9月3日，中欧EMBA30周年暨EMBA深圳班20周年系列活动——中欧EMBA校园开放日在深圳校区成功举办，吸 引了来自各行各业的50余位EMBA课程潜在申请人参与。作为中欧国际工商学院的旗舰课程，中欧 EMBA 凭借全 球排名第一的硬核实力、顶尖的师资力量（汇聚众多国际名校教授）及权威的AACSB 认证与EQUIS 认证，尽显 顶级商学院教育优势。活动邀请中欧国际工商学院会计学教授，金融学和会计学系系主任程林教授， 从信息披露的视角，深度解读了数据背后蕴含的财务逻辑与企业运营状况。莫奥信息创始人夏催伍（中欧 EMBA2024SZ1）作为学生大使，分享了他在中欧EMBA的学习体验。 图为活动现场 活动伊始，中欧国际工商学院EMBA课程部申忠宇老师进行了课程宣讲。他首先回顾了中欧EMBA课程的发展历 程：1995年，中欧EMBA以破冰者的勇气启程，携首批42名学员怀揣鸿鹄之志，开启了中国管理教育的新篇章。 2005年，中欧决定开设EMBA深圳班，深耕华南管理教育市场。如今，项目已汇聚15000 + 企业家校友，构建起覆 盖全球的校友网络与全球校友会，从专注管理教育到培养世界级的企业家；从扎根中国到走向世界，中欧 ...

Core Viewpoint - Nantong Technology is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 28.6 million yuan for expansion and R&D projects, despite concerns over customer concentration and low R&D investment compared to peers [1][3][4]. Financial Performance - The company has shown consistent revenue growth from 833.68 million yuan in 2022 to an expected 1.03086 billion yuan in 2024, with net profits increasing from 43.96 million yuan to 94.69 million yuan during the same period [5]. - Gross profit margins have been affected by material costs and energy prices, with the company's margins at 19.51%, 22.28%, and 22.65% over the past three years, slightly below the industry average of 21.94%, 23.21%, and 21.62% [5][6]. Customer Dependency - The company heavily relies on its top five customers, with their sales accounting for 89.20%, 86.35%, and 87.78% of total revenue during the reporting period, indicating a significant customer concentration risk [7]. - Approximately 50% of revenue comes from Midea Group, while about one-third is from Gree Electric, with combined sales from these two clients making up over 80% of total revenue [8]. R&D Investment - Nantong Technology's R&D expenditure is notably low compared to its peers, with R&D expenses of 19.56 million yuan, 21.43 million yuan, and 23.90 million yuan over the past three years, representing only 2.35%, 2.28%, and 2.32% of revenue [11]. - Competitors like Lianhe Precision, Baida Precision, and Huaxiang Co. have R&D expense ratios averaging 3.69%, indicating a significant gap in innovation investment [12]. Management and Disclosure Issues - There are discrepancies in the resumes of company executives, raising concerns about the accuracy of information disclosed in the IPO prospectus [10][13][14]. - The inconsistencies in the employment history of executives suggest potential issues with corporate governance and transparency [15][16].

Core Viewpoint - The company, Tongguan Mining Construction Co., Ltd., is set to go public on October 11, 2024, on the Beijing Stock Exchange, with a total score of 89.5, classified as B-level, indicating good short-term profitability but concerns regarding information disclosure quality [3][29]. Company Basic Information - Full Name: Tongguan Mining Construction Co., Ltd. [22] - IPO Application Date: June 29, 2023 [22] - Listing Date: October 11, 2024 [22] - Industry: Civil Engineering and Construction [22] - Underwriters: Tianfeng Securities and Guoxin Securities [22] - Legal Advisor: Beijing Hairun Tianrui Law Firm [22] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [22] Performance Evaluation - The company was required to enhance disclosures regarding the impact of new fixed asset depreciation on future performance and to clarify risks associated with underperforming fundraising projects [5][22]. - The average time from application to listing for A-share companies in 2024 is 629.45 days, while Tongguan's listing cycle is 470 days, which is below the average [6][22]. Financial Metrics - The underwriting and sponsorship fees for Tongguan Mining are 15.47 million yuan, with a commission rate of 6.13%, lower than the average of 7.71% [8][23]. - The company's issuance price-earnings ratio is 15.48 times, compared to the industry average of 19.24 times, representing 80.46% of the industry average [14][27]. - Expected fundraising is 283 million yuan, while the actual amount raised is 252 million yuan, indicating a decrease of 10.70% [16][28]. Short-term Performance - In 2024, the company's operating revenue increased by 19.87% year-on-year, with net profit attributable to shareholders rising by 8.26% and non-recurring net profit increasing by 7.37% [18][28]. - On the first day of listing, the stock price rose by 731.41% compared to the issue price [10][25]. - After three months of listing, the stock price increased by 346.88% compared to the issue price [12][26].

Group 1 - The core viewpoint of the article highlights the recent developments in the Beijing Stock Exchange's (BSE) issuance and listing review process, indicating its growing popularity among companies for public offerings [1] - In the first half of 2025, the BSE accepted applications from 115 companies for public issuance and listing, with 12 companies approved by the listing committee, 7 registered by the Securities Regulatory Commission, and 6 successfully listed, raising a total of 1.923 billion yuan [1] - The BSE has implemented strict self-regulatory measures, including public reprimands and warnings, to address issues related to information disclosure and the quality of intermediary institutions [2] Group 2 - The BSE has identified four key areas for improving the quality of information disclosure, including the accuracy of basic information, consistency of application documents, and the correct citation of laws and regulations [3] - Financial information must also be accurate in terms of data content and format, ensuring that key financial figures align with financial reports [3][4] - The BSE emphasizes the importance of proper document versions and formats, including the correct uploading of files and adherence to signature requirements [4]

Core Viewpoint - The company, Tianhe Co., Ltd. (002999), held an online performance briefing for its 2024 annual report, but it selectively addressed questions, focusing on positive aspects while avoiding sensitive issues, leading to concerns about the transparency of its disclosures [2][3]. Financial Performance - In 2024, the company achieved a revenue of 14.455 billion yuan, a year-on-year decrease of 6.81% [2]. - The net profit attributable to shareholders was 22.2373 million yuan, representing a significant decline of 77.8% year-on-year [2]. - The net profit after deducting non-recurring items was 17.7328 million yuan, down 80.81% year-on-year [2]. - Basic earnings per share were 0.06 yuan [2]. Revenue Quality - The company's net profit has decreased from 106 million yuan in 2022 to 22.2373 million yuan in 2024, marking a low point in recent years [3]. - Accounts receivable increased significantly from 164 million yuan in 2022 to 465 million yuan in 2024, indicating a decline in revenue quality [3]. Inventory Management - The proportion of inventory to total assets rose from 32% in 2022 to 38% in 2024, with a year-end inventory impairment provision of 32.6583 million yuan in 2024 [4]. Cash Flow - The net cash flow from operating activities was -516 million yuan in 2024, a substantial decline of 190.81% year-on-year [5]. - Over the past three years, the net cash flow from operating activities has shown a continuous decline, with figures of 210 million yuan, -180 million yuan, and -520 million yuan [5]. Asset Impairment - In the first quarter of this year, the company recognized an asset impairment provision of 17.1044 million yuan, which included provisions for bad debts on accounts receivable and inventory [5].