Core Viewpoint - Chengdu Leap Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, focusing on advanced precision laser technology and semiconductor innovation processes, with significant growth in revenue and net profit during the reporting period [1][9] Revenue and Profit Growth - The company demonstrated strong growth, with revenue increasing from 74.15 million yuan in 2022 to 281 million yuan in 2024, achieving a compound annual growth rate of 96.25% [2] - Net profit turned from a loss of 9.38 million yuan in 2022 to a profit of 54.91 million yuan in 2024, with a slight profit of 683,200 yuan in Q1 2025 [2] R&D Investment Analysis - R&D expenses increased during the reporting period, with amounts of 15.28 million yuan, 23.95 million yuan, 58.74 million yuan, and 10.50 million yuan respectively [2] - The proportion of R&D expenses to revenue showed significant volatility, with figures of 20.61%, 12.56%, 20.9%, and 28.66% [3] - A notable increase in R&D expenses in 2024 by 145.23% was driven by external validation services and fixed asset investments, raising concerns about the sustainability of core technology development [3] Profit Quality and Asset Efficiency - Despite rapid profit growth, the company exhibited weaknesses in profit quality and asset operational efficiency, with negative cash flow from operating activities in most periods except for 2024 [4] - The net cash flow in 2024 was primarily due to an increase in operating payables, indicating a weak ability to convert revenue into cash [4] Accounts Receivable and Inventory Management - Accounts receivable increased significantly, with balances of 40.73 million yuan, 50.57 million yuan, 118 million yuan, and 117 million yuan, reflecting a rising proportion of accounts receivable to revenue [5] - Inventory value rose from 90.44 million yuan in 2022 to 226 million yuan in Q1 2025, with an increasing provision for inventory impairment, indicating potential issues in inventory management [5] Expense Control and Compliance - Management expenses increased from 14.71 million yuan in 2022 to 28.09 million yuan in 2024, with fluctuations in the proportion of revenue [6] - The company has a history of non-compliant dividend distributions, which raises concerns about internal governance and financial accounting practices [7] Financial Structure and Debt Pressure - The company’s financial structure shows a significant increase in liabilities, with a debt ratio rising from 28.91% in 2023 to 49.12% in Q1 2025 [8] - The company faces increased financial risk due to a declining short-term solvency ratio and a heavy reliance on long-term debt [8] Overall Assessment - Leap Technology has achieved rapid revenue and profit growth in the high-end semiconductor equipment sector, but faces scrutiny regarding profitability quality, asset management efficiency, and financial compliance as it seeks to meet the listing requirements of the Sci-Tech Innovation Board [9]

另外，上市委要求公司结合报告期内收入整体变动、季节性波动、验收标准、内控执行、验收期及回款 等情况，说明收入确认是否与同行业可比公司相一致，收入确认时点是否准确。 据了解，易思维专注于汽车制造机器视觉设备的研发、生产及销售，公司科创板IPO于2025年6月5日获 得受理，当年6月27日进入问询阶段。本次冲击上市，公司拟募集资金约12.14亿元，扣除发行费用后拟 用于机器视觉产品产业化基地项目、机器视觉研发中心项目、补充流动资金。 在上市委会议现场，上市委要求易思维结合汽车整车制造机器视觉领域市场空间、技术壁垒、竞争格局 及未来趋势、下游客户需求及开拓情况、报告期内产销量及收入变动等，说明未来业绩是否存在大幅波 动风险。 北京商报讯（记者 马换换 王蔓蕾）11月21日，上交所官网显示，易思维（杭州）科技股份有限公司 （以下简称"易思维"）科创板IPO当日上会获得通过。 ...

2. 结合行业特点、客户集中度高、主要客户持有公司股份、与客户合作情况、在手订单及收入下滑等,说明公司与主要客户的业务是否影响公司的独立性， 与主要客户的合作是否稳定、可持续。 恒运昌成立于2013年，注册资本5077万元，是半导体设备核心零部件供应商。 公司本次拟募资15.5亿元，用于沈阳半导体射频电源系统产业化建设项目、半导体与真空装备核心零部件智能化生产运营基地项目以及补充流动资金等。 业绩方面，2022年至2024年，恒运昌营业收入分别为1.58亿元、3.25亿元和5.41亿元，扣除非经常性损益后归属于母公司股东的净利润分别为1981.36万元、 6924.23万元和1.31亿元。主营业务毛利率分别为41.65%、46.11%和48.71%。 瑞财经 严明会 11月14日，深圳市恒运昌真空技术股份有限公司（以下简称：恒运昌）科创板IPO提交注册，从申报到提交注册历时仅5个月，保荐机构中信 证券，保荐代表人王纯然、曹阳，会计师事务所为天健会计师事务所。 上市委会议现场问询对恒运昌提出两个问题： 1. 结合所在行业市场需求、主要客户收入占比、客户开拓等情况，说明公司是否具有较强成长性，相关业绩波动风险披露 ...

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board and has submitted its registration shortly thereafter [1] Company Overview - Hengyun Chang specializes in the research, production, sales, and technical services of core components for semiconductor equipment, including plasma radio frequency power systems, plasma excitation devices, and plasma DC power supplies [1] - The company also provides overall solutions for core components related to plasma processes by integrating vacuum acquisition and fluid control technologies [1] IPO Details - The IPO application was accepted on June 13, 2025, entered the inquiry stage on July 6, and was approved on November 14, with registration submitted on the same evening [1] - Hengyun Chang aims to raise approximately 1.469 billion yuan through this IPO [1]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (Hengyun Chang) is facing significant challenges ahead of its IPO on the Sci-Tech Innovation Board, with a notable decline in performance and increasing reliance on a major customer, which raises concerns about its long-term profitability and stability [1][2][3]. Financial Performance - In 2024, Hengyun Chang achieved a revenue of 541 million yuan, a year-on-year increase of 66.26%, and a net profit of 131 million yuan, up 88.58% year-on-year [1]. - However, in the first half of 2025, the company reported a revenue of 304 million yuan, a mere 4.06% increase year-on-year, and a net profit of approximately 69.35 million yuan, down 11.99% year-on-year [1]. - The third quarter of 2025 saw a further decline, with revenue dropping by 27.29% year-on-year and net profit plummeting by 46.16% [1]. Order Backlog and Customer Dependency - The company's order backlog has been shrinking, with only 120 million yuan in hand orders in the first half of 2025, down from 260 million yuan in 2023 and 155 million yuan in 2024 [1]. - Hengyun Chang is heavily dependent on its largest customer, Tuojing Technology, which accounted for 63.13% of its revenue in 2024 and 62.06% in the first half of 2025 [2][3]. Accounts Receivable and Credit Policy - The accounts receivable balance surged from approximately 1.99 million yuan in 2022 to 13.02 million yuan in the first half of 2025, with the proportion of accounts receivable to revenue increasing from 12.63% to 42.83% [3][4]. - In the first half of 2025, accounts receivable from Tuojing Technology represented 58.82% of total accounts receivable, indicating a significant increase of 150.55% compared to the previous year [3][4]. - Hengyun Chang adjusted its credit policy from a 30-day payment term to a 60-day term, which has led to a notable increase in accounts receivable and a decrease in accounts receivable turnover rate from 7.81 times per year to 6.19 times per year [4][5]. Market Concerns - The significant fluctuations in Hengyun Chang's performance have raised concerns about its long-term profitability, especially given the volatility in the semiconductor industry [2][4]. - The company has denied any intention to relax credit policies to boost sales, but the correlation between the credit policy adjustment and the increase in accounts receivable raises questions about revenue quality and cash flow efficiency [4][5].

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise approximately 1.469 billion yuan [1] Company Overview - Hengyun Chang is a core component supplier for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, plasma DC power supplies, and various accessories [1] - The company provides comprehensive solutions for core components surrounding plasma technology, including the introduction of vacuum acquisition and fluid control components [1] IPO Details - The IPO application was accepted on June 13, 2025, and entered the inquiry phase on July 6 of the same year [1] - The company plans to raise around 1.469 billion yuan through this IPO [1] Market and Client Considerations - The listing committee has requested Hengyun Chang to explain its growth potential in relation to market demand, major client revenue proportions, and client development [1] - The committee also emphasized the need for the company to disclose risks related to performance fluctuations and the impact of client concentration on its independence and sustainability of cooperation with major clients [1]

Core Insights - The article discusses the recent acceptance of Core Medical's IPO application by the Shanghai Stock Exchange, with Hillhouse Capital and Zhengxin Valley recognized as qualified professional institutional investors [1][3] - This marks the second company to be recognized as a qualified professional institutional investor on the Sci-Tech Innovation Board, following Tainuo Maibo, which also involved Hillhouse [2][4] Company Overview - Core Medical, founded by a Harbin Institute of Technology PhD, has developed the world's smallest and lightest artificial heart, and its IPO application was accepted on November 6 [3] - Tainuo Maibo, established in 2015, is an innovative biopharmaceutical company that became the first to be accepted under the fifth listing standard of the Sci-Tech Innovation Board [4] Investment Landscape - Both companies are in the early commercialization stage of their products, resulting in low revenue and no profitability, aligning with the fifth listing standard that does not require revenue [4] - Hillhouse Capital has a long-standing relationship with both companies, holding 3.94% of Tainuo Maibo and 9.3% of Core Medical prior to their IPO applications [5] Institutional Investor Role - The introduction of qualified professional institutional investors is seen as a new pathway for leading institutions to participate in IPOs on the Sci-Tech Innovation Board [7] - Qualified institutional investors must meet high standards, including a proven track record of successful investments and a minimum investment threshold [8] Market Implications - The presence of qualified professional institutional investors is viewed as a positive indicator for potential investors, suggesting market wisdom and credibility [10] - However, for aspiring qualified institutional investors, the challenge lies in accurately assessing a company's potential for successful IPO [11]

Core Insights - The article discusses the recent acceptance of Core Medical's IPO application by the Shanghai Stock Exchange, with Hillhouse Capital and Zhengxin Valley recognized as senior professional institutional investors [2][5] - This marks the second company to be recognized as a senior professional institutional investor for the Sci-Tech Innovation Board, following Tianomai Bo, which also involved Hillhouse [2][5] Summary by Sections Senior Professional Institutional Investors - The China Securities Regulatory Commission has introduced a system for senior professional institutional investors for companies applying under the fifth listing standard of the Sci-Tech Innovation Board, which is becoming an important endorsement for IPO candidates [3][8] - Senior professional institutional investors are characterized by high recognition thresholds, requiring long-term investment capabilities and risk identification skills [8] Investment Criteria - These investors must have a solid governance structure and a good compliance record, with specific requirements regarding investment performance, scale, and duration [8] - They must have successfully invested in and facilitated the IPO of at least five companies on the Sci-Tech Innovation Board or ten on major domestic and international boards within the last five years [8] Market Implications - The presence of senior professional institutional investors is seen as a positive indicator for potential investors, suggesting "market wisdom" [9] - For companies aiming for IPO, having such investors is advantageous but not mandatory, as the regulatory framework does not require it for approval [8][9]

Core Viewpoint - Yisiwei (Hangzhou) Technology Co., Ltd. is advancing its IPO process on the Sci-Tech Innovation Board, focusing on machine vision solutions for the automotive manufacturing sector [1] Group 1: Company Overview - Yisiwei specializes in the research, production, and sales of machine vision equipment for automotive manufacturing [1] - The company aims to raise approximately 1.214 billion yuan through its IPO [1] Group 2: IPO Process - The IPO application was accepted on June 5, 2025, and entered the inquiry stage on June 27 of the same year [1] - The second round of inquiry letters raised questions regarding shareholder and equity changes, customer accounts receivable, and revenue [1]

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, focusing on semiconductor design and manufacturing, particularly in the development, design, production, and sales of wafer testing probe cards [1] Group 1: Company Overview - Qiangyi Semiconductor is a high-tech enterprise dedicated to serving the semiconductor design and manufacturing industry [1] - The company aims to raise approximately 1.5 billion yuan through its IPO, which will be allocated to the development and production of probe cards in Nantong and the construction of its headquarters and R&D center in Suzhou [1] Group 2: IPO Process and Requirements - The IPO application was accepted on December 30, 2024, and entered the inquiry phase on January 22, 2025 [1] - The listing committee has requested Qiangyi Semiconductor to explain the rationale behind its significant reliance on major customers, as well as the independence, stability, and sustainability of its business and R&D [1] Group 3: Market and Competitive Landscape - The listing committee also requires the company to address its product technology level, the demand from major downstream storage chip customers, and the progress in expanding its revenue structure [1] - Additionally, the committee has asked for clarification on the certification progress with major known customers during the reporting period and whether the revenue forecasts adequately consider these factors [1]