来源：钛媒体 12月24日，视涯科技股份有限公司（下称"视涯科技"）将科创板IPO上市，公开发行不超过10000万股。 笔者注意到，视涯科技营收未达科创板上市指标，且成立以来长期大额亏损，三年半累计亏超9亿元，研发投入几乎吞噬全部利润。更令人费解的是，公司 手握超15亿元现金类资产、偿债能力优于同行，却拟募资20.15亿元，合理性亟待解释。股权层面，视涯科技也出现了短期交易价差显著、上市前夕低价转 让股权、申报期代持未披露等问题。 股权定价混乱、代持未披露 视涯科技成立于2016年，由厦门晟山及厦门稷山出资设立，截至招股说明书签署日，顾铁通过直接以及间接的方式合计控制视涯科技61.79%的表决权，为 公司的实控人。 值得关注的是，在公司冲刺IPO的关键节点，股权变动频繁且浮现出多处令人费解的问题。据悉，2025年3月，顾浩与宁波视界、海宁艾克斯、联新三期及 上海箕山签订了股份转让协议，约定顾浩将其持有的公司968.0488 万股（对应1.08%股份）以人民币10,756.00万元的价格（对应11.11元/股）转让给宁波视 界、海宁艾克斯、联新三期及上海箕山。 同月，上海檀英与上海箕山签订了股份转让协议，约定上 ...

从主动撤单到再度闯关，长沙北斗产业安全技术研究院集团股份有限公司(以下简称"北斗院")的科创板 上市之路可谓一波三折。 日前，北斗院的科创板IPO审核状态变更为"已问询"。与2023年首次闯关科创板相比，公司募资规模大 幅提升至7.09亿元，并新增多个募投项目。 长江商报记者注意到，在业绩波动、毛利率收窄的背景下，北斗院在本次IPO前突击分红1640万元。不 仅如此，首次撤单后，北斗院新增17家机构股东，其中就包括公司第一大客户中电科集团旗下中电科投 资。 2025年上半年，包括中电科集团在内，北斗院来自前五大客户的销售收入占比达到72.64%。 截至2025年6月末，北斗院手握现金(货币资金+交易性金融资产)4.59亿元，占总资产的比例为42.74%， 且期末资产负债率仅为3.91%。 本次IPO，北斗院计划使用2亿元募集资金用于补充流动资金及储备资金，其募资必要性与合理性无疑 将面临监管的重点审视。 业绩出现波动，或是北斗院主动撤单的原因之一。综合两版招股书，2020年至2023年，北斗院的营业收 入分别为9349.85万元、1.44亿元、2.43亿元、2.85亿元，归属于母公司所有者的净利润为(以下简称 ...

12月15日消息，近日被称为"国产GPU第一股"的摩尔线程，上市刚满一周，便抛出一则颇具冲击力的公 告。 12日晚间，摩尔线程宣布， 将拿出最高75亿元募集资金进行现金管理 。随后，消息迅速在市场发酵， 引发投资者与业内的高度关注。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 从合规层面看，这一安排并不罕见。但问题在于时间节点 。摩尔线程于12月5日才刚刚登陆 科创板， 宣布现金管理之日 距离上市 刚满 一周。 另外值得注意的是 ， 摩尔线程以 88天过会、158天上市 的速度，成为 2022年以来审核最 快的科创板IPO ， 被不少媒体称为"跑出了科创板加速度"。而如今，"上市加速度"之后迅速 接上的，却是一则大额理财公告。 据悉，摩尔线程IPO计划募资80亿元，总募资79.996亿（募资净额75.76亿），此次拿出至高75亿理财， 占比亦超过9成。 12月12日晚间，摩尔线程发布公告称，公司及实施募投项目的子公司计划使用最高不超过75亿元（含本 数）的闲置募集资金进行现金管理，使用期限自董事会审议通过之日起12个月内有效。 公告显示， 投 ...

Core Viewpoint - Shiya Technology Co., Ltd. is undergoing a second round of inquiry for its IPO on the Sci-Tech Innovation Board, focusing on its technology, market position, clients, and operational performance [1] Group 1: Company Overview - Shiya Technology is a provider of micro-display overall solutions, with its core product being silicon-based OLED micro-displays [1] - The company offers value-added services including strategic product development, optical systems, and XR overall solutions [1] Group 2: IPO Details - The IPO was accepted on June 26, 2025, and entered the inquiry phase on July 21, 2025 [1] - Shiya Technology aims to raise approximately 2.015 billion yuan, which will be used for the expansion of ultra-high-resolution silicon-based OLED micro-display production lines and the construction of a research and development center [1]

顶着"国家队"光环，手握军工订单，有研金属复合材料（北京）股份公司（简称"有研复材"）在科创板IPO上会的前夕，公司连续两年经营性现金流为 负，净利润与现金流严重背离，应收账款激增96%，回款率骤降至42.77%。 更引人质疑的是，在现金流紧张、存货与应收账款高企的情况下，有研复材仍分红近2800万元。此外，其超85%专利依赖受让，研发人员比例刚达科创板 底线。 此外，公司军品审价波动可能导致的业绩"回溯"而出现下滑，以及屡次因欠税被处罚。 1 连续两年现金流为负，应收账款增幅近96% 2022年至2025年上半年，有研复材实现营业收入分别为4.14亿元、4.98亿元、6.10亿元、2.40亿元，扣非归母净利润分别为2365.42万元、4505.87万元、 5536.12万元、1167.50万元。2025年1-6月，有研复材营业收入同比减少455.73万元、下降1.86%，扣非归母净利润同比减少647.35万元、下降35.67%。 | | | | | 里位:力兀,如尤特殊说明 | | --- | --- | --- | --- | --- | | 项目 | | 2025年6月30 2024年12月31 202 ...

中国经济网编者按：据北京商报11月26日发布的报道《泰诺麦博科创板IPO藏隐忧》，作为科创板 第五套上市标准重启后的首单，珠海泰诺麦博制药股份有限公司（以下简称"泰诺麦博"）成为市场焦 点。上交所官网显示，泰诺麦博已对外披露首轮问询回复。泰诺麦博核心产品斯泰度塔单抗于今年2月 在国内获批上市，在首轮问询回复中，泰诺麦博透露了斯泰度塔单抗的销售情况。值得注意的是，斯泰 度塔单抗截至9月30日的实际销售情况与原先预期销量存在一定差异，完成比例仅为47.6%。商业化刚 起步的泰诺麦博，能否借政策东风成功登陆科创板，仍需要一步步闯关。 据长江商报8月11日报道《泰诺麦博融资10.87亿后拟再募15亿三年多亏15.67亿仅一款产品商业 化》，在过往持续高研发投入力度下，2022年至2025年前3个月，泰诺麦博累计亏损15.67亿元。 据华夏时报8月15日报道《泰诺麦博0.32％产销率撞上350人天价销售军团，古稀实控人背数十亿 元"对赌炸弹"｜创新药观察》，值得警惕的是，公司在2024年6月签署的回购协议如同悬在头顶的"达摩 克利斯之剑"，潜藏着巨大的风险。据协议约定，若公司的IPO申请出现撤回、终止、被驳回或否决等 ...

文件显示 ， 2022年 ， 联讯仪器 净 利 润 为 -3788.88 万 元 ， 2022 年 7月 公 司 股 改 前 决 议 向全体股东按照出资比例 现金分红2106.41万元 。 对此 ， 科创板要求说明2 0 2 2年公司分红的背景原因 ， 所履行的决策程序及其合规性 。 回复文件表示 ， 联讯仪器于2 0 2 2年1 0月完成了股份制改制 ， 股改基准日为2 0 2 2年7月3 1日 。 为解决部 分 股 东 股 改 纳 税 等资金需求的问题 ， 经2 0 2 2年7月2 5日公司股东会审议通过 ， 决议以截至2 0 2 2年6月3 0日的未分配利润向全体在册股东按照出资比例进行现金分红 ， 合 计 分配2 1 0 6 . 4 1万元(含税) ， 并于当月实施完毕 。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 近日 ， 苏州联讯仪器股份 有限公司 （ 以下简称 ： 联讯仪器 ） 披露科创板IPO问询回复文件 ， 保荐机构中信证券 ， 保荐代表人赵耀 、 孟硕 ， 会计师事务所为容诚会计师事务所 。 | 版 权 ： 本 ...

Core Viewpoint - The company, China Electronics Technology Group Corporation Blue Sky Technology Co., Ltd. (referred to as "Electric Blue Sky"), is undergoing a second round of inquiry for its IPO on the Sci-Tech Innovation Board, aiming to raise 1.5 billion yuan for the industrialization of aerospace power systems [1] Group 1: Company Overview - Electric Blue Sky specializes in the research, production, sales, and service of electric energy products and systems, offering comprehensive solutions for power generation, energy storage, control, and system integration [1] - The company's products have a wide application range, covering from deep sea (1 kilometer underwater) to deep space (2.25 million kilometers from Earth) [1] Group 2: IPO Details - The IPO application was accepted on June 28, 2025, and entered the inquiry phase on July 20 of the same year [1] - The company plans to raise 1.5 billion yuan, which will be allocated to the first phase of the aerospace power system industrialization project after deducting issuance costs [1] Group 3: Inquiry Focus - In the second round of inquiry, Electric Blue Sky faced questions regarding its aerospace power business, revenue and gross margin, accounts receivable, and notes receivable [1]

Core Viewpoint - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. (Tainuo Maibo) has become a market focus as the first company to apply for listing under the fifth set of standards of the Sci-Tech Innovation Board after its restart, but its actual sales performance of its core product, Staitouta Monoclonal Antibody, has fallen short of expectations, completing only 47.6% of projected sales [1][2]. Company Overview - Tainuo Maibo was established in 2015 and focuses on innovative biopharmaceuticals aimed at global markets, particularly in blood product alternatives [2]. - The company's core product, Staitouta Monoclonal Antibody (trade name: Xintuituo), was approved for sale in China in February, while another key product, TNM001, is undergoing Phase III clinical trials [2]. Sales Performance - From March to September, the self-operated team expected to sell 56,800 bottles of Staitouta, but only sold 43,500 bottles, achieving 76.67% of the target. The external promotion team expected to sell 40,100 bottles but only sold 2,600, achieving 6.42% of the target. Overall, the total expected sales were 96,900 bottles, with actual sales at 46,100 bottles, resulting in a completion rate of 47.6% [2][3]. Reasons for Sales Shortfall - The company attributed the shortfall in sales to underestimating the time required for non-medical insurance drug hospital access and the high pricing of the drug at its current stage. Additionally, the external promotion team needed more time to understand and convey the product's advantages [3]. Sales Team and Expenses - Despite the underperformance in sales, Tainuo Maibo has a high sales expense, with projected sales expenses of 3.89 million, 12.42 million, and 35.11 million for 2022, 2023, and 2024 respectively. In Q1 of this year, sales expenses reached 24 million [4]. - As of the end of Q1, the company had 350 sales personnel, representing 45.63% of its total workforce of 767 employees, indicating a significant investment in building a sales team [4]. Financial Health - The company's debt-to-asset ratio has significantly increased, with figures of 16.54%, 28.19%, 58.96%, and 56.5% for 2022, 2023, and Q1 of this year respectively. This ratio is higher than the average of comparable companies [5][6]. - The increase in the debt-to-asset ratio is attributed to increased spending on drug research and commercialization team building, leading to a decrease in cash reserves [6][7]. Future Outlook - Tainuo Maibo believes that despite the rising debt-to-asset ratio, it remains within the overall range of comparable companies and does not face significant repayment pressure. The company anticipates that cash inflows will increase with the sales growth of Staitouta and the upcoming launch of TNM001 [7].

Core Viewpoint - Rongxin Huike Electric Co., Ltd. is attempting to go public on the Sci-Tech Innovation Board (STAR Market) again after a previous unsuccessful attempt, with a planned fundraising of 977 million yuan [1] Company Overview - Rongxin Huike is a high-tech enterprise specializing in the research, manufacturing, sales, and service of core equipment for new power systems, providing flexible transmission complete equipment and high-power converters [1] Financial Performance - The projected operating revenues for Rongxin Huike from 2022 to the first half of 2025 are approximately 1.942 billion yuan, 233 million yuan, 508 million yuan, and 234 million yuan respectively [1] - The corresponding net profits attributable to the company are expected to be around 182 million yuan, -56.28 million yuan, 35.42 million yuan, and -5.37 million yuan for the same periods [1] Fundraising Purpose - The company aims to use the raised funds for the research and industrialization of offshore wind power transmission complete devices and key technologies, the development of green low-carbon flexible power core equipment, the establishment of a research/testing center, and to supplement working capital [1] Previous IPO Attempt - This is the second attempt by Rongxin Huike to list on the STAR Market, having previously received acceptance for its IPO application in December 2021, which was later withdrawn in June 2022 [1]