据交易所官网审核动态信息，12月11日2家企业IPO上会，全部获审核通过，合计拟募资14.89亿元。 | 上合日期 酸量 申报板块 公司简称 注册地 审核结果 在会时长 | | | | 展開行业 | | | 拟筹资金额(万元) 最近一年净利润(万元) 保存机构 会计師事务所 律师事务所 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-11 2 | 沪主板 林平发展 | 安徽 | 通过 | 169 造纸和纸制品业 | 120,000,00 | 15,285,64 | 国联民生 | 立信 | 夹元 | | 北交所 悦龙科技 | | 山东 | 通过 | 199 橡胶和塑料制品查 | PRECESSORIES FOR 28,900:00 | 8,359.71 | 中奏证券 | 上会 | 海润天春 | 其中，悦龙科技于2023年12月28日向山东证监局报送上市辅导备案材料，彼时其拟申报板块为创业板。 2024年11月26日，悦龙科技发布公告称，公司根据自身经营情况和未来发展战略，将上市辅导备案板块 由创业板变更为 ...

瑞财经 刘治颖 12月5日，成都宏明电子股份有限公司（以下简称：宏明电子）披露审核中心意见落实函 的回复，拟创业板上市，保荐机构为申万宏源证券承销保荐有限责任公司，保荐代表人为龙家立、黄学 圣，会计师事务所为信永中和会计师事务所（特殊普通合伙）。 招股书显示，宏明电子前身是国营第七一五厂，创建于1958年。公司主要从事以阻容元器件为主的新型 电子元器件的研发、生产和销售，还涉及精密零组件业务，产品主要应用于平板电脑、笔记本电脑等消 费电子领域和新能源电池及汽车电子结构件等领域。 2022年-2024年及2025年上半年，宏明电子营业收入分别为31.46亿元、27.27亿元、24.94亿元、15.28亿 元，归属于母公司股东的净利润分别为4.76亿元、4.12亿元、2.68亿元、2.57亿元。 2023年度，公司营业收入和归属于母公司股东的净利润分别下降13.33%和13.43%；2024年度，公司营 业收入和归属于母公司股东的净利润分别下降8.54%和34.84%；2025年1-6月，公司营业收入和归属于母 公司股东的净利润分别同比增长2.63%和下降4.80%。 | 项目 | 2025.6.30 | 202 ...

华来科技主要产品包括智能摄像机、智能可视门铃、智能传感器等。根据招股说明书披露的数据，2022-2024年，华来科技营业收入分别为8.82亿元、10.42 亿元和8.87亿元，归母净利润分别为7242万元、8067万元和8252万元。 近期，天津华来科技股份有限公司（以下简称"华来科技"）北交所IPO获受理，保荐机构为国投证券。 华来科技2025年一季度的业绩波动进一步印证了这种风险。受当时美国加征关税政策的影响，华来科技的美国客户暂缓了采购，导致华来科技当季营收同比 下降27.96%至1.44亿元，净利润同比下降33.96%至897.73万元。这与华来科技高度依赖境外市场，特别是美国市场密切相关。2022-2024年，华来科技境外销 售收入占比均在71%以上，其中来自美国的收入占比超过60%。 值得注意的是，2022-2024年，华来科技因外币结算产生的汇兑收益和进行现金管理获得的利息净收入合计金额可观，分别达到1982.62万元、810.97万元和 3667.09万元，占同期利润总额的比例分别为24.73%、9.12%和38.22%。 这意味着华来科技的利润有相当一部分并非完全来自主营业务的经营成果，汇率 ...

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, with China International Capital Corporation as the sponsor [1] Group 1: Company Overview - Zhenstone is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector, recognized as a national high-tech enterprise [5] - The company has been providing high-quality and innovative solutions for downstream applications in various industries, including wind power, photovoltaic power, new energy vehicles, construction materials, transportation, electronics, and chemical environmental protection [5] Group 2: Market Position - After over 20 years of development, Zhenstone has become a specialized manufacturer of materials for wind turbine blades, holding a global market share of over 35% in wind power fiberglass fabric as of 2024, leading in production and sales scale [6] Group 3: Regulatory Requirements - The Shanghai Stock Exchange requires Zhenstone to clarify the fairness of its related transactions with China Jushi, including pricing basis, decision-making processes, and procurement prices from third parties [3] - The company must also address its dependency on China Jushi, including procurement prices, proportions, and customer certification requirements [3] - Additionally, Zhenstone is required to evaluate the impact of rising fiberglass prices from China Jushi and the capacity expansion of major customers on its future performance stability [3]

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise approximately 3.981 billion yuan for its operations in the clean energy sector [1] Group 1: Company Overview - Zhenstone is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy field and is recognized as a national high-tech enterprise [1] - The company’s IPO was accepted on June 25, 2025, and entered the inquiry stage on July 19, 2025 [1] Group 2: IPO Details - The company plans to raise around 3.981 billion yuan through its IPO [1] - The listing committee has requested Zhenstone to clarify the fairness of its related transactions with China Jushi, including pricing basis and decision-making processes [1] Group 3: Risk Considerations - The listing committee has asked the company to address its dependency on China Jushi for raw materials and whether the risk disclosures are adequate [1] - Zhenstone is also required to explain the potential impact on its future performance stability due to rising prices of glass fiber from China Jushi and the capacity expansion of major customers [1]

Core Viewpoint - China Coal Energy reported a decline in revenue and net profit for the first three quarters of 2025, but managed to maintain profitability in its coal business through effective cost control and a slight recovery in coal prices [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 110.58 billion yuan, a year-on-year decrease of 21.2% [1] - The net profit attributable to shareholders was 12.49 billion yuan, down 14.6% year-on-year, with a basic earnings per share of 0.94 yuan, a decline of 14.5% [1] - In Q3 2025, the company reported a single-quarter operating revenue of 36.15 billion yuan, a year-on-year decrease of 23.8%, but a quarter-on-quarter increase of 0.3% [1] Group 2: Coal Business Performance - The company produced 101.58 million tons of self-produced coal, a slight decrease of 0.7% year-on-year, while sales increased by 1.1% to 101.45 million tons [1] - The average selling price of self-produced coal was 474 yuan/ton, down 17.0% year-on-year, with thermal coal and coking coal prices decreasing by 12.9% and 29.5%, respectively [1] - The unit sales cost of self-produced coal was 257.67 yuan/ton, a reduction of 10.1% year-on-year, attributed to improved procurement management and reduced other costs [1] Group 3: Coal Chemical Business Performance - Polyolefin sales were 984,000 tons, down 13.3% year-on-year, while urea and methanol sales increased by 19.5% and 24.0%, respectively [2] - The average selling price for polyolefin was 6,547 yuan/ton, down 6.1% year-on-year, while urea and methanol prices decreased by 18.2% and 0.6%, respectively [2] - The unit sales cost for polyolefin increased by 4.3% year-on-year, while costs for urea and methanol decreased by 16.8% and 28.7%, respectively [2] Group 4: Future Growth and Shareholder Returns - The company has ongoing projects, including the Libai Coal Mine and the Weizigou Coal Mine, expected to start production in 2026, which will contribute to increased output [2] - The current dividend payout ratio is low, but it is anticipated to increase as new projects come online and capital expenditure peaks [2] Group 5: Profit Forecast and Investment Rating - The company is expected to achieve net profits of 17.3 billion yuan, 18.4 billion yuan, and 19.4 billion yuan for 2025-2027, with earnings per share projected at 1.30 yuan, 1.39 yuan, and 1.47 yuan, respectively [3] - The investment rating is maintained at "Buy" due to the stability from long-term contracts and growth from internal business expansion [3]

Core Viewpoint - Anhui Shuguang Chemical Group Co., Ltd. is facing scrutiny from regulators and the market due to abnormal fluctuations in net profit, high proportion of related party transactions, and allegations against its actual controller, Yu Yongfa, for illegally holding shares on behalf of seven state-owned enterprise leaders [2][17][24] Group 1: Financial Performance and Governance Issues - The company has shown significant volatility in its financial performance, with net profits fluctuating dramatically over the past few years, raising concerns about its governance and compliance [6][10] - Shuguang Group's financial statements reveal a stark contrast between reported net profit and actual earnings, indicating potential issues with its internal equity structure and arrangements [2][11] - The actual controller, Yu Yongfa, has been implicated in manipulating the company to lend large sums to related parties without repayment, highlighting serious internal control deficiencies [2][26] Group 2: IPO and Investment Plans - The company aims to raise approximately 1.5 billion yuan through its IPO, primarily to fund projects including a 100,000-ton BDO and 12,000-ton PBAT production facility, a 46,000-ton PTMEG project, and a research center [4][5] - Despite its significant production capacity in cyanide, Shuguang Group's revenue has been declining, with a reported revenue of 3.78 billion yuan in 2021, decreasing to 3.54 billion yuan in 2023 [6][9] Group 3: Related Party Transactions and Control Structure - Shuguang Group heavily relies on related party transactions, raising questions about its independence and profitability [3][15] - The largest shareholders of its most profitable subsidiary, Shuguang Dingshin, are state-owned enterprises, with Yu Yongfa only holding a minority stake, suggesting that the company may not be leveraging its full potential for profit [11][14] Group 4: Compliance and Regulatory Concerns - The company has a history of compliance issues, including the illegal transfer of state-owned shares and the involvement of state enterprise leaders in shareholding arrangements that may constitute a conflict of interest [17][22] - Safety management has also been a concern, with past incidents resulting in fatalities, raising doubts about the company's commitment to regulatory compliance [28]

Core Viewpoint - The recent surge in A-share technology growth stocks has created both excitement and anxiety among investors, with a significant focus on AI computing, innovative pharmaceuticals, and robotics sectors, which are expected to drive China's economic growth in the future [3][4]. Investment Trends - Leading funds this year have primarily concentrated their investments in AI computing, innovative pharmaceuticals, and robotics, with some funds achieving over 200% returns [3]. - The A-share market is expected to continue offering opportunities in these technology sectors, as major fund companies are directing their research resources towards exploring industry trends [4]. Fund Performance - High-performing technology funds include both large and small public fund companies, with smaller firms often taking more concentrated positions in popular sectors like AI computing [10]. - For instance, as of October 20, a fund named Xinao achieved a 94.15% return, while another fund, Zhonghang, reached 108.17% [10]. Fund Manager Dynamics - Smaller companies tend to adopt more aggressive investment strategies to achieve higher returns, while larger firms focus on balanced portfolios [11]. - The top ten active equity fund companies as of Q2 2025 include Yifangda, Zhongou, and Fuguo, with each having a substantial number of technology-focused fund managers [15]. Team Structure and Strategy - Leading fund companies are enhancing their technology research teams, with a focus on specialization and collaboration to improve coverage of various technology sectors [17][25]. - For example, Zhongou has expanded its technology research team to create a more industrialized approach, while Huatai has divided its research department into specialized groups [17]. Long-term Stability vs. Short-term Gains - Investors are advised to focus on the stability of fund performance over the long term, as technology funds can experience significant volatility [18][23]. - Historical examples illustrate that while some fund managers have achieved remarkable short-term gains, sustaining those returns has proven challenging [18]. Selection Criteria for Investors - Investors should consider the talent structure, performance stability, and research capabilities of fund teams when selecting technology growth funds [43]. - The top-tier public funds in technology growth include Fuguo, Yifangda, and Zhongou, each with distinct strengths and weaknesses in their fund management teams [43][44].

Core Viewpoint - The company, Taili Technology (301595), maintains stable performance across quarters due to a diverse product line in the outdoor equipment sector, mitigating seasonal fluctuations in sales [1] Group 1: Seasonal Performance - The peak sales season for outdoor products, such as tents, occurs in spring and autumn [1] - The company has built a rich product line based on several material platforms, which helps in maintaining overall operational stability [1] Group 2: Operational Stability - The balanced performance across different product categories effectively offsets the seasonal impact of individual products [1] - The company emphasizes that its operational stability is a result of the complementary demand cycles of various product categories [1] Group 3: Future Performance Outlook - Investors are encouraged to monitor the company's subsequent announcements for details regarding performance in the third and fourth quarters [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company demonstrates high revenue stability and has increased its dividend payout ratio, reflecting a strong commitment to shareholder returns [4]. - The integrated operation model across the coal, electricity, and transportation sectors significantly enhances the company's performance stability, with a notable decline in coal prices having a lesser impact on net profit [1][2]. - The coal business remains stable, with effective cost control, as evidenced by a decrease in production costs per ton of self-produced coal [2]. - The electricity segment shows stable performance, with future capital expenditures expected to contribute positively to earnings growth [3]. Summary by Sections Financial Performance - In H1 2025, the company reported operating revenue of 138.11 billion yuan, a year-on-year decrease of 18.3%, and a net profit attributable to shareholders of 24.64 billion yuan, down 12% [1]. - The coal production volume was 165.4 million tons, a decrease of 1.7%, while coal sales volume fell by 10.9% [2]. - The electricity segment generated revenue of 40.54 billion yuan, down 10.3%, with certain areas like gas and solar power showing growth [3]. Dividend Policy - The company plans to distribute a mid-year dividend of 0.98 yuan per share, resulting in a total cash dividend of 19.471 billion yuan, achieving a payout ratio of 79.0%, the highest since 2022 [4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 54.0 billion, 54.1 billion, and 54.7 billion yuan, respectively, with EPS projected at 2.72, 2.72, and 2.75 yuan [4][5].