港交所医疗IPO（首次公开募股）阵营再添一员川军。近日，由知名川商耿福能创立的好医生云医疗正 式递表港交所主板。从一家小小药材收购店起家，到如今构建起覆盖医药工业、商业与基层医疗的庞大 网络，耿氏家族的商业版图再度扩张。 招股书揭开了好医生云医疗浓厚的家族底色。从股权结构看，耿福能与其弟耿福昌持有约三成股份；女 儿GENG Jie通过境外实体持股超21%，并出任董事会主席，执掌战略方向；儿子耿越飞亦持有部分股权 并担任非执行董事。GENG Jie的配偶薛源则以执行董事兼首席技术官的身份深度参与运营。 通过一致行动协议，耿氏家族牢牢掌控着企业近66%的表决权。这种"父辈创业、子女接班、姻亲赋 能"的模式，构成中国家族企业的典型样本。 此外，招股书披露的关联交易脉络，也映射出耿氏家族纵横交错的商业布局。其家族控制或参股的企业 在好医生云医疗的客户及供应商版图中扮演重要角色。 耿氏家族企业冲刺港交所上市 近期，奔赴港交所上市的医药企业"前赴后继"，基层医疗服务商——好医生云医疗也加入其中。 据港交所披露，好医生云医疗已正式递交上市申请，海通国际与中信证券担任联席保荐人。招股书显 示，好医生云医疗是领先的综合性基层医 ...

每经记者｜陈晴 每经编辑｜文多 风电主轴（风力发电机主轴）制造商振宏重工（江苏）股份有限公司（以下简称振宏股份）拟冲刺北交 所上市。 振宏股份是一家家族色彩浓厚的企业，实控人赵正洪的多位亲属在公司任职或者持有公司股权，其子赵 智杰刚于今年5月接任公司总经理一职。 振宏股份在江阴市的商业关系广泛，与当地上市公司采纳股份（301122.SZ）、江阴银行（002807.SZ） 均存在股权或者业务上的联系，而江阴上市公司三房巷（600370.SH）的控股股东的高管，也曾是振宏 股份的股东。 江阴市（县级市）是知名的中国百强县，2025年位居中国百强县榜单第二名。江阴市上市公司也极多， 且都颇有值得一提之处。比如，三房巷背后是江阴当地知名的富裕村——三房巷村，江阴银行则是源于 江阴的首家A股上市农商行。 振宏股份是一家专注于锻造风电主轴和其他大型金属锻件的研发、生产和销售的高新技术企业，产品广 泛应用于风电、化工、机械、船舶、核电等多个领域。 报告期内，公司业绩势头不错。2022年至2024年，公司营收分别为8.27亿元、10.25亿元和 11.36亿元， 归母净利润分别为6284万元、8094万元和1.04亿元。 赵 ...

Core Viewpoint - Dongsheng Jin Cai's listing process on the Beijing Stock Exchange has been updated, with significant issues highlighted in its financial performance and governance structure [1][3]. Financial Performance - Dongsheng Jin Cai's revenue from 2021 to the first half of 2024 shows a decline, with figures of 930 million, 1.045 billion, 658 million, and 368 million respectively. Net profits for the same period were 95 million, 122 million, 52 million, and 31 million [3]. - In 2023, the company's revenue and net profit decreased by 37.05% and 57.53% year-on-year, raising concerns about its sustainability [3][4]. - The company attributes its performance issues to external factors such as raw material price volatility and the impact of the pandemic on production stability [4]. Market Position and Competitiveness - Despite the performance decline, Dongsheng Jin Cai claims a turnaround in 2024, projecting a 13.17% increase in revenue and a 23.40% increase in net profit [4]. - However, in the same market conditions, its 2025 performance is below industry averages, with first-quarter revenue of 173 million and net profit of 11 million compared to industry averages of 3.319 billion and 53 million [4]. Profitability Metrics - Dongsheng Jin Cai maintains a higher gross margin compared to industry peers, with gross margins of 16.62%, 19.26%, 16.78%, and 17.58% from 2021 to the first half of 2024, significantly above the industry average [6]. - The company’s R&D expenditure is notably low, with rates of 0.70%, 1.27%, 1.66%, and 1.26% during the same period, far below the industry average of 3.53% to 9.93% [8]. Expansion Plans - The company plans to issue up to 17 million shares to raise 350 million for production expansion and R&D projects, aiming to double its production capacity [9][10]. - Despite low capacity utilization rates, which were 114.90%, 72%, and 67.98% from 2021 to 2023, the company is pursuing expansion, raising concerns about potential over-financing [10]. Ownership Structure - Dongsheng Jin Cai is a family-controlled enterprise, with the Zhang family holding 84.08% of the shares, leading to potential conflicts of interest in governance and financial decisions [11][12]. - The family has engaged in multiple share transfers and significant cash dividends, raising questions about the motivations behind these financial maneuvers [13][14].