点击免费限量礼盒 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。 二轮问询中，北交所请发行人逐一说明发行人及杨致国控制的7家企业获取重叠客户及供应商的具体途径、合作历史、 是否同时进入客户及供应商体系，存在重叠客户及供应商的合理性。说明报告期内发行人及杨致国控制的7家企业的收 入、利润、向重叠客户的销售金额及占比情况、向重叠供应商采购金额及占比情况。并说明发行人及杨致国控制的7家 企业是否存在配套采购销售、共同采购销售情形，与重叠客户及供应商合同签订的时间及人员是否存在重叠，是否存在 互相引荐、协助获取订单的情形，是否存在业务或者市场切割约定。同时，分析说明向重叠客户及供应商购销价格的公 允性，价格差异原因及合理性，是否存在让渡商业机会的情形。 北交所还要求康华股份披露公司及其子公司与杨致国控制的7家企业报告期内的交易或资金往来情况，发行人未来有无 收购前述相关企业的计划。结合实际控制人与关系密切的家庭成员及其直接或间接控制的企业与杨致国、杨永盛及其关 联方、关联企业的资金流水情况，说明是否存在利益输送情形。 | 版 权 ： 本 文 部 分 ...

八一钢铁公告称，拟与宝武集团财务有限责任公司续签《金融服务协议》，有效期至2026年12月31日。 财务公司为公司关联方，本次交易构成关联交易，但不构成重大资产重组。截止2025年6月30日，过去 12个月内公司与财务公司存款余额4.06亿元。财务公司资产总额688.13亿元，营收7.71亿元，利润总额 4.00亿元。协议待2025年第三次临时股东会审议，关联人将放弃投票权。 ...

Core Viewpoint - HashKey Global's recent prospectus reveals significant pressures in governance, capital structure, and operational ecology, prompting discussions about the company's operational model and future sustainability [1] Group 1: Related Structure and Resource Dependence - The prospectus discloses that the company has HKD 432 million in "payables to related parties" and HKD 151 million in "digital asset payables," indicating substantial financial transactions with its parent company, raising concerns about operational independence [3] - A significant portion of the company's services, from technical systems to security services, is sourced from subsidiaries of the parent company, which, while reducing R&D costs, creates a high dependency on the related structure, posing challenges for future independent technological development [3] Group 2: Redeemable Preferred Shares - HashKey currently has HKD 1.725 billion in redeemable preferred share liabilities, a common structure in venture financing, but the redemption terms are often linked to the company's IPO process and valuation, making it a focal point for market scrutiny [4] - Analysts suggest that if the IPO does not meet expectations or the valuation falls short, the company may face significant cash redemption pressures, impacting its liquidity [4] Group 3: Token Mechanism and Community Confidence - The prospectus indicates that HSK tokens promised to users but not yet released are accounted for as HKD 189 million in "contract liabilities," highlighting the need for the platform to fulfill these commitments in the future [5] - Key market discussions revolve around the circulation speed and release mechanism of HSK tokens, as well as whether the actual application scenarios can support their long-term value [5] Group 4: Market Volatility and User Confidence - In the highly reputation-dependent crypto industry, establishing a clear, transparent, and sustainable mechanism between token economics and user expectations is a critical challenge for HashKey moving forward [6] Group 5: Losses and Cash Flow Pressure - The prospectus reveals projected losses of approximately HKD 1.19 billion for 2024 and HKD 507 million for the first half of 2025, with negative operating cash flow during the same period, leading to a net debt of HKD 1.582 billion by mid-2025 [7] - Industry analysis suggests that while initial losses are common in heavy asset and investment phases for compliant exchanges, the company must demonstrate its business model's ability to achieve self-sustainability amid expanding investments and capital structure pressures [7] Group 6: Market Expectations and Regulatory Observations - HashKey aims to optimize its capital structure and alleviate financial pressures through the IPO while seeking necessary funds for business expansion [8] - Future risks include ensuring transparency and independence in related transactions, managing redeemable preferred shares, enhancing market confidence in the HSK model, and maintaining compliance with regulatory requirements [8] Conclusion - The prospectus presents a complex balance between capital structure, governance mechanisms, ecological development, and future expansion, requiring the market to assess its value and risks based on comprehensive disclosures, regulatory demands, and industry trends [9] - For investors, this IPO serves as a test of the company's sustainability and a reference point for regulatory and investment logic in Hong Kong's crypto asset industry [9]

| 1.出现会议的股东和代理人人数 | 778 | | --- | --- | | 2.出席会议的股东学的有表决就的股份总数段》 | 464,351,992 | | CHANTER PRODUCTION CONSULTION CONSTITUTION OF CONSTITUTION OF CONSTITUTION OF COLORIO COLLEGIONAL CONTENTION OF COLLECTIONS OF COLLECTIONS OF COLLECTIONS OF CONSULTION OF CON | | | 3.出现会议的股东师持有要求权益好看与公司有表决权股份应用的比例(%) | 618091 | | 1X 00 5 3 80 | P-049-12 | 10 | | | --- | --- | --- | --- | | | 465,756,174 | 99.872 | | | 1 200 | | 球盘名 | | | | 1977 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 赢钱 | 世朗(s) | -10-12- ...

Core Viewpoint - Sichuan Good Doctor Cloud Medical Technology Group Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, marking a significant step despite its history of losses until 2022, when it finally turned profitable. However, the company faces concerns regarding family control and increasing related-party transactions [1][13]. Financial Performance - The company reported revenues of 18.82 billion, 30.65 billion, 32.64 billion, and 18.91 billion from 2022 to the first half of 2025, with year-on-year growth rates of 62.8%, 6.5%, and 23.9% respectively [3][15]. - Despite revenue growth, the company recorded a cumulative loss of 5610 million as of June 30, 2025, primarily due to historical losses since its establishment [3][16]. - The gross profit margin has shown a declining trend, with overall margins of 20.5%, 29.9%, 26.4%, and 22.8% during the reporting period, reflecting a decrease of 6.2 percentage points in the first half of 2024 [4][16]. Revenue Sources - The main revenue source is the pharmaceutical supply chain solutions, contributing 90.4%, 79.9%, 77.5%, and 78.1% of total revenue from 2022 to the first half of 2025. This segment includes proprietary and generic drug businesses [2][15]. - The specialized disease diagnosis solutions also contributed significantly, with revenues of 5.07 billion, 6.67 billion, and 3.79 billion, accounting for 16.5%, 20.4%, and 20.1% of total revenue during the same period [2][15]. Operational Costs - Sales and marketing expenses have been substantial, amounting to 2.62 billion, 7.47 billion, 6.98 billion, and 3.07 billion, representing 13.91%, 24.37%, 21.38%, and 16.22% of total revenue [6][17]. - Administrative expenses were significantly lower, at 923.85 million, 924.66 million, 969.06 million, and 631.60 million, accounting for 4.91%, 3.02%, 2.97%, and 3.34% of total revenue [6][18]. Inventory and Cash Flow - The company's inventory levels increased significantly, with values of 2.56 billion, 4.64 billion, 6.03 billion, and 5.11 billion, leading to longer inventory turnover days [7][19]. - The net cash flow from operating activities was negative in 2022, with subsequent positive cash flows in later periods, indicating fluctuating liquidity [8][20]. Family Control and Related Transactions - The company is under significant family control, with major shareholders holding approximately 65.99% of voting rights, raising concerns about governance and potential conflicts of interest [9][21]. - Related-party transactions have increased, with purchases from a major supplier, Sichuan Jiananda, rising to 16.7% of total procurement in recent periods [12][24]. Future Plans - The IPO proceeds are intended for national expansion of core business, development of a robust R&D environment, potential strategic investments, and general corporate purposes [12][24].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002157 证券简称：正邦科技 公告编号：2025—078 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖业务，现公司就每月生猪销 售情况进行披露，具体内容如下： 一、2025年11月份生猪销售情况 公司2025年11月销售生猪86.83万头（其中仔猪46.75万头，商品猪40.08万头），环比下降4.35%，同比 上升63.04%；销售收入7.41亿元，环比上升8.55%，同比下降2.85%。 商品猪（扣除仔猪后）销售均价11.56元/公斤，较上月上升2.52%。 2025年1-11月，公司累计销售生猪750.83万头，同比上升111.32%；累计销售收入75.65亿元，同比上升 64.64%。 上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上述数据仅作为阶段性数据， 供投资者参考。 注：以上数据如存在尾差，是因为四舍五入导致的。 二、 原因说明 2025年11月，公司生猪销售数量同比增幅较大主要是公司业务逐步 ...

Financial Assistance Extension Overview - Beijing Electronic City High-Tech Group Co., Ltd. plans to extend the financial assistance provided to its subsidiary, Beijing Electronic City North Guang Digital New Media Technology Development Co., Ltd., for a loan amounting to 33.17 million yuan for an additional 12 months at the prevailing bank loan market interest rate [2][5][50] - The board of directors approved this financial assistance extension, which will be submitted for shareholder approval [3][6][51] Subsidiary Operations and Financial Situation - Digital New Media, established in February 2018, primarily operates the Electronic City New Media Innovation Industrial Park, focusing on property leasing and technology services [4] - The subsidiary has faced financial pressure due to lower-than-expected customer payments and the need to repay bank loans and pay construction costs [5][8] - As of November 30, 2025, Digital New Media has borrowed 33.17 million yuan from the company and 17.09 million yuan from North Guang Group [5][50] Risk Management and Oversight - The company will enhance daily operational management of the subsidiary and closely monitor its financial and operational status to mitigate risks [3][13][51] - The financial assistance extension will not adversely affect the company's normal business operations or funding usage [8][51] Shareholder Meeting Announcement - A temporary shareholder meeting is scheduled for December 25, 2025, to discuss the financial assistance extension [17][52] - The meeting will utilize both on-site and online voting methods [18][53]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 本议案需提交公司股东大会审议，并经出席股东大会的股东所持有表决权的三分之二以上表决通过后方 可生效。股东大会审议通过后，董事会将授权公司管理层负责向工商登记机关及时办理《公司章程》的 备案等相关手续。上述变更最终以工商登记机关核准的内容为准。 修改后的《公司章程》全文详见同日披露于巨潮资讯网（www.cninfo.com.cn）的《公司章程》。 三、备查文件 1、新希望乳业股份有限公司第三届董事会第十八次会议决议。 2、新希望乳业股份有限公司第三届监事会第十三次会议决议。 新希望乳业股份有限公司 董事会 2025年12月10日 证券代码：002946 证券简称：新乳业 公告编号：2025-052 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于2026年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、日常关联交易基本情况 （一）日常关联交易概述 新希望乳业股份有限公司（以下简称"公司"或"本公司"）（含控股子公司，下同）2025年1-10月实际发 生日常 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601877 证券简称：正泰电器 公告编号：临2025-071 浙江正泰电器股份有限公司 第十届董事会第九次会议决议公告 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法律责任。 浙江正泰电器股份有限公司（以下简称"公司"）第十届董事会第九次会议于2025年12月9日以通讯方式 召开。应参加本次会议表决的董事9名，收到有效表决票9张，符合《中华人民共和国公司法》及《浙江 正泰电器股份有限公司章程》的规定，本次会议合法有效。经表决通过了以下议案： 一、审议通过《关于2026年度日常关联交易预测的议案》 会议以9票同意，0票反对，0票弃权，审议通过了《关于授权公司管理层办理户用光伏电站资产出售的 议案》，为实现"致力于成为全球综合能源服务领导者"的愿景，进一步优化业务模式与资产结构，公司 控股子公司正泰安能拟根据战略规划出售部分户用光伏电站资产。根据行业惯例，受让方通常会对上述 出售户用光伏电站的发电情况按照约定标准进行考核，为保证正泰安能户用光伏电站销售业务下相关事 项稳健发展， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002289 证券简称：*ST宇顺 公告编号：2025-117 深圳市宇顺电子股份有限公司 第六届董事会第三十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市宇顺电子股份有限公司（以下简称"公司"）第六届董事会第三十二次会议通知于2025年12月8日 以微信、电子邮件等方式通知了全体董事，本次为紧急会议，召集人已对本次紧急会议作出说明，与会 的各位董事已知悉所审议事项相关的必要信息。会议于2025年12月9日在公司总部会议室以通讯方式召 开。会议应出席的董事7人，实际出席的董事7人。本次会议由董事长嵇敏先生主持，公司监事、高级管 理人员列席了会议。本次会议的召集、召开符合《中华人民共和国公司法》和《公司章程》的规定。 本次会议以记名投票表决方式通过了如下议案： 一、会议以4票同意，0票反对，0票弃权，审议通过了《关于公司向控股股东申请增加借款额度暨关联 交易的议案》； 本议案涉及关联交易，关联董事嵇敏先生、张建云女士、钟新娣女士对本议案回避表决。 特此公告。 深圳市宇顺电子股份 ...