截至2025年6月末，公司资产负债率高达62.13%，短期借款及一年内到期负债高达3.4亿元，而账面货币 资金仅为9595万元。偿债压力之大，肉眼可见。 文 | 万 芙 近日，深交所官网显示，格林生物科技股份有限公司（下称"格林生物"）的创业板IPO申请已获受理。 这并不是格林生物第一次站在资本市场的门口。作为一家成立于1999年的老牌香料企业，这已是它第三 次向创业板发起冲击。 此前，格林生物分别于2020年和2023年两次递表，但均以"主动撤回"告终。第一次是因隐瞒环保处罚在 现场检查前"紧急撤单"，第二次则是在经历两轮问询后，因合规问题再度折戟。 如今，83岁的创始人陆文聪选择"卷土重来"，不仅将募资额大幅提升至6.9亿元，更在IPO前夕突击完成 了向女儿陆为的股权转让。然而，这份看似坚定的上市决心背后，却是格林生物挥之不去的合规阴影： 研发费用核算不准确、产能利用率持续下滑、环保处罚屡禁不止…… 一查就撤：合规漏洞成最大拦路虎 作为一家拟登陆创业板的高新技术企业，格林生物的研发成色也备受质疑。 数据显示，2022年至2025年上半年，公司研发费用率分别为2.34%、2.52%、2.73%和3.03%， ...

Core Viewpoint - Continuous investment in R&D is essential for companies in technology-intensive industries like copper-clad laminates to advance into high-end markets and avoid being eliminated by industry reshuffling [2][26]. Group 1: R&D Investment - In the first three quarters of 2025, the company's R&D expenses reached 1.014 billion yuan, a year-on-year increase of 28%, significantly surpassing five competitors' combined R&D expenses of 694 million yuan [3][20]. - The company has consistently focused on copper-clad laminates since its establishment in 1985, with this segment generating 8.364 billion yuan in revenue in the first half of 2025, accounting for 67.34% of its main business revenue [7][10]. - R&D expenses are primarily allocated to employee salaries (202 million yuan), stock incentives (104 million yuan), and direct investments (308 million yuan), which together account for 95.5% of total R&D spending [16][18]. Group 2: Market Position and Performance - The company has established itself as a pioneer in the high-end copper-clad laminate sector, having begun research on advanced materials as early as 2004 and achieving industrialization of high-frequency laminates in 2017 [14][19]. - By the first half of 2025, the company held 534 valid patents, with 18 patents granted in that period alone, indicating a strong commitment to innovation [18][19]. - The company achieved revenues of 20.614 billion yuan and a net profit of 2.443 billion yuan in the first three quarters of 2025, reflecting year-on-year growth rates of 39.8% and 78.04%, respectively [20][23]. Group 3: Industry Context - The copper-clad laminate industry is characterized by high technical barriers, with key formulations and processes often monopolized by foreign leaders, making entry challenging for domestic players [13][14]. - The demand for high-frequency and high-speed copper-clad laminates is driven by advancements in terminal products, particularly in AI computing and server technology, which require improved signal transmission and lower loss [11][12]. - The company has successfully captured approximately 3% of the global high-end copper-clad laminate market, becoming the only Chinese mainland enterprise to enter the global top ten in this sector [19][20].

一则看似平常的财务公告，意外地揭开了公众对芯片行业认知的隐秘断层。 当国产 GPU 第一股 摩尔线程披露将对最高 75 亿闲置募集资金进行现金管理时， " 不搞研发搞理财 " 的尖锐质疑随之而来。但事实，往往比情绪更复杂。我们或许不该急于下结论，而应先看懂这背后的 产业逻辑。 财务操作背后，是芯片业的长周期投入 一切误解的根源，或许始于对芯片研发特性的陌生。 设计一颗高端 GPU ，是一场以 " 年 " 为单位的漫长征程。从定义、设计、流片到反复验证，每一个 环节都需巨额资金支撑，且支付节点分散。这意味着，一笔募集资金不可能在到账当天就 " 烧完 " ， 必然存在按项目进度分批支付的 " 时间差 " 。 在这段 " 时间差 " 里，让巨额资金在账户中静止，反而是对资金效率和股东权益的漠视。 摩尔线程 在 公告中强调的投资标的 —— 如协定存款等，本质是 " 类活期 " 的超短期现金工具 ，核心诉求是 安全与随取随用 ，而非博取高收益。这是一种全球科技公司通行的、教科书级的资金管理方式。 公开信息显示，在本次募集资金到位前，摩尔线程近三年累计研发已 逼近 40 亿元 。年均超 10 亿元 的持续 " 烧钱 " ...

（编辑 丛可心） 证券日报网讯 12月12日，维信诺在互动平台回答投资者提问时表示，公司研发投入主要为AMOLED领 域相关核心技术研发，有助于公司不断提升市场竞争力。公司将不断拓宽融资渠道、持续优化融资结 构，也将持续增强生产经营能力，提高价值创造能力，向资本市场进一步传递公司价值。 ...

格隆汇12月12日丨屹通新材(300930.SZ)在互动平台表示，公司合金软磁粉末销售规模占比较小，主要 因为国内市场竞争激烈及项目建设尚未全部完成。公司将根据市场情况，加大研发投入，提升技术实 力，提高生产效率，同时加强销售团队建设，进一步开拓相关市场。 ...

（编辑 任世碧） 证券日报网12月11日讯 英思特在12月10日回答调研者提问时表示，公司在研发投入方面采取了一系列 切实有效的措施，以确保技术领先并持续满足市场需求。首先，公司高度重视研发团队的建设，积极引 进和培养高端技术人才，构建了一支由行业专家和资深工程师组成的研发团队，为技术创新提供了坚实 的人才保障。其次，公司不断加大研发资金的投入，确保研发项目的顺利进行。2025年前三季度研发投 入达5298.67万元，同比增长16.54%。公司在无重稀土材料、异形磁组件等关键技术上进行重点布局， 以保持技术领先性；公司进一步加大在新能源汽车、高端电机和机器人领域的布局，以拓宽产品线并提 升市场竞争力。此外，公司注重与高校、科研机构的合作与交流，通过产学研合作模式，共同开展前沿 技术研究和应用开发，进一步提升了公司的创新能力和行业影响力。同时，公司还建立了完善的研发管 理体系和激励机制，鼓励员工积极参与研发创新活动。通过设立《合理化建议制度》等方式，激励公司 员工不断追求卓越，为公司的发展贡献智慧和力量。 ...

哈喽，大家好，小圆今天想跟大家聊聊中国品牌出海圈的一件大事，安克创新正式向港交所递表了，作 为2011年成立、靠充电宝在亚马逊闯出名堂的企业，它2020年登陆深圳创业板时就拿下"跨境电商第一 股"的称号。 如今再启港股IPO，中金、高盛这些头部投行保驾护航，显然不只是简单的资本操作，更像是为全球化 新阶段按下了加速键，这背后到底藏着怎样的战略考量，双重主要上市的选择又能给它带来什么？ 双重主要上市 很多人可能会问，已经在A股上市的安克，为啥非要跑到港股再上市？关键就在它选的双重主要上市模 式上，这和二次上市最大的区别是，港股和A股地位平等且独立，不是简单的附属品，对海外收入占比 常年超96%的安克来说，这种独立性太重要了。 当下全球贸易环境多变，北美作为它近半营收的来源地，关税政策调整频繁，而它对亚马逊平台的依赖 一度超过57%，平台规则变动就可能影响业绩，通过港股上市，安克相当于给全球化加了层安全垫，能 吸引东南亚、中东等新兴市场的投资者，拓宽资本来源。 降低对单一资本市场的依赖，香港作为国际金融中心的背书，能让海外合作伙伴和消费者更信任这个中 国品牌，毕竟在全球市场拼杀，品牌公信力就是竞争力，融资需求也很 ...

Group 1 - Since the beginning of the 14th Five-Year Plan, Gansu enterprises have achieved direct financing of 58.72 billion yuan through capital markets, with listed companies' operating income increasing from 177.42 billion yuan to 233.16 billion yuan, a growth of 31.42% [1] - The total market value of Gansu's listed companies reached 354.45 billion yuan, an increase of 41.72% [1] - As of Q3 2025, Gansu has 34 A-share listed companies and 23 companies listed on the New Third Board, with over 4 million securities and futures accounts and nearly 300 billion yuan in managed assets [1] Group 2 - Gansu's listed companies account for only 1.01% of the total number of regulated enterprises but contribute over 20% of the total profit [1] - Cumulative R&D investment by Gansu's listed companies reached 20.145 billion yuan, a growth of 50.49% compared to the previous five years, achieving breakthroughs in key core technologies [1] - Cumulative cash dividends from listed companies in Gansu amounted to 18.414 billion yuan, an increase of 36.75% [1] Group 3 - In 2022, Lanzhou Bank became the first A-share listed bank in Gansu, raising 2 billion yuan to supplement core capital, with total assets exceeding 500 billion yuan [2] - Jinwei Co. was listed on the Shanghai Stock Exchange in the same year, raising 1 billion yuan for green mine upgrades, with its subsidiary mine recognized as a national ecological restoration model [2] - In 2023, Fangda Carbon issued Global Depositary Receipts (GDR) and was listed on the Swiss Exchange, raising 190 million USD, becoming the first "A+G" listed company in the western region [2] Group 4 - Over the past five years, Gansu enterprises issued bonds totaling 34.369 billion yuan, with a notable increase in the issuance of technology innovation bonds, totaling 5.6 billion yuan from three companies [2] - The weighted average interest rate for bonds in 2025 dropped to 2.20%, saving enterprises over 100 million yuan in financing costs [2]

Core Viewpoint - Yili Group is actively fulfilling its commitment to implement a significant mid-term dividend, marking its first mid-term dividend since its listing, with a cash dividend of 0.48 yuan per share, totaling 30.36 billion yuan [1][3]. Financial Performance - For the first three quarters of 2025, Yili Group achieved total revenue of 905.64 billion yuan, a year-on-year increase of 1.71%, while net profit attributable to shareholders was 104.26 billion yuan, a decrease of 4.07% [1][9]. - The company completed over 76% of its annual revenue target in the first three quarters, indicating a strong likelihood of achieving its planned goals [10]. - The gross profit margin for the first three quarters reached 35.32%, up 0.51 percentage points from the previous year, marking a four-year high [10]. Dividend Policy - The mid-term dividend payout ratio is approximately 29%, reflecting the company's commitment to high dividend levels and stable operations [2][3]. - Yili Group plans to maintain a cash dividend total of no less than 75% of the net profit attributable to shareholders for the years 2025-2027, with a minimum cash dividend of 1.22 yuan per share for 2024 [4]. Market Position - Yili Group remains a leader in the industry, with significant market shares in various segments, including liquid dairy products and infant formula [8]. - The company aims to achieve a total revenue of 1,190 billion yuan and a total profit of 126 billion yuan in 2025 [8]. Research and Development - Yili Group has consistently increased its investment in research and development, with R&D expenses exceeding 8 billion yuan for three consecutive years [12]. - In the first three quarters of 2025, R&D expenses reached 6.28 billion yuan, a year-on-year increase of 12.83%, with expectations to exceed 9 billion yuan for the full year [13].

证券日报网讯12月9日，富维股份（600742）在互动平台回答投资者提问时表示，公司2023年度研发费 用4.98亿元，2024年度研发费6.03亿元，2025年前三季度研发费4.41亿元，以往年份的研发费用请查询 公司公告。研发投入需时间转化，但长期看是创造合理利润的关键。 ...