证券代码：000598 证券简称：兴蓉环境 成都市兴蓉环境股份有限公司 2026 年 1 月 9 日投资者关系活动记录表 编号：2026-01 答：截至目前，公司运营及在建的供水项目规模约 430 万吨/日、 污水处理项目规模逾 480 万吨/日、垃圾焚烧发电项目规模为 12,000 吨/日。公司在建的污水处理项目中，成都市第五净水厂（二 期）项目主体施工及主要设备安装已完成，正逐步开展设备调试 工作，成都市第八净水厂（二期）项目、成都合作污水处理厂（四 期）项目已进入调试阶段，成都市第六净水厂（二期）项目进入 试运行并积极推进建设收尾工作。成都万兴环保发电厂（三期） 正在有序推进项目建设，逐步开展各机组系统调试，系统调试合 格且稳定运行后可并网发电，项目整体预计今年投运。 问题 3：关于公司供排水业务价格的调整机制。 答：公司供水业务价格根据国家政策规定和相关特许权协议约定， 在满足相关调价原则的情况下可向政府价格行政主管部门提交水 价调整申请。供水价格的调整须经成本监审、听证会等程序通过 后执行。如遇国家或省对上游资源水价、水利工程水价开征或调 整时实行同步同幅联动调整。公司污水处理服务费单价按照与相 关 ...

资本市场的年末收官战中，北京维通利电气股份有限公司（下称"维通利"）的IPO进程备受瞩目。根据深交所最新安排，这家主营电连接产品的制造商—— 维通利将于12月30日正式上会，向主板上市发起最终冲击。 然而，在此次IPO背后，维通利的经营基本面却布满隐忧。近三年半累计1.28亿元的关联采购、近两年半内七次横跨多领域的行政处罚、经营现金流与净利 润的持续背离，都让这场IPO冲刺充满变数。 | 项目 | 2025年1-6月 /2025.06.30 | 2024 年度 /2024.12.31 | 2023 年度 /2023.12.31 | 2022 年度 /2022.12.31 | | --- | --- | --- | --- | --- | | 资产总额(万元) | 285,925.69 | 235,731.74 | 168,784.30 | 129.772.32 | | 归属于母公司所有者权益(万元) | 166,516.92 | 151,694.45 | 123,818.78 | 98.245.93 | | 资产负债率(母公司)(%) | 40.32 | 40.90 | 28.49 | 22.90 | | 营 ...

普路通是广州市花都区政府控制的国企，主营业务是供应链。这笔货款对其而言不是小数目，今年前三 季度公司营收也才5.05亿元，归母净利润为3599.21万元。 12月24日晚间，普路通（SZ002769）公告称，子公司广州市普路通供应链管理有限公司（以下简称"广 州普路通"）于近日收到天津市第三中级人民法院送达的受理案件通知书。广州普路通因买卖合同纠纷 对国投物产有限公司（以下简称"国投物产"）提起诉讼。 公告显示，2025年2月28日，广州普路通与国投物产签署《精矿长期购销合同》。根据购销合同，广州 普路通已全面、适当地履行了合同项下的供货等义务，而国投物产截至目前尚未足额支付货款，违反了 合同的相关规定，应当承担相应的违约责任。截至起诉之日，国投物产欠付货款暂计为2.03亿元。 根据广州普路通的诉讼请求，除要求国投物产支付上述货款外，还要求对方支付损害赔偿约1602万元。 据了解，国投物产是一家央企旗下公司，两个股东分别是中国国投实业控股有限公司（持股66.66%） 和中铝国际贸易集团有限公司（持股33.34%）。经股权穿透后，中国国投实业控股有限公司全资股东 是央企国家开发投资集团有限公司，中铝国际贸易集团 ...

证券日报网讯12月19日，蓝色光标（300058）在互动平台回答投资者提问时表示，随着公司收入的增 长，应收账款也随之增加，根据会计准则的要求，按账龄计提的坏账准备相应有所增加。公司目前经营 状况良好，公司与被投资公司保持定期沟通，截至目前未发现存在因经营业绩下滑导致长投减值的情 况，最终请以年报披露为准。 ...

从科创板撤单逾一年，长沙北斗产业安全技术研究院集团股份有限公司（以下简称"北斗院"）再次叩响 资本市场大门，公司科创板IPO近期进入问询阶段。此次二度闯关IPO，北斗院的老问题仍存，应收账 款呈现增长趋势。同时，也有新疑点待解，北斗院欲募资补流的同时，上半年现金分红1640万元。 再冲科创板 上交所官网显示，北斗院科创板IPO于11月21日获得受理，并于12月11日进入问询阶段。 招股书显示，成立于2016年的北斗院，专注于卫星导航、航天测控两大领域的技术与产品的研发、生产 与销售。值得一提的是，此次已是北斗院第二次向科创板发起冲击。公司前次IPO于2023年5月30日获 得受理，并于当年6月23日进入问询阶段。不过，去年9月26日，北斗院撤回了IPO申请。 与此前的申报信息相比，本次北斗院的公司全称由"长沙北斗产业安全技术研究院股份有限公司"变更 为"长沙北斗产业安全技术研究院集团股份有限公司"。此外，北斗院还变更了募投项目，并且拟募资额 也由5.08亿元增至7.09亿元。 重启IPO的背后，北斗院年度净利持续增长。2022—2024年及今年上半年，北斗院营收分别约2.43亿 元、2.85亿元、3.25亿元 ...

| 公司全称 | 长沙北斗产业安全技术研究院集团股份有限公司 | 受理日期 | | --- | --- | --- | | 公司简称 | 北斗院 | 融资金额(亿 | 再度冲击科创板 从科创板撤单仅逾一年，长沙北斗产业安全技术研究院集团股份有限公司（以下简称"北斗院"）再次叩响了资本市场的大门，公司科创板IPO近期进入问询 阶段。此次二度闯关IPO，北斗院此前的老问题仍存在，应收账款呈现增长趋势。与此同时，也有新疑点待解，北斗院欲募资补流的同时，上半年现金分红 1640万元。 股权关系方面，截至招股书签署日，湖南国科防务电子科技有限公司（以下简称"国科防务"）直接持有公司出资额3525.74万元，占公司总股本的39.57%， 为公司直接控股股东；钟小鹏、明德祥、刘志俭、田梅、杨建伟、乔纯捷、刘春阳7人为公司的共同实际控制人。 上述7人中，除刘春阳外，其他6人均有在国防科技大学求学或任职的经历。此外，钟小鹏、明德祥、杨建伟、乔纯捷、刘志俭、刘春阳6人还是公司核心技 术人员。 今年上半年分红1640万元 梳理招股书后发现，北斗院在计划募资补流的同时，于2025年1—6月进行现金分红。 上交所官网显示，北斗院科创板 ...

Core Viewpoint - Wuxi Chuangda New Materials Co., Ltd. is set to undergo a listing review on December 18, 2025, after experiencing significant scrutiny regarding its performance and gross margin changes compared to peers in the electronic packaging materials industry [2][3]. Financial Performance - The company reported revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of 22.55 million yuan, 51.37 million yuan, 61.20 million yuan, and 33.32 million yuan [3][4]. - In 2023, the company achieved a revenue growth rate of 10.76% and a net profit growth rate of 127.83%, indicating a significant divergence in growth compared to its peers [3][4]. Gross Margin Analysis - Chuangda's gross margin increased from 24.80% in 2022 to 31.47% in 2023, surpassing the average gross margins of comparable companies [4][10]. - The company attributed its gross margin improvement to product structure optimization and a decrease in raw material prices, with a notable 25.53% drop in average procurement prices for epoxy resin in 2023 [12][13]. Accounts Receivable Concerns - The company's accounts receivable balance has been substantial, reaching 1.72 billion yuan at the end of 2022, which constituted approximately 55.13% of its revenue, although this ratio decreased to 49.98% by 2024 [6][9]. - As of July 31, 2025, over 18 million yuan was set aside as bad debt provisions, raising concerns about the collectability of these receivables [9][10]. Competitive Landscape - Chuangda's gross margin performance in 2023 was in stark contrast to its peers, with competitors like Huahai Chengke and Kaihua Materials experiencing negative revenue and profit growth [4][5]. - The company operates in a competitive market where domestic epoxy packaging materials account for only about 30% of the market, with high-end products largely dominated by foreign brands [14]. IPO Plans - Chuangda plans to raise 300 million yuan through its IPO, with 200 million yuan allocated for production line construction and 37 million yuan for R&D center development [15].

Core Viewpoint - Chongqing Yulong Optoelectronics Technology Co., Ltd. (Yulong Technology) is transitioning from the Shanghai Stock Exchange main board to the ChiNext board for its IPO, aiming to raise 1 billion yuan, which is 500 million yuan less than its previous attempt in 2023 [1][3] Group 1: IPO Details - Yulong Technology's IPO application has been accepted by the Shenzhen Stock Exchange, with a fundraising target of 1 billion yuan, primarily for projects in Hefei and Chongqing, and 300 million yuan for working capital [1][3] - The company previously attempted to list on the Shanghai Stock Exchange in March 2023, seeking to raise 1.5 billion yuan but withdrew its application after three months [3][4] Group 2: Ownership and Control - Wang Yalong and Li Hongyan control 74.16% of Yulong Technology, making them the actual controllers, with Wang also being the actual controller of the listed company Lite Optoelectronics [1][3] - If successful, this IPO would allow Wang Yalong to control two listed companies in the A-share market [1][3] Group 3: Customer Concentration - Yulong Technology has a high dependency on major customer BOE Technology Group, with revenue from BOE accounting for 53.58% of its main business income in the first half of 2025, and 94.02% from its top five customers [1][4] - The company’s revenue concentration has raised concerns regarding its independence and potential conflicts of interest, especially given its ties with Lite Optoelectronics, which also supplies BOE [4][5] Group 4: Financial Performance - Yulong Technology's gross profit margin has decreased from 38.36% in 2019 to 22.56% in the first half of 2025, indicating a significant reduction in profitability [1][6] - The company's revenue and net profit figures show fluctuations, with a notable decline in net profit by 42.3% in 2022 despite a slight increase in revenue [6][7] Group 5: Accounts Receivable and Operational Challenges - As of June 2025, Yulong Technology's accounts receivable stood at 443 million yuan, constituting 48.79% of its current assets, indicating potential liquidity issues [2][7] - The company's production capacity utilization has been affected by fluctuations in the consumer electronics market, with varying utilization rates for its SMT production [7]

Core Viewpoint - Zhejiang Hengdao Technology Co., Ltd. (referred to as "Hengdao Technology") has submitted a prospectus for an IPO on the Beijing Stock Exchange, planning to publicly issue no more than 13.08 million shares. The company's performance growth is characterized by a "single business support" feature, with revenue from hot runner systems consistently accounting for over 96% of total revenue, while its gross profit margin has declined from 56.15% to 50.95% over the years. Despite the declining gross margin, Hengdao Technology's profitability remains significantly higher than comparable products in the industry, raising concerns from the Beijing Stock Exchange [2][5]. Business Performance - From 2022 to 2024, Hengdao Technology achieved operating revenues of 143 million yuan, 168 million yuan, and 234 million yuan, with net profits of 38.70 million yuan, 48.68 million yuan, and 68.87 million yuan, indicating continuous growth [3]. - The revenue structure is heavily reliant on hot runner systems, which generated sales of 137.18 million yuan, 163.02 million yuan, and 225.88 million yuan during the reporting period, accounting for 96.41%, 97.03%, and 96.84% of total revenue respectively [3][4]. Gross Profit Margin - Hengdao Technology's gross profit margin has been on a downward trend, recorded at 56.15%, 55.17%, and 50.95% over the reporting period, with a decline of 5.2 percentage points from 2022 to 2024 [4][5]. - Despite the declining gross margin, Hengdao Technology's hot runner systems maintain a higher gross margin compared to similar products from industry peers, prompting inquiries from the Beijing Stock Exchange regarding the rationale behind this [5]. Accounts Receivable - Hengdao Technology has faced challenges with accounts receivable, with net cash flow from operating activities of 5.53 million yuan, -2.91 million yuan, and 14.71 million yuan, indicating a low quality of earnings [6]. - The accounts receivable balance has been increasing, reaching 105.82 million yuan, 135.26 million yuan, and 178.65 million yuan at the end of 2022, 2023, and 2024 respectively, with over 50% of accounts receivable consistently overdue [6][7]. Credit Policy - The company has a more lenient credit policy compared to its peers, with over half of its accounts receivable overdue, raising concerns about the sustainability of this approach [7][8]. - The Beijing Stock Exchange has requested explanations regarding the rationale behind Hengdao Technology's more lenient credit policy and its potential impacts, as well as the company's response to any requests for further relaxation of credit terms from clients [8].

Core Viewpoint - The company, Yachuang Electronics, indicated that its accounts receivable have increased alongside the expansion of its business scale, while maintaining a moderate to high level of asset-liability ratio compared to industry peers [1] Group 1 - The company's accounts receivable has increased due to business expansion [1] - The asset-liability ratio is at a moderate to high level within the industry [1] - The company has sufficient cash on hand to support daily operations without adverse effects [1] Group 2 - The company maintains good relationships with banks and financial institutions, ensuring smooth financing channels [1] - The company can obtain funding support through diversified means [1] - The issuance of shares for asset acquisition will help further reduce the company's asset-liability ratio [1]