Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after previously withdrawing its application for the Sci-Tech Innovation Board in 2022, aiming to raise 1 billion yuan [1] Group 1: Company Overview - Shangmi Technology was founded in 2013 and initially operated as a food delivery platform called "I Have Takeout," which was backed by Xiaomi [2] - The company transitioned from a food delivery service to providing Business Internet of Things (BIoT) solutions, focusing on selling smart devices such as Android cash registers and handheld scanners [4] Group 2: Financial Performance - The number of customers has declined for two consecutive years, with 2,506 in 2022, 2,337 in 2023, and projected 2,262 in 2024 [5] - Revenue figures for the years 2022 to 2024 are 3.4 billion yuan, 3.07 billion yuan, and 3.46 billion yuan, respectively, with profits of 160 million yuan, 100 million yuan, and 180 million yuan, indicating a decline in both revenue and profit in 2023 [5] - The revenue concentration from the top five customers was 42.3% in 2022, 28.8% in 2023, and 41.1% in 2024, highlighting a high dependency on major clients [5] Group 3: Production and Profitability - The company relies heavily on OEM production, with a projected sales volume of 3.803 million smart devices in 2024, while its design capacity is only 289,300 units, less than 8% of the sales volume [7] - Shangmi Technology's gross margins from 2022 to 2024 were 28.12%, 26.74%, and 28.85%, which are lower than the average gross margins of comparable companies [8] Group 4: Investment and Ownership Structure - The company has completed at least six rounds of financing, raising over 500 million yuan since its inception [8] - The ownership structure includes a dual-class share system, with the founder holding 79.04% of the voting rights prior to the IPO [8] - Major shareholders include Ant Group with 37.56%, Meituan with 11.29%, and Xiaomi with 10.72% [9]

Group 1 - Shenzhen Dayuecheng, a significant commercial project in the Greater Bay Area, officially opens with a total construction area of 250,000 square meters, focusing on art, trends, and social interaction [1] - The project aims to create a differentiated barrier through four strategic thoughts: curatorial thinking for space, boundary-less logic for business types, curator spirit for brands, and top-tier promotion for marketing, targeting to activate youth consumption [1] - The leasing rate of Shenzhen Dayuecheng reaches 99%, gathering nearly 400 brands, with over 50% being flagship or customized stores [3] Group 2 - The opening coincides with the 30th anniversary of "Toy Story," featuring the first exhibition in South China, "Toy Story 30th Anniversary: Playful Unboxing," in collaboration with Disney China [5] - Innovative non-standard experiential spaces such as "Fashion T-stage Cross Street" and "Star Chef Garden" are created, breaking traditional commercial space constraints [10] - The top-level Star Chef Garden spans 4,000 square meters, integrating green plants and cascading streams to form a winding green corridor, enhancing urban aesthetic experiences [12]

Core Viewpoint - China Satellite (600118) is expected to report a significant loss in the first half of 2025, with a projected net loss of between 21.2 million to 41.2 million yuan, a stark decline from a profit of 8.5 million yuan in the same period last year [1][2]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between -41.2 million yuan and -21.2 million yuan for the first half of 2025, indicating a shift from profitability to loss [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -47.3 million yuan and -25.3 million yuan [1][2]. - The 2024 annual report indicated a net profit decline of 82.28% to 27.914 million yuan, with a 96.67% drop in net profit excluding non-recurring items, highlighting ongoing financial pressure [3]. Group 2: Reasons for Performance Decline - The decline in performance is attributed to fewer contracts meeting acceptance conditions in satellite manufacturing, leading to a decrease in recognized revenue while operational expenses continue to rise [2]. - Although there was a significant increase in the delivery of aerospace components, the majority were low-margin commercial space products, contributing minimally to profit [2]. - The competitive landscape has intensified due to the influx of private capital in commercial aerospace, necessitating a restructuring of profit models for traditional aerospace companies [3]. Group 3: Strategic Response - The company plans to accelerate the implementation of key projects and task deliveries, focusing on industry user needs and optimizing products and services [2]. - Efforts will be made to explore new avenues in commercial aerospace and satellite applications while enhancing cost management and risk control [2]. - China Satellite is actively participating in low-orbit internet construction projects, providing various products and services, including electronic products and communication terminals [3].

来源丨凤凰网财经《IPO观察哨》 核心提示： 1. 商米科技营收模式较为单一，高度依赖硬件销售，2024年收入占比99.5%，力推的PaaS平台"商米大程序"商业化缓慢，2024年仅贡献0.5%收 入，未能形成可持续的软件订阅模式。 2.其公司客户总数三年减少近10%，同时为维系客户被迫延长信用期，导致其应收账款周转天数从2022年的36天激增至2024年的89天，2024年 应收款占总营收的比例高达30.3%，冲击现金流，加大坏账风险。 3.商米科技超90%的产品依赖代工，自有产能仅占3.3%。这一模式削弱成本控制力，2024年毛利率提升至28.9%，但仍低于同行水平。 热闹的港股IPO里，商米科技很难不引人注目。能同时吸引小米、美团、蚂蚁集团三大巨头押注，商米科技曾承载的期待不言而喻。 这是一家商业物联网(BIoT)解决方案提供商，主要做智能商用设备。简单来说，就是帮小店、餐厅升级收银系统，用一台智能机器搞定所有收钱记 账的工作。 但这家被巨头看好的公司，IPO之路却一波三折。 2021年冲刺科创板，在被上交所发函问询两次后，上市无疾而终。这次赴港IPO的招股书中，特地提到这次经历是，"自愿撤回申请"，" ...

白交 发自 凹非寺 量子位 | 公众号 QbitAI 了不得！ 这届学生毕业季卖上货了—— 结果热销全网，50余款「毕业成果」累计吸引全网3000万观众围观和拼购。 是酱婶的，这不正好毕业季，中国农业大学办了场 特殊的毕业典礼 。 来自全国各地的毕业生，带着他们的「成果」回到母校—— 什么国产树上熟榴莲、什么玉露香梨汁，还有妮娜皇后葡萄、富硒黑小麦粉、低升糖指数鲜食玉米、羊驼绒 等等。 然后就在拼多多上直播带货起来，结果收获不小，很快就供不应求了。 已举办16年的「科技小院」 原来啊，这些学生都来自于一个叫做「科技小院」的项目。 这个项目是由中国工程院院士张福锁首创。2009年，首个科技小院在河北曲周建立，旨在为小农户提供 「零距离、零时差、零门槛、零费用」的科技服务。 16年间，科技小院的整体规模已经扩展到了1800多个，覆盖全国各地。 因此科技小院的学生，他们的课堂不在教室，而是分散在各地的乡村。他们的课题，也是实实在在地在田间 地头，解决农产品种植问题。 比如像 国产榴莲 的生产问题。 我们知道，作为全球最大的榴莲进口国和消费国，受限于气候等原因，我国大部分榴莲进口自泰国、马来西 亚等海外产区。也是近几 ...

据主办方预计，CR7博物馆将吸引1200万人次的旅客到访。围绕体育明星IP建立主题博物馆，与当地文旅资源相结合，背后的商业价值非常可 观。 7月一个寻常工作日的早上，位于香港尖沙咀维港旁的K11刚到营业时间就早早迎来客流高峰，上百人在K11六楼排起长龙。排队人群中大多身穿各色球 衣，不论是明黄、纯白、鲜红、黑白间条抑或是绿白条纹，背后不约而同印上"RONALDO"的字样，人们此行心中的热切期盼不言而喻：尽快走进亚太地 区首家C罗博物馆，一睹足坛巨星的风采。 CR7 LIFE博物馆开幕日现场过百人等候，图源：香港01 正如C罗在个人微博写道："走进我的世界，重温塑造我的生涯轨迹的每个瞬间。"CR7 LIFE博物馆落户香港，让更多人无需远赴葡萄牙，即可沉浸式感受 足坛超巨的无穷魅力。 12000平方呎展现C罗生涯，4000港元VIP套票遭吐槽 据官网介绍，CR7 LIFE博物馆的展出内容分为五个板块：奖杯、生涯时间线、互动体验、沉浸式参观以及C罗Youtube工作室，总共展出40件展品以及10 座C罗雕像，涵盖从葡萄牙体育、曼联、皇马、尤文以及利雅得胜利不同时代的团队冠军和个人荣誉，当然少不了C罗为葡萄牙国家队拿 ...

Group 1 - Huada Jiutian announced the termination of the acquisition of Xinheng Semiconductor due to failure to reach an agreement on core terms after negotiations [1] - STMicroelectronics launched a new 3MP automotive-grade CMOS image sensor SC326AT, which is fully domestically produced and features significant optimizations in sensitivity, noise suppression, and power consumption [2] - BYD signed a main supply agreement with Europower Enerji to launch a 1C energy storage project in Turkey, with plans to expand to 0.5C–8 MWh by 2026 [3] Group 2 - Google initiated the "Sol" submarine cable project to enhance global digital infrastructure and network connectivity, aiming to significantly increase international network capacity and reduce latency [4] - The world's largest ring rolling machine bearings were delivered in Luoyang, marking a breakthrough in the design and manufacturing of super-large, super-heavy bearings [5]

Group 1 - The core index, the CSI Securities Company Pioneer Strategy Index, has shown a strong increase of 3.40% as of July 11, 2025, with significant gains in constituent stocks such as Bank of China Securities and Guosheng Financial Holdings [1] - The Securities ETF Pioneer has achieved a net value increase of 51.36% over the past year, ranking 200 out of 2908 index stock funds, placing it in the top 6.88% [3] - The latest price-to-earnings ratio (PE-TTM) of the CSI Securities Company Pioneer Strategy Index is 20.37, indicating it is at a historical low, being below 80% of the time over the past year [3] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Securities Company Pioneer Strategy Index account for 59.67% of the index, including companies like Dongfang Fortune and CITIC Securities [4] - Guosheng Financial Holdings reported a net profit of 243 million yuan for the first half of 2025, marking a year-on-year increase of 109.48% [4] - The capital market is experiencing a rebound, with increased trading activity and expectations for a recovery in IPO scale, which may lead to a resurgence in investment banking revenue [4]

中国卫星表示，在宇航制造方面，一是卫星研制业务半年度达到验收条件的合同履约进度节点较少，可 确认收入同比下降，而日常经营及备产准备等各项支出持续发生；二是报告期内宇航部组件产品交付量 虽显著增加，但交付增量是以毛利率较低的商业航天产品为主，交付增量对公司利润贡献较小。在卫星 应用方面，受部分产品处于升级换代过渡期、市场竞争激烈等因素影响，几家子公司经营情况尚未明显 好转。 另一家子公司北京星地恒通信息科技有限公司则是由于从事业务较为单一，受主要产品升级换代影响， 新签订单大幅减少。此外，子公司深圳航天东方红卫星有限公司合同签署时间较晚，对收入贡献较少。 据官网介绍，中国卫星专注于宇航制造和卫星应用两大主业。截至2024年底，中国卫星共拥有10家全 资/控股子公司，部分子公司在2024年出现亏损，这也成为中国卫星2024年利润总额及净利润大幅下降 的原因之一。 当前，我国商业航天产业快速发展，竞争日益激烈，行业加速洗牌。在此背景下，中国卫星也多次在公 告中坦言，由于商业航天竞争进一步加剧，公司的盈利压力明显加大。 7月10日晚，中国卫星（600118）发布业绩预告，预计2025年上半年净利润为-4120万元至- ...

Group 1 - The core viewpoint of the news highlights the significant profit growth forecasts for major Chinese shipbuilding companies, China Shipbuilding and China Shipbuilding Industry Corporation, with expected net profit increases of 98%-119% and 182%-238% respectively for the first half of the year [1] - The Shanghai Stock Exchange has approved the share swap merger plan between China Shipbuilding and China Shipbuilding Industry Corporation, which is expected to create the largest and most comprehensive listed shipbuilding giant globally, positioning it as a key player in China's entry into the high-end equipment market [1] - The defense and military industry sector is showing positive performance, with the Defense and Military ETF (512810) experiencing significant capital inflows, having attracted over 100 million yuan in the last 10 trading days [3] Group 2 - Analysts from Guolian Minsheng Securities believe that the defense and military sector will remain a favorable investment option amid the current trend of global multipolarity, with the industry poised to experience three pivotal turning points: the "14th Five-Year Plan," "domestic demand acceleration," and "foreign trade orders from 0 to 1" [3] - The Defense and Military ETF (512810) has undergone a share split to lower the trading threshold, reducing the price from approximately 120 yuan to around 60 yuan, making it more accessible for investors [3] - The ETF covers a wide range of themes, including traditional military forces and emerging sectors such as commercial aerospace, deep-sea technology, military AI, low-altitude economy, and large aircraft [3]