12月19日晚，深交所受理了粤芯半导体的创业板IPO申请，该企业选择适用创业板第三套上市标准申 报，预计融资金额75亿元，保荐机构为广发证券。 据招股说明书，粤芯半导体是广东省自主培养且首家进入量产的12英寸晶圆制造企业，专注于模拟芯片 制造，为国家集成电路产业战略布局提供重要的产能支撑。 自设立以来，粤芯半导体保持大规模的研发投入，研发投入费用占营业收入比重较高。报告期内，公司 研发投入分别为6.01亿元、6.05亿元、4.46亿元和1.86亿元，占总营收的比例分别为38.92%、58%、 26.50%和17.62%。截至2025年6月30日，公司已取得授权专利(含境外专利)681项，其中发明专利312 项。 目前，公司已成为全球出货量领先的电容指纹识别芯片晶圆代工厂之一和国内少数具备硅基CMOS超声 波指纹识别芯片大规模量产能力的晶圆代工厂之一。公司手机电源管理芯片已向全球前三大独立手机芯 片公司的其中两家供货。 从产能规划上看，公司目前拥有两座12英寸晶圆厂，规划产能合计为8万片/月，截至报告期末已实现产 能5.2万片/月。未来，公司还将新增建设一条规划产能为4万片/月的12英寸集成电路，建成后，规划产 ...

北京商报讯（记者 马换换 李佳雪）12月16日晚间，深交所官网显示，深圳市尚水智能股份有限公司 （以下简称"尚水智能"）创业板IPO当日上会获得通过。 据悉，尚水智能创业板IPO于2025年6月19日获得受理，并于当年7月3日进入问询阶段。公司构建了 以"核心单机+智能控制系统+工艺包"为体系的综合技术能力，主营业务围绕微纳粉体处理、粉液精密 计量、粉液混合分散、功能薄膜制备等核心工艺环节展开，产品可广泛用于新能源电池、新材料、化 工、食品、医药、半导体等行业。本次冲击上市，公司拟募集资金约5.87亿元。 在上市委会议现场，上市委要求尚水智能结合新能源电池制浆设备下游市场需求、竞争格局、市场份额 变动趋势、研发成果转化、与同行业可比公司优劣势对比等情况，说明现有产品的技术迭代风险及业绩 增长的可持续性。 ...

Core Viewpoint - The spice product manufacturer, Green Biological, is attempting its third IPO on the ChiNext board in five years, with an increased fundraising target of 690 million yuan, reflecting adjustments in its project content and fundraising plan [1][10]. Group 1: IPO Journey - Green Biological's IPO journey began in December 2020, but it withdrew its application two months later due to compliance issues and concerns about its future profitability [2][11]. - The company changed its sponsor to Changjiang Securities and submitted new application materials in June 2023, but withdrew again in September 2024 after responding to two rounds of inquiries [2][11]. - In September 2024, the Shenzhen Stock Exchange issued a regulatory letter highlighting various compliance issues, including irregularities in R&D and procurement internal controls [2][11]. Group 2: Fundraising and Project Adjustments - The current IPO aims to raise 690 million yuan, an 84% increase from the previous target of 375 million yuan, nearly doubling the amount [5][14]. - The fundraising allocation includes 420 million yuan for the high-end spice production project, despite a decrease in planned annual production capacity from 6800 tons to 6300 tons [5][14]. - The project adjustments also include a new "R&D innovation upgrade project" and a significant increase in funding for the factory's smart transformation project [5][14]. Group 3: Financial Performance and Risks - Green Biological's revenue has shown growth, increasing from 631 million yuan in 2022 to an expected 960 million yuan in 2024, with a half-year revenue of 548 million yuan in 2025 [8][17]. - The company faces challenges with low capacity utilization rates, which were reported at 53.87% in the first half of 2025, down from 76.15% in 2022 [6][16]. - Fixed asset depreciation has been rising, with amounts reaching 35.28 million yuan in 2022 and increasing pressures on profits due to high depreciation costs [8][17]. - The company relies heavily on overseas sales, with foreign revenue consistently exceeding 80%, making it vulnerable to exchange rate fluctuations, which have caused significant losses in recent years [8][17].

在上市委会议现场，上市委要求宏明电子结合行业竞争格局及下游市场需求变化、主要产品价格和销量 变动趋势、在手订单及执行情况，以及预计期后研发投入规模等，说明未来经营业绩的稳定性。 据了解，宏明电子创业板IPO于2025年5月30日获得受理，当年6月16日进入问询阶段。公司主要从事以 阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提供高性能、高可靠性的电子元 器件产品。同时，公司还涉及精密零组件业务，产品主要应用于平板电脑、笔记本电脑等消费电子领域 和新能源电池及汽车电子结构件等领域。本次冲击上市，宏明电子拟募集资金约19.51亿元。 北京商报讯（记者 马换换 李佳雪）12月12日晚间，深交所官网显示，成都宏明电子股份有限公司（以 下简称"宏明电子"）创业板IPO当日上会获得通过。 ...

这种深度绑定在带来业务支撑的同时，也蕴藏风险。尚水智能在招股说明书中明确提示，公司存在对单一客户比亚迪重大依赖及相关关联交易占比过高的经 营风险。 增收不增利 尚水智能创立于2012年，主营业务围绕微纳粉体处理、粉液精密计量、粉液混合分散、功能薄膜制备等核心工艺环节展开，产品可广泛用于新能源电池等行 业。该公司的控股股东、实际控制人为金旭东，其直接和间接合计控制该公司51.15%的股份表决权。 目前尚水智能主要面向新能源电池极片制造及新材料制备领域，专业从事融合工艺能力的智能装备的研发、设计、生产与销售。 背靠比亚迪这棵"大树"的深圳市尚水智能股份有限公司（下称"尚水智能"），正在冲刺创业板IPO（首次公开发行股票）。 2025年12月9日晚间，深交所官网显示，尚水智能首发申请将于12月16日上会，保荐人为国联民生证券承销保荐有限公司。此前，尚水智能创业板IPO于 2025年6月19日获得受理，并于当年7月3日进入问询阶段。 这并非尚水智能首次尝试登陆A股。早在2023年6月30日，公司曾向上交所递交科创板IPO申请，但在历经约11个月后，于2024年5月中旬主动撤回，首次闯 关告结。此次转战创业板，尚水智能 ...

据了解，宏明电子主要从事以阻容元器件为主的新型电子元器件的研发、生产和销售，致力于向客户提 供高性能、高可靠性的电子元器件产品。同时，公司还涉及精密零组件业务，产品主要应用于平板电 脑、笔记本电脑等消费电子领域和新能源电池及汽车电子结构件等领域。 公司IPO于2025年5月30日获 得受理，当年6月16日进入问询阶段。 本次冲击上市，宏明电子拟募集资金约19.51亿元。 北京商报讯（记者 马换换 王蔓蕾）12月5日，深交所官网显示，成都宏明电子股份有限公司（以下简 称"宏明电子"）创业板IPO将于12月12日上会迎考。 ...

Group 1 - The company, Tian Su Measurement (301449.SZ), is planning to issue 16,304,348 shares, which will account for 25% of the total share capital after the issuance [1] - The initial strategic placement will involve 2,445,651 shares, representing 15% of the total issuance, with participation from senior management and core employees [1] - The company aims to raise a total of 424 million yuan through this issuance, which will be allocated to various projects including enhancing measurement capabilities and establishing regional laboratories [2] Group 2 - The company operates as a national, comprehensive independent third-party measurement and testing service provider, serving multiple sectors such as biomedicine, automotive, and new energy [2] - The net profit attributable to the parent company has shown a continuous upward trend, with figures of 84.39 million yuan, 101.25 million yuan, 111.06 million yuan, and 55.58 million yuan over the reporting periods [2] - The revenue from the company's strategic focus on new energy battery testing has grown significantly, from 52.54 million yuan in 2022 to 113.14 million yuan in 2024, reflecting a compound annual growth rate of 46.75% [2]

Core Viewpoint - The company, Green Biological Technology Co., Ltd., has submitted its third IPO application for the ChiNext board after two previous unsuccessful attempts, facing multiple challenges including regulatory penalties and issues with information disclosure [3][41]. Company Overview - Green Biological was established in 1999 and has developed a product system comprising three main series: turpentine, cedarwood oil, and fully synthetic products. It is a significant supplier of sandalwood fragrance products in China and one of the largest suppliers of methyl cedar ketone [4][41]. - The company has long-term partnerships with major clients such as Givaudan, International Flavors & Fragrances, and Procter & Gamble, with the top five customers accounting for approximately 43.98% to 40.51% of sales from 2022 to 2025 [5][43]. Financial Performance - The company reported revenues of 5.4 billion, 5.94 billion, and 6.31 billion yuan from 2020 to 2022, with net profits of 644.3 million, 407.4 million, and 681.4 million yuan respectively. The gross profit margins ranged from 20.37% to 26.6% during the same period [56][57]. - For the first half of 2025, the company expects to raise 690 million yuan through its IPO, with plans to invest in expanding production capacity and upgrading facilities [41][34]. IPO Attempts and Challenges - The first IPO attempt in December 2020 was withdrawn within two months due to undisclosed environmental penalties and a significant expected drop in net profit for 2021 [9][11][50]. - The second attempt in June 2023 also faced scrutiny, leading to a withdrawal in September 2024 after two rounds of inquiries from the Shenzhen Stock Exchange regarding compliance and governance issues [56][58]. Governance and Succession - The founder, Lu Wencao, is currently 83 years old, raising concerns about the company's governance and succession planning. His daughter, Lu Wei, has been involved in the company since 2016 and is set to inherit a significant portion of shares [20][58]. Research and Development - The company's R&D expenditure has consistently been below 4% of revenue, which is lower than the industry average. The R&D costs from 2017 to 2025 were reported to be between 2.34% and 3.78% of revenue [25][26]. - There has been a notable increase in personnel costs within R&D, with 2024 showing a 109% increase compared to 2023, raising concerns about the allocation of R&D funds [27][29]. Cash Dividends and Financial Health - Despite ongoing cash dividends, the company has a significant amount of short-term debt and a low level of liquid assets, indicating potential liquidity issues. The total cash dividends from 2018 to 2024 amounted to 249 million yuan, which is 46.98% of the total net profit during that period [31][32][34]. - The company has maintained a high dividend payout ratio, with dividends exceeding net profits in some years, raising questions about its financial sustainability [31][32].

Core Viewpoint - The IPO application of Xinqiang Electronics (Qingyuan) Co., Ltd. has been terminated as the company and its sponsor withdrew the application, according to the Shenzhen Stock Exchange [1][2]. Company Overview - Xinqiang Electronics was established in August 2005 and is located in Qingyuan, Guangdong. The company specializes in the research, production, and sales of printed circuit boards (PCBs), focusing on the mid-to-high-end market, particularly high-end PCBs with eight layers or more [3]. - The average price of the company's products exceeds 2000 yuan per square meter, placing it in the top tier of the industry. The company has a strong reputation and brand advantage in the storage and communication sectors [3]. Financial Performance - The company's revenue from PCB products in the storage sector accounts for approximately 60% to 70% of its total revenue. In 2024, the company is expected to hold a market share of about 12.57% in the global memory module PCB market and 2.57% in the global SSD PCB market [4]. - The company's operating revenues for the years 2022 to 2024 are projected to be 868.73 million yuan, 1 billion yuan, and 998.91 million yuan, respectively. The net profits attributable to the parent company for the same period are expected to be 84.98 million yuan, 131.95 million yuan, and 167.92 million yuan [4]. Financial Metrics - As of December 31, 2024, the total assets of the company are projected to be 1.11 billion yuan, with equity attributable to the parent company at 837.13 million yuan. The asset-liability ratio is expected to be 24.97% [5]. - The company plans to raise 9.62 billion yuan for the "High-Density Interconnection PCB Expansion Project" [6].

Core Viewpoint - Luoyang Bearing Group Co., Ltd. (referred to as "Luoyang Bearings") has received acceptance for its IPO on the ChiNext board, aiming to raise 1.8 billion yuan for various development projects and debt repayment [1][2]. Financial Performance - Luoyang Bearings has shown a continuous increase in profitability, with projected revenues of 3.342 billion yuan, 4.441 billion yuan, 4.675 billion yuan, and 2.821 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [1]. - The net profit attributable to shareholders is expected to be -67.329 million yuan, 231 million yuan, 251 million yuan, and 257 million yuan for the same periods, indicating a trend of growth [1]. IPO Fund Utilization - The IPO proceeds of 1.8 billion yuan will primarily be allocated to the development and application of high-speed train bogie bearings, intelligent production construction for new energy bearings, precision bearing industry upgrades, and the industrialization of high-end precision small turntable bearings, as well as repaying bank loans [1]. Competitive Positioning - The implementation of the proposed projects is expected to enhance the company's competitive capabilities and sustainable development, solidifying its advantages in major equipment bearings and new energy vehicle bearings [2]. - The company aims to support potential market expansions in high-speed train bearings, high-end CNC machine tool bearings, and robot bearings through improved R&D, production capacity, and financial resources [2].