证券日报网1月6日讯，新铝时代（301613）在接受调研者提问时表示，截至2025年11月，标的公司向前 五名客户销售金额占营业收入的比例分别为59.99%、58.73%和58.82%，客户集中度较高，主要系标的 公司下游行业为消费电子行业，市场主要集中在几家知名终端品牌商及其主力代工厂，下游产业的集聚 化特点、客户对供应链集中管理等因素导致标的公司客户集中度较高，符合行业特征。此外，公司不存 在单一大客户收入占比超过50%的情形，与主要客户均建立了长期而稳定的业务关系，与主要客户的合 作及收入具备较强的稳定性。关于此问题，可关注公司于2025年11月6日在巨潮资讯网上披露的《重庆 新铝时代科技股份有限公司关于深圳证券交易所 <关于重庆新铝时代科技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> 之回复》。 ...

本报（chinatimes.net.cn）记者张玫 北京报道 全球民用无人机动力系统市场份额第二、仅次于大疆，三瑞智能成立16年终于在2025年末叩开了A股创 业板的大门。 近日，深圳证券交易所上市审核委员会审议通过三瑞智能的首发申请。在深交所、北交所当日共4家企 业过会的背景下，三瑞智能的过会尤其引人注目：伴随着"无人机动力系统第一股"光环而来的，是市场 对其业绩高增长可持续性的审视与问询。 按照程序，过会后，三瑞智能IPO还需提交注册，之后等待注册结果。 针对相关问题，《华夏时报》记者12月22日向三瑞智能发送采访函，截至发稿记者未收到回复。 高增长能否持续受关注 三瑞智能成立于2009年，主营业务为无人机电动动力系统及机器人动力系统的研发、生产和销售。 "客户集中或分散并无绝对优劣，关键在于匹配行业特性与企业所处阶段。"知名财税审计专家刘志耕对 《华夏时报》记者表示，客户集中度高有利于稳定收入和聚焦资源，但也伴随经营波动与议价权较弱的 风险；客户分散则能提升抗风险能力、灵活开拓市场，但可能增加管理成本并影响合作稳定性。企业需 结合行业规律、自身发展阶段与管理能力，在集中与分散之间做出动态平衡与选择。 一 ...

12月25日，宁波隆源股份有限公司（下称"隆源股份"）即将迎来北交所上市委员会对其申请北交所上市的审议。 此次，隆源股份上市申请于6月18日被受理，距今半年多，保荐机构为国金证券。IPO日报注意到，相比半年前原计划募资6.1亿元，隆源股份上会稿中拟 募资规模缩减至5.6亿元，主要用于新能源三电系统及轻量化汽车零部件生产项目(二期)、研发中心建设项目。 截至招股说明书签署日，林国栋直接持有公司55.8948%的股份，系公司控股股东。公司实际控制人为林国栋、唐美云夫妇。其中，林国栋直接持有公司 55.8948%的股份；唐美云直接持有公司14.3954%的股份，通过宁波隆钰间接控制公司4.8134%的股份；林国栋、唐美云通过佳隆控股间接控制公司 23.4301%的股份；两人直接和间接合计控制公司98.5337%的股份，公司几乎相当于"夫妻店"。 此外，经初步测算，公司预计2025年营业收入约为9.8亿元至10.33亿元，同比增长幅度约为12.79%至18.89%；归属于母公司股东的净利润为1.32亿元至 1.45亿元，同比变动幅度约为2.73%至12.85%；扣除非经常性损益后归属于母公司股东的净利润为1.25亿元 ...

手握一家A股公司莱特光电（688150），王亚龙的资本野心仍在不断扩张，继续"操刀"重庆宇隆光电科技股份有限公司（以下简称"宇隆科技"）IPO。近 期，公司创业板IPO进入问询阶段。值得一提的是，这并非宇隆科技首次尝试登陆资本市场，公司曾冲击沪市主板上市，不过最终折戟。二度闯关IPO背 后，宇隆科技对第一大客户京东方销售占比较高的老问题仍存在。此外，公司主营业务毛利率呈现下降趋势。截至今年6月末，公司应收账款账面价值约 4.43亿元，占公司流动资产比例为48.79%。 转战创业板IPO 沪市主板IPO撤单后，宇隆科技转而向创业板发起冲击。 据了解，自设立以来，宇隆科技始终以新型半导体显示面板为核心应用领域，深耕LCD显示面板专用智能控制卡及精密功能器件产品，并快速拓展OLED、 Mini/Micro LED 等显示领域新技术的应用发展，掌握了以显示用智能控制卡、显示用精密功能器件为核心产品的技术研发、生产制造等相关的专利技术和 先进生产工艺，全面覆盖目前主流及未来新型显示技术路线。 深交所官网显示，宇隆科技创业板IPO于12月5日获得受理，并于12月19日进入问询阶段。回溯前次IPO历程，上交所官网显示，宇隆 ...

尽管2025年上半年营收大幅下滑29.6%，科郦控股毛利率却逆势提升1.8个百分点至56.0%，主要依赖供 应商药价下降及采购成本控制。但这一"成本优化"未能抵消收入端的剧烈收缩，净利润从2024年同期的 4378万美元骤降至2183万美元，跌幅达50.2%，远超营收降幅；净利率从21.5%压缩至15.1%，盈利能力 显著恶化。 营运资金压力同步加剧，存货周转天数从88天延长至114天（+26天），应收账款周转天数从99天增至 138天（+39天），显示产品滞销与回款能力下降双重压力。截至2025年6月30日，公司现金及现金等价 物仅1063万美元，较2024年末减少34%，短期偿债能力面临考验。 指标2025H12024H1变动幅度营收（万美元）14,34720,389-29.6%净利润（万美元）2,1834,378-50.2%毛 利率56.0%54.2%+1.8pct净利率15.1%21.5%-6.4pct存货周转天数114天88天+26天应收账款周转天数138天 99天+39天 客户集中度：前五大客户贡献65.6%营收 单一客户依赖度翻倍 来源：新浪港股-好仓工作室 主营业务：儿科药分销占比90.9% ...

（记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，有投资者在投资者互动平台提问：贵公司一直以来是中兴通讯的核心供应商之一，中兴 通讯被制裁的同时，兴森科技股价超预期下跌，请问中兴通讯被制裁是否会影响贵公司的业务？ 兴森科技（002436.SZ）12月16日在投资者互动平台表示，公司业务客户集中度低，公司客户多为下游 多个行业领先企业或龙头企业，客户所涉行业较广，不依赖单一行业、单一客户，受下游大客户或单一 行业周期、经济周期影响小。 ...

Core Viewpoint - Fujian Makeng Mining Co., Ltd. plans to go public on the Shanghai Stock Exchange, aiming to raise 1 billion yuan for the expansion of its iron ore mining project, with a focus on increasing production capacity and improving operational efficiency [1][4]. Group 1: Company Overview - Makeng Mining was established in 1995 and specializes in iron ore resource development and utilization [2]. - As of the signing date of the prospectus, Fujian Rare Earth holds 45.90% of the shares, making it the largest shareholder, while the Fujian Provincial State-owned Assets Supervision and Administration Commission indirectly controls 55.9% of the voting rights [2][4]. Group 2: Financial Performance - The company reported stable financial performance with revenues of 2.057 billion yuan, 1.962 billion yuan, 2.050 billion yuan, and 1.045 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [5]. - The net profit attributable to the parent company for the same periods was 659 million yuan, 654 million yuan, 664 million yuan, and 362 million yuan, indicating consistent profitability [5]. Group 3: Business Operations - The main products include iron concentrate, molybdenum concentrate, and limestone, with iron concentrate accounting for over 90% of the main business revenue from 2022 to the first half of 2025 [7][8]. - The company relies heavily on the Makeng Iron Mine, with no other mining operations, which poses a risk if any adverse events affect this single source [8]. Group 4: Market Dynamics - The company's revenue is primarily generated from sales to steel enterprises in Fujian Province, with a high customer concentration, where the top five customers accounted for 96.89%, 97.68%, 92.50%, and 82.21% of annual revenue from 2022 to the first half of 2025 [11]. - Fluctuations in iron ore prices significantly impact the company's financial performance, with potential declines in prices due to macroeconomic factors and competition from major global mining companies [12].

Core Viewpoint - Jinfu Technology's stock price has surged nearly 100% since the beginning of the year, despite a decline in revenue and net profit in the first three quarters of the year, indicating market optimism about its long-term growth potential [1][2]. Financial Performance - For the first three quarters of the year, Jinfu Technology reported revenue of approximately 662 million yuan, a year-on-year decrease of 9.12% [1][2]. - The company achieved a net profit attributable to shareholders of about 93.44 million yuan, down 19.45% year-on-year [1][2]. - The decline in performance is attributed to new production bases entering a ramp-up phase, leading to increased depreciation and amortization costs, as well as temporary production disruptions [1][2]. Market Position and Client Base - Jinfu Technology primarily serves major beverage companies such as JingTian, Coca-Cola, and Yanjing Group, with a high customer concentration [2][3]. - The company ranks fifth in revenue among eight industry peers, with its revenue of 662 million yuan, while the top company, Zijiang Enterprise, reported 7.82 billion yuan [3][4]. - In terms of net profit, Jinfu Technology ranks third, with a net profit of 93.44 million yuan, compared to Zijiang Enterprise's 966 million yuan [3]. Industry Trends - The demand for plastic bottle caps is driven by the significant growth in global bottled water, juice, and functional beverage consumption [3]. - The Chinese bottled water market has surpassed 100 billion yuan, leading to increased demand for standard 28mm bottle caps [3]. - There is a growing trend towards high-end, lightweight, and biodegradable caps due to the rising health consciousness among consumers [3]. Strategic Initiatives - Jinfu Technology is transitioning from plastic packaging to metal packaging, with plans to invest in new metal cap production lines [3][4]. - The company has reduced its investment commitments for several projects, including the plastic cap production base expansion, and is reallocating funds towards the metal cap project and the acquisition of Xiangzhao Technology [4][5]. - The acquisition of Xiangzhao Technology aims to enhance production capacity for new metal pull-ring caps, securing orders from clients like Yanjing Beer [5].

Core Viewpoint - Tongbao Optoelectronics Co., Ltd. has successfully passed the IPO review by the Beijing Stock Exchange, marking its third attempt to go public after previous withdrawals in 2017 and 2024 [2] Group 1: Company Background and Development - Tongbao Optoelectronics was established in 1991 and transformed into a limited liability company in 2004, later becoming a joint-stock company in 2015 [3] - The company has been listed on the National Equities Exchange and Quotations (NEEQ) since 2015 and has entered the innovation layer in 2020, indicating a new development stage [3] - As of the reporting period, the company holds 79 patents, including 18 invention patents, and has been recognized as a national "specialized, refined, distinctive, and innovative" small giant enterprise [3] Group 2: Financial Performance - The company's revenue has shown steady growth, increasing from 389.70 million yuan in 2022 to 587.79 million yuan in 2024 [3] - Research and development expenditures have also risen from 13.38 million yuan in 2022 to 23.86 million yuan in 2024, with a partial amount of 12.01 million yuan in the first half of 2025 [3] Group 3: Customer Dependency - The company has a high dependency on major clients, with sales to the top five customers accounting for 94.65%, 98.42%, 96.57%, and 99.11% of total revenue from 2022 to the first half of 2025 [4] - The largest customer, SAIC-GM-Wuling, represented 66.83%, 63.99%, 83.35%, and 93.45% of revenue during the same periods, indicating increasing reliance [4] Group 4: Inventory and Receivables - The company's inventory values at the end of each reporting period were 178.18 million yuan, 146.54 million yuan, 128.35 million yuan, and 115.66 million yuan, representing a significant portion of current assets [5] - Accounts receivable were valued at 113.58 million yuan, 184.34 million yuan, 182.11 million yuan, and 131.43 million yuan, also comprising a large share of current assets, which may affect cash flow and increase bad debt risks [5] Group 5: Ownership Structure and Disclosure Issues - The company has a concentrated ownership structure, with the controlling shareholders holding 78.75% of the shares, which raises concerns about potential improper control [6] - The company faced regulatory scrutiny for inaccurate financial disclosures from 2021 to 2023, resulting in a warning letter from the Jiangsu Securities Regulatory Bureau [8]

Core Insights - Strong Semiconductor (Suzhou) Co., Ltd. has shown impressive financial growth with a net profit increase of 237.56% and a gross margin of 68.99% in the first half of 2025, but this growth is heavily reliant on a single client, Company B, which accounts for 82.83% of its sales [1][2] - The company is preparing for its IPO on the Sci-Tech Innovation Board, having achieved a revenue increase from 254 million to 641 million yuan and a net profit surge from 15.62 million to 233 million yuan from 2022 to 2024 [1][2] Client Concentration Risk - The revenue share from Company B has increased from 50.29% in 2022 to 82.83% in the first half of 2025, indicating a high dependency on a single client, which poses significant risk to revenue stability [2] - Company B is not only a major customer but also an affiliate, with related party transactions exceeding 40% since 2022, raising concerns about the sustainability of revenue if Company B reduces its purchases due to strategic changes [2] Financial Structure Risks - The gross margin has risen sharply from 40.78% in 2022 to 68.99% in the first half of 2025, significantly higher than competitors, raising questions about the fairness of pricing in related transactions [2] - The company faces challenges with cash flow, as operating cash flow has fluctuated dramatically, with accounts receivable reaching 262 million yuan, accounting for 69.87% of revenue in the first half of 2025, indicating high bad debt risk [3] Inventory Concerns - Inventory levels have surged from 41.52 million yuan in 2022 to 112 million yuan in the first half of 2025, with a significant increase in inventory impairment provisions, which could lead to profit erosion if market demand falls short [3] Technological and R&D Challenges - The company lags behind competitors in advanced technology areas like 3D MEMS probe cards, with no significant progress since 2022, while competitors have successfully commercialized similar products [4] - R&D expenditures decreased by 15.5% in 2024, raising concerns about the company's ability to keep pace with rapid technological advancements in the industry [4] Expansion Plans and Capacity Issues - The company plans to raise 1.5 billion yuan for expansion, including increasing production capacity for various probe cards, despite current production rates being below 85% for the past three years [5] - The aggressive expansion plan may lead to overcapacity and financial losses if it does not align with actual market demand, as evidenced by a 73% drop in sales of thin-film probe cards in the first half of 2025 [5] Governance Risks - The company has deep ties with its controlling shareholder, which raises concerns about governance and market competitiveness, especially given past issues with shareholding arrangements [6] - The reliance on a single major client and complex related party transactions could undermine the company's independence and sustainability in the long term [6]