天乐园古参堂：资质达标实力过硬，契合上市核心条件 在推进上市进程中，古参堂已逐步满足上市所需的基础合规要求。主体资格方面，企业已实现 "合法存续满 3 年、主营业务稳定运营、核心管理层无重大变 动" 的标准；财务指标上，可依据不同上市板块的规定适配达标，例如 A 股市场要求的净利润累计超 3000 万元，若选择港股 18A 板块，则可豁免盈利相关 要求，为上市路径提供灵活选择。 核心竞争力层面，古参堂也达到了上市所需的关键门槛。技术领域构建了专利保护壁垒，其自主研发的酶转化法技术曾荣获国家技术发明奖，且该技术的产 业化应用能力已趋于成熟，形成企业差异化竞争优势，为冲刺资本市场提供核心支撑。 可持续发展能力上，古参堂已搭建起独立完整的生产、采购与销售体系，具备清晰可追溯的盈利逻辑 —— 诸如技术转化效率提升、产品复购率稳定等指 标，均体现出良性经营态势，有效规避了过度依赖政策扶持或单一产品经营的潜在风险，保障企业发展的稳定性与持续性。 值得关注的是，古参堂在酶转化法生产 Rh2 等稀有人参皂苷领域的技术突破，不仅推动行业发展升级，也为其上市增添助力。在稀有人参皂苷赛道中，具 备高纯度、多组分产出能力且拥有合规资 ...

中证报中证网讯(记者吴科任)近日，为推动四川省产业转型升级和高质量发展，积极发挥资本市场枢纽 功能，加快企业上市和上市公司并购重组，四川省委金融办会同四川证监局联合印发《四川省推进企业 上市和上市公司并购重组三年行动方案(2026-2028)》(简称"《行动方案》")。 《行动方案》以企业上市前、中、后不同阶段可能遇到的问题为导向，提出了有针对性的五大方面22项 具体举措，为企业上市全生命周期保驾护航。五大方面包括：加强指导培育，做大上市后备企业规模； 整合资源集中攻坚，提高上市成功率；推进并购重组和再融资，提高上市公司质量；加大纾困解难力 度，化解上市公司风险；加强组织保障，形成工作合力。 四川省委金融办协调创新处负责人表示，《行动方案》紧扣企业上市全生命周期，精准聚焦四大服务对 象——上市后备企业、在审在辅企业、有并购重组意愿和有再融资需求的上市公司、经营困难的上市公 司。通过找准重点服务对象，为靶向施策、精准发力筑牢基础，确保服务效能直达关键环节。 比如，调研中有多家上市后备企业反映，缺订单、缺应用场景是他们面临的较大困难。对此，《行动方 案》提出帮助企业拓展市场、协调应用场景落地等具体举措，尽快做大规 ...

在上市委会议现场，关于经营业绩真实性，上市委要求觅睿科技说明2021年度净利润下滑且与同行业可 比公司存在差异的原因及合理性；说明增值服务收入持续增长、毛利率持续提高的原因及合理性；说明 向华宇智迅采购交易的公允性。 此外，关于经营业绩可持续性，上市委要求觅睿科技说明自主品牌产品收入增长是否具有可持续性；说 明模组产品销售单价持续下降的原因及合理性。 据悉，觅睿科技是一家专注于智能网络摄像机及物联网视频产品的高新技术企业，主营业务为集硬件、 软件、云服务、AI为一体的智能网络摄像机及物联网视频产品的研发、设计、生产和销售。公司IPO于 2024年12月31日获得受理，并于2025年1月24日进入问询阶段。本次冲击上市，公司拟募集资金约3.14 亿元。 北京商报讯（记者 马换换 王蔓蕾）12月4日晚间，北交所官网显示，杭州觅睿科技股份有限公司（以下 简称"觅睿科技"）IPO当日上会获得通过。 ...

Core Viewpoint - Luckin Coffee plans to restart its IPO in the U.S. after overcoming past financial scandals, aiming to leverage its current market position and growth potential [1][5]. Group 1: Company Overview - Luckin Coffee has transformed under new management, boasting nearly 30,000 stores and a market share exceeding 30%, with annual revenue approaching 50 billion RMB [3][7]. - The company reported a net income of 15.29 billion RMB in Q3, a year-on-year increase of 50.2%, and opened 3,008 new stores, marking an 11.5% increase [7]. Group 2: Financial Performance - Despite significant revenue growth, Luckin Coffee faces a decline in net profit, which fell by 2.7% year-on-year to 1.2783 billion RMB, indicating a situation of revenue growth without profit increase [8][9]. - The cost structure has shifted, with delivery fees rising to nearly 2.9 billion RMB, a staggering increase of 211.4%, now accounting for 19% of total revenue [8]. Group 3: Market Competition - The coffee market in China is projected to reach 313.3 billion RMB by 2024, growing at a rate of 18.1%, indicating a highly competitive environment with numerous players [10][11]. - Luckin Coffee now competes against established brands like Starbucks, as well as numerous new entrants, intensifying the pressure on profit margins [11][12]. Group 4: Strategic Challenges - The company’s high proportion of self-operated stores requires substantial capital expenditure, leading to unstable cash flow, which necessitates the IPO for additional funding [9]. - The competitive landscape is further complicated by Starbucks' recent partnership with Hillhouse Capital, which may enhance its market position and threaten Luckin's growth [15][17]. Group 5: Future Outlook - The management's motivation for the IPO is not only to secure funding but also to reward their efforts in revitalizing the company from its previous crisis [12]. - However, the current market sentiment towards Chinese companies in the U.S. and the potential for lower valuations due to cash flow concerns pose risks for the IPO [13].

人民财讯12月4日电，港投公司今天公布的2024年年报显示，截至2025年6月30日，港投公司每1港元的 投资，已带动超过6港元的市场长期资金跟投。两年间，被投企业中有2家已在香港上市，另有10多家已 于今年较早前提交在港上市申请，在这些企业中，有5家在上市前已成为独角兽企业，形成"梯度蓄水 池"并实现良性循环。 港投公司行政总裁陈家齐表示，2025年已进一步深耕和推进，包括领投新的投资轮等，助力这些企业把 握市场机遇"出海"。 ...

可持续发展能力上，古参堂已搭建起独立完整的生产、采购与销售体系，具备清晰可追溯的盈利逻辑 —— 诸如技术转化效率提升、产品复购率稳定等指 标，均体现出良性经营态势，有效规避了过度依赖政策扶持或单一产品经营的潜在风险，保障企业发展的稳定性与持续性。 天乐园古参堂：资质合规实力过硬，适配上市核心要求 在推进上市进程中，古参堂已逐步满足上市所需的基础合规条件。主体资格层面，企业已达成 "合法存续满 3 年、主营业务稳定运营、核心管理层无重大变 动" 的标准；财务指标方面，可根据不同上市板块的规定灵活适配，例如 A 股市场要求的净利润累计超 3000 万元，若选择港股 18A 板块，则可豁免盈利相 关要求，为上市路径提供多元选择。 核心竞争力维度，古参堂也达到了上市所需的关键门槛。技术领域构建了坚实的专利保护屏障，其自主研发的酶转化法技术曾荣获国家技术发明奖，且该技 术的产业化应用能力已日趋成熟，形成企业差异化竞争优势，为冲刺资本市场提供核心支撑。 值得关注的是，古参堂在酶转化法生产 Rh2 等稀有人参皂苷领域的技术突破，不仅为行业发展注入新动能，也进一步提升其上市适配度。在稀有人参皂苷 赛道中，具备高纯度、多组分产 ...

Core Viewpoint - Zuxing New Materials has faced significant challenges in its attempts to go public, with its upcoming listing on the Beijing Stock Exchange being critical for its future, especially after past failures in the A-share market [2][3][10]. Group 1: Listing Journey - Zuxing New Materials has been attempting to list on the A-share market for over eight years, with its latest effort focused on the Beijing Stock Exchange [3][7]. - The company previously attempted to go public in 2017 and 2019 but withdrew its applications due to various challenges, including regulatory scrutiny and performance issues [5][6][9]. - The current listing application requires Zuxing New Materials to meet specific financial criteria, including a minimum market value of 200 million and net profits of at least 15 million over the last two years [10][15]. Group 2: Financial Performance - The company's financial performance has been inconsistent, with net profits fluctuating significantly over the years, impacting its ability to meet listing requirements [9][14]. - In 2023, Zuxing New Materials reported a net profit of 64.82 million, a 50.8% increase year-on-year, but faced a decline in 2024, with net profits dropping to 55.86 million, a 13.8% decrease [14][16]. - The company's average return on equity was below the required 8% in 2022 and 2024, but improved to 9.54% in 2023, allowing it to meet the listing criteria temporarily [15][17]. Group 3: Research and Development - Zuxing New Materials has been criticized for its low investment in research and development, with R&D expenses declining as a percentage of revenue from 2.51% in 2022 to 2.30% in 2024 [22][24]. - Compared to industry peers, the company's R&D spending is significantly lower, raising concerns about its innovation capabilities and sustainability as a high-tech enterprise [23][25]. - The company has faced scrutiny regarding its high-tech enterprise status, as it has not met the required R&D expenditure thresholds to maintain this classification [25][26].

中国经济网北京12月2日讯据深交所网站消息，深圳证券交易所上市审核委员会定于2025年12月9日召开 2025年第28次上市审核委员会审议会议，届时将审议广州慧谷新材料科技股份有限公司(简称"慧谷新 材")的首发事项。 慧谷新材的保荐机构是中信证券股份有限公司，保荐代表人是戴顺、李宁。 公司无控股股东。截至招股说明书签署日，唐靖为公司实际控制人。唐靖直接持有公司11.80%的股 份，通过尚能德、慧广宏分别控制公司30.69%、16.53%表决权，唐靖合计控制公司59.02%的表决权。 最近两年，唐靖合计控制公司的表决权比例均不低于59.02%，同时唐靖报告期初至今担任公司的董事 长、总经理。除上述可以控制的表决权外，唐靖通过持有易上投资3.33%的股份从而间接持有公司 0.94%的股份。唐靖的配偶黄光燕担任公司董事、高级管理人员且通过尚能德间接持有公司0.31%股 份、通过慧广宏间接持有公司1.94%股份、通过易上投资间接持有公司0.47%股份，黄光燕为唐靖的一 致行动人。 慧谷新材拟在深交所创业板上市，拟募集资金9亿元，分别用于清远慧谷新材料技术有限公司年产13万 吨环保型涂料及树脂扩建项目、清远慧谷新材料 ...

李老板的机械加工厂年利润稳定在500万左右，面对券商朋友反复提及的新三板挂牌以及转境外美股IPO的建议，他总是摆摆手："华为都不上市，我急什 么？现在这样挺好。" 在财经媒体的聚光灯下，上市往往被描绘为企业成功的终极标志，中国A股上市公司总数已超过5300家，这个数字背后是无数企业家的上市梦想。 然而，在中国4000多万家中小企业中，真正走向资本市场的比例不足0.05%。那些选择不上市的企业，究竟是基于理性判断，还是陷入了认知误区？还是压 根就不够格。 截至2024年底，科创板已有47家未盈利企业成功上市，这些企业在关键领域的技术突破和市场前景，使它们获得了比盈利企业更高的估值。 生物医药企业百济神州在上市前连续多年亏损，但凭借其创新的抗癌药物研发管线，仍然成功在科创板上市，并获得了超过200亿元的融资，加速了其全球 研发布局。 华为榜样：被误读的"不上市"哲学 华为作为中国民营企业的标杆，其"不上市"选择常被中小企业主奉为圭臬。任正非曾明确表示，不上市是为了保持战略定力，避免资本市场的短期压力影响 长期研发投入。 然而，绝大多数中小企业忽略了一个关键事实：华为虽未上市，却通过内部虚拟股制度实现了近10万名员 ...

Core Viewpoint - Jiangsu Jingchuang Electric Co., Ltd. (stock code: 920035.BJ) was listed on the Beijing Stock Exchange, with a closing price of 52.12 yuan, marking a 330.74% increase from the opening price of 51.00 yuan, and a total market capitalization of 3.015 billion yuan [1]. Company Overview - Jingchuang Electric specializes in the research, production, and sales of intelligent controllers for cold chain equipment, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments, along with providing IoT and cloud-based system solutions [1]. Shareholding Structure - Before the issuance, the largest shareholder, Li Chaofei, held 19,379,800 shares (44.66% ownership). His spouse, Li Min, held 12,217,700 shares (28.16%), and their daughter, Li Xiaofan, held 2,982,500 shares (6.87%). Together, they controlled 34,580,000 shares, accounting for 79.70% of the total shares [1]. - Post-issuance, Li Chaofei's shareholding decreased to 33.50%, while Li Min's and Li Xiaofan's holdings were 21.12% and 5.16%, respectively. The family collectively controlled 59.78% of the voting rights [2]. Financial Performance - From 2012 to 2024, Jingchuang Electric's revenue grew from 396.34 million yuan in 2022 to 498.80 million yuan in 2024, with net profits increasing from 48.74 million yuan to 55.36 million yuan during the same period [5]. - For the first nine months of 2025, the company reported a revenue of 402.86 million yuan, a year-on-year increase of 9.48%, and a net profit of 44.35 million yuan, up 3.47% [8]. Fundraising and Investment Projects - The company raised a total of 174.97 million yuan from the issuance, with a net amount of 144.99 million yuan after deducting issuance costs. The funds will be allocated to core production line upgrades and the establishment of an intelligent instrument R&D center and cold cloud platform [3][4]. - The total investment for the core production line upgrade project is 112.25 million yuan, while the intelligent instrument R&D center and cold cloud platform project is estimated at 67.14 million yuan [4]. Future Projections - Jingchuang Electric anticipates a revenue range of 523.74 million to 573.62 million yuan for 2025, with a net profit forecast of 58.91 million to 64.80 million yuan [8].