| 公司全称 | 有研金属复合材料（北京）股份公司 | 受理日期 | 2025-06-30 | | --- | --- | --- | --- | | 公司简称 | 有研复材 | 融资金额(亿元) | 9.00 | | 审核状态 | 已问询 | 更新日期 | 2025-12-02 | | 保荐机构 | 中信证券股份有限公司 | 保荐代表人 | 伍玉路,李钦佩 | | 会计师事务所 | 信永中和会计师事务所（特殊普通合伙） | 签字会计师 | 苏俊超,逮敏 | | 律师事务所 | 北京德恒律师事务所 | 签字律师 | 黄卓颖,杨珉名,黄丰 | | 评估机构 | | 签字评估师 | | 深圳商报·读创客户端记者 梁佳彤 12月2日，据上交所官网，有研金属复合材料（北京）股份公司（下称"有研复材"）回复第二轮问询，公司上半年营收下滑、扣非归母净利润"跳水"、应收 账款回款率砍半等情况受到监管层的进一步关切。 招股书介绍，有研复材是一家主要从事金属复合材料及制品、特种有色金属合金制品研发、生产和销售的高新技术企业，业务分为金属复合材料及制品和特 种有色金属合金制品板块。 公司下游客户主要为航空航天、军工电子、智能终端 ...

Core Viewpoint - Hainan Airlines Holding Co., Ltd. disclosed significant financial information regarding its accounts receivable and profitability fluctuations in response to an inquiry from the Shanghai Stock Exchange, highlighting potential risks and the rationale behind asset purchase pricing [1] Group 1: Accounts Receivable - As of the end of 2024, Tianyu Flight Training's accounts receivable balance is 419 million yuan, accounting for 79.77% of current assets and 108.83% of the current operating revenue, with over 47.77% of the receivables aged over one year [1] Group 2: Profitability and Valuation - The net profit attributable to the parent company for Tianyu Flight Training from 2021 to 2024 shows significant volatility, with figures of 79 million yuan, 9 million yuan, 185 million yuan, and 70 million yuan respectively; the projected operating revenue for 2024 is 385 million yuan, reflecting a year-on-year decline of 8.55% due to reduced simulator and crew training hours [1]

Core Viewpoint - A lawsuit involving Jiangsu Electromechanical Research Institute against Zhongtianze Holdings has emerged from a controversial "1 yuan" transaction, potentially setting a significant precedent in the capital market [2][4]. Group 1: Lawsuit Details - Jiangsu Electromechanical Research Institute claims that Zhongtianze Holdings, while being the controlling shareholder of Helen Zhe, sold a subsidiary, Lianshuo Technology, for only 1 yuan, leading to significant financial losses [2][3]. - The lawsuit seeks 30 million yuan in compensation, highlighting that the total assets of Lianshuo Technology were valued at approximately 51.5 million yuan, with debts exceeding 133.5 million yuan [3][4]. - The case is notable as it involves allegations of misconduct by the controlling shareholder, who is accused of intentionally devaluing the subsidiary's assets before the sale [3][4]. Group 2: Background on Lianshuo Technology - Lianshuo Technology's operational issues began in 2020, with the controlling shareholder halting its operations and refusing to approve necessary expenditures, leading to a significant reduction in its asset value [2][3]. - By early 2021, Lianshuo Technology was reported to have a net asset value of 22.5 million yuan, which was planned to be sold for only 250,000 yuan [2][3]. Group 3: Implications for Bit Technology - The lawsuit has also brought attention to Bit Technology, another company controlled by the same individual, which faced issues with its IPO application and subsequently ceased operations due to 300 million yuan in uncollectible receivables [5][6]. - Bit Technology's IPO was initially accepted in May 2022 but was withdrawn, and the company faced severe financial difficulties shortly after, leading to a complete halt in operations by mid-2024 [6][8]. - The company's financial records indicate a troubling trend of increasing accounts receivable and declining collection rates, raising concerns about its financial health [12][14].