IPO周报：新增受理2单申请，国仪量子年度研发投入占比下滑

Core Viewpoint - The recent week saw the acceptance of two new IPO applications from the Sci-Tech Innovation Board, with both companies focusing on advanced technology sectors and seeking significant funding. Group 1: New IPO Applications - Two companies, Guoyi Quantum Technology Co., Ltd. and Shanghai Pinzhun Laser Technology Co., Ltd., have applied for IPOs, aiming to raise 1.169 billion yuan and 1.410 billion yuan respectively [1] - Guoyi Quantum specializes in high-end scientific instruments and has not yet turned a profit, applying for listing under the "market value + revenue" standard [1] - Guoyi Quantum's projected revenues for 2022 to 2025 are 151 million yuan, 399.6 million yuan, 501 million yuan, and 171 million yuan, with net losses expected to narrow by 2026 [2] Group 2: Financial Performance and Projections - Guoyi Quantum's R&D expense ratio has been declining, from 75.34% in 2022 to 29.78% in the first half of 2025 [2] - Pinzhun Laser's revenue has shown rapid growth, with a compound annual growth rate of 90.49% from 2022 to 2024, but it still faces risks due to its relatively small scale [2] Group 3: Risks and Challenges - Pinzhun Laser has not yet secured land for its fundraising projects, which poses a risk to its operational plans [3] - Guoyi Quantum's management anticipates a significant reduction in losses by 2025, but acknowledges potential discrepancies in these forecasts due to various influencing factors [2] - Both companies face challenges related to their growth strategies and market conditions, which could impact their financial stability [2][3] Group 4: Other IPO Developments - In addition to the new applications, seven other companies have passed the review process, with three having submitted registration and four still under review [3] - Two companies, Chuangzheng Electric Co., Ltd. and Harbin Dongsheng Jin Materials Technology Group Co., Ltd., have had their IPO applications terminated, with Chuangzheng Electric facing issues related to financial audits [3][4] - Dongsheng Jin Materials reported a significant decline in revenue and net profit in 2023, attributed to market conditions and customer inventory adjustments [5]