Core Viewpoint - The company Haipai Ke is attempting to go public on the Hong Kong Stock Exchange amid a challenging capital market, but its financial disclosures reveal deteriorating profitability, weak market competitiveness, and a problematic business model, indicating a struggle for survival rather than a genuine value realization [2]. Financial Performance - Revenue is projected to increase from 895.3 million RMB in 2022 to 1,032.4 million RMB in 2024, but this growth is slow and may even decelerate in 2024 [4][5]. - The company is experiencing significant losses, with a profit of 1.01 million RMB in 2022 turning into a loss of 78.8 million RMB by 2024, and gross margin declining from 43.9% to 32.5% [4][5]. - The self-operated business revenue ratio reached 77.7% in 2024, indicating a reliance on low-margin models that could lead to increased inventory risks and financial strain [4]. Market Dynamics - The number of active buyers decreased from 172,000 in 2023 to 168,000 in 2024, and the total transaction volume fell from 14.9 billion RMB in 2022 to 11 billion RMB in 2024, a reduction of 26% [6]. - The company faces a significant debt burden, with net liabilities reaching 2 billion RMB by the end of 2024, primarily from convertible redeemable preferred shares [6]. Supply Chain and Product Quality Issues - Haipai Ke has faced repeated allegations of counterfeit products, with complaints from consumers regarding product authenticity and quality [9][10]. - The company relies on 153 manufacturers for its private label products, which poses risks related to quality control and supplier dependency [10]. Internal Control and Data Integrity - The company's internal controls are reportedly weak, with issues such as non-compliance in social security contributions and questionable data accuracy regarding partnerships and active users [11]. - There are concerns about the authenticity of the claimed partnerships with 150,000 stores, as some retailers have denied any collaboration [11]. Competitive Landscape - The competitive environment is intensifying, with major e-commerce platforms like Tmall and JD.com expanding into the mother and baby product market, putting pressure on Haipai Ke's market position [13]. - The company must address its ongoing issues of counterfeit products, financial losses, and high debt levels to convince investors of its long-term viability in the capital market [13].

近日，上交所对新黎明科技股份有限公司（下称"新黎明"）及其实控人、时任董事长兼总经理予以 通报批评，对该公司三位签字律师、两位保代予以监管警示决定。 据上交所网站信息，新黎明主板IPO申请在2023年2月28日获得上交所受理，同年6月2日过会。但 大约在一年半后，2024年11月1日，因新黎明与保荐机构华泰联合证券主动撤回了IPO申请，上交所终 止其主板发行上市审核。 时隔八个月，上交所披露了一份纪律处分决定书。经查明，新黎明在发行上市申请过程中存在两大 违规行为：一是未如实说明与前员工相关利益安排，导致相关核查文件前后矛盾、与实际情况不一致。 二是内部用章管理不规范。 上交所认为，发行人作为信披第一责任人，未充分配合相关中介机构开展专项核查工作，导致相关 核查文件前后结论矛盾、与实际情况不符，影响对相关发行条件的审核判断。同时，发行人存在内部用 章管理不规范等问题。郑振晓作为实控人、时任董事长兼总经理，对相关违规行为负有主要责任。 新黎明及相关责任人曾提出申辩，但上交所不予采纳。上交所认为，发行人违规事实清楚；根据发 行人内控制度规定，印章外带须提前审批，如遇特殊情况也须督促使用人事后完成审批。 此外，陈海 ...

日前，东海证券因在金洲慈航重大资产重组项目中未勤勉尽责，收到中国证监会的6000万元罚单。此次 重罚引发市场关注，焦点转向其可能对东海证券IPO进程产生的影响。 据了解，2025年4月，中信建投（601066）证券出具了第十二期的东海证券上市辅导工作进展情况报 告。 早在2022年左右，排队候场IPO上市的券商超过10家。然而，随着2022年底以来首创证券（601136）、 信达证券（601059）相继上市，券商IPO排队热潮逐渐退温。截至目前，IPO候场券商仅剩下4家，分别 是渤海证券、华龙证券、财信证券、东莞证券。 南开大学金融发展研究院院长田利辉认为，短期来看，券商IPO"冰封期"仍将延续，但政策鼓励中小机 构通过并购重组、特色化经营突围，未来2-3年或现结构性机会。 直到2025年，东海证券于1月和4月发布了辅导工作进展公告。根据公告，在其目前仍存在的主要问题 中，特别提及了因金洲慈航重组项目被立案调查而引发的问题。彼时，公告显示，东海证券正积极配合 中国证券监督管理委员会的相关调查工作，并严格按照监管要求及时履行信息披露义务。 被罚没6000万元，远远超过公司2024年的归母净利润(2348.71万 ...

同时，监管层也需关注上市公司的理财问题，既要防止资金空转，也要避免一刀切的限制。可考虑建立 差异化监管体系，对研发投入占比较低而理财规模较大的上市公司多加关注，引导资金真正流向实体经 济。 上市公司自身更需重塑价值理念，将理财定位为现金管理的工具而非盈利核心。如果确实有大量闲置资 金找不到合适的投资渠道，可以考虑将资金用于现金分红或者回购股份，以提高股东的获得感，太多的 资金用于理财或者盲目投资都不可取。 投资者应辩证看待上市公司理财热的现象，既需要包容市场主体的财务自主权，也要警惕资金脱实向虚 的倾向。上市公司唯有坚持主业为本的发展路径，才能让理财资金真正成为企业成长的助推器，而非替 代品。这既是市场经济的必然要求，也是上市公司实现高质量发展的必由之路。 上市公司将闲置资金购买理财产品，本质上是市场化选择。从微观层面看，理财收益能够增厚企业利 润，尤其在主业增长乏力的周期中，成为稳定业绩的缓冲垫。企业通过配置低风险理财产品，有可能在 行业下行期仍能保持净利润的正增长，为技术研发和员工薪酬提供保障。这种"以钱生钱"的模式，展现 了企业财务管理的灵活性。 从行业视角观察，理财收益的稳定回报有助于平抑企业盈利波动 ...

证券代码：688333 证券简称：铂力特 公告编号：2025-033 西安铂力特增材技术股份有限公司 关于公司及相关人员收到陕西证监局 行政监管措施决定书的公告 二、相关说明及采取的措施 公司及相关人员收到上述《决定书》后，高度重视上述问题，并针对问题进 行深刻反省。后续将切实加强对《上市公司信息披露管理办法》等法律法规及规 范性文件的学习，全面梳理、健全并严格执行公司内部控制相关制度，强化规范 运作意识，持续提高公司规范运作水平，杜绝此类事件再次发生。 本次《决定书》不会对公司的日常经营管理产生影响，公司后续将严格按照 相关监管要求和有关法律法规的规定，及时履行信息披露义务。敬请广大投资者 理性投资，注意投资风险。 西安铂力特增材技术股份有限公司（以下简称"公司"）于 2025 年 7 月 8 日 收到中国证券监督管理委员会陕西监管局（以下简称"陕西证监局"）下达的行政 监管措施决定书《关于对西安铂力特增材技术股份有限公司、薛蕾、梁可晶采取 出具警示函措施的决定》（陕证监措施字〔2025〕20 号）（以下简称《决定书》）， 现将有关情况公告如下： 一、决定书内容 "西安铂力特增材技术股份有限公司、薛蕾、梁可 ...

展鹏科技股份有限公司 董事和高级管理人员持有和买卖本公司股票管理制度 第一章 总 则 （一）董事和高级管理人员在公司新上市申请股票初始登记时； （二）新任董事在股东会（或职工代表大会）通过其任职事项、新任高级 管 理人员在董事会通过其任职事项后2个交易日内； （三）现任董事和高级管理人员在其已申报的个人信息发生变化后的2个 交易日内； 第一条 为了进一步加强展鹏科技股份有限公司（以下简称"公司"）董事 和高级管理人员持有及买卖本公司股票的管理工作，维护证券市场秩序，根据 《中华人民共和国公司法》、《中华人民共和国证券法》（以下简称"《证券 法》"）、《上市公司股东减持股份管理暂行办法》《上市公司董事和高级管 理人员所持本公司股份及其变动管理规则》《上海证券交易所上市公司自律监 管指引第8号——股份变动管理》及《上海证券交易所上市公司自律监管指引 第15号——股东及董事、高级管理人员减持股份》等法律、法规、规章、规范 性文件和《展鹏科技股份有限公司章程》（以下简称"《公司章程》"）的相关 规定，结合公司实际情况，特制定本制度。 第二条 本制度适用于公司董事、高级管理人员及本制度第二十一条规定 的自然人、法人或其 ...

Group 1 - The event "2025 Fifth Electric Two-Wheeler Battery Swap Conference" will take place on July 11, 2025, in Shenzhen, focusing on the theme "Swap City, Smart Two-Wheelers" [2] - The Hong Kong Stock Exchange has become a significant platform for domestic lithium battery companies to connect with international capital, with notable companies like BYD and CATL successfully listing [2][3] - EVE Energy announced its IPO in June 2023 to support overseas factory construction and global capacity layout [3] Group 2 - Star Materials, a leading separator manufacturer, submitted its application for H-share listing on July 7, 2025, aiming to expand its overseas network with significant investments in Malaysia and the USA [3][4] - Tianqi Materials, a top electrolyte producer, also announced its plan for H-share listing on July 7, 2025, to further its global strategy [4] - Tianqi Materials reported a sales volume of over 500,000 tons of electrolyte in 2024, marking a 26% increase from 2023, maintaining its position as the global sales leader for nine consecutive years [5] Group 3 - Tianqi Materials is actively expanding its domestic and international markets, including a recent investment agreement in Morocco to build an integrated production base for electrolyte and raw materials [6] - The ongoing legal dispute between Tianqi Materials and Yongtai Technology involves claims exceeding 900 million yuan, highlighting the prevalence of litigation in the lithium battery sector [7][8] - The industry is expected to see continued patent disputes as global competition intensifies, emphasizing the need for companies to strengthen their R&D capabilities [8]

Group 1 - Guangxin Technology, a local enterprise in Shaoyang, Hunan Province, has successfully listed on the Beijing Stock Exchange, becoming the first company from Hunan to go public in 2023 [1] - Guangxin Technology is recognized as a national-level "little giant" enterprise specializing in advanced materials, particularly in the insulation materials sector, with applications in power transmission, rail transit, and renewable energy [2] - The company has overcome several technical challenges related to ultra-high voltage insulation and is one of the few in China capable of producing insulation fiber materials for voltages above 750kV, holding 67 effective patents, including 13 invention patents [2] Group 2 - The successful listing of Guangxin Technology is attributed to the supportive measures from the local government, which has focused on optimizing the business environment and addressing the core needs of companies preparing for listing [2][3] - New Shao County has implemented tailored support plans for companies like Guangxin Technology, ensuring dedicated leadership and resources to facilitate their listing process [3] - The county has also recommended Guangxin Technology for higher-level support programs, ensuring continuous assistance in policy, finance, and talent to promote sustainable development post-listing [3]

Core Viewpoint - The company, Anhui Fulede Technology Development Co., Ltd., plans to issue shares and convertible bonds to acquire 100% equity of Jiangsu Fulehua Semiconductor Technology Co., Ltd., with a total transaction value of 655 million yuan [6][14][20]. Group 1: Transaction Overview - The company intends to acquire 100% equity of Jiangsu Fulehua through the issuance of shares and convertible bonds to 59 trading parties [6][14]. - The assessment report values the 100% equity of Fulehua at 655 million yuan as of September 30, 2024 [6][14]. - The total consideration for the transaction is set at 655 million yuan, with shares and convertible bonds as payment methods [6][14]. Group 2: Fundraising Details - The company plans to raise up to 782.59 million yuan through the issuance of shares to no more than 35 specific investors [12][20]. - The total amount raised will not exceed 100% of the transaction price for the asset acquisition [12][20]. - The funds will be used for intermediary fees, taxes, and specific projects related to semiconductor production [12][20]. Group 3: Share Issuance and Pricing - The shares will be issued at a price of 16.30 yuan per share, which is not lower than 80% of the average trading price over the previous 20 trading days [14][15]. - The total number of shares to be issued is approximately 379.76 million, accounting for 52.88% of the company's total share capital post-transaction [14][15]. - The pricing mechanism includes adjustments for any corporate actions such as dividends or stock splits during the pricing period [15][20]. Group 4: Convertible Bonds - The company will issue convertible bonds with a total value of approximately 35.99 million yuan, representing 5.49% of the total transaction price [20][21]. - The initial conversion price for the bonds is set at 16.30 yuan per share, with no adjustment mechanism for the conversion price [21][24]. - The bonds will have a maturity period of four years and a nominal interest rate of 0.01% per annum [22][24].

关联交易之部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为向特定对象发行股份；股票认购方式为网下，上市股 数为4,493,210股。 本次股票上市流通总数为4,493,210股。 证券代码：688131 证券简称：皓元医药 公告编号：2025-088 转债代码：118051 转债简称：皓元转债 上海皓元医药股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 ? 本次股票上市流通日期为2025 年 7 月 16 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 11 月 25 日出具的《关于同意上海皓元医药股份有限公司向 WANG YUAN（王元）等发行 股份购买资产并募集配套资金注册的批复》 （证监许可20223042 号），同意公司向 特定对象 WANG YUAN（王元）、上海源盟企业管理咨询合伙企业（有限合伙） （以 下简称"上海源盟"）、宁波九胜创新医药科技有限公司、上海源黎企业管理合伙 企 ...