Group 1 - The article discusses the approval of four companies for IPOs, with one from the Shenzhen Main Board, one from the ChiNext, and two from the Beijing Stock Exchange [1] - The companies approved include: - Fuen Co., Ltd. focusing on eco-friendly fabric research and sales, projected revenue of 181.28 million and net profit of 25.48 million for 2024 [2] - Sanrui Intelligent Technology Co., Ltd. specializing in drone electric power systems, with projected revenue of 83.15 million and net profit of 32.05 million for 2024 [3] - Xinhengtai New Materials Co., Ltd. focusing on functional polymer foam materials, with projected revenue of 77.42 million and net profit of 8.20 million for 2024 [4] - Puang Medical Technology Co., Ltd. engaged in diabetes care and medical devices, with projected revenue of 31.83 million and net profit of 6.69 million for 2024 [4] Group 2 - Fuen Co., Ltd. has a total of 17.5 million shares before the IPO and is controlled by Paiya Holdings with a 36.57% stake, while the actual controllers hold 83.89% of the shares [5][6] - The company reported revenues of 176.38 million, 151.69 million, 181.28 million, and 93.81 million over the past four years, with net profits of 27.57 million, 22.68 million, 25.48 million, and 10.01 million respectively [7] Group 3 - Sanrui Intelligent Technology Co., Ltd. has a total of 36 million shares before the IPO and is controlled by Wu Min with 81.06% voting rights [13][14] - The company reported revenues of 36.16 million, 53.38 million, 83.15 million, and 43.56 million over the past four years, with net profits of 10.09 million, 16.18 million, 32.05 million, and 15.31 million respectively [15] Group 4 - Xinhengtai New Materials Co., Ltd. has a total of 12.33 million shares before the IPO and is controlled by Chen Chunping and Jin Wei with a combined 75.04% voting rights [21][22] - The company reported revenues of 53.00 million, 67.93 million, 77.42 million, and 38.43 million over the past four years, with net profits of 3.97 million, 9.34 million, 8.20 million, and 4.68 million respectively [23] Group 5 - Puang Medical Technology Co., Ltd. has a total of 4.23 million shares before the IPO and is controlled by Tai You Hong and Pu Mao Partnership with a combined 54.67% stake [27][28] - The company reported revenues of 24.18 million, 23.65 million, 31.83 million, and 17.83 million over the past four years, with net profits of 5.16 million, 4.21 million, 6.69 million, and 4.31 million respectively [30]

文/梧桐晓编 12月26日，上海证券交易所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科创板第五套上市标准》，自发布之日起 施行。为了落实中国证监会《关于在科创板设置科创成长层增强制度包容性适应性的意见》，进一步规范科技型企业适用科创板第五套上市标准， 支持尚未形成一定收入规模的优质商业火箭企业在科创板发行上市，上交所制定了《适用指引第9号》。《指引》共十四条，对商业火箭企业适用科 创板第五套上市标准作出了细化规定。上交所同时发布的该指引《起草说明》概括了该指引的主要内容如下： （一）业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"商业火箭自主研发、制造和提供航天发射服务"，更加看重发行人的"硬科技"属 性。同时，对于承担国家任务、参与国家工程项目的商业火箭企业，予以优先支持。 （二）关于明显技术优势。明确企业需在关键核心技术上具备明显优势或重大突破，关注核心技术产品以及关键部件的自主研发情况，运载能力及 一箭多星能力等技术先进性衡量指标。 （三）关于阶段性成果。明确商业火箭企业申报时应当至少实现采用可重复使用技术的中大型运载火箭发射载荷首次成功入轨这一阶段性成果，且 后续 ...

Core Viewpoint - The article discusses the "Guangdong Province Financial Services for Technology-Strong Province Construction Work Plan," emphasizing the role of multi-level capital markets in supporting technological innovation and the development of technology-oriented enterprises at various growth stages [5][6]. Group 1: Overall Goals - The plan aims to establish a modern technology financial matrix system by the end of 2027, focusing on providing comprehensive financial services across different stages of technology enterprises, including seed, startup, growth, expansion, and maturity phases [6]. - It targets to position Guangdong's technology-related loans and loans for technology industries among the top in the nation, with growth rates exceeding the average loan growth rate [6]. Group 2: Key Focus Areas - The plan emphasizes the importance of focusing on key regions such as the Greater Bay Area, particularly platforms like Hengqin, Qianhai, Nansha, and He Tao, to enhance financial support for regional development [7]. - It encourages financial resources to concentrate on emerging and future industries, including integrated circuits, new energy vehicles, biomedicine, and artificial intelligence [8]. - The initiative aims to support the cultivation of key enterprises, including 50 leading technology companies and 1,000 manufacturing champions, to drive the development of small and medium-sized technology enterprises [9]. Group 3: Main Tasks - The plan outlines several tasks, including the establishment of a technology innovation investment fund relay system to guide social capital towards early-stage investments in technology [11]. - It aims to optimize a full-cycle technology credit system to support technology enterprises at various growth stages, enhancing the credit evaluation system based on technology-related metrics [12]. - The plan seeks to leverage the bond market to support technology innovation, encouraging the issuance of technology innovation bonds to finance technological advancements [13]. - It emphasizes the importance of multi-level capital markets in supporting technology enterprises through various financial instruments and encourages the establishment of a standardized listing cultivation system [11][13]. - The plan also includes measures to enhance cross-border financial services for technology enterprises, facilitating their access to international financing [15]. Group 4: Implementation of Financial Ecosystem - The plan proposes to establish a risk-sharing and compensation mechanism to reduce financing costs for high-tech enterprises, with a maximum annual subsidy of 20 million yuan per enterprise [12]. - It aims to develop a comprehensive insurance product system covering the entire lifecycle of technology enterprises, addressing risks associated with research and development [13]. - The initiative encourages the use of data and financial technology to create credit loan products based on multidimensional data from technology enterprises [14].

Core Viewpoint - The explosive growth of the new energy vehicle (NEV) industry is reshaping the global automotive supply chain, with significant sales and market penetration expected to continue in the coming years [1][2]. Group 1: Market Dynamics and Growth Potential - In 2025, the retail sales of new energy passenger vehicles are projected to reach 11.472 million units, representing a year-on-year growth of 19.6%, with a penetration rate of 59.3% in November, marking a historical high [1]. - The global precision stamping core market reached 112.11 billion yuan in 2023, with expectations to grow to 263.70 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 12.82% from 2024 to 2030 [2]. - The automotive application segment accounts for 28.51% of the precision stamping core market, serving as a key driver for industry growth [2]. Group 2: Company Overview and Strategic Positioning - Huaxin Precision Technology Co., Ltd. (stock code: 603370) has established itself as a leader in the precision component manufacturing for NEV power systems, collaborating closely with major automotive manufacturers like BYD and BMW [1][4]. - The company has diversified its product matrix to include NEV drive motor cores, micro-special motor cores, electrical equipment cores, and ignition coil cores, with a strong customer network covering both domestic and international markets [4]. Group 3: Financial Performance and Market Share - In 2024, NEV drive motor cores are expected to account for 64.70% of the company's revenue, with sales increasing from 561,600 units in 2021 to 2,222,100 units in 2024, resulting in a global market share increase from 5.59% to 8.12% [5]. - The company ranks among the top three domestic manufacturers in both global and Chinese automotive core markets, with the top ten manufacturers holding a combined market share of 75.54% globally and 78.11% in China [5]. Group 4: Technological Advancements and Competitive Edge - Huaxin Precision has adopted innovative in-mold gluing technology to address industry challenges, enhancing the performance of drive motor cores by reducing eddy current losses and improving efficiency [6][9]. - The company has expanded its customer base significantly since 2021, securing projects with leading global firms and deepening collaborations with existing partners, which supports sustained revenue growth [7]. Group 5: Future Growth and Strategic Initiatives - The NEV market is expected to continue its robust growth, with the total installed capacity of NEV drive motors in China projected to reach 15.229 million units in 2024, a year-on-year increase of 40.04% [10]. - The company plans to utilize raised funds for expanding production capacity and research, focusing on new energy vehicle drive motor cores and precision stamping technology, which will enhance its competitive position [12][13]. - Huaxin Precision aims to establish a global presence by setting up subsidiaries in Singapore and Mexico, facilitating localized supply services for international clients [13].

Group 1: Shenzhen Dapu Microelectronics Co., Ltd. - The company focuses on the research and sales of enterprise-level SSD products for data centers, being one of the few in the industry with full-stack self-research capabilities in "main control chips + firmware algorithms + modules" [2] - The company underwent a transformation from a limited company to a joint-stock company in September 2023, with a total share capital of 39,259.47 million shares before the issuance [2] - The major shareholder, Dapu Haide, holds 54.78% of the voting rights, while the actual controller, Yang Yafei, controls 66.74% of the voting rights through various entities [3] - The company's revenue for the reporting period was 55,676.75 million, 51,949.20 million, 96,217.56 million, and 74,817.28 million, with net profit attributable to the parent company being -36,831.03 million, -64,165.44 million, -19,504.83 million, and -36,148.85 million [4] - The total assets as of June 30, 2025, were 198,114.05 million, with a debt-to-asset ratio of 63.40% [5] - The company meets the listing standards with an estimated market value of no less than 50 billion and a recent year's revenue exceeding 5 billion [6] Group 2: Ningbo Longyuan Co., Ltd. - The company specializes in the research, production, and sales of aluminum alloy precision die-casting parts, primarily serving the automotive industry [8] - The company transitioned from a limited company to a joint-stock company in February 2023, with a total share capital of 51,000.00 million shares before the issuance [8] - The major shareholder, Lin Guodong, holds 55.8948% of the shares, while the actual controllers, Lin Guodong and Tang Meiyun, collectively control 98.5337% of the shares [9] - The company's revenue for the reporting period was 51,932.76 million, 69,939.94 million, 86,889.30 million, and 47,542.11 million, with net profit attributable to the parent company being 9,670.94 million, 11,808.64 million, 11,206.46 million, and 6,053.71 million [10] - The total assets as of June 30, 2025, were approximately 1,396,155.99 million, with a debt-to-asset ratio of 32.99% [11] - The company meets the listing standards with a projected market value of no less than 200 million and net profits in the recent two years exceeding 15 million [12]

Core Viewpoint - Zhejiang Haisheng Medical Equipment Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, focusing on the development, production, and sales of anesthesia and monitoring medical devices, with a significant market presence and a gross margin exceeding 50% [1][2]. Financial Performance - The company reported net profits attributable to the parent company of 75.11 million yuan and 68.04 million yuan for 2023 and 2024, respectively [2]. - Total assets increased from 319.68 million yuan in 2022 to 519.45 million yuan by June 30, 2025, indicating a growth trend [3]. - The company's gross margin for the reporting periods was consistently above 50%, with specific figures of 52.84%, 53.15%, 52.07%, and 51.56% [4]. Sales and Revenue - The company’s sales revenue from anesthesia consumables and monitoring products accounted for 48.51% and 38.80% of total revenue in the respective periods [3]. - The sales revenue from the "two-invoice system" was relatively low, contributing only 2.78% to 3.30% of total revenue across the reporting periods [8]. - Concentrated procurement sales revenue was 30.30 million yuan, 34.88 million yuan, and 46.88 million yuan for the years 2023, 2024, and 2025, respectively, representing 11.34% to 16.20% of total revenue [8]. Inventory and Accounts Receivable - The company's inventory value increased from 52.63 million yuan in 2022 to 41.64 million yuan in 2025, reflecting an upward trend as the business scales [5]. - Accounts receivable also rose, indicating a potential for sustained revenue growth, with values of 24.85 million yuan in 2022 and 32.88 million yuan in 2025 [5]. Research and Development - The company is investing in R&D for new medical devices, with ongoing projects for a research and marketing service base and headquarters, with a budget of 243 million yuan [6][7]. Customer Base and Distribution - The company relies heavily on a network of distributors, with 90.43% of revenue coming from distribution sales, and has a total of 919 distributors [13]. - The largest customer, Guangzhou Rongsheng Medical Equipment Co., Ltd., accounted for 8.09% of total revenue in the first half of 2025, indicating a concentration risk [13]. Sales Expenses - Sales expenses as a percentage of revenue were higher than the industry average, at 10.63% in the first half of 2025, compared to an average of 6.25% for comparable companies [16][17]. - The company’s sales expenses are primarily driven by employee compensation, promotional activities, and travel expenses [16]. Regulatory Environment - The impact of policies such as "two-invoice system" and "centralized procurement" on the company's operations is limited, as the company primarily deals with low-value medical devices [8][12].

Core Viewpoint - The rapid development of high-end fields such as robotics and new energy vehicles has led to a surge in demand for micro-special motors, positioning domestic core component companies like Changzhou Sanxie Electric Co., Ltd. as leaders in this growth phase [1] Group 1: Market Demand and Product Focus - Micro-special motors are small, lightweight, and precise, serving as the "power core" for electronic devices and precision machinery, with applications in various high-value sectors [2] - Sanxie Electric focuses on control motors, including stepper motors, servo motors, and brushless motors, meeting the needs of industries such as robotics, security monitoring, and automotive [2] - The company has achieved mass production of motors for collaborative robots and is in the critical stage of industrialization for humanoid robots, anticipating significant market growth driven by milestones in the robotics sector [2] Group 2: Technological Innovations - Sanxie Electric has developed innovative technologies in hybrid stepper motors and high-torque servo motors, breaking the reliance on imports in the high-end textile machinery sector [3] - The company’s brushless motors incorporate advanced isolation measures to prevent leakage, enhancing safety in automotive applications [3] - As of June 2025, Sanxie Electric holds 56 patents, including 10 invention patents, supporting continuous product performance improvements [4] Group 3: Financial Performance and Profitability - The company has shown robust revenue growth, with revenues increasing from 287 million yuan in 2022 to 420 million yuan in 2024, and a net profit CAGR of 44.37% during the same period [6] - In the first three quarters of 2025, revenue reached 407 million yuan, a year-on-year increase of 38.00%, indicating strong business continuity and growth acceleration [6] - The gross margin for textile products rose from 15.91% in 2022 to 30.64% in 2024, reflecting the successful conversion of technological innovation into value [5] Group 4: Strategic Positioning and Future Outlook - The company is strategically positioned to capitalize on the growing demand for efficient and high-performance motors, supported by national policies promoting energy-efficient products [8] - The global micro-special motor market is projected to grow from approximately $36.48 billion in 2020 to $44.6 billion by 2025, with the domestic market also showing strong growth [8] - Sanxie Electric is expanding its production capacity to meet high demand, with plans to enhance product quality and delivery capabilities through IPO funding [9] Group 5: R&D and Competitive Advantage - The company has a well-structured R&D team, with 15.80% of employees being technical staff, and has increased R&D investment significantly from 10.64 million yuan in 2022 to 15.02 million yuan in 2024 [4] - Sanxie Electric's ongoing projects target industry pain points and core technology competition points for the next 3-5 years, ensuring a forward-looking approach to R&D [10] - The company’s dual approach of advanced R&D and effective technology transfer positions it well for sustainable long-term growth in the micro-special motor industry [10]

Core Viewpoint - The article discusses the approval of Shiya Technology Co., Ltd.'s IPO application on the Sci-Tech Innovation Board, highlighting its business model and financial performance, as well as the company's growth potential in the micro-display solutions market [1][2]. Group 1: Company Overview - Shiya Technology is a leading provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [3]. - The company was established in October 2016 and transitioned to a joint-stock company in May 2022, with a total share capital of 900 million shares before the IPO [3]. - As of June 2025, the company has a total of 722 employees and operates six wholly-owned subsidiaries and four affiliated companies [3]. Group 2: Shareholding Structure - The controlling shareholder, Shanghai Jishan, holds 140.52 million shares, accounting for 15.61% of the total share capital, and has significant voting rights due to special voting arrangements [4]. - The actual controller of the company is Gu Tie, who owns 100% of Shanghai Jishan and can control 29.36% of the shares through it [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 190.43 million yuan, 215.45 million yuan, 280.06 million yuan, and 150.50 million yuan, while the net profit attributable to the parent company was -278.68 million yuan, -363.90 million yuan, -308.30 million yuan, and -142.62 million yuan [5]. - As of December 2025, the total assets are projected to be 4.27 billion yuan, with a debt-to-asset ratio of 32.94% [6]. Group 4: Listing Standards - The company meets the listing standards set forth in the "Listing Rules," with an expected market value of no less than 10 billion yuan, which qualifies it for the Sci-Tech Innovation Board [7]. Group 5: Key Questions from the Listing Committee - The listing committee raised questions regarding the sustainability of revenue growth, potential risks of overcapacity, and the commercial rationale behind agreements with strategic customers and suppliers [8].

二、控股股东、实际控制人 文/梧桐数据中心 12月23日，洛阳盛龙矿业集团股份有限公司主板IPO申请获得深交所上市委审核通过。 单位：万元 | | 深主板 | | | | | | --- | --- | --- | --- | --- | --- | | 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 | | 盛龙股份 | 重要战略资源辑相关产品 | 286,368.72 | 75,121.14 | 通过 | 国投证券/国浩 (上海) / | | | 的生产、加工、销售业务 | | | | 安永华明 | 洛阳盛龙矿业集团股份有限公司 主要从事重要战略资源钼相关产品的生产、加工、销售业务，主要产品为钼精矿和钼铁。国晟集团及其一致行动人合计持有公司 104,555.9102万股股份，占公司总股本的64.5028%，为公司控股股东；洛阳市国资委为公司的实际控制人。报告期内，公司营业收入分别为191,141.12万元、 195,739.82万元、286,368.72万元和228,910.00万元，扣非归母净利润分别为34,508.92万元、61,388.04万元、 ...

Core Viewpoint - The article discusses regulatory warnings issued by the Shanghai Stock Exchange against various parties involved in the IPO application of Feichao (Shanghai) New Materials Co., Ltd., highlighting significant compliance failures in financial reporting and internal controls [1][2][3]. Summary by Sections Regulatory Warnings - The Shanghai Stock Exchange issued regulatory warnings to the sponsor representatives Lu Yulong and Zhou Jie, as well as to the signing accountants Ye Shanwu and Zhang Kaiyan, due to their involvement in the IPO application process of Feichao New Materials [1][4]. Violations Identified - Feichao New Materials exhibited several violations during its IPO application, including: - Non-compliance in financial reporting, leading to inaccurate disclosures. For instance, profits were overstated by CNY 1.6585 million in 2021 (6.96% of total profit) and CNY 1.4491 million in 2022 (2.40% of total profit) [2][6]. - Inadequate execution of internal controls, with issues in fund management, sales management, and inventory management [2][6]. - Governance issues that were not adequately disclosed, including the mixing of personnel and assets with related parties [2][6]. - Incomplete and insufficient analysis of related party transactions, including undisclosed transfers of trademarks and loans to related parties [2][6]. Responsibilities of Key Individuals - The sponsor representatives Lu Yulong and Zhou Jie failed to identify and rectify the financial reporting issues, inadequately verified the effectiveness of internal controls, and did not ensure complete disclosure of related party transactions [3][12]. - The signing accountants Ye Shanwu and Zhang Kaiyan also did not effectively identify financial irregularities and failed to design and execute adequate internal control testing procedures, leading to non-compliance in financial disclosures [3][18]. Regulatory Measures - The Shanghai Stock Exchange decided to issue regulatory warnings to Feichao New Materials and its key responsible individuals, including the former chairman, general manager, and financial officer, for their roles in the violations [6][12].