. Group 4: Listing Standards - The company has chosen to follow the first set of listing standards as per the Shenzhen Stock Exchange's ChiNext listing rules, which require positive net profits for the last two years, a cumulative net profit of no less than 100 million, and a net profit of no less than 60 million in the most recent year [7]. Group 5: Inquiry from Listing Committee - The listing committee raised questions regarding the competitive landscape of the energy storage BMS market, trends in raw material prices, measures to optimize costs for downstream clients, and the company's R&D capabilities and core technologies, particularly in relation to declining gross margins and extended accounts receivable collection periods [8].

Core Viewpoint - The company, Zhuhai Saiwei Electronic Materials Co., Ltd., has withdrawn its IPO application after being unable to submit the registration for over two years following initial approval in September 2023. This decision reflects ongoing challenges in the company's operational and financial performance [1]. Group 1: Company Overview - The company was established in 2007 and transitioned to a joint-stock company in March 2016, with a registered capital of 69.270833 million yuan. The controlling shareholder, Dai Xiaobing, holds 43.56% of the voting shares and is also the chairperson and a core technical personnel [3]. - The company specializes in the research, production, and sales of lithium-ion battery electrolytes and is recognized as a national high-tech enterprise. It ranks fifth in domestic electrolyte shipments in the first half of 2023, up from eighth place in 2022 [4]. Group 2: Financial Performance - In 2022, the company reported a revenue of 1.835 billion yuan and a net profit of 210.25 million yuan, with a significant increase in revenue and net profit compared to previous years. However, the net cash flow from operating activities decreased by 358.90% [5][6]. - The company forecasts a decline in revenue and net profit for 2023, with expected decreases of 6.94% in revenue and 40.32% in net profit, projecting a net profit of 121.55 million yuan [7][8]. Group 3: Customer Concentration and Risks - The company has a high customer concentration, with the top five customers contributing 66.14% of total revenue in 2022. Major clients include CATL and EVE Energy [9]. - The company faces questions regarding the stability and sustainability of its partnerships with major clients, particularly concerning the reliance on customer-supplied formulas for production, which accounted for approximately 46.80% of revenue during the reporting period [10][11]. Group 4: IPO Plans - The company plans to raise 1 billion yuan through its IPO, with 300 million yuan allocated for working capital and the remaining 700 million yuan for two specific projects: a production project for lithium-ion battery electrolytes and a research and development center [12][13].

Core Viewpoint - The article emphasizes the importance of disposable medical consumables in modern healthcare, highlighting the leading position of Jiangsu Aisheren Medical Technology Group Co., Ltd. in this sector, driven by innovation and quality manufacturing [1][2]. Group 1: Company Overview - Jiangsu Aisheren was established in 2015, with roots tracing back to 2003, focusing on rehabilitation care and medical infection control [2]. - The company has developed a diverse product matrix, including medical care pads, ice bags, surgical gowns, and surgical kits, serving various healthcare settings [2]. - Aisheren has become one of the top ten exporters of medical dressings in China, with multiple production bases both domestically and internationally [3]. Group 2: Innovation and Competitive Advantage - Aisheren has built a strong competitive edge through process and product innovations, achieving full automation in production processes, which reduces reliance on manual labor and enhances efficiency [2][3]. - The company has upgraded its core products using composite technology, significantly improving physical strength and comfort, with specific products achieving high load capacities and moisture permeability [3]. Group 3: Market Position and Client Relationships - Aisheren has established a robust quality management system and has received multiple international certifications, making it a core supplier for major global brands like Medline and Zarys International Group [4][5]. - The company operates on an ODM/OEM business model, actively participating in product design and development, which strengthens client relationships and enhances product offerings [5]. Group 4: Financial Performance - Aisheren's revenue has shown rapid growth, with 2024 revenue projected at 6.92 billion yuan, a 20.56% increase from the previous year, and a significant rise in net profit [6][8]. - The company’s main business gross margin has remained stable between 22% and 23%, indicating strong cost control and product competitiveness [11]. Group 5: Market Demand and Future Prospects - The global medical dressing market is expected to grow from $9 billion in 2011 to $23.5 billion by 2026, driven by aging populations and increased healthcare standards [13][20]. - Aisheren plans to raise 300 million yuan for expanding production capacity and optimizing its product structure, aiming to enhance its product matrix with high-value items [21][22].

文/梧桐小编 如果对本监督管理措施不服，可以在收到本决定书之日起60日内向中国证券监督管理委员会提出行政复议申请，也可以在收到本决定书之日起6个月内向有管辖权 的人民法院提起诉讼。复议与诉讼期间，上述监督管理措施不停止执行。 安徽证监局 安徽皖峰律师事务所： 经查，我局发现你所存在以下问题： 2024年8月24日，你所为安徽阜南农村商业银行股份有限公司出具《关于安徽阜南农村商业银行股份有限公司股票发行之法律意见书》，根据《律师事务所从事证 券法律业务管理办法》（证监会令第223号，以下简称《管理办法》）第六条第五项、《证券服务机构从事证券服务业务备案管理规定》（证监会公告〔2020〕52 号，以下简称《备案管理规定》）第五条第九项的规定，该行为属于证券服务业务。但你所未按照《管理办法》第三条、《备案管理规定》第二条、第五条的规 定向中国证监会备案。 根据《管理办法》第三十三条第一项的规定，我局决定对你所采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。你所应当加强相关法律法规学 习，进一步加强证券法律业务管理，采取有效措施避免违法违规行为再次发生。 1月4日，安徽证监局公布《关于对安徽皖峰律师事务所采 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has announced supplementary material requirements for 23 companies regarding their overseas issuance and listing [1][2][3] - Specific companies such as Huafu Technology and Shanjin International have been highlighted for particular concerns regarding shareholder relationships and safety production incidents [1][2][3] - The supplementary materials are aimed at ensuring compliance with regulations and addressing potential issues that may affect the companies' ability to list [1][2][3] Group 2 - Companies like Shichuang Securities and Zhineng Technology are required to clarify the status of state-owned shareholder identification and trust arrangements [2][3] - For Xiangdao Travel, there are inquiries about the actual operations of various services and whether necessary qualifications have been obtained [2][3] - Bo Rui Pharmaceutical is asked to provide details on its business operations related to health food sales and medical research, including necessary licenses [2][3] Group 3 - Guoxin Services must explain the status of significant litigation cases and their potential impact on future operations and the current issuance [3][4] - Hi Learning Network is required to clarify compliance with labor and social insurance regulations, as well as the status of pending lawsuits and administrative penalties [4][5] - Tian Nong Group needs to address compliance issues regarding animal husbandry licenses and environmental permits, which may pose significant legal risks [5][6] Group 4 - Companies like Fengjiang Management and Mingyu Pharmaceutical are required to provide legal opinions on their compliance with foreign investment regulations and the legitimacy of their capital structures [7][8][9] - Specific inquiries include the legitimacy of shareholding structures and the compliance of fundraising activities with regulatory requirements [7][8][9] - The focus is on ensuring that all companies meet the necessary legal and regulatory standards for their overseas listings [7][8][9]