在经历2023年A股IPO折戟，今年9月冲刺港股招股书失效后，10月27日海辰储能又一次更新了招股申请书。 迫切想登陆资本市场的背后，是海辰储能资金链紧张的现状。但最终能否如愿以偿，仍存在不确定性。 ▲海辰储能历年净利润表现，来源：Wind 尽管2024年及2025上半年分别实现2.88亿元与2.13亿元的盈利，但背后主要依赖的是巨额政府补助。 具体来看，2024年，海辰储能获得政府补贴高达4.14亿元，是净利润的1.43倍。若扣除财政补贴，公司实际上仍然处于持续亏损状态。然而，在招股书 中，海辰储能将2024年定为关键年份，并声称首次实现扭亏为盈。 2025年，实际盈利情况并未好转。上半年，政府补贴仍高达3.34亿元。若把这部分剔除，2025年一季度没有实现盈利，反而比去年同期还要多亏0.01亿 元。 海辰储能难以实现自我造血，也主要源于公司低于成本的持续恶性竞争。 过去几年，公司为了抢夺市场份额，做大规模，海辰储能对外报价不惜低于成本价，一定程度上导致行业陷入无休止的"内卷"与亏损。 01 靠补贴支撑的盈利幻象 海辰的成长无疑迅速。公司成立六年间，出货量跃升至全球前三，营收从2022年的36亿元增长到20 ...

Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. is pursuing an IPO on the ChiNext board, showing increasing revenue while reducing customer concentration and improving profit margins due to declining raw material prices [1][2][4]. Revenue Growth - Jinqiao Dek's revenue for the reporting period was 491 million, 539 million, and 627 million yuan, with net profit after deducting non-recurring items at 87.26 million, 114 million, and 135 million yuan respectively [2]. - Despite revenue growth, sales to the top five customers decreased from 53.73 million yuan in 2022 to 44.84 million yuan in 2024, with the proportion of sales to these customers dropping from 10.94% to 7.15% [2]. Accounts Receivable - The book value of accounts receivable was 214 million, 237 million, and 294 million yuan, accounting for 38.24%, 34.02%, and 32.22% of total assets, and representing 43.53%, 44.08%, and 46.84% of revenue for the respective years [3]. - The proportion of overdue accounts receivable was 23.37%, 22.71%, and 28.48%, with collection rates of 96.89%, 95.07%, and 79.49% [3]. Profitability and Cost Management - The gross profit margin increased from 34.23% in 2022 to 41.23% in 2024, primarily due to a decrease in raw material prices [4]. - Sales expense ratios were significantly lower than industry averages at 4.17%, 4.49%, and 4.52%, while management expense ratios were 3.98%, 4.09%, and 4.51%, also below industry averages [4].

Core Insights - Lingyun Co., Ltd. reported a total revenue of 14.07 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.41%, while the net profit attributable to shareholders reached 588 million yuan, up 17.47% year-on-year [1] Financial Performance - The company's revenue growth is attributed to stable performance in its core business and active expansion into new markets [1] - However, the financial report also indicates concerns such as a significant increase in accounts receivable and a sharp decline in cash flow, suggesting potential challenges ahead [1] Accounts Receivable - Accounts receivable reached a historical high of 5.559 billion yuan, marking a year-on-year increase of over 10%, which is higher than the revenue growth rate [2] - The ratio of accounts receivable to revenue stood at 39.51% at the end of the third quarter, the highest level since 2016 [2] - High accounts receivable may negatively impact the company's liquidity, financial risk, and operational stability [2] Investor Interaction - Following the release of the quarterly report, investors raised concerns on the Shanghai Stock Exchange's investor interaction platform regarding the high levels of accounts receivable and inventory, which are straining the company's operating capital and cash flow [4] - Lingyun Co., Ltd. has not responded to these inquiries, raising questions about the company's communication with investors [4] Institutional Holdings - Several institutions have significantly reduced their holdings in Lingyun Co., Ltd., with notable reductions including nearly 34.6 million shares by Yongying Advanced Manufacturing Fund and over 10.83 million shares by Hong Kong Central Clearing Limited [6] - The number of shareholders increased by 20.56% from June 30 to September 30, 2025, reaching 55,900 [6] Shareholder Composition - The largest shareholder, Beifang Lingyun Group Co., Ltd., holds 389.98 million shares, accounting for 32.39% of the circulating A-shares, with a slight increase in holdings [7] - Other significant shareholders include Zhongbing Investment Management and Guoxin Investment Co., Ltd., with no changes in their holdings [7]

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "the Company") is scheduled for a review meeting on November 14, 2025, to discuss its performance forecast for 2025, which indicates a potential decline in revenue and net profit compared to previous years [1][3]. Financial Performance - The Company has experienced a decline in revenue for two consecutive years, with significant fluctuations in gross profit margins, which were 13.27%, 15.04%, 18.83%, and 17.49% from 2022 to 2025 [3][4]. - For 2025, the Company forecasts revenue between 2.2 billion to 2.4 billion yuan, representing a year-on-year change of -6.91% to 1.56%, and net profit between 140 million to 160 million yuan, with a year-on-year change of -3.64% to 10.13% [4][5]. Business Operations - The Company specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid-enhanced fertilizers and controlled-release fertilizers [2]. - The Company has a diverse customer base, including major agricultural input companies and government clients, which has led to an increase in accounts receivable, reaching 387 million yuan by the end of the reporting period [7]. Production Capacity and Utilization - The Company has a low production capacity utilization rate, below 60%, while still planning to expand production capacity significantly [9][10]. - The Company plans to raise funds for new projects, including a 300,000-ton humic acid intelligent high-tower compound fertilizer project and a 150,000-ton bio-fertilizer production line [9]. Corporate Governance and Financial Management - The Company’s major shareholder is Mingquan Investment, controlled by Ma Xuewen and his son, who collectively hold 76.10% of the shares [11]. - Despite a significant cash dividend of 180 million yuan in 2022, the Company plans to raise 40 million yuan to supplement its working capital, raising questions about its financial management strategy [13][14].

近期，江苏亚电科技股份有限公司（下称"亚电科技"）更新了招股说明书，2025年6月27日，上交所官 网显示其IPO申请已获受理，不到一个月，公司IPO的审核状态便迅速变更为"已问询"。 值得注意的是，亚电科技曾与江苏省姜堰经济开发区管理委员会签署《招商引资协议》及其补充协议， 公司于2022年收到6000万元的附有考核条件的政府补助。协议约定，若公司于2029年12月31日前完成上 市，且自2021年1月1日至2029年12月31日累计入库税收已达到3.5亿元，则无需退还前述6000万元补 助，无需承担任何违约责任。若未能满足，则公司应于2030年3月31日前退还相应6000万元补助及对应 利息。 为进一步了解该笔补助对公司的具体影响及当前经营情况，《华夏时报》记者已向亚电科技邮箱发送采 访问题，但截至发稿，尚未收到对方回复。 高度依赖大客户 据公开信息，亚电科技成立于2019年，公司是国内领先的湿法清洗设备供应商，主要从事硅基半导体、 化合物半导体及光伏领域湿法清洗设备的研发、生产和销售。 从经营数据看，2022年至2024年，亚电科技年均复合增长率达119.26%，呈高速增长趋势。财务数据显 示，其营业收 ...

家族控股83.75%、10亿应收账款压顶、拳头产品毛利率逆势走高，至信股份的上市之路布满荆棘。 随着哪吒汽车在2024年陷入破产重整，至信股份不得不面对严峻的现实：应收账款无法收回形成坏账， 为哪吒汽车项目准备的大量存货也大幅减值。 令人质疑的是，至信股份在与哪吒汽车合作的第二年（2024年）就允许其应收账款占销售额比例接近 80%，内控机制形同虚设。而且，公司似乎未从以往客户"爆雷"中吸取教训。 11月6日，重庆至信实业股份有限公司（以下简称"至信股份"）迎来上市委审议的关键时刻。至信股份 的IPO之路并不平坦：公司与最大供应商采购数据存在矛盾、大客户哪吒汽车"爆雷"导致近亿元损失、 应收账款高达10.53亿元占流动资产近半。这些问题引发了市场对其上市前景的广泛质疑。 至信股份的招股书披露了一个令人费解的矛盾点。2023年，公司向第一大供应商苏州利来工业智造股份 有限公司的采购金额为1.84亿元。然而，在深交所公布的苏州利来招股书中，2023年前五大客户榜单并 未出现至信股份的身影。 这一矛盾引发市场两种猜测：要么至信股份虚报了采购数据，要么苏州利来隐瞒了真实销售情况。 资料系那是，哪吒汽车母公司合众汽车成 ...

Core Viewpoint - The recent related party transaction involving Qujiang Cultural Tourism (曲江文旅) raises concerns about the company's financial health and operational challenges, as it accepts commercial properties and parking spaces to settle debts, indicating potential financial distress [1] Financial and Operational Challenges - Qujiang Cultural Tourism has reported continuous losses over three years, with net losses of CNY 2.49 billion, CNY 1.95 billion, and CNY 1.31 billion from 2022 to 2024, totaling nearly CNY 5.75 billion [1] - The company's revenue for the first half of the year was CNY 5.32 billion, a significant decline of 30.95% year-on-year, with Q2 revenue dropping to CNY 2.26 billion, a 38.87% decrease, marking a record low for the period [1] - The core business of scenic area operation management generated CNY 2.68 billion in revenue, which is nearly half of its peak level, reflecting a severe downturn [1] Profitability and Cost Issues - The overall gross margin for Qujiang Cultural Tourism fell to 6.62%, a drop of 16.06 percentage points year-on-year, indicating a decline in the core business's ability to generate profit [2] - High fixed costs, such as depreciation and amortization, coupled with weak ticket pricing and secondary consumption development capabilities, have led to a situation where revenue cannot cover cost pressures [2] Debt and Liquidity Concerns - As of June, the company had short-term borrowings of CNY 2.14 billion and non-current liabilities due within one year of CNY 1.49 billion, with cash and cash equivalents of only CNY 1.03 billion, resulting in a short-term debt gap exceeding CNY 2.6 billion [6] - The liquidity ratio has remained below 0.7 since Q1 2024, indicating extreme short-term liquidity stress [10] Accounts Receivable Issues - Qujiang Cultural Tourism's accounts receivable stood at CNY 7.15 billion, with a bad debt provision of CNY 3.06 billion, representing a provision rate of 31% [11] - A significant portion of the accounts receivable is concentrated among related parties, with approximately CNY 6.5 billion owed by units under the Qujiang New District Management Committee, raising concerns about the collectability of these debts [11] Shareholder and Control Risks - The financial troubles of the controlling shareholder, Qujiang Tourism Investment Group, have led to a series of forced share disposals, with 19.31% of shares frozen and a declining shareholding ratio, which may impact decision-making efficiency within the company [14][15] - The potential entry of Xi'an Zhongma International Real Estate as a significant shareholder could introduce further uncertainty regarding control and governance [16][18]

Core Viewpoint - The recent financial report of Xiugang Co., Ltd. shows a mixed performance with a revenue increase but a decline in net profit, highlighting concerns over accounts receivable and profitability metrics [1][3]. Financial Performance - Total revenue for Q3 2025 reached 1.237 billion yuan, a year-on-year increase of 9.19% compared to 1.133 billion yuan in Q3 2024 [1]. - Net profit attributable to shareholders for Q3 2025 was 171 million yuan, down 5.9% from 182 million yuan in Q3 2024 [1]. - The gross profit margin decreased to 26.33%, a decline of 12.36% year-on-year, while the net profit margin fell to 13.84%, down 13.78% year-on-year [1]. - The company reported a significant increase in accounts receivable, which reached 373 million yuan, representing 170.19% of the latest annual net profit [1][3]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 97.83 million yuan, accounting for 7.91% of revenue, a decrease of 9.45% year-on-year [1]. - Earnings per share (EPS) decreased to 0.22 yuan, down 5.91% from 0.24 yuan in the previous year [1]. Business Operations and Strategy - The company is focusing on its core product lines, particularly household appliance glass, which includes subcategories like colored glass and coated glass [3]. - The establishment of a production line in Thailand aims to enhance supply chain responsiveness and mitigate trade risks [5]. - The company plans to continue developing new products and optimizing production management to maintain competitiveness in the household appliance glass market [6]. Investment and Financial Health - The company's return on invested capital (ROIC) was reported at 8.75%, indicating average capital returns [4]. - Cash assets are described as healthy, suggesting a stable financial position despite the challenges in profitability [4].

Core Viewpoint - The actual controller of Jiangsu Jinxincheng Property Service Co., Ltd., Xu Peixin, is under investigation, raising concerns about the company's governance and operational stability [1][4]. Company Overview - Jiangsu Jinxincheng Property Service Co., Ltd. was established in 2002 and listed on the New Third Board in October 2018. The company focuses on property management and is part of Jinxincheng Group, which operates primarily in the Yangtze River Delta region [4][5]. - Xu Peixin and his wife, Li Jinmei, hold a combined 91.11% of the company's shares, indicating a high level of control over the company's decisions [6]. Financial Performance - In the first half of 2025, the company reported a revenue of 0.88 billion yuan, a year-on-year increase of 4.23%, and a net profit attributable to shareholders of 0.08 billion yuan, up 149.32% [3][8]. - The company's revenue in Zhangjiagang City decreased by 1.25% to 63.28 million yuan, while revenue from other regions increased by 21.15% to 25.11 million yuan [9]. Challenges and Risks - The company faces increasing accounts receivable, which reached 62.35 million yuan in the first half of 2025, up from 50.93 million yuan at the end of 2024. This increase is attributed to slower payment collection due to economic conditions [10]. - A significant portion of the accounts receivable (34.01%) is from related parties, which poses a risk if these parties face financial difficulties [10].

Core Points - The court has enforced a deduction of 1.0335 million yuan from the bank account of the wholly-owned subsidiary of the company, resulting in a total deduction of 3.4635 million yuan [1] - As of September 30, the company is owed over 108 million yuan in sewage treatment fees by the Housing and Urban-Rural Development Bureau of Baicheng, which has led to the company's inability to pay the enforced judgment amount [1] - The total amount frozen for the company and its subsidiaries has reached 87.078 million yuan, accounting for 2.15% of the most recent audited net assets [1] - The company plans to urge the Housing and Urban-Rural Development Bureau to settle the outstanding payments and will continue to disclose progress while reminding investors to pay attention to risks [1]