文 /梧桐小编 1月6日，深圳证监局公布《关于对立信会计师事务所（特殊普通合伙）及注册会计师蔡晓丽、陶国恒 采取出具警示函措施的决定》。深圳证监局对立信所执行的深圳市昌红科技股份有限公司（300151） 2023年年报审计项目执业质量进行了检查。经查，立信所在审计执业中存在以下问题：股份支付审计 程序执行不到位（未结合公司2023年扣非后净利润未达到股权激励业绩考核标准，未对公司预计可行 权权益工具数量的最佳估计获取充分适当的审计证据，未对公司股份支付费用相关会计核算不规范的事 项形成恰当的审计判断）；存货跌价准备审计程序执行不到位（未就公司对库龄一年上的部分存货按照 材料成本的一定比例作为估计售价计算其可变现净值的合理性获取充分适当的审计证据）；审计工作底 稿记录不完善（销售费用、管理费用和研发费用截止性测试抽样方法记录不完善；存货减值测试中部分 注塑和医疗产品的估计售价未记录来源；期后事项审计底稿、股份支付费用相关人员的匹配底稿未归档 保存）。 未结合公司2023年扣非后净利润未达到股权激励业绩考核标准，未对公司预计可行权权益工具数量的最 佳估计获取充分适当的审计证据，未对公司股份支付费用相关会计核算不规 ...

文 /梧桐数据中心 榜单前三名： 第一名：开源证券（ 24单） 第二名： 国联民生（ 23单） 第三名： 中信建投（ 22单） | 2 | 国联民生 | 23 | | --- | --- | --- | | 3 | 中信建投 | 22 | | 4 | 国泰海通 | 21 | | 5 | 申万宏源 | 20 | | 5 | 国金证券 | 20 | | 7 | 东吴证券 | 17 | | 8 | 国投证券 | 15 | | 8 | 中信证券 | 15 | | 10 | 国信证券 | 14 | | 11 | 长江证券 | 13 | | 12 | 华泰联合 | 10 | | 13 | 中金公司 | d | | 14 · | ●广发证券 11 | 8 | | 14-1 | ■招商证券 | | | 16 | 财通证券 | | | 16 | 光大证券 | 6 | | 16 | 兴业证券 | 6 | | 1 | 东莞证券 | 5 | | 1 ਰੇ | 国元证券 | 5 | | 1 d | 浙商证券 | 5 | | 22 | 东方证券 | 4 | | 22 | 中泰证券 | 4 | | --- | --- | --- | | ...

文 /火心 1月5日，舟山晨光电机股份有限公司（ 874468 ） IPO申请获得北交所上市委审核通过。 单位：万元 | | 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 | | 晨光电机 | 微特电机的研发、生 | 82,664.77 | 7,075.87 | 通付 | 国金证券/浙江天 | | | 产和销售 | | | | 册/立信 | 舟山晨光电机股份有限公司 专业从事微特电机的研发、生产和销售，产品主要应用于以吸尘器为主的 清洁电器领域。 吴永宽直接持有公司 53.1291%的股份，为公司控股股东；吴永宽和配偶沈燕儿合计 控制公司93.3872%的股份，为公司实际控制人 。 报告期内，公司营业收入分别为 49,495.65万元、 71,230.54万元、82,664.77万元和43,730.24万元，扣非归母净利润分别为6,045.90万元、 8,840.84万元、7,075.87万元和4,121.68万元。公司2024年毛利率下滑较为明显 ...

Group 1 - The China Securities Association announced the first batch of companies for on-site inspection of IPO applications in 2026, consisting of 11 companies [1] - These companies submitted their applications at the end of 2025, with most being accepted in December [2] Group 2 - The companies and their key information are as follows: - Luoyang Bearing Group Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on bearings and related components, with projected 2024 revenue of 467.49 million and net profit of 17.95 million [3] - Precision Laser Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, specializing in laser products, with projected 2024 revenue of 29.19 million and net profit of 11.14 million [3] - Guangdong Yuxin Semiconductor Technology Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on specialty process wafer foundry, with projected 2024 revenue of 168.13 million and a net loss of 250.34 million [3] - Shenzhen Hanno Medical Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, specializing in ECMO systems, with projected 2024 revenue of 4.93 million and a net loss of 18.28 million [3] - Guangdong Jiuan Intelligent Technology Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on smart visual product manufacturing, with projected 2024 revenue of 779.69 million and net profit of 10.15 million [3] - Suzhou LQ Intelligent Equipment Co., Ltd.: Plans to list on the Growth Enterprise Market, focusing on high-end intelligent equipment manufacturing, with projected 2024 revenue of 542.93 million and net profit of 17.43 million [3] - Jiangsu Gaokai Precision Fluid Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, focusing on key control components in precision fluid control, with projected 2024 revenue of 423.17 million and net profit of 9.52 million [3] - Shanghai Taosheng Electronic Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, specializing in semiconductor testing interfaces, with projected 2024 revenue of 331.07 million and net profit of 1.14 million [3] - China Salt Industry Corporation: Plans to list on the Shanghai Main Board, focusing on edible salt and industrial salt, with projected 2024 revenue of 704.40 million and net profit of 28.80 million [3] - Ruishi Chuangxin (Chongqing) Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, focusing on RF front-end chips and modules, with projected 2024 revenue of 66.86 million and a net loss of 36.58 million [3] - Blue Arrow Aerospace Technology Co., Ltd.: Plans to list on the Sci-Tech Innovation Board, focusing on liquid oxygen-methane engines and launch vehicles, with projected 2024 revenue of 427.83 million and a net loss of 113.80 million [3]

Core Viewpoint - The Shanghai Stock Exchange has issued a written warning to Dongguan Securities due to repeated violations related to ineffective management of client trading behaviors [1][4][5] Group 1: Regulatory Actions - In July 2024, the Shanghai Stock Exchange conducted an on-site inspection of Dongguan Securities, identifying violations in the management of client trading behaviors and subsequently requiring corrective actions [4][5] - Following the inspection, multiple clients of Dongguan Securities engaged in frequent abnormal trading activities, which the company failed to manage effectively [4][5] - By November 2025, Dongguan Securities again faced issues with clients exhibiting frequent abnormal trading behaviors, indicating a pattern of non-compliance with regulatory standards [5] Group 2: Violations and Regulations - Dongguan Securities' actions violated several provisions of the Shanghai Stock Exchange Membership Management Rules, specifically Articles 3.1, 4.1.1, and 4.1.7, as well as relevant guidelines on client trading behavior management [5] - The repeated nature of the violations and the severity of the circumstances led to the decision to issue a written warning to Dongguan Securities, as per the applicable regulatory framework [5]

Core Insights - In 2025, a total of 116 companies were listed on the A-share market, representing a 16% increase from 100 companies in the same period last year [1] - The net fundraising amount for these 116 newly listed companies reached 1220.25 billion yuan, a significant increase of 104.25% compared to 597.43 billion yuan in the previous year [1] - The total fees charged by IPO intermediaries for these companies amounted to 91.56 billion yuan, with underwriting and sponsorship fees accounting for 67.04 billion yuan, legal fees for 8.21 billion yuan, and audit fees for 16.31 billion yuan [1] Segment Analysis Underwriting and Sponsorship Fees - The total underwriting and sponsorship fees by segment are ranked as follows: Sci-Tech Innovation Board, Shanghai Main Board, ChiNext, Shenzhen Main Board, and Beijing Stock Exchange [2] - The average underwriting fee is highest in the Sci-Tech Innovation Board at 11,337.61 thousand yuan, while the lowest is in the Beijing Stock Exchange at 2,222.30 thousand yuan [5][6] - The total underwriting fees are led by CITIC Securities with 12.44 billion yuan from 15 deals, followed by Guotai Junan and CITIC Jinshi with 9.96 billion yuan and 8.82 billion yuan, respectively [8][10] Legal Fees - The top three law firms by total fees are Shanghai Jintiancheng, Beijing Zhonglun, and Zhejiang Tiance, with total fees of 1.14 billion yuan, 1.05 billion yuan, and 0.57 billion yuan, respectively [11] - The average legal fee is highest in the Sci-Tech Innovation Board at 832.01 thousand yuan, while the lowest is in the Beijing Stock Exchange at 364.62 thousand yuan [5] Audit Fees - The leading audit firms by total fees are Rongcheng, Tianjian, and Lixin, with total fees of 4.17 billion yuan, 2.86 billion yuan, and 2.19 billion yuan, respectively [12][14] - The average audit fee is highest in the Shanghai Main Board at 1,851.80 thousand yuan, while the lowest is in the Beijing Stock Exchange at 632.39 thousand yuan [6] Overall Fee Structure - The total fees for intermediaries in the IPO process are distributed as follows: underwriting fees (67.04 billion yuan), legal fees (8.21 billion yuan), and audit fees (16.31 billion yuan) [1][4] - The average fees across segments indicate that the Sci-Tech Innovation Board commands the highest fees overall, while the Beijing Stock Exchange has the lowest average fees [5][6]

文/梧桐晓编 （四）强化责任追究。要求上市公司建立内部追责机制，定期开展履职评价和内部追责。对于上市公司未 及时披露信息、披露信息虚假、未按要求审议重大事项等违法违规行为，董事会秘书未勤勉尽责的，严格 采取监管措施或者实施处罚。 12月31日，中国证监会发布通知就《上市公司董事会秘书监管规则（征求意见稿）》公开征求意见，意见 反馈截止时间为2026年1月30日。这是中国证监会起草的首部针对董事会秘书的监管规则。中国证监会还同 时公布了《意见稿》的《起草说明》。《意见稿》共38条，主要内容包括四个部分：明确职责范围、健全 履职保障、完善任职管理、强化责任追究。《意见稿》规定：上市公司应当聘请证券事务代表、设立由董 事会秘书分管的工作部门，为董事会秘书依法履职提供必要保障。董事会秘书候选人应具备五年以上财 务、会计、审计、法律合规或其他与履行董事会秘书职责相关的工作经验，或者取得法律职业资格证书并 且具有五年以上工作经验，或者取得注册会计师证书并且具有五年以上工作经验。 为进一步规范上市公司董事会秘书履职行为，促进发挥董事会秘书的积极作用，推动提升上市公司治理水 平，中国证监会研究起草了《上市公司董事会秘书监管规 ...

Core Viewpoint - Blue Arrow Aerospace Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, marking it as the first commercial rocket company to achieve this milestone under the new listing standards [1][3]. Group 1: Company Overview - Blue Arrow Aerospace, established in June 2015 and transformed into a joint-stock company in March 2019, is headquartered in Beijing with a registered capital of 360 million yuan [4]. - The company focuses on the research, development, manufacturing, testing, and launching of medium to large reusable liquid oxygen-methane rockets, aiming to become a world-class commercial aerospace enterprise [4]. - The company has developed the Zhuque-2 medium liquid oxygen-methane rocket, which is the first liquid fuel rocket in China's private commercial aerospace sector to enter mass production and commercial use [5]. Group 2: Financial Performance - The company has not yet achieved profitability, with reported revenues of 780,000 yuan in 2022, 3.95 million yuan in 2023, 4.28 million yuan in 2024, and 36.43 million yuan in the first half of 2025 [6]. - The net losses for the same periods were -80.37 million yuan, -118.75 million yuan, -87.59 million yuan, and -59.65 million yuan respectively [6]. - The company has a high research and development expenditure, with R&D costs amounting to 487.22 million yuan, 830.43 million yuan, 612.56 million yuan, and 359.59 million yuan over the reporting periods [8]. Group 3: R&D and Technological Advancements - The company has invested a total of 2.2898 billion yuan in R&D from 2022 to 2025, with R&D personnel accounting for 32.98% of the total workforce as of December 31, 2024 [9]. - As of June 30, 2025, the company holds 267 patents related to liquid fuel rockets that are applicable to its main business and can be industrialized [10]. Group 4: IPO Fund Utilization - The IPO aims to raise 7.5 billion yuan, which will be allocated to two main projects: enhancing the production capacity of reusable rockets and improving the technology of reusable rockets, with total investments of 2.8026862 billion yuan and 5.6589956 billion yuan respectively [20].

Core Viewpoint - The article analyzes the top IPO signing representatives, lawyers, and accountants in the A-share market for the year 2025, highlighting the most active individuals and their respective projects [1]. Group 1: Signing Representatives - The top signing representatives for A-share IPOs in 2025 are Liu Junqing from Dongfang Securities, Liu Tuo from CITIC Securities, Qiang Qiang from Guotai Junan, Xu Guozhen from招商证券, and Sun Qi and Zhang Shuai from Huatai United, each handling 2 projects [2][3]. Group 2: Signing Lawyers - The leading signing lawyers for A-share IPOs in 2025 are Kong Jin from Zhejiang Tiance and Zhang Dongxiao from Shanghai Jintiancheng, each involved in 3 projects. Additionally, 17 other lawyers participated in 2 projects [4][5]. Group 3: Signing Accountants - The most active signing accountant for A-share IPOs in 2025 is Xu Ruisheng from Rongcheng, with 3 projects. Furthermore, 14 other accountants were involved in 2 projects [6][7].

Core Viewpoint - In 2025, all 40 companies that underwent merger and acquisition (M&A) reviews in the A-share market were approved, achieving a 100% approval rate. Group 1: Independent Financial Advisors Performance Ranking - A total of 19 independent financial advisory firms participated in the 40 approved M&A projects, with the top three firms being: - First: Huatai United with 8 projects - Second: CITIC Construction with 7 projects - Third: CITIC Securities with 6 projects [1] Group 2: Legal Advisors Performance Ranking - 25 law firms were involved in the legal services for the 40 approved M&A projects, with the top three firms being: - First: Beijing King & Wood Mallesons with 5 projects - Second: Beijing JY with 4 projects - Third: Beijing Zhonglun, Shanghai Jintiancheng, and Zhejiang Tiance each with 3 projects [3] Group 3: Accounting Firms Performance Ranking - 19 accounting firms provided auditing services for the 40 approved M&A projects, with the top three firms being: - First: Tianjian with 9 projects - Second: Lixin with 7 projects - Third: Xinyong Zhonghe with 4 projects [7] Group 4: Asset Appraisal Agencies Performance Ranking - 20 asset appraisal agencies were involved in the asset evaluation for the 40 approved M&A projects, with the top three agencies being: - First: Zhonglian Appraisal with 10 projects - Second: Jinzhen Appraisal with 5 projects - Third: Zhongqihua with 4 projects [10]