■田鹏 从破除优质未盈利企业上市壁垒，到引导创新资源要素集聚，再到支持并购重组生态构建，《关于深化科创板改革服务科 技创新和新质生产力发展的八条措施》（以下简称"科创板八条"）以层层递进的包容性制度设计，串联起了科技创新型企业从 初创到成长、从发展到跃升的全生命周期。 这一制度创新不仅为企业提供了"全链条呵护"，更推动形成了"初创企业有机会、成长企业有资源、成熟企业有动能"的良 性发展生态。 首先，破除优质未盈利企业上市壁垒。 科创企业尤其是深耕前沿科技领域的"硬科技"企业，往往具有投入大、周期长、研发及商业化不确定性高等特点，早期难 以实现盈利是这类企业的常态。为适应这一情况，"科创板八条"支持具有关键核心技术、市场潜力大、科创属性突出的优质未 盈利科技型企业在科创板上市，提升制度包容性。这不仅缓解了企业资金压力，让研发得以持续推进，更为企业在市场拓展、 人才吸引等方面提供了有力支撑。 "科创板八条"提出探索建立"轻资产、高研发投入"认定标准。这一标准打破传统以固定资产衡量企业价值的模式，更精准 地识别出那些虽固定资产占比低，但在研发投入、技术储备等方面具有高成长性的科创企业。通过该认定标准，企业能够获得 ...

"央企系"地产公司陆续开启地产开发业务剥离之路。最新案例为中交房地产集团旗下的*ST中地 （000736）。公司日前筹划以1元价格将持有的房地产开发业务相关资产及负债转让至中交房地产集 团。 此前推出类似运作模式的还有中国电建（601669）地产集团旗下的*ST南置（002305）。公司将持有的 房地产开发业务等相关资产及负债转让至控股股东方。 其二，战略转型。从目前披露来看，通过地产开发业务剥离，央企系地产公司未来会主要锚定在物业服 务和资产管理与运营等轻资产业务，实现从重到轻的战略转型。 同时还有更具"脱胎换骨"转型意味的格力地产，在主业转向免税业务的背景下，公司更名为珠免集团 （600185）。 启动轻资产化转型的以国资企业和大中型企业为主，背后原因在于这一运作模式考验大股东实力。例 如，地产债务剥离，债权人的首肯前提就是负债的转移不能影响到债务偿还。 但这一模式也会给上市公司带来新挑战。例如，地产业务剥离后，上市公司往往会将面临资产和营收的 收缩。尤其对于没有新资产注入的案例来说，将带来一些衍生问题。 这些地产公司剥离开发业务，主要指向包括两点。其一，资产负债结构优化。行业周期演进下，央企系 地产公司 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期，湖南华升股份有限公司（600156.SH，下称"华升股份"、"上市公司"）发布公告称，公司正在筹划通过发行股份及支付现金的方式购买深圳 易信科技股份有限公司（下称"易信科技"、"标的公司"）100%股权，同时拟发行股份募集配套资金。 目前，本次交易仍处于筹划阶段，交易各方尚未签署正式的交易协议，具体交易方案仍在商讨论证中。公司股票目前仍处于停牌状态，停牌时间不 超过10个交易日，预计最晚于2025年6月24日（星期二）前复牌。 制图：佘诗婕 增收不增利 2024年年报显示，华升股份主要产品为苎麻纱、苎麻混纺纱，苎麻、亚麻、汉麻面料，服装服饰、家纺、产业用纺织品等，ODM/OEM与服装自主 品牌业务共同发展，已初步形成服装品牌矩阵。公司旗下拥有"雪松""洞庭""金爽"等纺织行业知名面料品牌。 受原材料价格波动和行业竞争挤压，2024年，上市公司出现增收不增利的情况。 根据年报，2024年，上市公司实现营业收入7.78亿元，同比增长34%；归属于上市公司股东的净利润-4933.60万元，同比下滑333%。 制图：李昕 这主要是由于公司产品毛利率出现大幅下降，由20 ...

Group 1 - Hunan Huasheng Co., Ltd. is planning to acquire 100% equity of Shenzhen Yixin Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [1] - The transaction is still in the planning stage, and no formal agreement has been signed yet, with the company's stock currently suspended from trading [1] - The company expects to resume trading no later than June 24, 2025 [1] Group 2 - In 2024, Huasheng Co. reported a revenue of 778 million yuan, a year-on-year increase of 34%, but a net loss of 49.34 million yuan, a decline of 333% compared to the previous year [3] - The company's gross profit margin significantly decreased from 10% in 2023 to 4.61% in 2024, indicating a substantial decline [5] - The decline in gross profit margin is attributed to two main factors: increased competition leading to lower product prices and the acceptance of lower-margin orders to maintain market share [6] Group 3 - Huasheng Co. operates in the textile industry, with major products including ramie yarn, blended yarn, and various textile products, and has established a brand matrix with well-known brands [3] - The company is transitioning towards a light asset operation model by 2025, aiming for industry chain collaboration [9] - The acquisition of Yixin Technology will allow Huasheng Co. to enter the IDC (Internet Data Center) sector, which is characterized by light assets and high gross margins, averaging around 30% [10]

然而，清晰的定位并不等同于稳固的市场地位。极星正面临着前所未有的激烈竞争，其生存空间正受到来自四面八方的挤压。 首先是来自行业标杆特斯拉的直接竞争。 特斯拉Model 3和Model Y凭借其强大的品牌惯性、成本优势和智能化体验，在全球范围内占据了同级别市场的 主导地位。极星2虽然在设计、做工和驾驶质感上更具传统豪华品牌的韵味，但在三电技术、智能化水平和价格上，相较于不断降价的特斯拉，并未形成 压倒性优势。 2025年的夏天，全球电动汽车市场的竞争已经进入白热化阶段。在这场淘汰赛中，每一个决策、每一笔融资都可能决定一个品牌的未来。 今天，极星汽车正式获得吉利关联方PSD Investment高达2亿美元的股权投资。PSD Investment 由李书福控股，本就是极星股东。据消息，此次投资通过公 共股权私人投资（PIPE）方式以每股1.05美元的价格向PSD Investment出售约1.905亿股新发行的A类美国存托股。 这笔资金无疑为极星在激烈竞争中的持续产品开发、技术创新和市场扩张注入了一剂强心针。 交易结束后，李书福将通过PSD投资和吉利的瑞典子公司持有极星66%的股份，而沃尔沃汽车在极星的股份从18 ...

在资本市场中，有一个流行已久的观点："万物皆周期"。这句话的内涵在于，很多时下热闹的板块，长 期看其实未必能带给投资者符合预期的回报；而那些看上去"冷门"但实则颇具长远价值的板块和公司， 当风来临的时候，反而更有可能带给投资者超额收益。 智通财经注意到，近期，中国旭阳集团（01907）这家在焦炭及焦化、精细化工，以及氢能领域全球领 先的厂商又开始连续大举回购自家公司的股份。据统计，自5月21日算起，旭阳集团在众多交易日都通 过二级市场回购股份，最近十余个交易日里公司已累计斥资近八千万港元回购了超3000万股股份。而若 拉长时间来看，今年至今公司则花费9960.41万港元回购了3971.8万股股份。 已深具全球竞争力的基础之上，旭阳集团还以进取精神持续通过整合、固化、提炼、复制自身焦化和精 细化工产业运营管理优势和经验，向行业输出专业的运营管理服务。2024年，旭阳运营管理服务业务总 规模同比劲增114%至886万吨，业务量同比增长45.6%至651万吨。也是在这一年，旭阳运营管理服务业 务贡献收入达到同比实现翻番达到42.25亿元；分部的毛利同比增长了42.1%。在笔者看来，旭阳通过运 营管理服务模式增加业务 ...

国内椰子水市场面临成本上升、竞争加剧的风险。 只有46名员工的椰子水品牌if的母公司IFBH Pte. Ltd.（下称 IFBH）已于近日通过港交所主板上市聆 讯，2个月的过审速度让市场惊讶。但更新后的招股书显示，这家靠中国市场"喝出来"的代工椰子水品 牌，依然存在原料来源单一、单一产品依赖、全代工模式等多个问题。 招股书显示，2024年，IFBH收入约1.6亿美元，同比增长80.3%，母公司拥有人应占盈利为3331.6万美 元，同比增长约99%，收入中的92.4%来自中国内地市场。 记者注意到，更新后的招股书显示，虽然IFBH号称在中国内地椰子水市场排名第一，2024年市占率约 为34%，但IFBH公司却是一家全代工生产的轻资产业务模式的饮料企业，即代工厂商负责制造、第三 方物流供货商负责运输、第三方分销商负责销售与配送，到2024年底，IFBH公司只有46名员工。IFBH 公司认为轻资产模式是其竞争优势之一，但外界也在担忧其对于制造、加工过程缺乏把控。从上市融资 用途看，IFBH也未明确提及未来有投资建厂的计划。 与此同时，IFBH的椰子水来源却非常单一，仅来自泰国，而且供应方也是IFBH的控股股东、创始 ...

Summary of the Conference Call for Dekang Agriculture Industry Overview - The current period is considered a favorable time to invest in the pig farming sector as the downward price cycle has been resolved, with policy guidance and restored market confidence expected to drive stock prices higher [2][5] - The pig farming industry has completed initial scaling, with future competition focusing on leading enterprises, emphasizing management, breeding costs, and cash flow value creation capabilities [2][6] Company Profile: Dekang Agriculture - Dekang Agriculture is the sixth largest pig farming company and the third largest yellow chicken farming company in China, with a compound annual growth rate (CAGR) of approximately 35% in pig output over the past three years, and an expected CAGR of nearly 25% over the next three years [2][7] - The company is projected to reach a pig output of approximately 11 million heads by 2025 and 15 million heads by 2026 [7] Business Model Innovation - Dekang has innovated a light asset model by outsourcing breeding to partner farmers, avoiding capital expenditures on sow farms while leveraging the same funds for greater operational leverage [2][10] - This model has resulted in a higher long-term return on assets, with an average return on equity (ROE) of nearly 12% from 2018 to 2024, compared to the industry leader at 19% [10][12] Financial Performance - In 2024, Dekang's net profit per pig was approximately 360 yuan, significantly above the industry average, with overall costs continuing to decline in 2025 [3][12] - The company’s sales net profit margin averaged around 10% from 2018 to 2024, with asset turnover rates being higher due to lower capital investment in sow farms [12] - The expected net profit before fair value adjustments for biological assets in 2025 is close to 3.5 billion yuan, reflecting a year-on-year growth of approximately 16% [14] Market Position and Valuation - Dekang's stock has shown significant growth in the Hong Kong agricultural sector, with a price-to-earnings (P/E) ratio of about 8 times for 2025, still below the industry average of 15 times [15][18] - The company is viewed as a cyclical growth stock with substantial valuation recovery potential, driven by rapid output growth and favorable pricing dynamics [16][18] Future Outlook - Dekang is expected to maintain rapid growth based on its innovative light asset farming model, supported by a favorable talent environment and strategic foresight [13] - The company’s poultry farming business is projected to maintain an output of around 90 million birds in 2025, with a conservative sales price expectation of 14.3 yuan per kilogram [13] Key Recommendations - Dekang Agriculture is recommended as a focus for investment due to its robust growth in poultry farming, reasonable sales price expectations, and significant growth in net profit before fair value adjustments [17][18] - The overall market confidence in the pig farming sector has improved, suggesting a potential catalyst for further growth in the coming months [16]

文/梧桐兄弟 6月15日，IFBH Limited（"if椰子水"）披露聆讯后资料集，if椰子水在向港交所首次申报两个月后通过聆讯，即将港股IPO。 If椰子水是一家根植泰国即饮饮料及即食食品公司，公司于2013年创立的if品牌。 公司的的业务源自控股股东General Beverage的国际业务，该业务负责以if及Innococo品牌制造及向国际市场(不包括泰国)销售食品及 饮料产品([国际业务」)。 General Beverage于2022年12月进行了业务重组。此次重组涉及将国际业务(特别是if及Innococo品牌)从General Beverage的其他两条 业务线中分拆出来，以精简营运，并在泰国以外的市场集中经营if及mnnococo品牌。 一、来自泰国，中国内地椰子水饮料连续5年第一 重组后，公司探用轻资产的业务模式，专注于建立及加强if及Innococo品牌的品牌知名度，扩大其全球市场影响力(泰国除外)，并驱 动产品开发， 同时完全依赖代工厂商 来生产公司的产品。 根据招股书披露，公司自2020年起在中国内地椰子水饮料市场连续5年蝉联榜首，2024年市场占有率约34%，超越第二竞争对手七 倍 ...

Group 1 - The company, China Communications Real Estate Co., Ltd., plans to transfer its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd., as part of a major asset sale and related party transaction [1] - After the completion of this restructuring, the company will no longer engage in real estate development and sales, shifting its focus to property services and asset management, thereby transitioning to a light asset operation model [2][3] - The controlling shareholder has issued a commitment to avoid any competition with the company's future business operations, ensuring that its subsidiaries will not engage in activities that could adversely affect the company's main business [2][3] Group 2 - The commitments from both the controlling shareholder and the indirect controlling shareholder are effective from the completion of the transaction and will hold during their respective periods of control over the company [3][4] - If there is a violation of these commitments, the controlling shareholders will be liable for any economic losses incurred by the company [3][4]