由京东方前掌门人王东升掌舵，西安奕斯伟材料科技股份有限公司（以下简称"西安奕材"）冲击上市迎 来最新进展。根据安排，公司科创板IPO将于8月14日上会迎考。作为《关于深化科创板改革服务科技 创新和新质生产力发展的八条措施》（以下简称"科创板八条"）发布后上交所受理的首家未盈利企业， 2022—2024年，西安奕材年度净利不断增亏，三年累计亏超17亿元。不过，公司今年上半年净利同比减 亏。另外，公司报告期内毛利率存在较大波动，且显著低于同行业可比公司平均水平。 上半年净利同比减亏 在问询阶段排队近8个月，西安奕材将于8月14日迎来上会大考。 据了解，西安奕材科创板IPO于2024年11月29日获得上交所受理，同年12月24日进入问询阶段。报告期 内公司始终专注于12英寸硅片的研发、生产和销售。基于2024年月均出货量和截至2024年末产能规模统 计，公司均是全球第六的12英寸硅片厂商，前述月均出货量和产能规模全球同期占比约为6%和7%。 本次冲击上市，西安奕材拟募集资金约49亿元，拟投资于西安奕斯伟硅产业基地二期项目。 作为科创板八条发布后首家获上交所受理的未盈利企业，2022—2024年，西安奕材年度净利亏损 ...

Core Viewpoint - The IPO journey of Xi'an Yicai has transformed into a high-stakes game of capital and risk, with significant financial challenges and control issues looming over the company [2][24]. Group 1: Control Issues - Xi'an Yicai, founded in March 2019 by Wang Dongsheng, has a complex shareholder structure that raises control risks, with the largest shareholder holding only 12.73% of shares [4][5]. - Liu Yiqian, through Guohua Life, holds a veto power in key investment platforms, allowing potential interference in major decisions despite being behind the scenes [5][6]. - The dilution of voting rights post-IPO could exacerbate control instability, as the combined control of Wang Dongsheng and his associates is below the 30% safety line [4][5]. Group 2: Financial Challenges - The company reported cumulative losses of 1.727 billion yuan over three years, with total debt soaring to 7.007 billion yuan in 2024, a 60% year-on-year increase [2][13]. - Revenue growth from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024 (CAGR of 41.83%) contrasts sharply with deepening net losses, which expanded from -412 million yuan to -738 million yuan [13][14]. - The debt-to-asset ratio has risen significantly, indicating deteriorating asset quality, with total liabilities reaching 5.113 billion yuan in 2024 [14][15]. Group 3: R&D and Operational Issues - The company claims to hold 1,635 patents, but about 50% of its 235 R&D personnel are classified as "part-time," raising concerns about the effectiveness of its R&D efforts [9][10]. - The production line's heavy investment has led to a depreciation expense of 931 million yuan in 2024, which constitutes 46.7% of operating costs, further squeezing R&D budgets [10][11]. - The company faces a significant cash flow challenge, with capital expenditures of 2.09 billion yuan against a net cash flow from operating activities of 815 million yuan [17]. Group 4: Industry Challenges - Xi'an Yicai's expansion plan aims to increase production capacity from 650,000 wafers per month in 2024 to 1.2 million by 2026, but faces headwinds from declining prices and potential overcapacity [19][20]. - Product prices have dropped nearly 30% from 479.89 yuan to 361.58 yuan between 2022 and 2024, with further declines expected [19][20]. - The company relies heavily on a few major customers, with over 60% of revenue coming from the top five clients, creating a risk of revenue volatility [22][23]. Group 5: Regulatory Scrutiny - The company has triggered 17 financial risk warning indicators, prompting regulatory inquiries into control stability, profitability forecasts, and R&D authenticity [24][26]. - The regulatory body has raised concerns about the reliability of the company's profit forecasts and the stability of its major customer relationships [24][26]. - The upcoming IPO review will serve as a critical test for the company's ability to navigate these challenges and the broader implications for unprofitable firms seeking to go public [24][26].

Regulatory Changes - The National Health Commission has issued a notice prohibiting medical institutions from using misleading names for outpatient services that imply efficacy, emphasizing the need for clear and accurate naming practices [1] Drug Procurement - The National Medical Insurance Administration announced that 480 pharmaceutical companies are competing in the 11th batch of national drug procurement, with 55 drugs proposed for inclusion, averaging 15 companies per drug, and some drugs having over 40 participating companies [2] Legal Actions Against Fraud - The Supreme People's Court reported a significant increase in the prosecution of medical insurance fraud cases, with 1,156 cases involving 2,299 individuals concluded in 2024, marking a 131.2% year-on-year increase and recovering over 402 million yuan in lost funds [3] Drug Approvals - Innovent Biologics announced that its oral GLP-1R agonist IBI3032 has received FDA approval for clinical trials, with plans to initiate Phase I trials in mid-2025 targeting overweight or obese individuals [4] - Dyne Therapeutics received breakthrough therapy designation from the FDA for its investigational therapy DYNE-251 for Duchenne muscular dystrophy, with data expected by the end of 2025 [5] - Xinhua Pharmaceutical's subsidiary, Xinda Pharmaceutical, has received a drug registration certificate for Finasteride tablets, which are included in the national medical insurance drug list [6][7] Mergers and Acquisitions - Shanghai TuoJing announced the acquisition of 82% of Wuhan Kanglu Biological for 328 million yuan, focusing on advancements in molecular diagnostics [8] Financial Performance - Jiuzhou Pharmaceutical reported a 3.86% increase in revenue to 2.871 billion yuan and a 10.7% increase in net profit to 526 million yuan for the first half of 2025 [10] Strategic Investments - Yabao Pharmaceutical plans to acquire a traditional Chinese medicine project for 22 million yuan, enhancing its R&D pipeline and competitive edge [11] Shareholder Actions - Chenshin Pharmaceutical announced that a major shareholder plans to reduce their stake by up to 3% through market transactions, which is not expected to significantly impact the company's governance or operations [12]

招股书显示，泰诺麦博是一家面向全球市场、致力于血液制品替代疗法的创新生物制药企业。公司 以"创造临床价值"为导向，秉持差异化创新和竞争战略，致力于全人源单抗新药的开发、制造、商业化 及全球特异性血液制品的潜在替代，以满足广泛的临床需求，造福病患。 值得一提的是，泰诺麦博系科创板第五套上市标准重启后首家获得受理的企业。 北京商报讯（记者 丁宁）7月31日晚间，上交所官网显示，珠海泰诺麦博制药股份有限公司（以下简 称"泰诺麦博"）科创板IPO获得受理。 公司此次IPO拟募集资金15亿元，用于新药研发项目、抗体生产基地扩建项目和补充营运资金项目。 ...

财务数据显示，2022年—2024年，昂瑞微实现营业收入分别约为9.23亿元、16.95亿元、21.01亿元；对 应实现归属净利润分别约为-2.9亿元、-4.5亿元和-6470.92万元。 本次冲击上市，昂瑞微拟募集资金约20.67亿元，扣除发行费用后，将投资于5G射频前端芯片及模组研 发和产业化升级项目、射频SoC研发及产业化升级项目和总部基地及研发中心建设项目。 在首轮审核问询函中，昂瑞微产品、市场、持续经营等问题遭到了追问。 北京商报讯(记者马换换实习记者李佳雪)近期，上交所官网显示，北京昂瑞微电子技术股份有限公司(以 下简称"昂瑞微")科创板IPO对外披露了首轮审核问询函回复。 据了解，昂瑞微是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小巨人"企 业。公司科创板IPO于2025年3月28日获得受理，2025年4月15日进入问询阶段。 ...

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is undergoing an IPO process on the Sci-Tech Innovation Board, revealing a significant reduction in dedicated R&D personnel and a decrease in fundraising amount from 18.93 billion to 11.85 billion [1][5]. Group 1: R&D Personnel Changes - The number of dedicated R&D personnel at Baiaosaitu has drastically decreased from 58 at the end of 2022 to 5 by the end of 2024 [1][3]. - The total number of R&D personnel, including both dedicated and part-time, has also declined from 627 in 2022 to 337 in 2024 [3][4]. - The company has clarified that all personnel involved in innovative drug R&D are dedicated, while those in preclinical CRO services are part-time, aligning with industry norms [4]. Group 2: Fundraising Adjustments - The company has revised its fundraising target down to 11.85 billion, with allocations for various projects including early drug development services and antibody drug research [5]. - The initial fundraising amount was set at 18.93 billion, with the same project allocations, indicating a significant reduction of over 7 billion [5]. - The adjustments in fundraising may reflect changes in the company's operational status or market conditions, necessitating a reassessment of funding needs [5]. Group 3: Financial Performance - Baiaosaitu is projected to turn a profit in 2024 after consecutive years of losses, with revenues increasing from approximately 5.34 billion in 2022 to 9.8 billion in 2024 [5]. - The net profit attributable to the company is expected to shift from losses of 6.02 billion and 3.83 billion in 2022 and 2023, respectively, to a profit of approximately 335.42 million in 2024 [5].

Core Viewpoint - The China Securities Regulatory Commission has accepted the application for the initial public offering (IPO) and listing guidance of China Electronics Technology Group Corporation Si Yi Technology Co., Ltd., with the filing date set for July 23, 2025, and the guiding institution being Guotai Junan Securities [1] Group 1: Company Background - Si Yi Technology was established in 2015 and specializes in the research, development, manufacturing, and sales of electronic measurement instruments, with main products including complete machines, testing systems, and components [4] - The company previously applied for an IPO on the Sci-Tech Innovation Board in December 2022, which was accepted by the Shanghai Stock Exchange, with the sponsoring institution being CITIC Securities [3][4] Group 2: Financial Performance - The company's revenue for the years 2020, 2021, and 2022 was 1.2508 billion, 1.5131 billion, and 1.9492 billion yuan respectively, while net profits were 119.04 million, 191.33 million, and 227.87 million yuan [5] - The non-recurring net profits for the same years were 67.54 million, 152.27 million, and 198.04 million yuan, indicating a steady growth trend [5] - Government subsidies accounted for a significant portion of the total profit, with proportions of 46.54%, 22.59%, and 17.18% for the respective years [5] Group 3: IPO Fund Utilization - The previous IPO fundraising plan included projects such as the renovation and expansion of high-end electronic measurement instrument production lines, R&D and industrialization of new-generation mobile communication testing, and the establishment of a technology innovation center, with a total intended investment of 1.206 billion yuan [6] - The total planned investment for these projects was 1.2055 billion yuan, with specific allocations for each project [6] Group 4: Shareholding Structure - China Electronics Technology Group Corporation directly holds 41.74 million shares of Si Yi Technology, accounting for 50.54% of the total share capital, making it the controlling shareholder and actual controller of the company [6]

Core Viewpoint - Nanjing Qinheng Microelectronics Co., Ltd. (referred to as "Qinheng Micro") has made progress in its A-share IPO application, entering the inquiry stage, supported by steady revenue and profit growth during the reporting period [1][4]. Group 1: Financial Performance - Qinheng Micro's revenue and net profit have shown consistent growth from 2022 to 2024, with revenues of approximately 238 million yuan, 308 million yuan, and 397 million yuan, and corresponding net profits of approximately 59.1 million yuan, 72.4 million yuan, and 104 million yuan [4]. - The company's gross profit margins for its main business were 63.32%, 58.82%, and 57.51% from 2022 to 2024, indicating a gradual decline due to changes in product sales structure [5]. Group 2: Customer Base and Market Position - Qinheng Micro has a relatively low customer concentration, with sales to its top five customers accounting for 10.28%, 15.05%, and 14.15% of total revenue from 2022 to 2024, respectively [4]. - The company focuses on the long-tail market in industrial and automotive sectors, which allows for a diverse customer base and mitigates the impact of cyclical fluctuations in specific industries [5]. Group 3: Research and Development - The company's R&D expenses were 60.9 million yuan, 67.7 million yuan, and 76.2 million yuan from 2022 to 2024, representing 25.54%, 22.01%, and 19.2% of revenue, respectively, indicating a decrease in R&D expense ratio due to faster revenue growth [6]. - Qinheng Micro plans to raise approximately 932 million yuan through its IPO to invest in various chip development projects, which is expected to significantly increase R&D spending in the future [6]. Group 4: Ownership and Governance - The controlling shareholder, Wang Chunhua, holds over 90% of the voting rights, with Qinheng directly owning 56.04% and Wang holding 28.46%, leading to potential concerns about governance and decision-making power [7]. - Despite the high concentration of control, the company claims to have established a governance structure that ensures checks and balances among its board and committees, aiming to mitigate risks associated with concentrated ownership [7].

Core Insights - The article celebrates the 6th anniversary of the Sci-Tech Innovation Board (STAR Market) and provides statistics on the number of listed companies and their IPO intermediaries [1] Group 1: IPO Statistics - As of now, there are 589 listed companies on the STAR Market, with the number of IPOs per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1] - The intermediaries involved in these IPOs include 53 securities firms, 67 law firms, and 29 accounting firms [1] Group 2: Top IPO Sponsors - The most active IPO sponsor representative is Zhao Liang from CITIC Securities, with 6 projects [2] - Wang Bin, also from CITIC Securities, follows with 5 projects, while 47 other representatives have completed 3 or more projects [2][3] Group 3: Top Lawyers - The leading IPO lawyer is Wang Li from Shanghai Jintiancheng, with 11 projects, followed by Shen Cheng from the same firm with 10 projects, and Shi Tiejun from Beijing Junhe with 8 projects [5] Group 4: Top Accountants - The top IPO accountant is Wang Qiang from Tianjian, with 8 projects, followed by Zhang Songbai and Wang Na from Lixin, with 7 and 6 projects respectively [6]

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has restarted its IPO process and submitted its application to the Shanghai Stock Exchange, marking its third attempt to go public after previous failures due to various issues. The company aims to raise 2.446 billion yuan for R&D, expansion, and working capital, with a significant portion allocated for production expansion despite rising inventory levels and declining turnover rates [1][2][3]. Financial Performance - Future Materials has experienced fluctuating financial performance, with revenues increasing initially but then declining. For the years 2022 to 2024, the company reported revenues of 524 million yuan, 721 million yuan, and 640 million yuan, respectively, with net profits of 143 million yuan, 230 million yuan, and 165 million yuan. The revenue for 2024 is projected to decrease by 11.23%, and net profit is expected to drop by 28.26% [2][3][4]. Product Pricing and Market Pressure - The company faces market price pressures for several products, particularly the perfluorinated proton exchange membrane, which saw its price drop from 909.68 yuan per square meter in 2022 to 655.41 yuan in 2024, a decrease of 27.95%. The overall revenue contribution from high-performance fluorinated functional membranes has also declined from 93.99% in 2022 to 60.20% in 2024 [4][5][6]. Key Customer Relationships - Future Materials has established a significant partnership with Dalian Rongke, a leading vanadium flow battery company, which has become its largest customer, contributing 66.45% of the sales revenue from perfluorinated proton exchange membranes in 2024. This relationship is crucial for maintaining stable order sources amid declining overall revenue [6][7][8]. Inventory and Production Capacity - The company has a production capacity of 625,000 square meters for perfluorinated proton exchange membranes, with a utilization rate of 45.25% and a sales-to-production ratio of 84.98%. Future Materials plans to invest 559 million yuan in expanding its production capacity significantly [11][12]. Related Party Transactions - Future Materials has frequent related party transactions, with significant sales and purchases involving its major customer and supplier, Dongyue Fluorosilicon Technology Group. The company has taken steps to reduce the scale of these transactions by engaging third-party suppliers [14][16][17]. Control and Ownership Structure - The ownership structure of Future Materials is complex, with control shifting among shareholders over the years. As of now, Zhang Jianhong is the controlling shareholder, holding the highest voting rights, while the previous controlling parties have seen their influence diminish due to financial difficulties and restructuring [20][22][24].