瑞财经 王敏 1月22日，惠科股份有限公司（以下简称"惠科股份"）及中介机构中金公司披露关于第二轮审核问询函的回复意见，涉及毛利率、存货等。 招股书显示，惠科股份是一家专注于半导体显示领域的中国领先、世界知名的科技公司，主营业务为半导体显示面板等核心显示器件以及智能显示终端 的研发、制造和销售，主要产品包括多种尺寸和类型的TV面板、IT面板、TV终端、IT终端以及各类智慧物联终端，广泛应用于消费电子、商用显示、汽 车电子、工业控制、智慧物联等显示场景。 | | | | 单位:万元 | | --- | --- | --- | --- | | 序号 | 项目名称 | 项目投资总额 | 拟使用募集资金金额 | | 1 | 长沙新型 OLED 研发升级项目 | 303,113.26 | 250,000.00 | | 2 | 长沙 Oxide 研发及产业化项目 | 300,007.36 | 300,000.00 | | 3 | 绵阳 Mini-LED 智能制造项目 | 254.455.17 | 200,000.00 | | 4 | 补充流动资金及偿还银行贷款 | 100,000.00 | 100,000.00 | | ...

信心比黄金更重要 2025年，是股权行业重振旗鼓的一年。 经历了漫长的低潮后，农历春节后，DeepSeek的爆火出圈，不仅震动了整个创投行业，更让整个创投生态重拾技术自信。 不断有投资人提及，信心比黄金更重要。而这一标志性事件，让原来逐渐寂静的投资赛道，又多了亮点和冲劲。 年关之际，摩尔线程、沐曦股份、壁仞科技等GPU赛道的头部玩家接连实现IPO，一波波股价的高潮让辛苦一年的投资人更加兴奋。紧接着，智谱、 MiniMax的上市，打出了全球大模型上市的样板。辛苦数年的投资人终于守得云开…… 2025年A股新增上市公司116家，以制造业、科学研究和技术服务业为代表的高新技术企业市值变化尤为突出，总市值较年初分别增长33.3%和32.1%，占 A股市值的比重分别增加4.2个百分点和0.1个百分点。 这些项目上市的纪念相册上，总有投资人的身影。 融中不完全统计，在2025年IPO企业背后的投资机构中，红杉中国以17家IPO的成绩夺魁，深创投以拿下16家上市项目获得榜眼，中金资本以15家的成绩 成为探花。 除此之外，IDG资本、元禾控股、CPE源峰、广汽资本、毅达资本、锡创投、高瓴资本跻身IPO数量前十之列。 对比去年 ...

Core Viewpoint - SpaceX is preparing for an IPO that could become the largest in history, with a valuation of approximately $800 billion and a potential fundraising target exceeding $30 billion [4][7][10]. Group 1: IPO Preparation - SpaceX executives have met with bankers from major investment firms including Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley to discuss the IPO [1][6]. - Other banks may also participate in the IPO, but no final decisions have been made regarding their involvement [2][6]. - The IPO is expected to surpass the previous record set by Saudi Aramco's $29 billion IPO in 2019 [7]. Group 2: Company Valuation and Market Position - Since its founding over two decades ago, SpaceX has seen its valuation rise significantly, establishing itself as a leading developer of commercial rockets and providing the Starlink satellite internet service [3]. - The internal stock price was set at $421 per share in December, reflecting the company's substantial valuation [4]. Group 3: Strategic Moves - In September, SpaceX acquired wireless spectrum licenses from struggling operator EchoStar for $17 billion to enhance its Starlink network, further solidifying its position in the satellite internet sector [8][9]. - The IPO preparation coincides with a potential wave of large tech company IPOs in the U.S. market [11].

Group 1 - The core viewpoint of the news is that Zhejiang Xinxing Technology Co., Ltd. has had its listing review status updated to "meeting postponed" by the Beijing Stock Exchange, with a reduced fundraising target of 449 million yuan, reflecting an 8.18% decrease [1][4] Group 2 - Xinxing Technology was established in 2004 and primarily engages in the research, production, and sales of computer embroidery machines, which are used in clothing, home textiles, and toys [4] - The IPO proceeds are intended for projects including frame construction, component construction, information system upgrades, research center construction, and working capital supplementation [4] - The main issues raised by the review committee include the reasons and rationality of third-party payment collections, differences in expenses under various sales models, and the sustainability of significant performance growth [4][5] Group 3 - The company has a low controlling stake in its subsidiaries, holding 57.04% in Xinxing Machinery and 51.00% in Xinxing Precision, which may lead to internal control risks [4] - The review committee has requested further verification of the authenticity of sales revenue and additional disclosures regarding the borrowing from subsidiaries for project implementation [5]

| 代码 | 873374 | 简称 | 尚周 | | --- | --- | --- | --- | | 公司全称 | 广州尚航信息科技股份有限公司 | 受理目期 | 2024 | | 审核状态 | 已问询 | 更新日期 | 2026 | | 保荐机构 | 国泰海通证券股份有限公司 | 保存代表人 | 房子加 | | 会计师事务所 | 中兴华会计师事务所 (特殊普通合伙) | 签字会计师 | 史金 | | 律师事务所 | 北京市中伦律师事务所 | 签字律师 | 黄贞,章/ | | 评估机构 | | 签字评估师 | | 近日，广州尚航信息科技股份有限公司（以下简称"尚航科技"）收到北交所第二轮审核问询函，涉及创新性及行业政策、向关联方怀来云交换采购真实公允 性、业绩稳定性及下滑风险、募投项目的必要性和合理性等问题。 来源：公告 尚航科技成立于2010年8月，是互联网数据中心领域的一站式服务提供商，主营业务包括IDC综合服务、云综合服务及其他服务。尚航科技此次IPO拟募资4 亿元，计划用于怀来尚云大数据中心项目。 | 1 1 | T | | --- | --- | | . . | 1 | | | 11 | | ...

Core Viewpoint - Fujian Xinsen Carbon Industry Co., Ltd. has received the first round of inquiry from the Beijing Stock Exchange regarding issues such as clarity of equity and stability of control, technical level and competitiveness, market space and growth potential, reasonableness of related transactions, and authenticity of performance fluctuations [2] Company Overview - Xinsen Carbon Industry was established in December 2004, primarily engaged in the research, development, production, and sales of high-performance porous carbon materials, with main products including functional specialty activated carbon, carbon catalysts and carriers, and carbon-based energy storage materials [5] Regulatory Issues - During the listing guidance period, Xinsen Carbon faced issues such as paying service fees or reimbursements as a form of salary bonuses and third-party collections [6] - On March 28, 2025, Xinsen Carbon announced that it had not disclosed the freezing of shares held by its controlling shareholder, Lin Peng, and other regulatory violations, leading to administrative measures [6] - As of July 17, 2023, the Ningde Intermediate People's Court ruled to freeze 15.5290% of Xinsen Carbon's shares held by Lin Peng, which was not disclosed until April 2024 [6] Shareholding Structure - Xinsen Carbon has seven private equity fund shareholders, with Xiamen Saifu holding 10.22% of shares, which has been liquidated as of November 12, 2025, due to the expiration of its operating period [6] Financial Performance - From 2022 to the first half of 2025, Xinsen Carbon's operating revenues were 280 million, 269 million, 302 million, and 161 million respectively, while net profits were 47.97 million, 31.21 million, 48.22 million, and 28.47 million [7] - The gross profit margins for the same period were 30.37%, 29.19%, 32.07%, and 33.22%, indicating significant volatility and instability in overall performance [7] - As of the end of the third quarter of 2025, Xinsen Carbon faced a historical high in short-term interest-bearing loans at 184 million, indicating a significant funding gap and pressure for short-term debt repayment [7]

审议会议结果公告显示，上委会现场提出问询的主要问题包括经营业绩真实性、经营业绩可持续性等，并要求觅睿科技说明2021年度净利润下滑且与同行业 可比公司存在差异的原因及合理性，说明增值服务收入持续增长、毛利率持续提高的原因及合理性，以及说明自主品牌产品收入增长是否具有可持续性等问 题。 注册稿显示，觅睿科技预计2025年度营业收入为80236.15万元，同比增长7.99%；归母净利润为7822.22万元，同比下滑4.21%；扣非归母净利润为7717.03万 元，同比下滑1.22%。这也意味着，继2021年后，觅睿科技净利润将再度"变脸"。 | 代码 | 873697 | 简称 | 觉容科技 | | --- | --- | --- | --- | | 公司全称 | 杭州觅睿科技股份有限公司 | 受理日期 | 2024-12- | | 审核状态 | 注册 | 更新日期 | 2026-01- | | 保荐机构 | 国信证券股份有限公司 | 保荐代表人 | 洪丹,姚焕 | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | 签字会计师 | 陈琳锋,耿振,马晓 | | 律师事务所 | 北京市中伦律师事务所 | 答 ...

| 代码 | 873124 | 简称 | 聚仁新 | | --- | --- | --- | --- | | 公司全称 | 湖南聚仁新材料股份公司 | 受理日期 | 2025-01 | | 审核状态 | 已问询 | 更新日期 | 2026-0. | | 保荐机构 | 中信建投证券股份有限公司 | 保存代表人 | 陈成,刊 | | 会计师事务所 | 天职国际会计师事务所(特殊普通合伙) | 签字会计师 | 刘宇科,文杰 | | 律师事务所 | 湖南启元律师事务所 | 签字律师 | 李江涛,刘子佳j | | 评估机构 | | 签字评估师 | | 近日，湖南聚仁新材料股份有限公司（以下简称"聚仁新材"）收到北交所第二轮审核问询函，涉及业绩增长的合理性及可持续性、募投项目建设必要性及合 理性、成本核算准确性、股权代持及解除等问题。 来源：公告 聚仁新材成立于2014年，主要从事己内酯系列产品研发、生产与销售，产品主要用于新能源汽车、环保涂料、生物可降解、生物医疗、装备制造等领域。聚 仁新材此次IPO拟募资2.92亿元，计划用于特种聚己内酯智能化工厂项目、研发中心项目、补充流动资金。 2025年上半年，聚仁新材营收为3 ...

有消息称，阿里巴巴集团正准备推进旗下AI芯片子公司平头哥的独立上市。据悉，阿里巴巴将首先对平头哥的芯片业务进 行内部重组，将其改造成一个部分由员工持股的业务实体，随后再探索IPO的可能性。具体上市时间尚未确定，该行动仍处 于准备阶段。 1月23日，阿里巴巴-W(9988.HK)高开3.88%报171.2港元。隔夜美股市场阿里巴巴收涨5%报177.18美元，折算成港股市场价 格为173.2港元/股。 责任编辑：栎树 港股频道更多独家策划、专家专栏，免费查阅>> ...

1月23日消息，阿里巴巴-W（9988.HK）高开3.88%报171.2港元，成交额逾8亿港元。隔夜美股市场阿里 巴巴收涨5%报177.18美元。 | 09988 阿里巴巴-W | | | | --- | --- | --- | | 171.200 + +6.400 +3.88% | | 一行升盘 01/23 09:20 | | * 2 × 5 × 9 × | | ● 快捷交易 | | 最高价 171.200 | 开盘价 171.200 | 成交量 476.05万 | | 最低价 171.200 | 昨收价 164.800 | 成交额 8.11亿 | | 平均价 170.352 | 市德图TM 23.80 | 总市值 3.27万亿 (m) | | 振 幅 -- | 市盈态(静) 23.31 | 总股本 190.99亿 | | 换手率 0.03% | 市净率 2.891 | 流通值 3.27万亿 | | 52周最高 186.200 | 委 比 -4.81% | 流通股 190.99亿 | | 52周最低 84.149 | 量 比 -- | 每 手 100股 | | 历史最高 304.852 | 股息TTM 1. ...