Core Viewpoint - The article highlights the upcoming IPO of Shiya Technology, a leading provider of micro-display solutions, emphasizing its role in promoting domestic alternatives in the XR hardware sector and its potential for capitalizing on the growing XR market [1]. Group 1: Market Position and Technology - XR technology is revolutionizing user interaction by integrating virtual and real-world experiences, moving from flat to spatial interaction [2]. - Major tech companies like Apple, Meta, and Huawei are investing heavily in XR, indicating its emergence as the next computing platform after smartphones [7]. - Silicon-based OLED micro-displays are identified as the essential visual core for XR devices, offering advantages such as lightweight design, high resolution (over 3000 PPI), low latency (under 1ms), and wide color gamut [7][8]. - The market for silicon-based OLED displays has been dominated by foreign companies like Sony and Samsung, but there is a growing need for innovation to meet the high-performance demands of XR applications [8]. Group 2: Company Development and Achievements - Founded in 2016, Shiya Technology focuses on high-performance silicon-based OLED products, overcoming traditional technology limitations [9]. - The company has established the world's first 12-inch silicon-based OLED micro-display production line, positioning itself as one of the few companies with comprehensive self-research capabilities [9]. - According to a report, Shiya Technology is projected to capture 35.2% of the global market share for silicon-based OLED products in XR devices by 2024, ranking second globally and first domestically [11]. Group 3: R&D and Competitive Edge - Shiya Technology has built a strong technical barrier through a top-tier R&D team and significant investment in research, with R&D personnel constituting 31.02% of its workforce [12]. - The company has maintained high R&D expenditure, with amounts reaching 23.7 million yuan in 2022, and has secured 267 patents, establishing a robust technological moat [13]. - Innovations such as strong micro-cavity technology and high-efficiency OLED structures have allowed Shiya Technology to exceed the performance of competitors like Sony [14]. Group 4: Financial Performance and Growth Potential - Shiya Technology's revenue has shown steady growth, with a compound annual growth rate of 21.27% from 2022 to 2024, and a significant increase of 54.67% in the first nine months of 2025 [16]. - The company anticipates revenues of 469 million yuan, 2.26 billion yuan, and 3.73 billion yuan from 2025 to 2027, indicating a potential for exponential growth [18]. - The company is also extending its service offerings to include strategic product development and optical systems, enhancing customer loyalty and pricing power [19]. Group 5: Market Trends and Future Outlook - The rise of AI is expected to significantly boost the XR market, with silicon-based OLED displays being crucial for presenting AI-generated content [20]. - The global silicon-based OLED market is projected to grow at a compound annual growth rate of 94.11%, reaching 67.93 billion yuan by 2030 [20]. - Shiya Technology plans to raise 2.01 billion yuan through its IPO to expand production capacity and enhance R&D, addressing the current supply-demand imbalance [22][23]. - Overall, Shiya Technology is positioned to lead in the AI-driven XR industry, contributing to the advancement of China's new display industry [24].

Core Viewpoint - The Sichuan Securities Regulatory Bureau issued a warning letter to Xinyong Zhonghe Accounting Firm and related personnel due to deficiencies found in the audit of Chengdu Yunda Technology Co., Ltd.'s financial statements for 2020 and 2022 [1][3]. Group 1: Risk Assessment and Control Testing - In the 2020 audit, the firm failed to assume the risk of fraud related to revenue recognition and did not evaluate which types of revenue or transactions could lead to fraud risk [4]. - The 2022 audit did not adequately understand and evaluate internal controls related to goodwill impairment testing as planned [4]. Group 2: Substantive Procedures - The 2020 audit was inadequate in terms of revenue recognition, estimated liabilities, and confirmations. Key audit evidence was not obtained for certain revenue confirmations, such as the appropriateness of using the "total method" for revenue recognition by subsidiary Sichuan Huiyou Electric Co., Ltd. [5]. - The firm failed to summarize and evaluate accounting errors related to estimated liabilities that exceeded the trivial misstatement threshold [5]. - In the 2022 audit, there were deficiencies in auditing goodwill impairment and fixed asset impairment for certain subsidiaries, including errors in the calculation of goodwill related to Beijing Yunda Huakai Technology Co., Ltd. [5]. Group 3: Audit Working Papers Compilation - Some audit evidence was not documented, and there were errors or insufficient records in the audit working papers [6]. - These actions violated relevant provisions of the Chinese Certified Public Accountant Auditing Standards and the Management Measures for Information Disclosure of Listed Companies [6].

文/梧桐晓编 12月22日，上海证券交易所公布《关于对保荐代表人李强、叶华予以监管警示的决定》、《关于对签字会计师刘宇、田川予以监管警示的决定》、《关于对株洲 科能新材料股份有限公司及相关责任人予以监管警示的决定》。株洲科能新材料股份有限公司申请科创板IPO于2023年6月21日获得上交所受理，IPO保荐机构为申 港证券股份有限公司，保荐代表人为李强、叶华；审计机构为信永中和会计师事务所（特殊普通合伙），签字会计师为刘宇、田川。后发行人撤回发行上市申请 文件，于2025年10月31日被终止审核。 经查明： 发行人在发行上市申请过程中存在以下违规行为：（一）研发投入金额披露不准确。现场检查发现，发行人部分废料损失、员工薪酬计入研发费用依据不充分， 合计应扣除的研发费用金额为441.17万元，占发行人披露的2021年至2023年累计研发投入的5.19%。一是部分废料损失计入研发费用依据不充分。报告期内，发行 人氧化镓颗粒制备工艺研发项目产生无回收价值的含铝废料镓2,451.21Kg，发行人将相关损失计入研发费用，并解释该废料产生的原因为辅料工业碱片中含铝导致 材料污染。现场检查发现，该研发项目临时变更制备路线使用 ...

Core Viewpoint - The Shenzhen Stock Exchange has imposed disciplinary actions against Da Xin Accounting Firm and its certified public accountants Wang Jin and Cui Huqiang for failing to perform due diligence in the audit of Huaxun Fangzhou Co., Ltd. for the years 2016 and 2017, resulting in false records in the audit reports [1][3][9]. Group 1: Disciplinary Actions - Da Xin Accounting Firm and the two accountants received public reprimands and criticism for their roles in the audit of Huaxun Fangzhou's financial statements [1][9]. - The firm and the accountants were previously warned by the Shenzhen Stock Exchange regarding issues in the 2018 annual report audit of Huaxun Fangzhou [1][3]. Group 2: Violations Identified - The audit reports for 2016 and 2017 contained false records due to the firm's failure to maintain professional skepticism and obtain sufficient audit evidence [3][9]. - Specific instances of negligence included not recognizing significant discrepancies in sales and inventory records, such as sales invoices being dated earlier than delivery dates and inconsistencies in customer addresses [4][5][6][7][8]. Group 3: Consequences and Record Keeping - The violations by Da Xin Accounting Firm and the accountants will be recorded in their integrity files, impacting their professional reputation [10].

文/梧桐数据中心 公司是一家贯彻"健康中国"理念，以满足中国婴幼儿的营养照护需求为核心，婴童食品及婴幼儿卫生用品两大业务板块协同发展的综合性、大型母婴产品研发、 生产及运营企业。 公司成立于2014年10月，2024年4月23日在全国中小企业股份转让系统挂牌，目前所处层级为创新层。本次发行前总股本为15,053.2725万股。拥有8家控股子公 司，无参股公司。截至2025年6月末，员工总计1,295人。 12月22日，英氏控股集团股份有限公司（874431）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 | | 英氏控股 | 婴童食品及婴幼儿卫生用 | 197,433.38 | 19,049.66 | 通过 | 西部证券/湖南启元/天职 | | | 0 ü | | | | 国际 | 英氏控股集团股份有限公司 主营业务为婴童食品及婴幼儿卫生用品。公司无控股股东；实际控制人为马文斌、万建明和彭敏， ...

Core Viewpoint - The article discusses the new regulations issued by the State-owned Assets Supervision and Administration Commission (SASAC) aimed at addressing the challenges faced by state-owned investment institutions, particularly the fear of investment due to a lack of clear liability exemption mechanisms [2][6]. Industry Background: The Mechanism Challenge of "Dare Not Invest" - A significant 81.9% of surveyed institutions reported a lack of liability exemption mechanisms, leading to reduced innovation and a conservative approach [6]. - 65.71% of institutions identified the absence of clear, actionable execution details and recognition standards as a core obstacle [6]. Key Breakthrough: From "One-Size-Fits-All" to Scenario-Based Exemption - The new regulation specifies scenarios for liability exemption, particularly in technology research and innovation, where failures due to exploratory nature can be exempted [7]. - It also allows for exemptions in venture capital investments and strategic emerging industries when failures arise from inexperience or trial-and-error approaches [8]. - Exemptions are granted for losses due to significant policy changes or external environmental shifts, acknowledging the boundary between commercial risks and violations [9]. Comparison with Previous Regulations - The new regulation (No. 46) has made significant adjustments in liability exemption clauses and accountability scope compared to the previous regulation (No. 37), removing the "trial" label and providing clearer guidelines [10]. - The number of accountability scenarios in equity investment has increased from 10 to 12, emphasizing compliance with main responsibilities and strategic planning [12]. Policy Highlights and Innovations - **Scenario-Based Exemption**: The new regulation details specific exemption scenarios for various business areas, addressing concerns about entering new fields [13]. - **Gradual Handling Mechanism**: It introduces a tiered approach to handling cases, allowing for lighter penalties in non-malicious situations, promoting a balance between punishment and education [14]. - **Comprehensive Negative List**: The regulation covers the entire investment lifecycle, including post-investment management, addressing previous gaps in management oversight [15]. Impact on Future Equity and Venture Investments by State-Owned Enterprises 1. **Increased Focus on Procedures and Compliance**: The new regulation emphasizes compliance in decision-making processes, encouraging state-owned enterprises to enhance their risk management systems [16]. 2. **Strengthening the Position of "Patient Capital"**: The regulation supports long-term investments in strategic emerging industries, allowing state-owned enterprises to back projects with longer return cycles without excessive concern for short-term losses [17]. 3. **Promoting Professionalization of State-Owned Enterprises**: The regulation aims to improve the professional capabilities of state-owned enterprises, ensuring that investment decisions are based on thorough research and due diligence rather than administrative orders [18]. The new regulations are seen as a timely response to the need for a more robust investment framework, enabling state-owned enterprises to navigate industry cycles and focus on long-term value creation and technological breakthroughs [18].

文 /旋风 12月19日，深交所公布了对中喜会计师事务所（特殊普通合伙）及签字注册会计师陈昱池、沈建平给 予纪律处分的决定。 经查明，中喜所及上述注册会计师在华讯方舟股份有限公司（已退市））《2020 年度审计报告》、《专项审核报告》中鉴证业务执业未勤勉尽责，出具的《专项审核报告》存在虚假记 载：1、中喜所对相关公司收入确认事项和应收账款事项审核程序执行不到位。2、中喜所对相关公司预 付账款事项审核程序执行不到位。3、中喜所未获取有关产品生产资料。4、2019年度相关审计机构出 具无法表示意见审计报告，中喜所在2020年度审计过程中已发现诸多异常，仍出具业务真实性影响已 消除的《专项审核报告》。经查明，中喜所及上述注册会计师在华讯方舟股份有限公司（已退市）） 《2020年度审计报告》、《专项审核报告》中鉴证业务执业未勤勉尽责，出具的《专项审核报告》存 在虚假记载：1、中喜所对相关公司收入确认事项和应收账款事项审核程序执行不到位。2、中喜所对相 关公司预付账款事项审核程序执行不到位。3、中喜所未获取有关产品生产资料。4、2019年度相关审 计机构出具无法表示意见审计报告，中喜所在2020年度审计过程中已发现诸多 ...

文 /梧桐小编 12月19日，深圳证券交易所上市审核中心公布《关于对袁志伟、王斌采取约见谈话的决定》、《关于对高虹、何华博采取约 见谈话的决定》。深交所于2022年6月27日受理了武汉元丰汽车电控系统股份有限公司创业板IPO的申请，袁志伟、王斌为 项目保荐代表人，高虹、何华博为项目签字注册会计师。经查：保荐代表人在执业过程中未对发行人与其重要客户之间存在 的部分履约争议事项、2020年返利会计处理事项、收入确认相关内部控制不规范情形予以充分关注并审慎核查，发表的核查 意见不准确。此外，保荐代表人在执业过程中还存在部分函证和走访程序瑕疵。签字注册会计师在执业过程中未对发行人与 其重要客户之间存在的部分履约争议事项、2020年返利会计处理事项、收入确认相关内部控制不规范情形予以充分关注并审 慎核查，发表的核查意见不准确。深交所审核中心要求袁志伟、王斌、高虹、何华博于2025年12月26日携带有效身份证件 到本所（地址：深圳市福田区深南大道2012号）接受约谈。 据公开资料，武汉元丰汽车电控系统股份有限公司创业板IPO于2023年4月19日过会，一直未能提交注册，于2025年1月9日 被终止审核。该IPO项目的保荐 ...

Core Viewpoint - Jiangsu Nuotai Aosaikeno Biopharmaceutical Co., Ltd. (ST Nuotai) has been penalized by the China Securities Regulatory Commission (CSRC) for falsifying financial statements, including inflating revenue by 30 million yuan and profit by 25.9516 million yuan, which accounted for 20.64% of the total profit disclosed for the period [1][8][11]. Summary by Sections Administrative Penalty - The CSRC issued an administrative penalty decision against ST Nuotai, ordering it to correct its actions, issuing a warning, and imposing a fine of 47.4 million yuan. Six responsible individuals were fined between 1.5 million and 13 million yuan, totaling 28.8 million yuan [1][20]. Violations Identified - ST Nuotai's 2021 annual report contained false records, specifically regarding a technology transfer to Zhejiang Huabei Pharmaceutical Co., Ltd., which lacked commercial substance and should not have been recognized as revenue. This transaction was linked to a capital increase from ST Nuotai to Zhejiang Huabei [8][11][12]. - The company’s public offering documents also contained significant false information, particularly in the financial accounting section, which misrepresented the 2021 financial data [10][11]. Responsible Individuals - Key individuals involved included Zhao Dezhong (Vice Chairman), Zhao Deyi (Chairman), Jin Fuqiang (General Manager), and others, who failed to ensure the accuracy of the financial reports and were found to have participated in the misleading transactions [9][12][17]. Company Response and Future Actions - ST Nuotai acknowledged the violations and expressed intentions to strengthen internal controls and compliance processes. The company aims to improve the quality of information disclosure and maintain the interests of shareholders [25][26].

Core Viewpoint - The article highlights the upcoming IPO of Hangdongguang Communication Technology (Shenzhen) Co., Ltd., emphasizing its focus on the passive optical device sector within the optical communication industry, particularly benefiting from the rapid growth in AI data centers and telecom networks [1] Group 1: Scarcity and High Growth Potential - Hangdongguang is positioned as an "invisible champion" in the optical communication niche, focusing on passive optical fiber wiring and related products, which include optical fiber connectors and passive interconnect devices [2] - The company has strategically avoided intense competition by concentrating on the optical fiber connection supply chain for AI data centers, meeting diverse interconnection needs across various applications [2] - The company’s innovative products, such as flexible optical fiber lines and silicon photonic passive interconnect devices, cater to high-precision applications, showcasing significant technological adaptability [7] - Long-term partnerships with major clients like AFL and Coherent demonstrate the company's scarcity and provide a solid foundation for sustained revenue growth [8] Group 2: Performance Growth and Financial Metrics - From 2022 to 2024, Hangdongguang's revenue is projected to grow from 475 million to 1.315 billion yuan, with a compound annual growth rate of 66.33%, while net profit is expected to rise from 52.2 million to 143 million yuan [9] - The data center segment contributes over 80% of the company's revenue, with a notable 116.97% year-on-year growth in passive interconnect device revenue expected in 2024 [12] - R&D investment has been a core focus, with expenditures increasing from 34.5 million yuan in 2022 to 52.6 million yuan in 2024, ensuring alignment with industry advancements [12] Group 3: Market Environment and Participation Dynamics - The demand for AI computing is driving the expansion of the optical communication sector, with predictions of a 146.48% increase in global AI application optical module sales in 2024 [15] - Hangdongguang's products are integral to AI data center infrastructure, supporting high-density interconnections and meeting industry standards [16] - The favorable IPO environment on the Beijing Stock Exchange, characterized by a cycle of high participation and reasonable valuation, enhances investor interest in Hangdongguang as a dual-focus investment in AI computing and optical communication [17]