Company Overview - Full Name: Guoke Tianceng Technology Co., Ltd [1] - Abbreviation: Guoke Tianceng [1] - Stock Code: 301571.SZ [1] - IPO Application Date: June 10, 2022 [1] - Listing Date: August 21, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Manufacturing of Computers, Communications, and Other Electronic Devices [1] - IPO Sponsoring Institution: Guotai Junan Securities [1] - IPO Underwriters: Guotai Junan Securities [1] - IPO Legal Counsel: Beijing King & Wood Mallesons (Chengdu) [1] - IPO Audit Firm: BDO China Shu Lun Pan Certified Public Accountants [1] Disclosure and Regulatory Compliance - Disclosure Issues: Required to remove outdated regulations with weak relevance to the main business and to further verify shareholder information [1] - Regulatory Penalties: No penalties imposed [1] - Public Supervision: No penalties imposed [1] - Listing Cycle: 803 days, exceeding the average of 629.45 days for 2024 A-share listings [1] - Multiple Applications: Not applicable, no penalties [1] Financial Metrics - Underwriting and Sponsorship Fees: CNY 38.9767 million, with a commission rate of 7.80%, higher than the average of 7.71% [1] - Initial Listing Performance: Stock price increased by 220.02% on the first day [1] - Three-Month Performance: Stock price increased by 332.05% within three months [1] - Issuance Price-Earnings Ratio: 15.76 times, significantly lower than the industry average of 32.29 times, representing 48.81% of the industry average [1] - Actual Fundraising: Expected to raise CNY 559 million, but actual amount raised was CNY 500 million, a decrease of 10.57% [1] Short-Term Performance Post-Listing - Revenue Growth: 36.93% year-on-year increase in revenue for 2024 [1] - Net Profit Growth: 36.18% year-on-year increase in net profit attributable to shareholders [1] - Non-Recurring Net Profit Growth: 24.55% year-on-year increase in non-recurring net profit attributable to shareholders [1] Subscription Metrics - Abandonment Rate: 0.24% [1] Overall Assessment - Total Score for IPO Project: 80.5 points, classified as Grade B [1] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle exceeds two years, high issuance cost ratio, reduced actual fundraising amount, and abandonment rate of 0.24% [1]

IPO申报日期：2022年6月10日 登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司基本情况 全称：国科天成科技股份有限公司 简称：国科天成 代码：301571.SZ 上市日期：2024年8月21日 上市板块：深证创业板 所属行业：计算机、通信和其他电子设备制造业 IPO保荐机构：国泰君安证券 保荐代表人：彭凯、沈昭 IPO承销商：国泰君安证券 IPO律师：北京金杜（成都）律师事务所 （6）发行费用及发行费用率 国科天成的承销及保荐费用为3897.67万元，承销保荐佣金率7.80%，高于整体平均数7.71% 。 IPO审计机构：致同会计师事务所（特殊普通合伙） （二）执业评价情况 （1）信披情况： 被要求删除招股说明书中实施时间较早、与发行人主营业务关联性较弱的相关法规政策；被要求对发行 人披露的股东信息进一步核查，完善专项核查说明；被要求说明招股说明书相关董事简历信息与公开信 息不一致的原因，进一步确认招股说明书信息披露的完整性、准确性；被要求进一步说明发行人是否符 合创业板定位。 （2）监管处罚情况：不扣分 （3）舆论监督：不扣分 （4）上市周期：扣分 2024年度已上市A股企业从申报到上市 ...

Core Viewpoint - Guoke Tianceng experienced a decline of 4.82% on September 2, with a trading volume of 305 million yuan, indicating market volatility and investor sentiment concerns [1] Financing Summary - On September 2, Guoke Tianceng had a financing buy-in amount of 43.53 million yuan and a financing repayment of 34.83 million yuan, resulting in a net financing buy of 8.70 million yuan [1] - The total financing and securities lending balance reached 192 million yuan, accounting for 3.28% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The company had no shares repaid in securities lending on September 2, with 500 shares sold, amounting to 24,600 yuan at the closing price, and a securities lending balance of 388,300 yuan, also above the 90th percentile of the past year [1] Financial Performance - As of June 30, Guoke Tianceng reported a total of 15,300 shareholders, an increase of 7.03% from the previous period, with an average of 2,343 circulating shares per person, a decrease of 6.57% [2] - For the first half of 2025, the company achieved a revenue of 407 million yuan, representing a year-on-year growth of 7.81%, and a net profit attributable to shareholders of 67.32 million yuan, up 17.37% year-on-year [2] Dividend and Shareholding Structure - Guoke Tianceng has distributed a total of 17.4043 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the top ten circulating shareholders included several new entrants, with Changcheng Jiujia Innovation Growth Mixed A being the largest shareholder with 1.75 million shares, followed by other funds such as Fuguo Military Industry Theme Mixed A and Guotai Zhongzheng Military Industry ETF [3]

从资金流向上来看，当日军工电子板块主力资金净流出1868.66万元，游资资金净流入646.72万元，散户 资金净流入1221.95万元。军工电子板块个股资金流向见下表： 证券之星消息，8月25日军工电子板块较上一交易日上涨2.23%，华丰科技领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。军工电子板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688629 | 华丰科技 | 78.50 | 11.95% | 32.00万 | 23.84亿 | | 300762 | 上海剪计 | 29.21 | 10.02% | 103.81万 | 28.92 Z | | 300252 | 金信诺 | 14.70 | 8.49% | 103.26万 | 14.74亿 | | 688552 | 航天南湖 | 46.59 | 7.23% | 25.97万 | 11.81亿 | | 300045 | 华力创通 | 22.73 | 7.07% ...

Core Viewpoint - Guoke Tianceng's stock price increased by 2.87% on August 22, with a trading volume of 406 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On August 22, Guoke Tianceng had a financing buy-in amount of 41.98 million yuan and a financing repayment of 34.48 million yuan, resulting in a net financing purchase of 7.50 million yuan [1]. - As of August 22, the total financing and securities lending balance for Guoke Tianceng was 133 million yuan, with the current financing balance at 132 million yuan, accounting for 2.23% of the circulating market value [1]. - In terms of securities lending, Guoke Tianceng had no shares repaid on August 22, with 3,400 shares sold short, amounting to 169,700 yuan at the closing price, and a remaining short position of 5,900 shares valued at 294,400 yuan [1]. Company Overview - Guoke Tianceng Technology Co., Ltd. is located in Haidian District, Beijing, and was established on January 8, 2014, with its listing date on August 21, 2024 [1]. - The company specializes in the research, production, sales, and service of infrared thermal imaging and other optoelectronic fields [1]. Financial Performance - For the period from January to June 2025, Guoke Tianceng achieved a revenue of 407 million yuan, representing a year-on-year growth of 7.81%, and a net profit attributable to shareholders of 67.32 million yuan, reflecting a year-on-year increase of 17.37% [1]. Shareholder Information - As of June 30, 2025, Guoke Tianceng had 15,300 shareholders, an increase of 7.03% from the previous period, with an average of 2,343 circulating shares per shareholder, a decrease of 6.57% [1]. - The cumulative cash distribution after the A-share listing amounted to 17.40 million yuan [2]. - The top ten circulating shareholders include several new institutional investors, with the largest being Changcheng Jiujia Innovation Growth Mixed A, holding 1.75 million shares [2].

Group 1 - The core viewpoint of the articles highlights the performance and financial metrics of Guoke Tianceng, including stock price movements and trading volumes [1][2] - As of August 22, Guoke Tianceng's stock price increased by 2.06% to 49.51 CNY per share, with a total market capitalization of 8.883 billion CNY [1] - The company has seen a year-to-date stock price increase of 16.73%, with recent trading performance showing a 2.57% increase over the last five trading days [1] Group 2 - For the first half of 2025, Guoke Tianceng reported a revenue of 407 million CNY, reflecting a year-on-year growth of 7.81% [2] - The company has a total of 15,300 shareholders as of June 30, 2025, which is a 7.03% increase from the previous period [2] - The largest circulating shareholder is Changcheng Jiujia Innovation Growth Mixed A, holding 1.75 million shares as a new shareholder [2]

Financial Performance - Company reported total revenue of 407 million yuan for the first half of 2025, an increase of 7.81% year-on-year [1] - Net profit attributable to shareholders reached 67.32 million yuan, up 17.37% year-on-year [1] - Gross margin improved to 38.33%, a rise of 6.72% compared to the previous year [1] - Net margin decreased slightly to 15.48%, down 3.00% year-on-year [1] - Earnings per share (EPS) was 0.38 yuan, a decrease of 11.63% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents increased significantly by 102.78% to 337 million yuan [1] - Net cash flow from investing activities decreased by 134.44% due to increased cash payments for fixed and intangible assets [4] - Net cash flow from financing activities decreased by 50.47% due to increased cash dividend payments and borrowings [4] - The company’s cash flow situation is concerning, with a cash ratio of 43.91% and negative operating cash flow over the past three years [5] Inventory and Receivables - Inventory increased significantly by 31.54% year-on-year [1] - Accounts receivable rose by 11.34% to 706 million yuan, with accounts receivable to profit ratio reaching 408.6% [5] R&D and Taxation - R&D expenses increased by 25.29% during the reporting period [4] - Income tax expenses saw a significant change of 139.81%, attributed to changes in total profit [3] Market Outlook - The market demand for cooled infrared detectors is expected to maintain a strong growth trend, particularly in defense applications, although specific data for the Chinese military infrared market remains unavailable [5]

Core Insights - Guoke Tianceng Technology Co., Ltd. reported a revenue of 407 million yuan for the first half of 2025, marking a year-on-year increase of 7.81% [2] - The net profit attributable to shareholders reached 67.32 million yuan, reflecting a year-on-year growth of 17.37% [2] - The company's growth is driven by its differentiated competitive advantage in the domestic market, particularly through its antimony-based infrared products [2] Revenue and Profit Performance - The company achieved an operating income of 407 million yuan, which is a 7.81% increase compared to the previous year [2] - The net profit attributable to the shareholders was 67.32 million yuan, showing a 17.37% increase year-on-year [2] Growth Drivers - The main growth drivers include the recognition of the quality and performance of the company's antimony-based infrared products by downstream customers [2] - Non-cooling infrared products and optical products have started to be supplied in bulk, contributing to the company's revenue growth [2] - The company's market recognition, credit rating, and overall strength have significantly improved post-listing, aiding in market expansion and new customer development [2]

Core Viewpoint - The report highlights the financial performance and operational strategies of Guoke Tianceng Technology Co., Ltd. for the first half of 2025, showcasing a growth in revenue and net profit, while emphasizing the company's focus on infrared thermal imaging and optical products as core business areas [1][8]. Financial Performance - The company achieved a revenue of approximately 406.54 million yuan, representing a year-on-year increase of 7.81% compared to 377.07 million yuan in the same period last year [2][8]. - The net profit attributable to shareholders was approximately 66.06 million yuan, reflecting a growth of 21.15% from 54.52 million yuan in the previous year [2][8]. - The basic earnings per share decreased by 11.63% to 0.38 yuan from 0.43 yuan [2][8]. - Total assets increased by 10.54% to approximately 2.77 billion yuan from 2.51 billion yuan at the end of the previous year [2][8]. Business Overview - The company primarily operates in the infrared thermal imaging and optical fields, with a focus on both cooled and uncooled infrared detectors [3][4]. - The cooled infrared products include antimony indium series and II-type superlattice series, with the former being widely recognized in the market [4][9]. - Non-cooled infrared products are also being developed, targeting applications in areas such as outdoor observation and security monitoring [4][5]. Competitive Advantages - Guoke Tianceng is one of the few private infrared manufacturers in China that possesses both cooled and uncooled infrared detector production capabilities, establishing a competitive edge in the market [3][9]. - The company has a comprehensive optical design and lens processing capability, having developed over 60 types of lenses, which positions it well in the mid-to-high-end market [5][10]. - The company has established partnerships with major clients in the defense and aerospace sectors, enhancing its market presence and customer base [10]. Operational Strategies - The company employs a sales model primarily based on direct sales, leveraging customer relationships and technical exchanges to secure orders [6][7]. - The production strategy is based on a sales-driven model, aligning production with market demand and customer orders [7]. - Research and development efforts are focused on optimizing existing products and developing new technologies, including avalanche photodetectors and semiconductor lasers [7][10].

Core Viewpoint - The report highlights the financial performance of Guoke Tiancai Technology Co., Ltd. for the first half of 2025, showing an increase in revenue and net profit compared to the same period last year, while also noting a decline in earnings per share [1][3]. Financial Performance - Operating revenue for the reporting period reached approximately 406.54 million yuan, representing a 7.81% increase from 377.07 million yuan in the same period last year [1]. - Net profit attributable to shareholders was approximately 67.32 million yuan, up 17.37% from 57.36 million yuan year-on-year [1]. - The net profit after deducting non-recurring gains and losses was not specified but is part of the overall profit increase [1]. - The net cash flow from operating activities was approximately -76.23 million yuan, an improvement of 6.54% from -81.56 million yuan in the previous year [1]. - Basic and diluted earnings per share were both 0.38 yuan, down 11.63% from 0.43 yuan in the previous year [1]. Assets and Equity - Total assets at the end of the reporting period were approximately 2.77 billion yuan, a 10.54% increase from 2.51 billion yuan at the end of the previous year [3]. - Net assets attributable to shareholders were approximately 1.90 billion yuan, reflecting a 3.92% increase from 1.83 billion yuan [3]. Shareholder Information - The report includes details on major shareholders, with the top shareholder being Beijing Kongying Technology Development Co., Ltd. holding 8.19% of shares [4]. - Other significant shareholders include Wu Mingxing with 6.16% and Tianjin Shengtiancheng Asset Management with 5.40% [4]. - The report notes that there were no changes in the controlling shareholder or actual controller during the reporting period [5].