长江商报消息 ●长江商报记者 徐佳 时隔一年，深圳市尚水智能股份有限公司（以下简称"尚水智能"）从科创板转战创业板IPO，再次向A 股发起冲击。 6月19日，深交所正式受理了尚水智能的创业板首发申请。与前次科创板IPO募资规模相比，本次尚水 智能拟募资规模为5.87亿元，缩水约四成。 作为智能装备行业公司，尚水智能的产品主要应用于新能源电池极片制造、新材料制备等领域。长江商 报记者注意到，二次冲A，尚水智能的"大客户依赖症"依然存在，且依赖程度越来越高。 2024年，尚水智能来自第一大客户比亚迪的销售收入占比已由2020年的31.73%大幅提升至65.78%。而 比亚迪与其员工跟投平台合计持有尚水智能7.76%股份，尚水智能与比亚迪之间的交易也构成了关联交 易。 随着市场竞争加剧，尚水智能在获取下游行业头部企业大产能订单时逐渐降低报价，同时公司的生产成 本上升，使得毛利率下降。2024年，尚水智能实现归属于母公司所有者的净利润（下称"净利润"）1.53 亿元，同比减少约35%，当期公司主营业务毛利率由57.08%下降至48.72%。 患大客户依赖症 早在两年前，尚水智能就叩响了A股的大门。 2022年完成股份 ...

Core Viewpoint - In 2024, despite a booming gold price market, the jewelry industry faced a wave of store closures, while the jewelry company Chaohongji (002345.SZ) achieved a net increase of 158 franchise stores, resulting in a revenue of 6.518 billion yuan, a year-on-year growth of 10.48%. However, the company's profitability sharply declined in the second half of 2024, with a net loss of 122 million yuan in Q4, a year-on-year decrease of 698.93% [2]. Group 1: Franchise Performance - Chaohongji operates three main brands: "CHJ Chaohongji," "VENTI Vandi," and "FION Fianie," with over 90% of revenue coming from the jewelry sector. In 2024, the national gold consumption dropped by 9.58% to 985.31 tons due to suppressed consumer demand from rising gold prices, leading to diminishing returns from the previous rapid expansion strategy through franchise stores [4][5]. - The number of franchise stores increased to 1,505 by the end of 2024, with 1,268 being franchise stores. The revenue from franchise contributions reached 3.284 billion yuan, a year-on-year increase of 32.35%, marking a historical high. However, the gross margin for this sales model fell to 17.25%, down from 23.97% in 2020, significantly lower than the self-operated model's 31.57% [5][6]. Group 2: Revenue and Profitability Challenges - From 2020 to 2024, the revenue from Chaohongji's fashion jewelry showed instability, with a 10.6% decline in 2022 and a negative growth in 2024. In contrast, traditional gold products consistently showed positive growth during the same period, with a 30.21% increase in 2024 [8]. - The gross margin for traditional gold products remained low, fluctuating around 9% from 2020 to 2024, necessitating volume growth to support profitability. The company aims to increase its store count to 2,000 by 2025, but the actual net increase in 2024 fell short of expectations, posing a significant challenge [8][9]. - The company's leather goods segment, particularly the brand "FION Fianie," has underperformed, leading to multiple goodwill impairment provisions totaling 1.77 billion yuan in 2024 due to unmet performance expectations. The revenue from this segment dropped by 27.38% to 324 million yuan [9].

关于福建赛特新材股份有限公司 关财务会计问题的专项说明 关于福建赛特新材股份有限公司 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 专项说明 容诚专字2025361Z0397号 容诚专字2025361Z0397号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 TEL:010-6600 1391 FAX:010-6600 1392 上海证券交易所： 根据贵所 2025 年 5 月 19 日出具的《关于福建赛特新材股份有限公司 2024 年年度报告的信息披露监管问询函》(上证科创公函【2025】0125 号)（以下简 称"问询函"）的要求，容诚会计师事务所（特殊普通合伙）（以下简称"我们"） 对问询函中提到的需要年审会计师说明或发表意见的问题进行了认真核查。现 做专项说明如下： （除特别注明外，以下金额单位为人民币元） 问题一、关于毛利率。 年报披露，主营业务毛利率为 29%，同比下滑 4 个百分点。其中，国外销售 毛利率为 35%，同比下滑 4 个百分点；中间商销售毛利率 ...

兴业证券股份有限公司 关于福建赛特新材股份有限公司 上海证券交易所科创板公司监管部： 贵部于近日出具的《关于福建赛特新材股份有限公司 2024 年年度报告的信 息披露监管问询函》 （以下简称" 《问询函》 "）已收悉。兴业证券股份有限公司（以 下简称"持续督导机构"或"兴业证券"）作为福建赛特新材股份有限公司（以 下简称"赛特新材"或"公司"）的持续督导机构，对《问询函》所列问题认真 进行了落实，现回复如下，请予审核。 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。如无特别说明，本回复中使用的简称或名词释义与《福建赛特新材股份有 限公司 2024 年年度报告》（以下简称"2024 年年度报告"）一致。 问题一、关于毛利率。 年报披露，主营业务毛利率为 29%，同比下滑 4 个百分点。其中，国外销售 毛利率为 35%，同比下滑 4 个百分点；中间商销售毛利率为 21%，同比下滑 15 个 百分点。请公司： （1）结合销售价格、原材料采购价格、制造费用、市场竞争格 局等因素，量化分析各类产品毛利率均同比下滑的原因，并进行同行业比较分析， 说明是否具有合理性； （2）结合产品结构、客户类 ...

以下文章来源于开张FunTalk ，作者姐夫 开张FunTalk . 20年财务人，10年投资人，专业人的闲聊 来源丨开张FunTalk（ID： kaizhangfuntalk ） 作者丨姐夫 图源丨Midjourney 一夜之间，车企 "变脸"了。 截至 6月1 2 日，比亚迪、广汽、一汽、东风、赛力斯、吉利、长安、奇瑞、长城、零跑、理想、北汽等 17 家大型车企 ，先后 宣布将供应商支付账期缩短至 60天内。 从 各家车企的公告中， 可以看到大型车企们之所以步调一致，是因为：一、 要落实工信部、国资委等国家部委就保障产业链供 应链稳定、促进汽车产业高质量发展作出一系列部署要求 ；二 是积极响应国务院《保障中小企业款项支付条例》的举措。 一位新能源车供应企业高管对我说， "早该这样了，账期再拖下去，整车厂可能没事，但供应链企业得死一大片。" 我从汽车供应链企业了解到的是，这些年虽然新能源车跨越式发展，市占率大幅上升，但 车企 在大打价格战 争夺市场份额时， 为了减轻 利润下滑的压力 ，以及 为维持现金流， 纷纷 向供应链转嫁成本 。 主要手段 就 包括： 延长账期：2024年国内车企应付账款周转天数平均达1 ...

Core Viewpoint - Haiyang Technology's stock experienced significant volatility post-IPO, with a nearly 48% drop in three days, despite initial investor enthusiasm driven by the broader chemical fiber sector's performance [2][3]. Financial Performance - Haiyang Technology's revenue for 2022, 2023, and 2024 is projected to be 406.72 million, 411.28 million, and 554.24 million respectively, while its net profit after deducting non-recurring items is expected to be 149.82 million, 120.53 million, and 164.24 million respectively [4]. - The company's main business gross margin has declined from 10.37% in 2022 to 7.42% in 2024, significantly below the industry average of 14% [4][6]. Market Position - Haiyang Technology ranks third in the nylon tire cord fabric industry and second in the nylon 6 tire cord fabric sector, with a domestic market share of over 5% in nylon 6 chips [3]. Inventory and Receivables - The company's inventory has increased by 49.7% over two years, with balances of 376.80 million, 439.67 million, and 564.38 million for the respective years [7]. - Accounts receivable have also risen, with balances of 434.66 million, 552.42 million, and 638.01 million, indicating increasing collection pressure [7]. Debt and Financial Health - Haiyang Technology's debt-to-asset ratio has consistently exceeded the industry average, reaching 57.73% by March 2025, indicating potential repayment pressure if operational efficiency and debt structure are not improved [8]. Related Party Transactions - The company has complex related party transactions, including significant purchases from its largest supplier, Hengshen Group, which raises concerns about potential conflicts of interest and financial control [9][10]. Research and Development - Haiyang Technology's R&D expense ratio is below industry peers, with rates of 1.98%, 1.81%, and 2.01% over the report period, suggesting potential weaknesses in innovation capabilities [12]. Growth Potential - The company aims to enhance its product mix with high-margin products through new projects, but faces risks related to capacity expansion and cash flow erosion [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601106 证券简称：中国一重（维权） 公告编号：2025-031 中国第一重型机械股份公司关于上海证券交易所对公司年报信息披露监管问询函的回复公告 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、准确性和完整性承担个别及连带责任。 中国第一重型机械股份公司（以下简称中国一重或公司），于2025年5月22日收到上海证券交易所上市 公司管理一部下发的《关于中国第一重型机械股份公司2024年年度报告的信息披露监管问询函》（上证 公函〔2025〕0621号）（以下简称《问询函》），公司收到《问询函》后，高度重视，积极组织相关部 门对《问询函》所述事项逐项落实并回复。现对《问询函》所述事项回复公告如下： 问题一：关于应收账款与合同资产。 按单项计提坏账准备的应收账款前十名情况如下： 单位：亿元 ■ 相关业务开展前的尽调措施：相关业务开展前，公司通过国家企业信用信息公示系统核实企业名称、注 册号、注册资本、实缴资本、成立日期、营业期限、经营范围、法定代表人、股东及出资情况、注册地 址等，重点关注客户是否存 ...

关于对上海康鹏科技股份有限公司 年报问询函的回复 关于对上海康鹏科技股份有限公司 众会字（2025）第 09109 号 上海证券交易所科创板公司管理部： 众华会计师事务所(特殊普通合伙)(以下简称"本所"或"我们")接受上海 康鹏科技股份有限公司(以下简称"康鹏科技"或"公司")的委托，按照中国注 册会计师审计准则(以下简称"审计准则")审计了康鹏科技 2024 年 12 月 31 日 的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表及相关财务报表附注(以下简称"财 务报表")，并于 2025 年 4 月 16 日出具了无保留意见的审计报告(报告号为众会 字(2025)第 03601 号)。我们的目标是对财务报表整体是否存在由于舞弊或错误 导致的重大错报获取合理保证，并不是对上述财务报表中的任何个别账户或项目 的余额或金额、或个别附注单独发表意见。 贵部向上海康鹏科技股份有限公司下发的问询函《上证科创公函〔2025〕第 公司（以下简称："康鹏科技"或"公司"）已执行的审计程序及相关资料，对 有关问题回复如下： 问题一、关于新材料业务 年报显示， ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its annual report disclosure, particularly focusing on accounts receivable and contract assets, which are significant factors in its financial performance and potential risks [1]. Group 1: Accounts Receivable - The company's accounts receivable at the end of the period amounted to 7.323 billion, with a cumulative provision for bad debts of 3.811 billion, and a current period provision for bad debts of 1.091 billion, which is a major reason for the company's losses this year [2]. - The provision for bad debts on accounts receivable increased by approximately 1.215 billion compared to the previous year, with a total of 2.787 billion provided on a single-item basis [2]. - The company was asked to disclose detailed information regarding the top ten accounts receivable, including transaction details, payment history, aging of receivables, and credit management measures [2][3]. Group 2: Contract Assets - The company's contract assets at the end of the reporting period were valued at 5.231 billion, with a cumulative provision for bad debts of 0.094 billion, representing a provision rate of only 1.8% [2]. - The company was requested to provide details on the top five contract assets, including project names, transaction details, counterparties, contract amounts, aging, and expected settlement times [2]. - The company has a structured approach to classify customers based on their credit risk, which influences the provision for bad debts [16]. Group 3: Inventory - The company's inventory at the end of 2024 was recorded at 8.630 billion, reflecting a year-on-year increase of 6.44%, with work-in-progress and finished goods accounting for 6.621 billion [19]. - The increase in inventory is attributed to the long production cycles of the company's products, which are primarily custom-made for large enterprises [19][22]. - The company has identified specific reasons for inventory aging beyond typical production cycles, including project delays and new product failures, and has taken measures to assess and provision for potential inventory impairments [23][25].

2025年一季度，公司营收为1.25亿元，同比下滑32.67%，净利润为540.66万元，同比下滑64.54%，但毛 利率增长至45.66%。此外，公司2023年至2024年新增表面工程专用设备业务，营收分别为1.4亿元和 1.81亿元，占营业总收入的比例分别为28%和29%。 对此，监管要求公司结合产品结构、市场供需、销售价格、原材料价格等变动情况，分业务板块分析公 司毛利率三年一期持续增长的原因，是否符合行业趋势；同时量化分析公司在毛利率提高的情况下，最 近3年净利润持续亏损且2025年一季度业绩下滑的主要原因因及业绩表现是否与同行业一致。 瑞财经 李誉 6月12日，广州三孚新材料科技股份有限公司（以下简称"三孚新科"）发布关于2024年年报 问询函的回复公告。 问询函提出，三孚新科2022年至2024年，连续三年亏损，同时毛利率持续增长。 年报显示，2024年度三孚新科实现营业收入6.21亿元，同比增长24.9%，实现归母净利润-0.13亿元，连 续三年亏损。尽管如此，公司毛利率持续增长，从2022年的29.87%提升至2024年的38.28%。 东方财富数据显示，2020年至2024年，上官文龙的薪酬 ...