2025年即将收官，12月北京证券交易所(简称"北交所")IPO审核再度提速。12月22日至26日，北交所上 市委员会(简称"上市委")召开了今年第46次至第49次审议会议，上会企业分别为英氏控股集团股份有限 公司(简称"英氏控股")、宁波隆源股份有限公司(简称"隆源股份")、普昂(杭州)医疗科技股份有限公司 (简称"普昂医疗")和浙江新恒泰新材料股份有限公司(简称"新恒泰")，全部符合发行条件、上市条件和 信息披露要求。 从本周过会情况来看，审议会议现场，北交所上市委关注的核心问题包括：业绩增长的可持续性及收入 确认的准确性，毛利率持续下降的原因及持续下滑的风险、募投项目的必要性和合理性、创新特征与成 长性、线上销售收入真实性及信息系统核查情况、销售活动费用的真实完整性、研发能力和技术创新能 力等。 记者梳理发现，目前北交所在审核过程中的问询函、上市委委员会审议会议上的问题，核心关注点都集 中在业绩真实性和可持续性上，几乎每个企业都会被问询，凸显交易所对上市公司业绩变动问题的关注 程度。 本周北交所过会的4家企业近年净利润均有较好表现，根据招股书披露的近年净利润财务报表来看，有 望成为A股市场"婴幼儿辅食第 ...

Core Viewpoint - The successful IPO of Dapeng Industrial marks the first instance of a company with a net profit below 40 million yuan passing the review under the new "National Nine Articles," raising questions about the current IPO review logic of the Beijing Stock Exchange [1][5][10] Group 1: IPO Review and Company Performance - Dapeng Industrial is the only company among the 35 that passed the IPO review with a net profit of 38.1 million yuan, below the 40 million yuan threshold [3][5] - The company has experienced a complex IPO process, including multiple changes in audit firms and a history of application rejections, which have impacted its financial performance [6][7] - The company reported revenues of 247 million yuan, 260 million yuan, and 265 million yuan from 2022 to 2024, showing continuous growth, but net profits fluctuated, with a decline in 2024 [7][9] Group 2: Financial Metrics and Government Support - Dapeng Industrial's net profit attributable to the parent company decreased from 40.3 million yuan in 2023 to 38.1 million yuan in 2024, influenced by reduced government subsidies [8][9] - Government subsidies accounted for 16.41%, 28.16%, and 28.86% of total profits from 2022 to 2024, indicating some reliance on these funds, although the company claims not to be significantly dependent on them [9][10] Group 3: Customer Dynamics and Revenue Sources - The company’s top five customers accounted for 84.20%, 55.27%, and 75.44% of sales from 2022 to 2024, with significant revenue decline from its largest customer, BYD, due to changes in procurement policies [9][10] - Dapeng Industrial's overseas revenue dropped to zero starting in 2023, leading to a strategic decision to dispose of its Japanese subsidiary [10]