2025年12月24日，北交所正式同意四川菊乐食品股份有限公司恢复上市审核的申请，这距离其因财务报告过期中止审核已过去三个月。 作为四川本土老牌乳企，菊乐股份凭借一款"酸乐奶"成为一代川人的童年记忆，但其长达七年五度冲击IPO的坎坷历程，叠加近期集中爆发的管理层动 荡、区域依赖固化等消息，让这场资本市场的"最后冲刺"充满变数。 在乳制品行业竞争白热化的当下，这家区域乳企的上市梦能否成真，仍被打上大大的问号。 屡败屡战背后的合规隐忧 菊乐股份的上市执念始于2017年，但其资本化之路堪称"荆棘丛生"。2017年12月，公司首次递交招股书拟登陆深交所中小板，却因材料不齐在2018年3月 仓促撤回。 八年时间五度冲刺，跨越主板与北交所两大赛道，菊乐股份的上市之路不仅漫长，更暴露出公司在合规治理、财务规范等基础层面的深层次问题。 北交所2025年7月24日的审核问询函已明确指出，要求菊乐股份说明历史合规问题的整改情况、内部控制制度的有效性，以及是否存在潜在的监管处罚风 险。 提起历史合规问题可追溯至2014年12月至2019年3月，菊乐股份眉山分公司原出纳李某，在这四年多时间里，借助职务便利，通过偷盖空白银行支票、电 ...

经济导报记者 杨佳琪 据证监会网站披露，青岛智腾科技股份有限公司（下称"青岛智腾"）2025年12月31日在青岛证监局辅导备案，辅导券商为国泰海通证 券股份有限公司（下称"国泰海通证券"）。 | 辅导对象 | 青岛智腾科技股份有限公司 | | | | --- | --- | --- | --- | | 成立日期 | 2015年8月24日 | | | | 注册资本 | 998. 3339 万元 | 法定代表人 | 刘军 | | 注册地址 | 山东省青岛市高新区名园路11号1号楼 | | | | 控股股东 及持股比 | 刘军,44.88% | | | | 例 | | | | | 行业分类 | C39 计算机、通信和其他 | 在其他交易场 所(申请)挂 | 无 | | | 电子设备制造业 | 牌或上市的情 | | | | 况 | | | | 备注 | 公司最近3年内不存在提交首次公开发行股票/存托凭证并上市申 | | | | | 请被终止审查、不予核准、不予注册的情况 | | | 公开信息显示，青岛智腾成立于2015年8月，注册资本998.33万元，位于青岛高新区，是一家专注于高精度传感器及智能微系统研发制 造的高 ...

清扬君财经观察室梳理其时间线，节奏之紧密堪称教科书式推进：3月启动辅导备案，4月登陆新三板创新层，年底前便火速完成辅导验收。斯坦德计划公 开发行不超过630万股，募集1.6亿元投向高价值的"青岛生命科学关键共性技术研发检测平台"，意图在生物医药等黄金赛道筑高壁垒。 从公开数据看，斯坦德确实有冲刺的底气。作为国家级高新技术企业，其业务横跨生物医药、生态环境等多领域。 财务方面，2022年至2024年，斯坦德净利润从4543万元稳步增长至7226万元，尤其在2025年前三季度，净利润同比大幅增长66.45%，达到4155万元。在 竞争激烈的检测行业，这份成绩单颇为亮眼。 火线之下，暗藏隐忧 然而，"快"不等于"稳"。在光鲜的增速与宏大的募投项目背后，一系列隐忧正悄然浮现，为斯坦德上市之路蒙上阴影。 从今年4月9日挂牌新三板，到12月25日完成北交所上市辅导验收，山东最大的民营检测机构斯坦德检测集团股份有限公司（以下简称"斯坦德"），正以令 人侧目的"火线速度"冲刺资本市场。这匹从青岛跑出的"瞪羚企业"，仅用8个月时间就走完了许多公司数年的路程，其急迫与雄心不言而喻。 光速进程与亮眼基本面 对此，斯坦德解释称，这主 ...

Core Viewpoint - Ningbo Likun Resource Technology Co., Ltd. has received acceptance for its IPO application on the Shenzhen Stock Exchange, aiming to raise approximately 4.047 billion yuan for investment in key projects [1] Company Overview - Likun Resource is recognized as a global leader in the nickel industry chain, with its main business activities including upstream nickel resource procurement, nickel product trading, and the production and sales of nickel products [1] Fundraising Purpose - The company plans to utilize the raised funds for the investment in a wet method slag resource recycling demonstration project and an MHP refining production project, after deducting issuance costs [1]

Core Viewpoint - The company is actively managing its assets and financial situation through property sales and investment exits, indicating a strategic approach to enhance liquidity and prepare for potential future capital operations [1]. Group 1: Asset Management - The company sold 75 properties to an affiliated entity, Fuzhou Bonded Port Guoli Group, aimed at revitalizing existing assets, improving financial conditions, and enhancing asset liquidity [1]. - The company’s subsidiary exited its investment in Lanstone Heavy Industry through a private placement in 2022 [1]. Group 2: Investment and Exit Strategies - The company is in the process of exiting various venture capital projects, including Star恒电源, through multiple strategies [1]. - Real Bio has recently submitted an application to the Hong Kong Stock Exchange, currently in the "processing" stage, with further details available on the exchange's disclosure platform [1].

Core Viewpoint - Yatu High-Tech Materials Co., Ltd. has faced scrutiny regarding the authenticity of its financial performance and the sustainability of its revenue growth during its IPO process on the Beijing Stock Exchange, despite reporting significant revenue increases in recent years [1][2][3]. Group 1: Company Overview - Yatu High-Tech was established in April 1995 and specializes in the research, production, and sales of high-performance industrial coatings [2]. - The company reported main business revenues of 554 million, 635 million, and 741 million yuan for the years 2022, 2023, and 2024, respectively [2]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 75.46 million, 116 million, and 145 million yuan for the same years [2]. Group 2: IPO Process and Challenges - Yatu High-Tech's IPO application was accepted on September 30, 2024, and it entered the inquiry phase on November 1, 2024 [3]. - The company has faced multiple inquiries from the Beijing Stock Exchange regarding the sustainability of its revenue growth and the authenticity of its sales figures [3][4]. - The company has changed its IPO path multiple times, initially aiming for the ChiNext board, then the Shenzhen main board, and finally applying to the Beijing Stock Exchange [2]. Group 3: Revenue Composition and Concerns - A significant portion of Yatu High-Tech's revenue comes from overseas sales, with overseas sales accounting for 50.28%, 55.10%, and 54.75% of total revenue from 2022 to 2024 [4]. - The revenue from overseas distribution centers has been a major contributor, reaching 112 million, 154 million, and 201 million yuan for the same years, with contributions to revenue growth of 51.54% and 45.05% in 2023 and 2024, respectively [4][5]. - The company has been questioned about the high gross margin of its overseas distribution centers, which reached 53.97% in 2024, and the overall gross margin increased from 31.79% in 2021 to 44.54% in the first quarter of 2024 [5]. Group 4: Third-Party Payment Issues - Yatu High-Tech has raised concerns regarding its reliance on third-party payments from overseas customers, which accounted for 10.19%, 10.76%, and 8.60% of total revenue from 2022 to 2024 [6]. - The company has faced scrutiny over the identity of third-party payment clients, with reports indicating that some clients have no registered capital or employees, raising questions about their legitimacy [7][8]. - The increase in third-party payments has led to regulatory concerns, particularly regarding the potential for financial misrepresentation [7].

Group 1 - Blue Focus has submitted a listing application to the Hong Kong Stock Exchange (HKEX) for the second time in 2023, having previously submitted on June 25 [1] - The company was founded in 1996 and specializes in providing technology-driven marketing services across various industries, catering to clients' marketing needs throughout their business lifecycle [1] - According to Frost & Sullivan, Blue Focus is the largest marketing company in China by revenue for 2024 and ranks as the only Chinese company among the top ten global marketing communication firms, positioned at tenth place [1]

Core Viewpoint - The article discusses the recent trend of prominent lithium battery companies facing bankruptcy, highlighting the common reason of financial chain breakdown among listed companies [1] Group 1: Reasons for Company Downfall - Many companies that have recently exited the market share a consistent reason for their decline, which is a breakdown in their financial chain [1] - The article reflects on the motivations behind founding companies, suggesting that some entrepreneurs aim to build a business while others focus solely on profit, often leading to unsustainable practices [1] Group 2: Company Behavior and Market Dynamics - Companies often expand rapidly through aggressive strategies such as price wars to capture market share, which can lead to a glamorous financial appearance initially [1] - The process of going public is sometimes used as a means to cash out for founders rather than for genuine growth and development of the company [1] Group 3: Perspectives on Public Companies - There is a perception that being a listed company equates to strength and capability, which can lead to misguided beliefs about the nature of business success [1] - The article emphasizes that there is no inherent superiority between small enterprises and listed companies, as each has its own objectives and paths [1]

深圳商报·读创客户端记者 梁佳彤 日前，据中国证监会官网，杭州千岛湖鲟龙科技股份有限公司（下称"鲟龙科技"）被要求补充说明今年 8月股份转让所涉相关转让方所得税缴纳情况、"二级保护鲟鱼"等业务合规性等。10月30日，鲟龙科技 递交港股上市申请，冲击"鱼子酱第一股"，此前曾三闯A股失败。 鲟龙科技十多年来一直谋求进入资本市场，2012年首次冲击IPO因营收和净利润不达标被否；2014年第 二次申报时，因股东资兴良美披露公司2012年的养殖盘点数据为配合上市伪造，导致IPO中止；2016年 第三次申报则因境外销售真实性存疑、存货激增及盘点数据准确性受质疑等问题受阻。 多次股权转让缴税受关注 "二级保护鲟鱼"等业务合规性待答 资料显示，鲟龙科技成立于2003年，2024年3月登陆新三板，主营业务为鲟鱼全人工选育、生态健康养 殖、鱼子酱和鲟鱼及鲟鱼肉的加工和销售。鲟龙科技的主要产品是鱼子酱、鲟鱼及鲟鱼肉制品，其中鱼 子酱是核心产品。 | [编纂]项下的[编纂]數目 | | :[编纂]股H股(视乎[编纂]行使與否而定) | | --- | --- | --- | | 香港[编纂]數目 | .. | [编纂]股H股(可予 ...

Core Viewpoint - Vietnamese electric taxi operator GSM plans to conduct an IPO in Hong Kong, aiming to raise at least $200 million with a valuation between $2 billion and $3 billion, potentially becoming the first Vietnamese company to list in Hong Kong [1] Group 1: IPO Plans - GSM is targeting an IPO between the end of 2026 and early 2027 [1] - The company has begun preliminary discussions with potential advisors for the IPO, with the earliest appointment of advisors expected in the first quarter of 2026 [1] Group 2: Company Background - GSM was founded in 2023 by Vingroup and VinFast's Pham Nhat Vuong, operating the largest all-electric taxi fleet in Vietnam under the brand Xanh SM, exclusively using VinFast vehicles [1] - This strategy boosts VinFast's domestic sales while allowing GSM to scale without relying on third-party suppliers [1] Group 3: Financial Projections - By the third quarter of 2025, sales from VinFast to GSM are projected to account for 26% of VinFast's total sales, a decrease from 72% in 2023 [1]