来源：风云IPO 境外销售收入占比近八成。 作者|卓玛 编辑|刘钦文 洗干净手，拿出胰岛素笔，换上新针头，排气，调好剂量，掀开衣服，用酒精棉球给腹部的一小块皮肤 消毒，用胰岛素笔注射药剂，处理针头。这一套流程是无数糖尿病患者在家给自己注射胰岛素的日常， 普昂（杭州）医疗科技股份有限公司（下称"普昂医疗"，874572.NQ）所生产的产品正在其中扮演着关 键角色。 普昂医疗是一家主营胰岛素笔针的公司，产品远销70多个国家或地区，客户包括美国沃尔玛和国内的大 型医药零售连锁企业益丰药房（603939.SH）。12月26日，该公司已通过北交所的上会审核"大考"。 从收入构成上看，普昂医疗的收入来源于糖尿病护理类产品、通用给药输注类产品、微创介入类产品和 其他四部分。 | | | | | | | | | -- 11-1 11/6 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 产品类型 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | | 金额 | 占比 | 金额 | 出出 | 金额 | ...

12月25日，湖北犇星新材料股份有限公司（简称"犇星新材"）在北交所披露招股书。 资料显示，犇星新材为新三板公司（证券代码：874773.NQ），挂牌时间为2025年5月22日。根据公司7 月22日公告，公司基于自身发展规划等因素考虑，拟将首次公开发行股票并在深交所主板上市的计划变 更为北交所上市，辅导机构仍为国泰海通。 同时招股书显示，犇星新材销售收入相当一部分来自境外，报告期内公司主营业务收入中境外收入占比 分别为44.21%、30.24%、28.30%和31.93%，主要境外市场涉及北美、欧洲、印度等国家或地区。其 中，公司源自美国市场的主营业务收入分别为5.59亿元、2.96亿元、4.01亿元和2.26亿元，公司在美国市 场主要通过非买断式经销商模式开展业务。 然而近年来随着国际形势日益复杂，市场竞争日趋激烈，国际贸易摩擦风险也逐渐增加。若部分境外国 家实施对犇星新材境外销售明显不利的贸易、关税等政策，可能对公司未来经营业绩造成不利影响。 招股书显示，犇星新材是一家根植中国本土、实现全球化运营的精细化工产品综合服务商，主要从事 PVC热稳定剂、农药原药及产业链中间体的研发、生产与销售，主要产品包括硫醇 ...

这份终裁对国内药用辅料龙头山东赫达而言意义非凡。作为强制应诉企业，公司反倾销税率从初裁的172.24%骤降至18.71%，降幅达153.53个百分点；反补 贴税率终裁为6.90%。税率的大幅回落不仅意味着对美出口竞争力的恢复，更释放出前期按高税率预缴的巨额保证金差额将获退还的实质性利好。12月22 日，山东赫达应声涨停，报收14.59元/股，今日盘中，山东赫达持续走高，截至发稿前封板涨停。 【文/王力 编辑/周远方】 历经13个月的跨国贸易角力，中国硬壳胶囊企业终于等来了转机。 12月19日，美国商务部对进口自中国、巴西、印度和越南的硬质空心胶囊作出反倾销和反补贴终裁，中国生产商获裁的倾销税率为0至18.71%，不仅远低于 巴西的77.63%和越南的47.12%，更较今年5月初裁时的惩罚性税率大幅下降。 回溯这场调查，2024年11月13日美国商务部正式立案时，山东赫达对美硬壳胶囊出口额占该产品总收入的62.38%，美国市场的得失直接关乎公司命脉。初 裁阶段172.24%的惩罚性税率曾令市场一度悲观，但公司积极应诉、据理力争，最终在终裁中实现逆转。 不过，这场贸易战役尚未完全画上句号。美国国际贸易委员会将于2 ...

历经一年多的周旋，山东赫达（SZ002810，股价14.54元，市值50.59亿元）终于在美国对原产自中国的硬壳空心胶囊"双反"调查中迎来了具有转折意义的 终裁结果。 12月21日晚间，山东赫达公告披露，美国商务部对来自巴西、中国、印度和越南的硬壳空心胶囊产品反倾销、反补贴调查作出最终肯定性裁定。其中，在 反倾销终裁方面，山东赫达为强制应诉企业，税率为18.71%，较初裁大幅降低153.53个百分点。 官网截图 《每日经济新闻》记者注意到，这一超预期的反转，不仅意味着公司面临的关税壁垒大幅削减，更释放了前期预缴的高额保证金差额退还的利好。不过， 反倾销税的最终落地仍悬于美国国际贸易委员会（ITC）的产业损害终裁。 此外，面对国际贸易壁垒的"紧箍咒"，山东赫达通过加速美国建厂进程及全球化战略布局，积极对冲单一市场风险。 反倾销终裁税率大幅"瘦身" 根据山东赫达于12月21日晚间发布的公告，公司于近日获悉，美国商务部于美国时间2025年12月19日发布公告，对来自巴西、中国、印度和越南的硬壳空 心胶囊（hard empty capsules）反倾销、反补贴调查作出最终肯定性裁定（以下简称"终裁"）。 此次终裁结果 ...

报告期内，标的资产前五大客户交易金额保持稳定增长，2025年1-8月合计交易金额7.84亿元，同比增 长6.63%，占营业收入比例42.02%。其中客户A、D吞吐量分别增长5.30%、12.35%，客户B虽吞吐量下 降23.17%，但通过优化航线结构实现收入增长10.88%，显示主要客户合作关系稳定。 关联交易占比高但定价公允 符合行业特性 公告显示，标的资产报告期内关联采购占比分别为61.72%、57.82%、61.73%，主要向控股股东福建省 港口集团及其下属企业采购港口劳务、电力等服务；关联销售占比2.57%、2.76%、2.33%，主要提供码 头租赁及管理服务。尽管关联采购占比较高，但定价方式遵循市场原则，与非关联方价格不存在显著差 异。 以20尺重箱港口作业价格为例，标的资产向关联方厦门港务海运提供的外贸箱、内贸箱服务价格，与非 关联第三方平均价格差异率均低于5%；福建东方海运台湾航线服务价格与第三方客户完全一致。此 外，电力采购按政府定价执行，工程劳务通过第三方造价审核，软件开发服务参考市场价格协商确定， 整体关联交易定价公允。 来源：新浪财经-鹰眼工作室 厦门港务发展股份有限公司（证券代码：00 ...

证券代码：301222 证券简称：浙江恒威 | | □特定对象调研 □分析师会议 | | --- | --- | | □媒体采访 投资者关系 | □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | □现场参观 | 一对一沟通 | | □其他 | | | 参与单位及人员 | 中银国际证券 陶波 | | 时间 2025 年 | 12 月 12 日 10:00-11:00 | | 地点 | 公司董事会秘书办公室 | | 上市公司接待人员 | 董事会秘书兼财务负责人 杨菊女士 | | | 公司董事会秘书兼财务负责人杨菊女士就投资者关注的问题进行 | | | 回复，具体互动交流的情况如下： | | | 问：目前公司经营情况是怎样的？ | | | 答：公司专业从事高性能环保锌锰电池的研发、生产及销售， | | | 主要产品包括 LR03、LR6、LR14、LR20、6LR61 系列碱性电池及 | | | 系列碳性电池，产品主要出口销往欧 R03、R6、R14、R20、6F22 | | | 洲、北美、日韩等发达国家和地区，服务国际商业连锁企业、知名 | | | 品牌运营商及大型贸易商等优质客户，提供自身 ...

标的资产经营受国际贸易摩擦影响有限 公告披露，标的资产外贸业务收入占比约70%，主要涉及东南亚、北美、欧洲等航线。2025年1-8月， 受美国关税政策调整影响，北美线吞吐量同比下降24.40%，收入减少16.75%，但由于北美线收入占比 仅8.24%，且公司通过拓展东南亚、欧洲航线（同期收入分别增长5.31%、31.22%），整体外贸收入仍 实现6.96%增长。 报告期内，标的资产前五大客户交易金额保持稳定，2025年1-8月合计交易金额同比增长6.63%，吞吐量 同比下降5.80%。其中，客户A、C、D吞吐量分别增长5.30%、5.00%、12.35%，主要通过优化航线布局 和提升本地重箱占比对冲部分负面影响。公司同时采取拓展海铁联运（同比增长7.68%）、跨境电商业 务（同比增长62.19%）等措施，2025年1-8月整体营业收入同比增长4.74%。 关联交易占比高但定价公允 来源：新浪财经-鹰眼工作室 厦门港务发展股份有限公司（证券代码：000905，简称"厦门港务"）于2025年12月发布《关于深圳证券 交易所〈关于厦门港务发展股份有限公司发行股份购买资产并募集配套资金申请的审核问询函〉的回复 (修订 ...

Core Viewpoint - Hai'an Group, a new stock listed on the Shenzhen Main Board, specializes in the research, production, and sales of giant all-steel radial engineering tires and mining tire operation management, positioning itself as a key player in the domestic market against international competitors [1][2]. Group 1: Company Overview - Hai'an Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company has become the third global manufacturer capable of mass production of a full range of specifications for all-steel giant tires, following Michelin and Bridgestone [2]. Group 2: Market Position and Growth - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate of 5.18%, indicating a persistent supply-demand imbalance [1]. - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output, with significant clients including well-known domestic companies and international firms [2]. Group 3: International Expansion - The company has established 12 overseas subsidiaries or branches, with over 75% of its revenue coming from international sales, highlighting its global market reach [2]. - The exit of major international brands from the Russian market has allowed Hai'an Group to significantly increase its sales in that region, with overseas sales accounting for 65.19% to 67.18% of its main business revenue from 2022 to mid-2025 [3]. Group 4: Risks and Challenges - The company acknowledges potential risks from international trade tensions and geopolitical conflicts, which could significantly impact its revenue, particularly from overseas markets [3].

Core Viewpoint - Haian Group (001233.SZ) has successfully listed on the Shenzhen Main Board, focusing on the research, production, and sales of giant all-steel engineering radial tires and mining tire operation management, positioning itself as a key player in the domestic and global tire manufacturing industry [1][5]. Company Overview - Haian Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company specializes in giant engineering tires, which are defined as tires with a rim diameter of 49 inches or more, primarily used in large mining dump trucks and loaders [5]. Market Position - Haian Group ranks first in domestic production and fourth globally in the giant tire market, benefiting from a significant market share despite the dominance of international brands [6]. - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate of 5.18% [5]. Financial Metrics - The IPO price was set at 48.00 CNY per share, with an institutional offering price of 48.93 CNY, and a price-to-earnings ratio of 13.94 compared to the industry average of 26.38 [2]. - The company reported a performance increase of 400% [2]. Production and Expansion Plans - The company has outlined several key projects, including: - Expansion of all-steel giant engineering radial tire production with an investment of 19.45 million CNY (65.90% of total investment) - Automation upgrades for production lines at 3.71 million CNY (12.56%) - Construction of a research and development center at 2.86 million CNY (9.69%) - Supplementing working capital at 3.50 million CNY (11.86%) [4]. Global Sales and Clientele - Haian Group has established a strong global presence, with over 75% of its revenue coming from international sales, including significant sales in the Russian market following the exit of major competitors [6]. - The company serves notable clients such as Zijin Mining, XCMG, and Ural Mining and Metallurgical Company [6]. Industry Challenges - The company faces potential risks from international trade tensions and geopolitical conflicts, which could significantly impact its profit margins [7].

Core Viewpoint - Beijing Vito Electric Co., Ltd. (referred to as "Vito") has updated its prospectus and responded to the first round of inquiries from the Shenzhen Stock Exchange, addressing 17 key issues related to gross margin, operational compliance, related party transactions, and accounts receivable [1] Group 1: Business Performance - Vito's main business includes the research, production, and sales of various electrical connection products and synchronous decomposers. From 2022 to 2024, the company's operating revenue is projected to increase from 1.437 billion to 2.390 billion yuan, with a compound annual growth rate of 29%. The net profit after deducting non-recurring gains and losses is expected to rise from 114 million to 271 million yuan, a 1.4 times increase over three years [2][3] Group 2: Financial Risks - Despite rapid expansion, Vito faces risks such as declining gross margins, falling product prices, and international trade frictions. The gross margin for the main business is expected to decrease from 25.12% in 2024 to 21.78% in the first half of 2025 due to factors like product structure, material price fluctuations, market competition, and order quantities [3] - The average sales price of synchronous decomposers has dropped from 29.60 yuan per unit in 2022 to 17.93 yuan in the first half of 2025, with corresponding gross margins decreasing from 61.14% to 50.69% [3] - Accounts receivable have been increasing, with net amounts at the end of each reporting period rising from 517 million to 1.042 billion yuan, accounting for 48.96% to 51.21% of current assets. The company has recognized bad debt provisions for certain clients facing operational difficulties [5][6] Group 3: Market Position and Competition - The revenue from the new energy vehicle sector has shown an upward trend, accounting for 26.36% to 38.32% of total revenue from 2022 to 2024. This sector remains a key focus for the company's business development [4] - The exit of national purchase subsidies for new energy vehicles in 2023 and intensified competition among traditional car manufacturers and new entrants may pose challenges for Vito if it cannot adapt quickly to market changes [5] Group 4: Related Party Transactions and Compliance - Vito has engaged in related party transactions with suppliers, with procurement amounts from related parties showing a slight decline over the reporting period. The company asserts that these transactions are based on business needs and are conducted at fair prices [6] - The company has faced six administrative penalties related to statistical errors, construction violations, fire hazards, and environmental violations, indicating a need for improved internal controls [6] Group 5: IPO and Future Plans - Vito plans to raise 1.594 billion yuan through its IPO to fund various projects, including the construction of production bases and a research center. The company acknowledges that the benefits from these investments will take time to materialize and that adverse market conditions could impact profitability [7] - The company has reported fluctuating capacity utilization rates for its products, with some products experiencing significant drops in utilization, indicating potential challenges in managing production capacity [7]