摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"、"发行人"或"公司"）首次公开发行人 民币普通股（以下简称"本次发行"）并在科创板上市的申请已经上海证券交易所（以下简称"上交所"） 科创板上市委员会审议通过，并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册（证 监许可〔2025〕2423号）。《摩尔线程智能科技（北京）股份有限公司首次公开发行股票并在科创板上 市招股意向书》及附录在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证监会规定条件网 站（中证网，https://www.cs.com.cn/；中国证券网，https://www.cnstock.com/；证券时报网， https://www.stcn.com/ ；证券日报网，http://www.zqrb.cn/；经济参考网：http://www.jjckb.cn/）披露，并 置备于发行人、上交所、本次发行保荐人（主承销商）中信证券股份有限公司的住所，供公众查阅。 保荐人（主承销商）：中信证券股份有限公司 2025年11月14日 保荐人（主承销商）：中信证券股份有限公司 ■ 发行人：摩尔线程智能科 ...

Core Viewpoint - Hangdong Technology, a leader in domestic RV reducer manufacturing, has faced significant structural risks that have delayed its IPO process despite a strong market position and revenue growth projections [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 22,847.97 million yuan and a net profit of 4,710.45 million yuan, with projected revenue for the first three quarters expected to reach between 31,000.00 million yuan and 33,000.00 million yuan, indicating a year-on-year net profit growth of over 50% [2]. - The sales revenue from RV reducers consistently accounts for over 90% of the company's main business income [2]. Accounts Receivable and Inventory Management - As of June 2025, accounts receivable reached 32,529.81 million yuan, making up 56.00% of current assets, with a declining accounts receivable turnover rate raising concerns about potential collection risks [2]. - Inventory value stood at 10,735.18 million yuan as of June 2025, with risks of inventory depreciation due to market demand fluctuations or product obsolescence [3]. Customer Concentration Risk - The company has a high dependency on major clients, with sales to the top five customers accounting for up to 92.12% of total revenue in 2023, and the largest client, Estun, contributing 58.14% of sales in 2024 [3]. - This customer concentration has led to reduced pricing power and a decline in average selling prices for RV reducers, impacting gross margins [3]. Governance and Related Party Transactions - Concerns have been raised regarding the governance structure, as the controlling shareholder, Double Ring Transmission, holds 67.27% of the company, leading to potential conflicts of interest [4]. - A related party transaction in 2022 involved purchasing assets from the controlling shareholder at an 8.7% premium over market value, highlighting issues with pricing mechanisms [4]. Compliance and Internal Control Issues - The company has faced compliance issues, including failure to fully pay social insurance and housing funds for employees and a minor administrative penalty for non-compliance with fire safety standards [5]. - There are unlicensed buildings on the property, including critical production facilities, which pose a risk of forced demolition despite no recorded administrative penalties [5]. Regulatory Scrutiny - The combination of financial, governance, and compliance risks has led to heightened scrutiny from regulatory bodies, contributing to the delay in the company's IPO approval process [6].

Core Points - In the first ten months of 2025, a total of 87 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 90.123 billion yuan [1] - Among these, 11 companies were listed on the Sci-Tech Innovation Board, collectively raising 16.952 billion yuan [1] Summary by Category Listing Standards - Seven companies, including Ying Shi Innovation and Hanbang Technology, opted for the first set of listing standards, which requires a market value of no less than 1 billion yuan and positive net profits in the last two years totaling at least 50 million yuan, or a market value of no less than 1 billion yuan with positive net profit in the last year and revenue of at least 100 million yuan [1] - Xi'an Yicai and Yitang Co. chose the fourth listing standard, requiring a market value of no less than 3 billion yuan and revenue of at least 300 million yuan in the last year [1] - He Yuan Bio and Biobetter selected the fifth standard, which requires a market value of no less than 4 billion yuan, with significant market potential and at least one core product approved for phase II clinical trials for pharmaceutical companies [1] Fundraising Details - The actual fundraising amounts for the newly listed companies include: - Xi'an Yicai: 4.63584 billion yuan [2] - He Yuan Bio: 2.59946 billion yuan [2] - Biobetter: 1.60020 billion yuan [2] - Yitang Co.: 2.49748 billion yuan [2] - Ying Shi Innovation: 1.93807 billion yuan [2] - Hanbang Technology: 500.94 million yuan [2] - Shengke Nano: 366.21 million yuan [2] - Haibo Sichuang: 861.10 million yuan [2] - Xingfu Electronics: 1.16800 billion yuan [2] - Sikan Technology: 568.82 million yuan [2] - Saifen Technology: 215.89 million yuan [2]

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has officially listed on the Sci-Tech Innovation Board, becoming the first unprofitable company to be approved and listed following the release of the "Science and Technology Eight Articles" [1] Company Summary - Xi'an Yiswei is recognized as the first unprofitable enterprise to successfully go public on the Sci-Tech Innovation Board after the implementation of new regulatory guidelines [1]

Listing Overview - Xi'an Yiswei Materials Technology Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025 [1] - The total share capital after the initial public offering (IPO) will be 4,037,800,000 shares, with 537,800,000 shares being newly issued [4] Investment Risks - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Tier upon listing [2] - Investors must comply with suitability management requirements and sign a risk disclosure document before participating in trading [2] - The stock will have a price fluctuation limit of 20%, but there will be no limit on price changes for the first five trading days [2] Liquidity Concerns - The initial circulating shares will be 164,617,586 shares, representing 4.08% of the total share capital, indicating potential liquidity issues [3] Valuation Metrics - The IPO price corresponds to a price-to-sales (P/S) ratio of 16.41 times based on diluted earnings for 2024, which is lower than comparable companies in the A-share market [8] - The company has chosen to disclose the P/S ratio as it is not yet profitable, in accordance with regulatory requirements [7] Financing and Margin Trading - The stock will be eligible for margin trading from the first day of listing, which may introduce additional price volatility and liquidity risks [9]

西安奕斯伟材料科技股份有限公司 首次公开发行股票科创板 1 上市公告书提示性公告 保荐人（主承销商）：中信证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，西安奕斯伟材料科技股份有限公司（以下简称 "西安奕材""公司""本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 10 月 28 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行 股票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国 证监会规定条件网站（中国证券网，http://www.cnstock.com；中证网， http://www.cs.com.cn；证券时报网，http://www.stcn.comx；证券日报网， http://www.zqrb.cn）披露，并置备于发行人、上交所、本次发行保荐人（主承销 商）中信证券股份有限公司的住所，供公众查阅。 一、上市概况 （五）首次公开发行股票数量：537,800,000 股，均为新股，无老股转让 二、 ...

武汉禾元生物科技股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（联席主承销商）：国泰海通证券股份有限公司 联席主承销商：中信建投证券股份有限公司 （一）股票简称：禾元生物 （二）扩位简称：武汉禾元生物 （三）股票代码：688765 （四）首次公开发行后总股本：357,500,000 股 二、风险提示 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长 层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告 披露日，禾元生物尚未盈利，自上市之日起将纳入科创成长层。 普通投资者参与科创成长层股票或者存托凭证交易的，应当符合科创板投资 者适当性管理的要求，并按照上海证券交易所有关规定，在首次参与交易前以纸 面或者电子形式签署《科创成长层风险揭示书》，由证券公司充分告知相关风险。 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市初 期的投资风险，提醒投资者充分了解交易风险、理性参与新股交易，具体如下： 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海 ...

Core Viewpoint - Frontline Bio (688221.SH) is currently experiencing a decline in stock price, closing at 14.20 yuan with a drop of 2.67%, indicating a state of underperformance since its IPO [1] Group 1: IPO and Stock Performance - Frontline Bio was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2020, with an initial public offering (IPO) price of 20.50 yuan per share [1] - The stock reached its highest price of 35.53 yuan on the first day of trading, marking the peak since its listing [1] - The total number of shares issued during the IPO was 89.96 million, accounting for 25.01% of the total shares post-issuance [1] Group 2: Fundraising and Use of Proceeds - The total amount raised from the IPO was 184.418 million yuan, with a net amount of 171.729 million yuan after expenses [1] - The company planned to use the raised funds for various projects, including the clinical development of an HIV fusion inhibitor, a combined therapy, a new transdermal analgesic patch, marketing network construction, and to supplement working capital [1] - The total fundraising from two rounds of issuance amounts to 2.044 billion yuan [4] Group 3: Underwriting and Strategic Investment - UBSAG, the underwriting institution, participated in the strategic placement of the IPO, acquiring 2,926,829 shares, which is 3.25% of the total issuance, for approximately 60 million yuan [2] - The lock-up period for the shares acquired by UBSAG is set for 24 months from the date of listing [2] Group 4: Subsequent Issuance - On September 22, 2022, Frontline Bio announced a specific issuance of 14,818,653 shares at a price of 13.51 yuan per share, raising a total of approximately 200.2 million yuan [3] - After deducting issuance costs, the net amount raised from this issuance was approximately 195.67 million yuan [3]

Core Viewpoint - The announcement indicates that Beijing Angrui Microelectronics Technology Co., Ltd. has received approval for its initial public offering (IPO) and listing on the Sci-Tech Innovation Board from the Shanghai Stock Exchange, with participation from Suzhou Industrial Park Xincheng Venture Capital Partnership [1] Company Summary - Beijing Angrui Microelectronics is focused on integrated circuit design in the radio frequency and analog fields, recognized as a national-level specialized and innovative "little giant" enterprise [1] - Suzhou Xincheng holds a 0.3452% stake in Angrui Microelectronics [1] Regulatory Summary - The IPO and listing are subject to obtaining a registration decision from the China Securities Regulatory Commission, indicating potential uncertainties ahead [1]

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. successfully held an online investor communication meeting regarding its initial public offering (IPO) and listing on the Sci-Tech Innovation Board, emphasizing the importance of investor engagement and feedback for future growth [2][3] Company Overview - The company expressed gratitude to investors for their interest and questions during the IPO process, highlighting the role of various intermediaries and platforms in facilitating this communication [2] - The company aims to integrate constructive suggestions from investors into its management practices to enhance performance and build trust [2] Technology and Product Focus - Investors showed significant interest in the company's innovative "rice blood-making" technology and its commercialization progress, indicating a strong market potential [2] - The company is committed to advancing research and development (R&D) and industrialization processes to ensure sustainable growth [2] Corporate Governance and Market Communication - The company recognizes its responsibilities as a public entity and is dedicated to adhering to listing regulations, improving corporate governance, and maintaining transparent communication with the capital market [2] - The listing on the Sci-Tech Innovation Board is viewed as a critical milestone and the beginning of a new journey for the company [2] Future Outlook - The company looks forward to ongoing communication with investors and stakeholders, aiming to create value and share growth opportunities in the future [3]