Group 1 - The core viewpoint of the article emphasizes the criteria and benefits for enterprises to be recognized as high-tech enterprises, which include specific requirements for R&D investment and innovation capabilities [3] - Enterprises must ensure that the proportion of R&D personnel is no less than 10% of the total workforce [3] - The total R&D expenses over the last three accounting years must meet certain thresholds based on sales revenue, with specific percentages outlined for different revenue brackets [3] Group 2 - High-tech products or services must account for no less than 60% of the total revenue of the enterprise in the most recent year [3] - Enterprises must not have experienced significant safety, quality incidents, or serious environmental violations in the year prior to application for recognition [3] - Recognized high-tech enterprises benefit from a reduced corporate income tax rate of 15% and can carry forward unabsorbed losses for up to 10 years [3]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. is preparing for its IPO on the ChiNext board, with a share price set at 84 yuan and a price-to-earnings ratio of 23.94 times, amid concerns over declining net profits and research and development (R&D) expenditures [3][4]. Financial Performance - The company reported revenues of 378.16 million yuan in 2020, 947.08 million yuan in 2021, 1.19 billion yuan in 2022, 886.25 million yuan in 2023, and 952.47 million yuan in 2024, with corresponding net profits of 39.99 million yuan, 135.27 million yuan, 188.00 million yuan, 164.48 million yuan, and 143.31 million yuan [4]. - R&D expenditures from 2022 to 2024 were 14.93 million yuan, 19.25 million yuan, and 21.60 million yuan, representing 1.25%, 2.17%, and 2.27% of revenue, respectively, which is significantly lower than the industry average of 4.15% and 4.06% for the same years [4]. R&D and Innovation - The company has been recognized as a high-tech enterprise since November 2017, with successful re-evaluations in 2020 and 2023, maintaining compliance with the necessary criteria [5]. - As of the end of 2022, the company had 30 R&D personnel, consistent with disclosures in its prospectus [6]. Patent Portfolio - Tongyu New Materials holds 17 patents, with 16 being invention patents, indicating a focus on innovation within its product offerings [7]. Customer Base and Sales - The top five customers accounted for 79.43%, 76.52%, and 68.75% of total revenue during the reporting period, with significant contributions from major clients such as Nanya Technology and Kingboard Chemical Holdings [8][11]. - There are discrepancies in reported sales contracts, particularly with Nanya Technology, raising questions about the accuracy of sales data disclosed in the prospectus [10][12].

Group 1 - The article discusses the criteria for determining small and micro enterprises based on their annual income tax settlement results, including the number of employees and total assets [3] - The calculation of average values for employees and assets is specified, with formulas provided for quarterly and annual averages [3][11] - It emphasizes that enterprises must have a minimum of 10% of their total employees engaged in research and development activities to qualify as high-tech enterprises [6][21] Group 2 - The article outlines that employees involved in R&D must have worked for at least 183 days in the year to be counted as technology personnel [7][13] - It states that for technology-advanced service enterprises, at least 50% of employees must hold a college degree or higher [14] - The criteria for animation enterprises require that at least 30% of employees are professionals with a college degree or recognized certification in animation [20][23] Group 3 - The article mentions that software enterprises must have at least 40% of their average monthly employees with a college degree or higher, and at least 25% must be engaged in research and development [24]

Group 1 - Tianfulong's IPO process has progressed to the next stage with its registration now effective, despite concerns over declining gross margins, excessive control by the actual controller, and complex related party transactions [1] - The initial fundraising amount was 1.09 billion yuan, later adjusted to 790 million yuan, with 300 million yuan intended for working capital, raising questions about the necessity of this funding given the company's financial health [3][5] - Tianfulong's financial data appears favorable, with cash reserves of 657 million yuan, 615 million yuan, and 760 million yuan from 2022 to 2024, and a low debt-to-asset ratio compared to industry peers [3][4] Group 2 - The company has enjoyed significant tax benefits, with tax incentives accounting for 30% of net profits, raising concerns about the legitimacy of these advantages [6] - Tianfulong claims to qualify as a high-tech enterprise, benefiting from a reduced corporate income tax rate of 15%, but scrutiny exists regarding its compliance with the criteria for such classification [7] - The proportion of R&D personnel is reported at 8.70%, below the required 10%, leading to perceptions of Tianfulong as a "pseudo-high-tech" enterprise [7][8]

Core Viewpoint - High-tech enterprises can enjoy a preferential corporate income tax rate of 15% and various benefits after being recognized as such, but this qualification is not permanent and can be revoked if the "proportion of high-tech product (service) revenue" falls below 60% of total revenue [1][2][10]. Group 1: Definition and Requirements - The proportion of high-tech product (service) revenue must not be less than 60% of the total revenue in the past year to maintain high-tech enterprise status [2]. - High-tech product (service) revenue includes income from products and services obtained through R&D and related technological innovation activities [3]. - Total revenue is calculated as the total income minus non-taxable income, following the regulations of the Corporate Income Tax Law of the People's Republic of China [4]. Group 2: Case Study - Company H was recognized as a high-tech enterprise from 2021 to 2023. In 2023, it was discovered that the reported total revenue did not include investment income from the transfer of financial assets, leading to a recalculation that showed the actual total revenue was higher than reported. Consequently, the proportion of high-tech product (service) revenue fell below 60% in 2022, resulting in the loss of high-tech enterprise status and an increase in corporate income tax rate from 15% to 25%, requiring a tax payment of over 3 million yuan [6]. Group 3: Compliance Guidelines - Companies should ensure the authenticity of income verification materials and be cautious when submitting high-tech enterprise applications, focusing on the preservation of key verification project materials and enhancing internal audits and financial supervision [7]. - High-tech revenue, R&D expenses, and the proportion of technical personnel are critical areas for qualification verification, and companies should pay close attention to the detailed regulations in these areas to ensure compliance [8]. - Companies can mitigate financial and tax risks by improving internal control and management mechanisms, such as hiring professional auditing firms to assess revenue proportions, establishing income classification accounting systems, and providing technical documentation to strengthen the correlation between income and technology [9]. Group 4: Importance of Compliance - The qualification as a high-tech enterprise is a valuable asset, but it comes with strict compliance requirements. Companies must prioritize compliance to maintain their status and fully leverage policy benefits for growth [10].

Core Viewpoint - The article discusses the criteria for a company to be recognized as a "nationally supported high-tech enterprise," emphasizing the importance of core independent intellectual property and compliance with specific conditions set by the government [3][4]. Summary by Sections Criteria for High-Tech Enterprise Recognition - A company must possess core independent intellectual property and meet several conditions, including: - The products or services must fall within the scope of "nationally supported high-tech fields" [4]. - The ratio of research and development expenses to sales revenue must not be lower than a specified percentage [4]. - The revenue from high-tech products or services must account for a minimum percentage of the company's total revenue [4]. - The proportion of scientific and technological personnel must meet a defined threshold relative to the total number of employees [4]. - Other conditions as stipulated in the high-tech enterprise recognition management measures [4]. Tax Benefits for Recognized High-Tech Enterprises - Once a company is recognized as a high-tech enterprise, it can start enjoying tax benefits from the year indicated on the high-tech enterprise certificate [5]. - Companies must retain relevant documentation when applying for these tax benefits [5]. Management of Tax Incentives - The article references the "Enterprise Income Tax Incentive Management Directory (2017 Edition)" which outlines the management of tax incentives for high-tech enterprises [6].

Group 1 - Shandong Buchang Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Baoding Tianhao Pharmaceutical Co., Ltd., has received the "High-tech Enterprise Certificate" from relevant authorities, indicating its strong innovation and R&D capabilities [2] - The certificate is valid for three years, from November 11, 2024, and allows Baoding Tianhao to enjoy a reduced corporate income tax rate of 15% from 2024 to 2026 [2] - This recognition is expected to positively impact Baoding Tianhao's future development strategy and overall sustainable growth [2] Group 2 - The company has initiated a share repurchase program, approved by the board on December 26, 2024, with a maximum repurchase price set at 23 yuan per share [6] - As of April 30, 2025, the company has repurchased a total of 6,620,630 shares, representing 0.60% of its total share capital, with a total expenditure of approximately 98 million yuan [7] - The repurchase aligns with relevant regulations and the company's stated objectives, with ongoing compliance and disclosure obligations [7]

1-3-1 北京植德律师事务所 关于山东坤泰新材料科技股份有限公司 申请首次公开发行股票并上市的 补充法律意见书之三 植德(证)字[2021]005-8 号 致:山东坤泰新材料科技股份有限公司(发行人) 根据本所与发行人签订的《律师服务协议书》,本所接受发行人的委托,担 任发行人本次发行上市的特聘专项法律顾问。 本所律师已根据《公司法》《证券法》《首发管理办法》《证券法律业务管 理办法》《证券法律业务执业规则》等相关法律、法规、规章和其他规范性文件 的规定并按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对发行人提 供的文件和有关事实进行了查验,并就发行人本次发行上市事宜出具了《北京植 德律师事务所关于山东坤泰新材料科技股份有限公司申请首次公开发行股票并 上市的法律意见书》(以下称"《法律意见书》")、《北京植德律师事务所关 于山东坤泰新材料科技股份有限公司申请首次公开发行股票并上市的律师工作 报告》（以下称"《律师工作报告》"）和两份补充法律意见书。 鉴于中国证监会于2022年3月8日出具《关于请做好山东坤泰新材料科技股份 有限公司发审委会议准备工作的函》（以下简称"《告知函》"）,根据《告知 函》及发 ...