Group 1 - The core viewpoint emphasizes that going public is a significant milestone for companies, akin to taking an important exam, but it does not signify the end of their development journey [1][3] - Companies must continue to innovate and improve after going public, facing larger capital, more complex competition, and stricter regulations [1][3] - The success of a public company is not guaranteed by its initial public offering; ongoing value creation is essential for long-term sustainability [1][3] Group 2 - Social value is highlighted as a crucial aspect for public companies, which must fulfill their responsibilities as corporate citizens, including fair employee development and responsible supply chains [2] - Corporate governance becomes increasingly important post-IPO, requiring companies to shift from informal management to structured governance mechanisms [2] - Continuous optimization of corporate governance, including innovation incentives and social responsibility frameworks, is necessary for public companies [2] Group 3 - The analogy of the exam reflects the respect entrepreneurs have for the challenges of the capital market, where true success is defined by continuous improvement and social responsibility [3] - Companies must adapt to the shift in the capital market from expansion to quality enhancement, moving beyond the mindset that being listed equates to success [3] - The ultimate goal for companies is to become resilient and impactful, contributing positively to society while maintaining competitiveness [3]

转自：新华财经 为贯彻呼和浩特市委、市政府工作部署，深入实施企业上市"天骏计划"，加快推进首府企业登陆资本市 场，8月28日至29日，呼和浩特市委金融办成功举办"走进北交所"专题活动。通过参观北京证券交易 所、已上市（挂牌）企业经验分享座谈、开展企业上市政策与直联审核培训、走进中关村软件园4项活 动，着力提升相关部门地区及重点科技企业运用资本市场意识和能力，展示首府培育"六大产业集群"和 科技创新企业成果，进一步增强与北京资本市场、重点园区和头部企业的交流合作，推动首府科技企业 加速成长。呼和浩特市委常委、常务副市长、市委金融办主任刘继英，呼和浩特市30家上市后备企业代 表、19个部门和旗县区相关负责人一行70余人参加专题活动。 活动期间，与会企业观摩了北交所企业上市仪式，直观感受资本市场对企业发展的赋能价值。大唐药业 等3家已上市（挂牌）企业围绕上市筹备全流程、新三板挂牌重难点突破、并购实践等方面分享了经 验，为上市后备企业提供了"可复制、可借鉴"的实操指南，特别是关于上市（挂牌）后企业在规范经 营、强化内控、提升企业知名度的分享，进一步激发了后备企业的上市热情。针对上市审核细节、合规 成本控制、中介机构选 ...

Summary of Key Points Core Viewpoint - In the first eight months of 2025, a total of 67 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 65.38 billion yuan [1]. Group 1: Listing Overview - 23 companies were listed on the main board, 24 on the ChiNext, 8 on the Sci-Tech Innovation Board, and 12 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 16 provinces, municipalities, and autonomous regions, with Jiangsu having the highest number at 17 companies [1][2]. Group 2: Fundraising by Province - Jiangsu Province: 17 companies raised a total of 8.07 billion yuan [2]. - Guangdong Province: 13 companies raised a total of 9.30 billion yuan [2]. - Zhejiang Province: 12 companies raised a total of 10.17 billion yuan [2]. - Anhui Province: 5 companies raised a total of 3.15 billion yuan [3]. Group 3: Top Fundraising Companies - The top five companies by fundraising amount are: - Huadian New Energy: 18.17 billion yuan [1]. - Zhongce Rubber: 4.07 billion yuan [1]. - Tianyouwei: 3.74 billion yuan [1]. - Yitang Co., Ltd.: 2.50 billion yuan [1]. - Yingshi Innovation: 1.94 billion yuan [1].

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become a new player in the dairy industry [1][3]. Company Overview - Yipin Group specializes in goat milk powder and special medical formula foods, targeting consumers of all ages, particularly those with allergies, lactose intolerance, or poor digestion [3]. - The company traces its origins back to a state-owned dairy factory established in 1956, undergoing several ownership changes and rebranding before becoming Yipin Group in 2018 [5][6][10]. Financial Performance - Yipin Group reported revenues of approximately RMB 14.02 billion, RMB 16.14 billion, and RMB 17.62 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 2.27 billion, RMB 1.68 billion, and RMB 1.72 billion [10][11]. - In the first half of 2025, the company experienced a revenue decline of about 10% year-on-year, with revenues of approximately RMB 8.06 billion compared to RMB 9.00 billion in the same period of 2024 [9][12]. Product Segmentation - The company's product mix includes infant formula goat milk powder, special medical formula foods, infant formula cow milk powder, and adult and children's formula products, with infant formula goat milk powder being the primary revenue contributor [10][12]. - Revenue from infant formula goat milk powder decreased from RMB 5.50 billion in the first half of 2024 to RMB 4.48 billion in 2025, attributed to a packaging transition affecting sales visibility [12][13]. Cash Flow and Dividends - Despite a decrease in revenue, Yipin Group maintains a strong cash reserve, with cash and cash equivalents of approximately RMB 3.22 billion as of June 2025 [14]. - The company has issued significant dividends, totaling approximately RMB 2.5 billion in 2023, indicating a commitment to returning value to shareholders [14][15].

根据公开信息，飞骧科技于2022年10月递交招股书，包括在科创板上市，原计划募资15.22亿元。而2024年10月，飞骧科技及其保荐人招商证券撤回上市申 请文件。因此，上海证券交易所终止对其首次公开发行股票并在科创板上市的审核。 对于先前撤回科创板上市申请，飞骧科技在招股书中称，"经考虑我们的A股上市程序时间表的不确定性、我们的业务前景、我们的未来发展策略及当前市 场环境，我们其后决定于2024年10月自愿撤回A股上市申请。" 此次报考港交所上市，飞骧科技成色几何？ 一、已实现扭亏为盈 撰稿|张君 来源|贝多商业&贝多财经 近日，深圳飞骧科技股份有限公司（下称"飞骧科技"）递交招股书，报考在港交所主板上市。据贝多商业&贝多财经了解，飞骧科技曾在上海证券交易所递 交招股书，计划在科创板上市。 相较此前招股书，飞骧科技更新了截至2025年5月31日的财务数据等信息。最新招股书显示，飞骧科技已于2024年实现扭亏为盈。2025年前5个月和2024年同 期，飞骧科技同样保持了盈利状态。 具体而言，飞骧科技2022年、2023年、2024年的营收分别约为10.21亿元、17.17亿元和24.58亿元，毛利分别约为1.3 ...

紫金矿业 紫金矿业 分时图 日K线 周K线 月K线 22.52 -0.01 -0.04% 1.51% 1.02% 0.49% 0.00% 0.49% 1.02% 1.51% 22.19 22.30 22.42 22.53 22.64 22.76 22.87 09:30 10:30 11:30/13:00 14:00 15:00 0 150万 299万 449万 据媒体消息，紫金黄金国际计划最早于9月在香港进行IPO，集资约20亿美元(约156亿港元)。此前于6月 30日，紫金黄金国际向港交所主板递交上市申请，摩根士丹利和中信证券为其联席保荐人。 资料显示，紫金黄金国际是由紫金矿业（601899）(02899,601899.SH)所有黄金矿山(除中国之外)整合而 成的黄金开采企业，主要从事黄金的勘查、开采、选矿、冶炼、精炼及销售。 业绩方面，于2022年度、2023年度、2024年度，紫金黄金国际实现收入分别约为18.18亿美元、22.62亿 美元、29.90亿美元；同期，年内溢利分别约为2.90亿美元、3.22亿美元、6.21亿美元。 ...

Group 1: Gree vs Xiaomi Air Conditioners - Gree's marketing director Zhu Lei responded to claims that Xiaomi's air conditioner online sales surpassed Gree's, questioning the validity of the data and suggesting it was due to changes in statistical methods by the data provider [3][6] - The dispute escalated after Xiaomi executives made statements celebrating their market position, with Xiaomi's president emphasizing the importance of capability for high-quality growth [5][6] - This rivalry is not new, as Gree's chairman has previously criticized Xiaomi's pricing strategies, while Xiaomi aims to be among the top three in the home appliance market by 2030 [6] Group 2: Xiaomi Financial Performance - Xiaomi reported a revenue of 116 billion yuan for Q2 2025, marking a 30.5% year-on-year increase, with an adjusted net profit of 10.8 billion yuan, up 75.4% [8] - The company’s air conditioner shipments exceeded 3 million units in 2022, with a projected growth to 4.4 million units in 2023 and 6.8 million units in 2024, reflecting a 49% and 50% increase respectively [8] Group 3: Real Estate Policy Changes in Shanghai - Shanghai's housing authorities announced adjustments to real estate policies, effective August 26, 2025, including the removal of restrictions on the number of properties that eligible families can purchase outside the outer ring [21][24] - The new policy aims to unify purchasing conditions for single individuals and married families, potentially increasing market activity in the outer ring areas [21][24] - Following the announcement, real estate stocks surged, with Vanke A hitting a trading limit for the first time in six months, indicating positive market sentiment [24][25] Group 4: UTree Technology Lawsuit - UTree Technology is facing a lawsuit for patent infringement, with the case set to be heard on August 26, 2025, which could impact its upcoming IPO [9][11] - The company has rapidly developed in the robotic dog sector, achieving a global market share of over 60% in consumer-grade robotic dogs [11] Group 5: Lao Pu Gold Price Increase - Lao Pu Gold announced its second price increase of the year, following a significant rise in sales and market interest, with a reported revenue of 12.354 billion yuan for the first half of 2025, up 251% year-on-year [12][14] - The company's stock has seen a dramatic increase since its IPO, with a peak rise of over 26 times from its initial offering price [14][17] Group 6: Recruitment Surge at Pang Dong Lai - Pang Dong Lai's recent recruitment drive attracted over 130,000 registrations, leading to system crashes due to high traffic [19][20] - The company aims to hire 900 new employees, with a focus on local candidates, and offers competitive salaries, reflecting its strong market position and employee value [19][20]

宿迁市提出一系列服务举措，不仅将协调解决企业改制上市中土地房产确权等历史遗留问题，还将 对拟上市企业实施包容审慎监管，依法落实"首违不罚"。值得一提的是，宿迁将完善市级部门与县区负 责同志"双挂钩"制度，常态化走访服务，并计划用3年时间培养不少于100名懂上市的人才，持续擦 亮"宿迁西楚资本"服务品牌。 此外，宿迁将深化与沪深北交易所的合作，组织企业"走进交易所"接受"一对一"指导。同时，将打 造"政府投资基金+国有企业基金+市场化基金"的投资体系为企业赋能，并探索"批量式"服务股改等新模 式，降低企业上市成本。 为更大力度推动企业上市发展，宿迁市日前出台《关于进一步推动企业上市发展的若干措施》，推 出20条"高含金量"举措，旨在全周期护航企业上市，加快打造资本市场"宿迁板块"。目前，宿迁市已有 A股上市企业11家，在苏北率先实现县（区）全覆盖。 宿迁市提出，将企业上市规划纳入招商引资谈判，并建立市县两级上市后备企业梯队。新政设定了 明确的动态管理目标：保持市级重点层企业不少于10家、关注层企业不少于20家，并确保梯队中股改企 业不少于15家、辅导备案及提交IPO申请企业不少于8家。 ...

Core Viewpoint - Suqian City has introduced 20 high-value measures to promote enterprise listings, aiming to accelerate the development of the capital market in the region, with a current total of 11 A-share listed companies [1] Group 1: Policy Measures - The new policy integrates enterprise listing planning into investment attraction negotiations and establishes a dual-level listing reserve enterprise system [1] - Dynamic management targets have been set, including maintaining at least 10 key enterprises at the city level and 20 enterprises at the attention level, with at least 15 enterprises undergoing restructuring and 8 enterprises applying for IPOs [1] Group 2: Support Initiatives - A series of service measures will address historical issues such as land and property rights confirmation during the listing process, and a lenient regulatory approach will be adopted for prospective listed companies [1] - The city plans to cultivate at least 100 professionals knowledgeable about listings over the next three years, enhancing the "Suqian Xichu Capital" service brand [1] Group 3: Collaboration and Investment - Suqian will deepen cooperation with the Shanghai, Shenzhen, and Beijing stock exchanges, organizing "one-on-one" guidance for enterprises [1] - An investment system combining government investment funds, state-owned enterprise funds, and market-oriented funds will be developed to empower enterprises, along with exploring new models for batch services in restructuring to reduce listing costs [1]

Core Viewpoint - The article discusses the challenges faced by Shenzhen Haili Co., Ltd. in its IPO process, particularly regarding issues in corporate governance and internal controls that led to the failure of its listing guidance acceptance by the Shenzhen Securities Regulatory Bureau [2][14]. Group 1: Company Background and IPO Process - Haili Co. was established in May 2012 and specializes in the research, design, production, and sales of energy storage lithium battery packs [5]. - The company initially aimed to list on the Shenzhen Stock Exchange's Growth Enterprise Market but later shifted its focus to the Beijing Stock Exchange due to difficulties in meeting the profitability requirements for the Growth Enterprise Market [7][8]. - Haili Co. submitted its listing guidance completion report on May 26, 2025, but faced unexpected challenges during the acceptance process [3][11]. Group 2: Issues Identified in Listing Guidance - The Shenzhen Securities Regulatory Bureau identified deficiencies in Haili Co.'s corporate governance and internal controls during the listing guidance acceptance process, necessitating further verification and corrective actions by relevant intermediaries [2][14]. - Despite the guidance firm, Huatai United Securities, claiming that Haili Co. met the necessary governance and internal control standards, the company ultimately did not pass the acceptance process [13][14]. Group 3: Financial Performance and Future Plans - Haili Co.'s revenue grew from 556 million to over 700 million in 2023, with a net profit nearing 80 million [9]. - However, in 2024, the company experienced a decline in net profit to 60.39 million, which impacted its ability to meet the IPO requirements for the Growth Enterprise Market [10]. - The company plans to raise up to 500 million through its IPO, with 150 million allocated for working capital and 350 million for the construction of its Shenzhen smart manufacturing base [23].