瑞财经 吴文婷近日，深圳市思特光学科技股份有限公司（以下简称"思特光学"）启动IPO。 公司拥有专业的光学、机械、电子、软件、工艺测试等研发团队，拥有百余项实用新型及发明专利和软件著作权。除了研发标准扫描振镜和打标控制卡，还 为客户提供定制化的振镜扫描解决方案。思特光学扫描振镜系统年产量高达10万套。 据企查查显示，思特光学曾获得了元禾原点、中金资本、前海母基金、经纬创投、深创投等投资机构的投资。 | < | 品牌产品 ◎ 企查查 ··· | | --- | --- | | 融分 历程 | 股东信息 > | | 2025-12-19 ● 金额未披露 | 工商变更 | | 股权转让 | 股权 1.70% | | | 元禾原点、东科创资本、前海母基金 | | 2025-05-23 ● | 金额未披露 工商变更 | | A轮 | 元禾原点、元禾控股 | | 2024-02-18 @ | 融资 10.46亿元 新闻 | | A轮 | 股权 65.37% | | | 估值 16亿元 | | | 兴业国信、前海母基金、中金资本、联通中 | | | 金基金、深创投、智慧互联产业基金、经纬 | | | 创投、珠海华金领创基金 ...

Core Viewpoint - Guangdong Huahui Intelligent Equipment Co., Ltd. is a high-tech enterprise specializing in the research, design, production, and sales of high-end intelligent equipment and key components, with a focus on lithium battery intelligent equipment [1][3]. Group 1: Company Overview - The company was established in June 2010 and transitioned to a joint-stock company in July 2023, with its stock listed on the New Third Board in June 2024. The registered capital is 51 million yuan [2]. - The controlling shareholders are Zhang Siyuan and Zhang Siyou, who collectively hold 75.84% of the voting rights [2]. Group 2: Financial Performance - The main products include lithium battery intelligent equipment, with the first major customer accounting for over 78% of sales. Revenue figures for the reporting periods are 190.67 million yuan, 300.25 million yuan, 426.56 million yuan, and 411.45 million yuan, with net profits of 26.24 million yuan, 46.23 million yuan, 62.62 million yuan, and 54.86 million yuan respectively [3][4]. - The total assets as of September 30, 2025, are approximately 758.84 million yuan, with total equity of 251.77 million yuan and a debt-to-asset ratio of 64.17% [4]. Group 3: Customer and Supplier Concentration - The top five customers accounted for 98.57%, 98.89%, 96.90%, and 97.41% of total revenue in the reporting periods, with the first major customer, Hunan Youneng, contributing 96.79%, 49.19%, 54.33%, and 78.02% respectively [5]. - Supplier concentration is also high, with the top five suppliers accounting for 70.27%, 75.71%, 63.35%, and 53.29% of total purchases [5]. Group 4: Industry Comparison - The company's performance trends differ from comparable companies in the industry, with a significant decline in the performance of major customers Hunan Youneng and Wanrun New Energy in 2023 and 2024 [5][6]. - The average revenue change for comparable companies in 2024 is -32.82%, while the company reported a revenue increase of 42.07% in the same period [6]. Group 5: Cash Flow and Receivables - The company has experienced negative cash flow from operating activities in multiple reporting periods, with net cash flow figures of 25.06 million yuan, -55.00 million yuan, -39.96 million yuan, and 12.46 million yuan [14]. - Accounts receivable have shown a growing trend, reaching 289.81 million yuan by September 30, 2025, with a significant portion overdue [9][14]. Group 6: Research and Development - The company's R&D expenses as a percentage of revenue are lower than the industry average, with rates of 4.20%, 4.30%, 5.19%, and 5.72% over the reporting periods, compared to an industry average of 7.22% to 8.66% [16][17].

Core Viewpoint - Zhejiang Xinxing Tool Co., Ltd. is pursuing an IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, facing challenges such as a low market share of 1.9%, declining gross margins, and a revenue structure heavily reliant on ODM manufacturing [2][6][18]. Company Overview - Xinxing Tool is a leading manufacturer of hole processing tools in China, focusing on the research, production, and sales of high-performance drilling tools, including annular and solid drills, used in high-end manufacturing sectors like steel structures, rail transportation, and energy equipment [2][3]. - The company has a market share of only 1.9% in the hole processing sector, indicating a highly competitive environment with many domestic players [6][12]. Financial Performance - Revenue for the years 2022 to the first half of 2025 was reported as follows: CNY 391 million, CNY 425 million, CNY 467 million, and CNY 244 million, respectively. Net profit figures were CNY 172 million, CNY 177 million, CNY 185 million, and CNY 98.5 million, showing modest growth [2][3]. - The gross margins for annular drilling products decreased from 58.98% in 2022 to 56.64% in the first half of 2025, while solid drilling products saw a decline from 56.59% to 49.22% during the same period [5][12]. Product Structure - The company's main products are categorized into annular drilling series and solid drilling series, which accounted for approximately 87.28% to 88.56% of total revenue during the reporting period [5][6]. - Annular drills are designed for efficient drilling in medium to thick steel plates, while solid drills are used for high-precision applications [4][5]. Sales and Distribution - Xinxing Tool employs a mixed sales model, with approximately 73.22% of revenue generated through distributors and 24.93% from direct sales to ODM customers [7][8]. - The company’s largest customer, Sanhuan Import and Export, contributed significantly to its revenue, accounting for 29.26% of total sales in 2022 [9][10]. Research and Development - The company's R&D expenses have been declining, with rates of 5.21%, 5.15%, 4.90%, and 4.82% from 2022 to the first half of 2025, which are below the industry average [12][13]. - As of mid-2025, Xinxing Tool employed 96 R&D personnel, with only 21 holding a bachelor's degree or higher, indicating a potential gap in advanced technical expertise [14][15]. Ownership and Investment - The company is primarily controlled by a family group, holding 92.65% of the shares, and has previously faced issues related to shareholding arrangements [16][18]. - In April 2025, Xinxing Tool attracted external investors, raising approximately CNY 250 million through a share transfer, which included several state-owned entities [16][18]. Challenges Ahead - The company faces multiple challenges in its IPO journey, including declining gross margins, reliance on ODM manufacturing for about 60% of its revenue, and historical issues related to shareholding and investment agreements [18][20].

如今这家公司的北交所IPO进度已来到第二轮问询，即将步入收官阶段。 五年四换保荐人，四次对赌三次失利 经营现金流"五连负"，新业务毛利率持续承压。 | 作者 | | 萧瑟 | | --- | --- | --- | | 编辑 | | 小白 | 汽车行业素来是"一荣俱荣、一损俱损"，一个品牌的沉浮兴衰，往往也将其上游供应商牢牢绑定在同 一条船上。 号称"国民神车"的上汽通用五菱，其大本营广西柳州周边同样吸附形成了一批零部件配套企业，我们 今天关注的主角——广西双英集团股份有限公司（"双英集团"）便是其中之一。 双英集团的上市之路始于2016年6月在新三板挂牌，然而其上市申请直至2025年3月才获受理。在这近 十年间，公司的上市历程可谓屡战屡败、屡败屡战。 从公开信息看，双英集团的IPO目标场所曾多次变更。 最初从新三板摘牌后，公司首选深市主板，但该计划仅持续一年，便因行业景气度下滑而终止。 来到2021年，双英集团又动起了赴港上市的念头，但在第二年就变了主意、重新回到内地，显然在香 港的经历并不顺利。 （来源：双英集团公告） 此后其上市申请迟迟未能提交，直到2024年10月公司"放低身段"，将目标板块自深市主板 ...

01. 香港新股发行创历史最佳开局，IPO数量和募资额增速领先 02. 基石投资总额超185亿港元，公开和国配认购火爆异常 03. 13只IPO新股全线上涨，但部分新股暗盘及首日表现分化 04. "A+H" 发行潮再起，上市排队拥挤，单月递表121家 来源：活报告 一、开年首月港股募资近400亿，大型IPO接踵而至 2026年1月，港股市场共有13只新股IPO上市，同比增长62.5%；合计募资约393亿港元，同比增长556.2%。港股IPO规模创下历史最佳开年成 绩，3家A+H、3家18C、1家18A先后登陆港股市场。 同期，美股市场有10只新股IPO上市，同比下降52.4%；合计募资约28亿美元，同比下降31.1%。据传，SpaceX计划6月中旬启动IPO，或超越沙 特阿美2019年记录，成为史上规模最大的IPO，OpenAI则计划今年Q4进行IPO。 A股市场有9只新股IPO上市，同比下降25%；合计募资约90.5亿人民币，同比增长27%。A股IPO保持回暖趋势，其中北交所自去年下半年以来 审核发行持续提速，1月份5只新股扎堆上市。 | | | 2020+ Bli Hill Will W | | | | ...

Core Viewpoint - Hong Kong-based freight forwarding service provider CGL is increasing the number of shares for its upcoming IPO, aiming to raise $15 million at an offering price of $4 per share [1] Group 1: IPO Details - CGL plans to offer 3.8 million shares at $4 each, which is consistent with its previous filing in October 2025 [1] - The company initially filed to issue 1.8 million shares at the same price in December 2025 [1] - The revised offering size indicates a 114% increase in the expected funds raised, with a projected market capitalization of $75 million [1] Group 2: Company Operations - CGL provides freight forwarding services through its operating subsidiaries, covering sea, air, and rail freight forwarding [1] - The company is responsible for transporting goods, products, or project components from one location to another, offering services such as pickup, warehousing, and customs clearance as per customer instructions [1] - Additionally, CGL offers agency logistics services [1] Group 3: Company Background - CGL was established in 1999 and plans to list on NASDAQ under the ticker symbol CGL [1] - Revere Securities is the exclusive bookrunner for this transaction [1]

来源：市场资讯 （来源：吴说） 据彭博社，Elon Musk 计划将 SpaceX 与 xAI 合并，相关交易已在 SpaceX 官网声明中确认。该收购使合 并后公司估值约为 1.25 万亿美元，并预计仍将在今年推进 IPO，SpaceX 此前的 IPO 计划募资规模最高 可达约 500 亿美元。知情人士称，合并后公司预计以每股 526.59 美元定价。 ...

Things are never dull in the Musk-onomy. In this article TSLA SPX DJIA Speculation that Elon Musk may merge SpaceX and xAI ahead of a potential IPO is reviving hopes—and concerns—about AI convergence across his companies, including Tesla. (Courtesy SpaceX) ...

Core Insights - Donovan Jones is an IPO research specialist with 15 years of experience in analyzing investment opportunities for U.S. IPOs [1] - He leads the investing group IPO Edge, which provides actionable information on growth stocks through various resources including IPO filings, previews, calendars, and a comprehensive guide to IPO investing [1] Summary by Categories IPO Research and Analysis - The article emphasizes the importance of thorough research and analysis in the IPO market, highlighting the role of specialists like Donovan Jones in identifying investment opportunities [1] Resources Offered - IPO Edge offers a range of resources such as first-look IPO filings, an IPO calendar for tracking upcoming IPOs, and a database of U.S. IPOs to assist investors throughout the IPO lifecycle [1] Investment Guidance - The guide provided by IPO Edge walks investors through the entire IPO process, from filing to listing, including critical periods like the quiet period and lockup expiration dates [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/图灵 近日，中健康桥医药集团股份有限公司（下称"中健康桥"）回复第二轮北交所问询。 中健康桥曾冲刺主板IPO，但2022年6月被否，被否的原因包括核心产品铝镁匹林片、市场推广服务费占比较高两大方面的问题。此次IPO，中健康桥市场推 广服务费占营收的比值逐年增长，与同行整体变动趋势相反，2024年占比最高。 市场推广服务费占比较高背后，中健康桥部分推广服务商疑点重重：多家服务商刚成立就跻身头部，但不久便注销。还有推广服务商参保人数为0，多家没 有关联关系的推广服务商中有资金往来，个别推广服务商团队的创始人甚至入职中健康桥。 前次被否问题犹存 市场推广服务费占比逐年增长高于同行 招股书显示，中健康桥是一家聚焦慢性病领域，以心脑血管疾病用药为核心赛道的现代化综合性医药企业，主要产品包括铝镁匹林片（Ⅱ）、银杏叶胶囊、 通心舒胶囊、复方益母口服液等。其中，铝镁匹林片（Ⅱ）贡献约9成收入。 2022-2024年、2025年前三季度，中健康桥镁匹林片实现营业收入2.68亿元、3.44亿元、4.47亿 ...