拓璞数控四度冲击上市：扭亏后冲刺港股“工业母机第一股”

Group 1 - Shanghai Topu Numerical Control Technology Co., Ltd. has submitted a new listing application to the Hong Kong Stock Exchange, aiming to become the "first high-end industrial mother machine stock" in Hong Kong, with joint sponsors being Guotai Junan and Jianyin International [1] - The company has made multiple attempts to list, including two failed attempts on the Sci-Tech Innovation Board in 2019 and 2020, and a first submission to the Hong Kong Stock Exchange in May 2025 [1] Group 2 - Topu Numerical Control has shown impressive performance in recent years, with revenues projected to reach 136 million yuan, 335 million yuan, and 532 million yuan from 2022 to 2024, representing a compound annual growth rate of 97.9% [3] - The net profit is expected to turn from a loss of 197 million yuan in 2022 to a profit of 6.886 million yuan in 2024, further increasing to 94.15 million yuan in the first half of 2025, a year-on-year surge of 270% [3] - The core business of aerospace intelligent manufacturing equipment accounts for over 94% of total revenue, with projected revenue from this segment reaching 503 million yuan in 2024, reflecting a three-year compound growth rate of 94.97% [3] Group 3 - The growth in performance is attributed to the wave of domestic high-end numerical control machine tool localization, with the localization rate of five-axis numerical control machine tools in China rising from 6% in 2021 to 55% in 2024, and expected to exceed 75% by 2029 [5] - The "14th Five-Year Plan for Intelligent Manufacturing Development" has prioritized five-axis machining centers, and the "Action Plan for Promoting High-Quality and Safe Development of Commercial Aerospace" released in November 2025 is expected to further stimulate market demand [5] - Topu Numerical Control holds the leading position in the Chinese aerospace five-axis numerical control machine tool market with an 11.6% market share [5] Group 4 - Despite revenue growth, the company faces challenges, including a continuous reduction in R&D investment, with spending decreasing from 108 million yuan in 2022 to 37 million yuan in the first half of 2025 [5] - The cash and cash equivalents have declined from 347 million yuan at the end of 2022 to 98.145 million yuan by the end of March 2025, while interest-bearing loans have increased to 148 million yuan [5] - The overall market share remains in a catching-up phase, ranking fifth in the domestic five-axis numerical control machine tool market in 2024 with a share of 4.3% [5] Group 5 - The funds raised from the listing are intended for new material research and the development of intelligent numerical control systems [5] - The founder, Wang Yuhan, indicated plans to leverage technological accumulation in the aerospace sector to expand into general markets such as semiconductors and new energy vehicles [5] - Market attention is focused on whether this university-affiliated enterprise can secure a more critical position in the high-end "industrial mother machine" localization process through this listing [5]