根据北交所披露的信息，近日，化妆品功效原料商上海珈凯生物股份（600201）有限公司(以下简称"珈凯生物"或"发行人")披露了北交所IPO第一轮问询 的回复文件，针对股权变动合规性及控制权稳定性、业务模式及产品技术先进性、化妆品原料资质合规性及产品质量风险、业绩增长持续性及产能消化能 力以及供应商集中度较高及采购定价公允性等问题作出解释说明和回应。 股权变动与控制权： 业绩与产能： 营收净利双增，产能消化能力待验证 财务数据显示，报告期内公司业绩呈现稳步增长态势。2022年～2024年，营收从1.83亿元增至2.42亿元，净利润从0.55亿元增至0.57亿元。绿色天然功效原 料产品产能利用率分别为151.15%、61.19%、49.87%，生物合成功效原料产品产能利用率分别为93.09%、19.32%、25.33%。 报告期内，公司向前五大客户的销售占比分别为36.61%、32.30%和32.88%，报告期内主要客户销售金额存在一定波动。北交所请发行人量化说明报告期 内及期后收入增长的原因及合理性。进一步分析说明公司报告期内收入、净利润波动与可比公司差异的原因及合理性，选取可比公司相同或相近业务业绩 数据进一 ...

作者：Jasper 虽然有研复材从产业的角度阐述了自身的优势，但似乎并未正面回应交易所问询的是否具有先进性问题，此外，结合有研复材的规模体量上面看，有研复 材的研究团队的数量貌似并不能支撑整个公司的技术研发和创新上。 来源：IPO魔女 2025年12月12日，北京有研金属复合材料（北京）股份公司（以下简称"有研复材"）将迎来上交所科创板IPO上市委员会上市审核，公司保荐机构为中信 证券，拟募集资金9亿元。 据上会稿披露，有研复材已取得145项境内发明专利，然而，这些专利大部分是继受取得，来自母公司中国有研或有研工研院，并且，有部分专利和技术 超过10年，这些引起了交易所的质疑与问询，有研复材是否独立拥有研发创新能力？以及这些专利权属转移的公允性、是否有隐性限制等未充分披露？部 分技术是否仍具有先进性？此外，截至报告期末。有眼复材研发人员合计56人，与有研复材的规模相比，研发团队人数之少，是否能够撑起公司科研创 新？另外，有研复材虽曾经作为央企下面的部门，如今已经独立，然而与母公司等相关企业的关联交易一直存在，关联交易的必要性和合理性遭质疑。 此外，本次上会其中一项的募投项目是关于产能扩产的，拟募集资金6.44 ...

12月9日，广州慧谷新材料科技股份有限公司（慧谷新材）创业板上市将迎来上会，保荐机构是中信证券。 慧谷新材主营业务为功能性树脂和功能性涂层材料的研发、生产和销售，成功开发具备光学调控、导电导热、力学增强、防腐耐候等多元特性的涂层材料体 系，应用于家电、包装、新能源、电子等领域。 据短平快解读了解，本次IPO，慧谷新材拟公开发行不超过1,577.91万股，拟募集资金9亿元，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、清远慧谷新材料研发中心项目、慧谷新材生产线技术改造项目以及补充流动资金项目，拟投入募集资金分别为4.05亿元、2亿元、0.45亿元、 2.5亿元。 | 序号 | 项目名称 | 投资金额 | 1.5 12 8 | | --- | --- | --- | --- | | | 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 | 42,102.90 | | | 2 | 清远慧谷新材料研发中心项目 | 20,160.61 | | | 3 | 慧谷新材生产线技术改造项目 | 4,660.80 | | | 4 | 补充流动资金 | 25,000.00 | | | | ...

Core Viewpoint - Dongsheng Jin Cai Technology (Group) Co., Ltd. has announced the termination of its public offering of shares and the withdrawal of its listing application on the Beijing Stock Exchange due to ongoing inquiries and performance updates [1][2] Group 1: IPO and Regulatory Concerns - The company's IPO was accepted on December 30, 2024, but faced multiple delays and inquiries, with the latest round of inquiries still unanswered as of the announcement date [1] - Regulatory scrutiny has focused on the company's declining performance and the rationale behind its fundraising projects [2][7] - The bankruptcy restructuring of the company's largest supplier raised concerns about the stability of raw material supply [2][3] Group 2: Financial Performance - Dongsheng Jin Cai's main business involves the research, production, and sales of aluminum alloy element additives, with approximately 90% of revenue derived from this segment [3] - The company experienced significant revenue fluctuations, with reported revenues of 930 million yuan in 2021, 1.045 billion yuan in 2022, and a drop to 658 million yuan in 2023, marking a 37.05% year-on-year decline [4][9] - The net profit attributable to the parent company also saw a decline from 88.34 million yuan in 2021 to 41.39 million yuan in 2023, a decrease of 66.16% [4][9] Group 3: Supply Chain and Raw Material Dependency - The company has been heavily reliant on its largest supplier, Tianyuan Manganese Industry, which accounted for over 46% of its raw material purchases until its bankruptcy restructuring in September 2023 [3][4] - Despite the bankruptcy, the company claims it has alternative suppliers capable of meeting its raw material needs, thus mitigating supply risks [4][9] Group 4: Sales Model and Market Conditions - The company employs a long-term sales model, which has been criticized for potentially amplifying revenue volatility [7][8] - The decline in 2023 performance was attributed to a combination of factors, including a decrease in sales volume and rising costs, as well as a shift in customer behavior towards inventory reduction [9][10] Group 5: Future Outlook and Expansion Plans - Dongsheng Jin Cai plans to raise 350 million yuan for expansion projects, including the production of 60,000 tons of alloy additives and 30,000 tons of aluminum intermediate alloys [11][12] - The company aims to enhance its research capabilities with a new R&D center, although concerns remain regarding the feasibility of its expansion given current production capacity and market conditions [11][15] - The company anticipates a recovery in demand and profitability in 2024, with projected revenues of 745 million yuan and a net profit of 51 million yuan [9][10]

Core Viewpoint - Dongfang Tantalum Industry has responded to the Shenzhen Stock Exchange's inquiries regarding fluctuations in operating cash flow, rising gross margins, customer and supplier dependencies, and declining export revenues, indicating a steady growth in revenue and net profit from 2022 to 2024, despite a negative cash flow in 2024 [1] Group 1: Cash Flow and Financial Performance - The company's operating cash flow net amounts were 60.75 million, 91.51 million, -61.10 million, and -239.12 million (for January to September 2025), showing a trend of initial growth followed by decline [2] - The negative cash flow in 2024 was primarily due to a 40.29% increase in raw material procurement cash expenditures, amounting to 270.15 million, and a 29% rise in employee compensation to 184.32 million [2] - The company has implemented measures to enhance accounts receivable management and optimize customer structure, with cash collection ratios of 81.64% in 2023 and a decline to 69.55% in 2025 [2] Group 2: Gross Margin and Product Structure - The gross margin for the main business increased from 16.41% to 18.51% from 2022 to 2024, attributed to product structure optimization and cost control [3] - The average procurement price of tantalum ore decreased by 10.88% in 2024, benefiting the company's profit margins due to a lag in price transmission [3] - The company's gross margin is in line with industry averages, slightly below the average by 0.17 percentage points in 2024 [3] Group 3: Export Revenue and Market Expansion - The proportion of foreign sales revenue decreased from 60.21% in 2022 to 35.29% in January to September 2025, influenced by U.S. trade policy changes and successful domestic market expansion [4] - Sales to the U.S. dropped from 26.12% in 2022 to 15.57% in January to September 2025 due to a 25% tariff imposed on tantalum and niobium products [4] - Domestic sales revenue increased from 39.79% to 65.93%, driven by significant demand for high-end products like high-temperature alloys and semiconductor targets [4] Group 4: Customer Concentration and Accounts Receivable - The sales revenue from the top five customers accounted for 48.66%, 35.38%, and 38.12% from 2022 to 2024, indicating a customer concentration level above the industry average [5] - As of September 2025, accounts receivable amounted to 457.93 million, representing 57.47% of revenue, with a high collection rate of over 88% from 2022 to 2024 [5] Group 5: Inventory Management - The company's inventory value increased from 421.76 million to 589.82 million from 2022 to 2025, with a significant portion being raw materials and work-in-progress [7] - The inventory write-down provision was higher than the industry average, reflecting the company's longer production lines and substantial work-in-progress amounts [7] Group 6: Investment and Capacity Expansion - The company plans to raise 1.2 billion for projects related to hydrometallurgy, pyrometallurgy, and high-end products, expecting an annual revenue increase of 3.53 billion post-project completion [9] - The company has established a diversified customer base and has orders totaling 319 million as of September 2025, ensuring capacity absorption [9]

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. is approaching a critical milestone for its IPO on the Sci-Tech Innovation Board, scheduled for November 12, 2025, after nearly a year of waiting. The company has notable related-party transactions and faces questions regarding its ability to absorb new production capacity despite declining utilization rates of existing products [1][2]. Financial Performance - Qiangyi Semiconductor has shown impressive financial growth, with revenues of approximately 254 million, 354 million, 641 million, and 374 million yuan for the years 2022 to 2024 and the first half of 2025, respectively. Corresponding net profits were about 15.62 million, 18.66 million, 233 million, and 138 million yuan [2]. Customer Dependency - The company relies heavily on a few major customers, with sales to the top five customers accounting for 62.28%, 75.91%, 81.31%, and 82.84% of total revenue during the reporting period. The first major customer, referred to as Company B, represented 37.58%, 37.92%, 34.93%, and 25.53% of sales [3][4]. Related Party Transactions - Company B is also a related party, purchasing probe cards and related services from Qiangyi Semiconductor. The revenue from Company B and its known chip testing service clients accounted for 50.29%, 67.47%, 81.84%, and 82.83% of total revenue during the reporting period [4]. Supplier Relationships - Nantong Yuan Zhuyuan, a company controlled by Qiangyi's actual controller, is a significant supplier. The company has transferred certain business operations to Nantong Yuan Zhuyuan, which was established in April 2021, and has been involved in the production and sales of high-end semiconductor testing boards [5][6]. Capital Raising and Investment Plans - Qiangyi Semiconductor plans to raise approximately 1.5 billion yuan through its IPO, with 1.2 billion yuan allocated for the development and production of probe cards and 300 million yuan for the construction of its headquarters and R&D center [8]. Production Capacity Concerns - The company aims to significantly increase its production capacity for various probe cards, but existing capacity utilization rates have declined, raising concerns about the ability to absorb the new capacity. The production capacity for 2D MEMS probe cards was reported at 2.45 million, 4.97 million, 10.49 million, and 7.29 million units, with utilization rates of 100.89%, 101.13%, 94.5%, and 85.34% [8][9].

Core Viewpoint - The company, Xiugang Co., Ltd., has announced a delay in the completion of its two major projects related to smart glass production and BIPV components, extending the expected completion date from December 31, 2025, to June 30, 2027, due to slow progress and market conditions [1][2][3]. Project Progress - The two projects, originally scheduled for completion by January 10, 2025, have now been delayed for the second time [2]. - As of the end of 2023, the company has utilized a total of 1.04 billion yuan of the raised funds, all of which has been allocated to supplementing working capital, achieving an investment progress of 57.93% [2]. - By September 30, 2025, the investment progress for the smart glass project was only 1.85%, with a total investment of approximately 9.19 million yuan, while the BIPV project had an investment progress of 15.04%, totaling approximately 37.30 million yuan [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 840 million yuan, a year-on-year increase of 11.03%, and a net profit attributable to shareholders of 132 million yuan, up 9.01% [6]. - For the first three quarters of 2025, the total revenue reached 1.237 billion yuan, reflecting a year-on-year growth of 9.19%, while the net profit attributable to shareholders decreased by 5.90% to 171 million yuan [6]. Market Conditions - The delay in project completion is attributed to market order issues, with significant price reductions from customers and relatively high investment costs [4]. - The company has adopted a cautious approach to project implementation to mitigate risks associated with new capacity and market demand fluctuations [3].

Core Viewpoint - The company plans to issue convertible bonds to raise up to 800 million yuan for various projects, including high-performance blue-green pigments, high-performance yellow-red pigments, and a research and development center, along with supplementing working capital [3][4][5]. Group 1: Project Details - The blue-green pigment project includes the functional upgrade and capacity expansion of existing phthalocyanine pigments, with expected first-year sales revenue of 206.55 million yuan and net profit of 19.76 million yuan [3]. - The yellow-red pigment project aims to produce 4,000 tons of high-performance organic yellow-red pigments, with anticipated first-year sales revenue of 432.52 million yuan and net profit of 52.38 million yuan [3]. - The R&D center project will support the company's research needs, enhancing its innovation capabilities [3]. Group 2: Financial Projections - The company expects the blue-green pigment project to generate sales revenue of 206.55 million yuan and net profit of 19.76 million yuan in its first year of operation [3]. - The yellow-red pigment project is projected to achieve sales revenue of 432.52 million yuan and net profit of 52.38 million yuan upon reaching full production [3]. - The total expected revenue from the projects is estimated at 800 million yuan, with a focus on enhancing product offerings and market competitiveness [3][4]. Group 3: Market Position and Competition - The company holds a leading position in the domestic market for phthalocyanine pigments, with a market share exceeding 30% from 2021 to 2023 [8]. - The company is also the top player in the inorganic yellow-red pigment market, with a market share of 31.67% in 2024 [8]. - The competitive landscape includes companies like Shilanhua, which has a production capacity of 10,000 tons for phthalocyanine blue, indicating a strong competitive environment [9][10]. Group 4: Funding Necessity - The company has identified a funding gap of 897.73 million yuan over the next three years, necessitating the issuance of convertible bonds to support its growth and project funding [26][27]. - The total amount to be raised through the bond issuance aligns with the projected funding needs, ensuring that the financing is reasonable and necessary for the company's development [26][27].

Group 1: Company Overview - The company operates in the fine chemical sector, focusing on the research, production, and sales of surfactants and cleaning products [1] - It has three production bases located in Changsha, Shanghai, and Dongguan, with an annual production capacity of approximately 550,000 tons for surfactants and 250,000 tons for cleaning products [1] Group 2: Financial Insights - The share-based payment expenses for the 2024 fiscal year are projected to be 33.17 million yuan (pre-tax) [2] - Future share-based payment expenses are expected to decrease due to the gradual unlocking of restricted stock from previous equity incentives [2] Group 3: Raw Material Management - Direct materials account for over 90% of production costs, making the company vulnerable to fluctuations in raw material prices [2] - To mitigate risks, the company has strengthened strategic partnerships with key raw material suppliers and implemented a pricing strategy that links product sales prices to raw material procurement costs [2] Group 4: Capacity Expansion and Market Strategy - The new production capacity at the Shanghai base will enhance the company's supply capabilities to the Yangtze River Delta, Southwest, Hebei, and international markets [2] - The company aims to increase market share by expanding its customer base, enhancing supply to quality clients, and boosting international market development [2]

Core Viewpoint - Jeka Robotics Co., Ltd. (referred to as Jeka) has updated its prospectus for an IPO on the Sci-Tech Innovation Board, with its application still under inquiry after two years since submission [1] Financial Performance - The company reported a net profit attributable to shareholders of -5.74 million yuan, -28.55 million yuan, and 6.23 million yuan for the respective reporting periods, with a non-recurring net profit of 44,000 yuan, -35.68 million yuan, and -2.28 million yuan [2][4] - As of December 31, 2024, the total assets amounted to 1.05 billion yuan, with total equity attributable to shareholders of 836.71 million yuan and a debt-to-asset ratio of 11.52% [3] - The company achieved an operating income of 400.43 million yuan in 2024, compared to 349.56 million yuan in 2023 and 280.78 million yuan in 2022 [3] Business Operations - Jeka's main business includes the research, development, production, and sales of collaborative robot products, as well as system integration services [1] - The gross profit margins for the main business segments were 47.19%, 45.28%, and 53.71% over the reporting periods, with the collaborative robot segment showing stable fluctuations [6] R&D and Sales Expenses - R&D expenses have been increasing, accounting for 21.53% of operating income in 2024, while sales expenses were higher, comprising 24.16% of operating income [10][11] - The company has acknowledged that high sales expenses have impacted short-term profitability but expects improvements as the sales team matures [9] Market and Production Capacity - Jeka plans to raise 700 million yuan through the IPO, with a portion allocated to a new production project for smart robots, which has been adjusted from an initial plan of 750 million yuan [7] - The company anticipates reaching an annual production capacity of 40,000 collaborative robots by 2030, amid concerns about market demand and capacity absorption [8]