上交所网站显示，长裕控股集团股份有限公司（以下简称"长裕集团"或"发行人"）于11月21日在上交所更新上市申请审核动态，该公司已回复第二轮审核 问询函，主要包括关于合并报表范围、行业代表性和会计处理等三大核心问题。 今年5月21日，长裕集团IPO获受理，保荐机构为西南证券。值得一提的是，在获受理近两个月，即今年7月，该公司被抽中现场检查。 | 公司全称 | 长裕控股集团股份有限公司 | 受理日期 | 2025-05-21 | | --- | --- | --- | --- | | 公司简称 | 长裕集团 | 融资金额(亿元) | 7.00 | | 审核状态 | 已问询 | 更新日期 | 2025-11-21 | | 保荐机构 | 西南证券股份有限公司 | 保荐代表人 | 艾玮,顾书铭 | | 会计师事务所 | 上会会计师事务所(特殊普通合伙) | 签字会计师 | 袁涛,颜可意,孙东岳 | | 律师事务所 | 时代九和律师事务所 | 签字律师 | 韦微,刘欣 | | 评估机构 | 中瑞世联资产评估集团有限公司 | 签字评估师 | 字磊,李博阳 | 据招股书，长裕集团主要从事锆类产品、特种尼龙产品、精细化工产品的 ...

Core Viewpoint - The company reported a significant decline in coal business revenue and profit for the first nine months of 2025 compared to the same period in 2024, primarily due to falling coal prices and reduced sales volume [6][8][10]. Financial Performance - For the first nine months of 2025, the coal business achieved operating revenue of 89.33 billion yuan, a decrease of 28.52 billion yuan or 24.2% compared to 117.85 billion yuan in the same period of 2024 [6][7]. - The revenue from self-produced coal sales was 48.13 billion yuan, down 9.18 billion yuan or 16.0% year-on-year, mainly due to a price drop of 97 yuan per ton [6][7]. - The operating cost for the coal business was 66.81 billion yuan, a reduction of 21.79 billion yuan or 24.6% compared to 88.60 billion yuan in the previous year [7][8]. - The gross profit for the coal business was 22.52 billion yuan, down 6.73 billion yuan or 23.0% from 29.25 billion yuan in the same period last year [8][9]. Production and Sales Data - The total sales volume of coal for the first nine months of 2025 was 14.45 million tons, an increase from 12.94 million tons in the same period of 2024 [9]. - The unit sales cost of self-produced coal was 257.67 yuan per ton, a decrease of 28.93 yuan per ton or 10.1% year-on-year [9]. Shareholder Information - As of September 30, 2025, the company held 7,614,346,308 A-shares, accounting for 57.43% of the total issued share capital [10][11]. - The company’s major shareholders include China Coal Energy Group, which holds approximately 58.43% of the total issued share capital through its subsidiaries [10][11]. Board Meeting Decisions - The board approved the third-quarter report for 2025 with unanimous support [15][16]. - The board also approved the acquisition of a 30% stake in Shanxi Zhongmei Pingshuo New Energy Co., Ltd. for 114.93 million yuan [15][16]. - Additionally, the board approved revisions to the senior management compensation management measures and the compensation plans for 2024 and 2025 [17][19].

Group 1 - Company received a government subsidy of 4.1377 million yuan on September 9, 2025, which accounts for 12.38% of the net profit attributable to the parent company for the most recent audited fiscal year [2] - The subsidy is classified as a revenue-related government grant and will be recognized in the current profit and loss statement [3] - The final impact of the subsidy on the company's financial results will be determined based on the annual audit by the accounting firm [3] Group 2 - Company has been involved in a lawsuit with Meyer Holdings Limited, with the latest ruling from the Jiangsu Provincial High Court maintaining the original judgment [5][6] - The court's decision rejected the appeal from Meyer Holdings and upheld the previous ruling, with the appeal costs borne by Meyer Holdings [6] - Company had previously recognized a provision of approximately 1.9982 million yuan for this case, and the final financial impact will be confirmed in the audited annual report [6]

Company Overview - Loudi Jinhong New Materials Co., Ltd. was established on November 9, 2022, with an initial registered capital of 45 million yuan, which was later increased to 98.4867 million yuan by July 2025 [1] - The company and its subsidiaries primarily engage in the recycling and processing of renewable resources [1] - The ultimate parent company is Hunan Haihong Logistics Group Co., Ltd., with Li Tiexiang as the actual controller [1] Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and in accordance with the accounting standards issued by the Ministry of Finance [2] - The accounting records are maintained on an accrual basis, with historical cost as the measurement basis, except for certain financial instruments [2] Compliance with Accounting Standards - The financial statements prepared by the company comply with the requirements of the accounting standards, accurately reflecting the financial position as of July 31, 2025, and the operational results and cash flows for the periods of January to July 2025 and the year 2024 [2] Important Accounting Policies - The accounting period is divided into annual and interim periods, with the fiscal year running from January 1 to December 31 [2] - The company uses the Chinese yuan as its functional currency for accounting purposes [2] Business Combinations - Business combinations are classified into those under common control and those not under common control, with specific accounting treatments for each type [3][4] - For combinations under common control, assets and liabilities are measured at the book value on the merger date, while for combinations not under common control, the acquisition cost includes the fair value of assets and liabilities on the purchase date [4] Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, with categories including those measured at amortized cost and those measured at fair value [12][13] - The company recognizes financial assets and liabilities when it becomes a party to the financial instrument contract [12] Inventory Management - Inventory includes raw materials, work in progress, and finished goods, measured at cost or net realizable value [24][25] - The company uses a perpetual inventory system and applies the weighted average method for inventory valuation [25] Non-Current Assets Held for Sale - Non-current assets are classified as held for sale when they are expected to be sold rather than used, and they are measured at the lower of carrying amount and fair value less costs to sell [26][27] Termination of Operations - The company recognizes the results of operations from discontinued segments separately in the income statement, including any impairment losses [28]

Company Overview - China General Nuclear Power Corporation Huizhou Nuclear Power Co., Ltd. was established on September 16, 2013, in Huizhou, Guangdong Province, with a registered capital of 9.2439 billion yuan [3]. - The company is primarily engaged in the investment, development, construction, and operation of nuclear power plants, as well as the sale of generators and related technical services [3]. Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, reflecting the company's financial position as of December 31, 2024, and June 30, 2025, along with the operating results and cash flows for the year 2024 and the first half of 2025 [2]. Accounting Policies - The company adopts the accrual basis of accounting and uses historical cost as the measurement basis, with the functional currency being the Renminbi [4]. - Financial instruments are classified at initial recognition based on the business model and cash flow characteristics, including categories such as financial assets measured at amortized cost and those measured at fair value [5][7]. Revenue Recognition - Revenue is recognized when the company fulfills its performance obligations in the contract, which occurs when the customer gains control of the related goods or services [36]. - The transaction price is determined based on the expected consideration to be received, excluding amounts collected on behalf of third parties [36]. Asset Management - Fixed assets are recognized when it is probable that economic benefits will flow to the company and the cost can be reliably measured, with depreciation calculated using the straight-line method over their useful lives [22]. - Inventory is measured at the lower of cost and net realizable value, with specific methods for different types of inventory [19][20]. Impairment Testing - The company conducts impairment testing for long-term assets, including fixed assets and intangible assets, whenever there are indications of impairment, measuring recoverable amounts based on fair value less costs to sell or the present value of future cash flows [32][30]. Employee Compensation - The company recognizes short-term employee benefits as liabilities and expenses in the period in which the services are rendered, including social insurance contributions and other employee welfare expenses [33][34].

Company Overview - China General Nuclear Power Corporation Huizhou Third Nuclear Power Co., Ltd. was established on February 16, 2025, in Huizhou, Guangdong Province, with a registered capital of RMB 1.8 billion [3] - The company operates in the nuclear power generation industry, with business activities including power generation, transmission, and distribution [3][4] Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, reflecting the company's financial position as of June 30, 2025 [4] - The reporting currency is Renminbi, and the accounting period is from February 16, 2025, to December 31, 2025 [2][4] Accounting Policies - The company follows the accrual basis of accounting and uses historical cost as the measurement basis for most assets [4][5] - Cash and cash equivalents are defined as cash on hand and deposits that are readily convertible to known amounts of cash [4] Financial Instruments - Financial assets are classified at initial recognition as either measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss [6][7] - The company assesses expected credit losses on financial instruments based on historical data and current economic conditions [14][15] Fixed Assets - Fixed assets are recognized when it is probable that future economic benefits will flow to the company and the cost can be measured reliably [18] - Depreciation is calculated using the straight-line method based on the estimated useful life of the assets [19] Intangible Assets - Intangible assets are recognized when it is probable that future economic benefits will flow to the company and the cost can be measured reliably [28] - Research phase expenditures are expensed as incurred, while development phase expenditures can be capitalized if certain criteria are met [30] Borrowing Costs - Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized [24] - Capitalization of borrowing costs ceases when the asset is ready for use or sale [24] Employee Benefits - The company recognizes short-term employee benefits as liabilities and expenses in the period in which the services are rendered [31] - Contributions to defined benefit plans are recognized based on the present value of the defined benefit obligation [33]

Company Overview - The company is engaged in the electricity and heat production and supply industry, with main operations including power generation, transmission, and distribution, as well as port operations [1][5]. - The company is a limited liability company established on September 16, 2023, with a registered capital of RMB 761.2 million [5][6]. Financial Reporting - The financial statements are prepared based on the going concern principle and comply with the accounting standards issued by the Ministry of Finance [2][3]. - The accounting period is from January 1 to December 31 each year, with the company using RMB as its functional currency [3]. Accounting Policies - The company follows specific accounting policies and estimates tailored to its operational characteristics, including revenue recognition and financial instruments [3][7]. - Financial assets are classified based on the business model and cash flow characteristics, with categories including amortized cost and fair value [7][8]. Asset Management - Fixed assets are recognized when economic benefits are likely to flow to the company, and they are measured at cost, considering depreciation and impairment [19][21]. - The company assesses fixed assets for impairment at each reporting period, and any impairment loss is recognized in the current period [21][22]. Revenue Recognition - Revenue is recognized when the company fulfills its performance obligations in contracts, which occurs when customers obtain control of the related goods or services [31][32]. - The company allocates transaction prices to performance obligations based on their standalone selling prices [32][33]. Government Grants - Government grants are classified into asset-related and income-related grants, with recognition based on the conditions attached to the grants [35].

Group 1 - The China Securities Regulatory Commission (CSRC) has released the "Accounting Regulatory Report for Annual Financial Reports of Listed Companies in 2024," indicating that listed companies generally comply well with accounting standards and financial disclosure rules, although some companies have errors in accounting treatment or financial disclosures related to revenue, long-term equity investments, business combinations, financial instruments, asset impairment, and non-recurring gains and losses [3] - The International Accounting Standards Board (IASB) has provided updates on its agenda, including research and standard-setting activities, maintenance and consistent application of standards, and governance strategies [4] - The International Sustainability Standards Board (ISSB) has outlined its work plan, including revisions to greenhouse gas emissions disclosure, and has published materials related to the application of international financial reporting standards [5][6] Group 2 - The latest updates from the IASB include topics such as financial instruments with equity characteristics, business combinations, cash flow statements, and indicators for assessing hyperinflationary economies [6] - The ISSB is focusing on biodiversity, ecosystems, and human capital as part of its sustainability reporting initiatives [7] - The IASB has released a climate-related example and a financial reporting example for real estate companies for 2024 [9]

Audit Opinion - The audit of Wuhan Municipal Engineering Design Institute Co., Ltd. (hereinafter referred to as "the Institute") financial statements for the periods ending March 31, 2025, December 31, 2024, and December 31, 2023, indicates that the financial statements fairly reflect the financial position and operating results of the Institute in accordance with accounting standards [1][1][1]. Company Overview - The Institute was established on October 26, 2001, with a registered capital of 17.1289 million RMB, located in Wuhan, Hubei Province [1][1]. - The main business activities include construction engineering surveying, design, mapping services, project supervision, special equipment design, land spatial planning, quality testing, and construction [1][1]. Asset Restructuring - Wuhan San Zhen Industrial Holding Co., Ltd. plans to acquire 100% equity of the Institute through a combination of issuing shares and cash payment [1][1]. - The financial statements are prepared solely for the purpose of this proposed asset restructuring and are intended for submission to regulatory authorities [1][1]. Financial Reporting Basis - The financial statements are based on the assumption of going concern and prepared in accordance with the relevant accounting standards issued by the Ministry of Finance and the China Securities Regulatory Commission [1][1]. Important Accounting Policies - The Institute has established specific accounting policies and estimates for revenue recognition and research and development expenditures based on its operational characteristics [1][1]. - The financial statements comply with the requirements of accounting standards and provide a true and complete reflection of the Institute's operating results and cash flows for the fiscal years 2023 and 2025 [1][1]. Financial Statement Preparation - The financial statements are prepared using the accrual basis of accounting, with historical cost as the measurement basis, except for certain financial instruments [1][1]. - The Institute's accounting policies and estimates are detailed in the notes, including significant judgments made by management [1][1].

Group 1 - The company, Zhong Clean Energy Limited, is engaged in the research and development of new energy technologies, including power generation and energy management services [1][2] - The financial statements are prepared in accordance with the relevant enterprise accounting standards and reflect the company's financial position as of December 31, 2023, December 31, 2024, and June 30, 2025 [1][2] - The management is responsible for the preparation of the financial statements, ensuring they are free from material misstatements due to fraud or error [1][2] Group 2 - The company operates under a continuous operation assumption unless there are plans for liquidation or other circumstances that would prevent ongoing operations [1][2] - The financial statements include consolidated balance sheets, income statements, and cash flow statements, which provide a comprehensive view of the company's financial performance [1][2] - The company has established internal controls to ensure the accuracy and reliability of financial reporting [1][2] Group 3 - The company’s revenue recognition policy states that income is recognized when control of goods or services is transferred to customers, allowing them to obtain the benefits of ownership [7] - The company has outlined its accounting policies for various financial instruments, including the initial recognition and measurement of financial assets and liabilities [3][4] - The company’s long-term investments are accounted for using the equity method, reflecting its share of the investee's net income or loss [5][6]