星标 ★ IPO日报 精彩文章第一时间推送 AI制图 8月8日，珠海市南特金属科技股份有限公司（以下简称"南特科技"）将在北交所IPO上会，接受上市委的面审。 本次IPO，公司拟募集资金28600万元，分别用于安徽中特高端精密配件生产基地二期项目和珠海南特机加扩产及研发能力提升项目，其中前者已 经取得环评批复。 IPO日报发现，公司近年来业绩不断增长，但"大客户依赖症"并未减轻。公司的研发投入比例远不及同行业可比公司。奇怪的是，招股书中公司高 管的履历错误频出…… | | | | | | -- | | --- | --- | --- | --- | --- | --- | | 居 | 项目名称 | 投资总额 | 拟投入募集 | 项目备案情况 | 环评批复情 | | 티 | | | 资金 | | ਨ | | | 安徽中特高端 精密配件生产 | 30,046.01 | 24.731.23 | 《含山县经开区管委会 项目备案表》(项目代码 2412-340522-04-01- | 含坏审 (2023) [41] | | | 基地二期项目 | | | 114079 ) | 号 | | 2 | 珠海南特机加 扩产及研发 ...

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].