大连市证监局发布数据显示，截至2025年7月末，大连辖区拟上市公司达到9家，比2025年6月末增加1家。 统计显示，截至2025年7月末，我市共有境内上市 公司30家，其中沪深主板20家，科创板3家，创业板4家，北交所3家。新三板挂牌公司达到53家。拟上市企业9家，其中在审企业2家，辅导备案企业7家。证 券经营机构105家，其中证券公司1家，证券分公司24家，证券营业部76家，独立基金销售机构1家，证券投资咨询机构1家，公募基金管理公司大连分公司2 家。期货经营机构74家，其中期货分公司51家，期货营业部23家。登记私募基金管理人47家。 半岛晨报、39度视频首席记者赵晖 ...

Core Viewpoint - Chongqing Guangdian Digital Media Co., Ltd. (Chongqing Guangshu) has faced significant challenges in its attempts to list on the New Third Board after two failed attempts at IPO on the ChiNext board, highlighting the difficulties in the regulatory approval process for companies in the media sector [1][14][19]. Group 1: Company Overview - The company is primarily engaged in IPTV business, operating under the exclusive authorization of its controlling shareholder, the Chongqing Broadcasting Television Group [2]. - The registered capital of the company is 45 million yuan, and it provides multi-terminal audiovisual content and application services nationwide, relying on internet and mobile internet technologies [2]. Group 2: Financial Performance - In 2022, the company achieved operating revenue of 277.16 million yuan and a net profit of 97.21 million yuan, with a decline in revenue to 207.81 million yuan in the first eight months of 2023 [9][10]. - The company's gross profit margin was 42.14% in the first eight months of 2023, with a weighted average return on net assets of 16.63% [10]. Group 3: Customer Concentration - The company has a high customer concentration, with the top five customers contributing 95.10% of total revenue in 2023, and Chongqing Telecom alone accounting for 76.57% of revenue [11][13]. - The company asserts that this high concentration does not pose a significant risk to its ongoing operations due to stable cooperation with Chongqing Telecom, a large state-owned enterprise [11]. Group 4: Regulatory Challenges - The company has faced scrutiny regarding its independence and reliance on its controlling shareholder, with previous IPO attempts being rejected due to concerns over these issues [14][21]. - The third round of inquiries from the New Third Board focused on the rationale and necessity for a significant increase in R&D expenses in 2024 [22][25].

Group 1: Market Overview - The number of companies listed on the New Third Board increased by 41% in the first half of 2025 compared to the same period last year, reaching 158 companies [1] - As of June 30, 2025, the total number of companies listed on the New Third Board reached 6060 [1] - The average revenue of the newly listed companies was 975 million yuan, with a median of 481 million yuan, while the average net profit was approximately 64 million yuan, with a median of 53 million yuan [1] Group 2: Company Highlights - Guangzhou Pharmaceutical, the company with the largest net profit among the newly listed firms, achieved a revenue of 5.46 billion yuan and a net profit of 578 million yuan in 2024 [2] - The company is a major player in the pharmaceutical supply chain and ranks seventh among national pharmaceutical distribution companies [2] - Among the 158 newly listed companies, 121 are specialized and innovative enterprises, accounting for nearly 80% [2] Group 3: Industry Distribution - The largest number of newly listed companies in the first half of 2025 came from the "Chemical Raw Materials and Chemical Products Manufacturing" sector, with 22 companies [2] - The "Computer, Communication, and Other Electronic Equipment Manufacturing" sector had 18 companies, while the "Specialized Equipment Manufacturing" sector had 15 companies [2] Group 4: Regional Distribution - Guangdong Province led with 30 newly listed companies, followed by Jiangsu Province with 26 and Zhejiang Province with 24 [3] Group 5: Regulatory Changes - The National Equities Exchange and Quotations (NEEQ) revised the "Guidelines for Due Diligence Work of Main Underwriters" to enhance the responsibilities of main underwriters [3][4] - The revised guidelines include new requirements for risk assessment and due diligence, particularly for companies that are not yet profitable [4][5] - The guidelines emphasize that main underwriters must maintain independent responsibility and cannot outsource their legal obligations to third parties [5]

Group 1: Core Insights - In the first half of 2025, a total of 158 companies successfully listed on the New Third Board, with 50 in the basic tier and 108 in the innovative tier [1][5] Group 2: Main Underwriters' Performance - 43 securities firms provided sponsorship services for the 158 companies, with Guotai Junan and CITIC Securities both sponsoring 12 listings, ranking first [2][5] - The third place was held by Kaiyuan Securities, which sponsored 11 listings [2] Group 3: Law Firms' Performance - 42 law firms provided legal services for the listed companies, with Shanghai Jintiancheng leading with 22 cases, followed by Beijing Zhonglun with 19 cases, and Guohao (Shanghai) with 12 cases [5] Group 4: Accounting Firms' Performance - 29 accounting firms provided auditing services, with Rongcheng and Tianjian both leading with 27 cases each, and Lixin in third place with 24 cases [5]

Core Viewpoint - Wu Xiao Group has officially applied for listing on the New Third Board, marking a new attempt to access capital markets after a failed IPO in 2014 [2][7]. Company Overview - Established in 1993, Wu Xiao Group has developed into a large enterprise with 13 subsidiaries across various provinces in China, focusing on the research, production, and sales of transmission line towers, wind towers, and related products [3]. - The company is led by Han Hua, who holds 25.24% of the shares, along with his relatives Han Xiangfeng and Han Yongbo, who also hold 25.24% each [3]. - Financial performance has been strong, with projected revenues of 2.234 billion yuan and 2.358 billion yuan for 2023 and 2024, respectively, and net profits of 65.84 million yuan and 82.18 million yuan [3]. Financial Performance - The net cash flow from operating activities has also shown positive results, amounting to 140 million yuan and 212 million yuan for 2023 and 2024, respectively [5]. Competitive Advantage - The company's core competitiveness in the ultra-high voltage transmission line tower and wind tower sectors, along with regional support from Qingdao, has been crucial for its growth [6]. - Strong partnerships with major domestic companies like State Grid and China Datang Group have facilitated product distribution nationwide [6]. Capital Market Strategy - Wu Xiao Group's previous attempt to go public in 2014 ended with a withdrawal due to increased opportunity costs and stringent reviews [7]. - The decision to apply for the New Third Board in June 2023 represents a strategic shift towards a more accessible capital path [8][10]. Future Prospects - Listing on the New Third Board offers lower entry barriers and costs, providing an opportunity for the company to enhance its core competitiveness through smart transformation [10]. - The New Third Board also allows for potential future transitions to higher-tier markets like the Growth Enterprise Market or the Small and Medium Enterprise Board, depending on performance [10].

Core Viewpoint - Wu Xiao Group has demonstrated strong performance and rapid growth in recent years, officially applying for listing on the New Third Board [1] Group 1: Company Overview - Wu Xiao Group, established in March 1998, has a registered capital of 150 million yuan and is located in Jiaozhou, Qingdao [2] - The company specializes in the research, production, and sales of transmission line towers, wind towers, steel structures, and related products [2] - Wu Xiao Group has established strong competitive advantages in the ultra-high voltage transmission line tower and wind tower sectors, collaborating with major domestic enterprises [4] Group 2: Financial Performance - The company achieved operating revenues of 2.234 billion yuan and 2.358 billion yuan for 2023 and 2024, respectively [6] - The net profit attributable to shareholders for the same years was 65.84 million yuan and 82.18 million yuan [6] - The comprehensive gross profit margins were 12.15% and 13.66% for 2023 and 2024, respectively [6] - The net cash flow from operating activities was 140 million yuan and 212 million yuan for 2023 and 2024 [6] Group 3: Inventory and Receivables - The company's inventory value at the end of 2023 and 2024 was 596 million yuan and 1.096 billion yuan, accounting for 22.86% and 32.63% of total assets, respectively [7] - Accounts receivable balances were 614 million yuan and 736 million yuan at the end of 2023 and 2024 [7] - The company emphasizes strict management of accounts receivable to mitigate risks associated with customer creditworthiness [7] Group 4: Shareholding Structure - The shareholding structure indicates that Han Hua, Han Xiangfeng, and Han Yongbo each hold 25.24% of the shares, collectively controlling 94.07% of the company [4]

Core Viewpoint - Guangzhou Pharmaceutical Co., Ltd. (referred to as "Guangzhou Medicine") will be listed on the National Equities Exchange and Quotations (NEEQ) starting May 20, 2025, after previously attempting an IPO in Hong Kong without success [1][2]. Group 1: Company Overview - Guangzhou Medicine, established in 1951, is the largest pharmaceutical distribution company in South China, engaging in wholesale and retail of pharmaceuticals, including Western medicine, traditional Chinese medicine, and medical devices, with over 1,700 employees [2]. - White Cloud Mountain Pharmaceutical Group Co., Ltd. (referred to as "White Cloud Mountain") holds a 90.92% stake in Guangzhou Medicine, making it the controlling shareholder [2]. Group 2: Financial Performance - Guangzhou Medicine's revenue for 2023 and 2024 is projected to be 52.591 billion yuan and 54.605 billion yuan, respectively, with net profits of 649 million yuan and 578 million yuan [2]. - In contrast, White Cloud Mountain reported a decline in net profit for 2024, reaching 2.835 billion yuan, a decrease of 30.09% year-on-year, with total revenue of 74.993 billion yuan, down 0.69% [4]. Group 3: Strategic Decisions - The decision to list Guangzhou Medicine on the NEEQ follows the termination of its H-share listing plans due to changes in market conditions and the expiration of regulatory approvals [2]. - White Cloud Mountain stated that the new listing will not adversely affect its financial status or operational results, as Guangzhou Medicine will remain a consolidated subsidiary [3]. Group 4: Challenges and Considerations - White Cloud Mountain's financial difficulties, including significant impairment provisions totaling approximately 471 million yuan, may impact Guangzhou Medicine's future fundraising efforts [5]. - The company faces challenges from industry policy changes and intense market competition, raising questions about its plans for product structure optimization and cost control [5].

当下，北交所已经成为很多拟上市企业的首选地。相较于沪深交易所，北交所上市门槛没有那么 高，上市周期更短，费用也更低， 2024年 平均发行费用为2510万元左右。 而且，近期网上流传的IPO小作文也提到， 北交所会成为未来主要的上市通道： 不过，虽然北交所门槛较低，但也不是企业想上就能上的。 2024年全年，北交所共有23家新上市公 司， 这23家公司的 2022年度 扣非净利润平均数为 4386.85万元 ，中位数为 3994.44万元 ； 2023 年度 扣非净利润平均数为 6141.66万元 ，中位数为 4748.35万元 。这也说明北交所的上市条件是逐 年递增的，企业上市的不确定性也在增大。 为了帮助大家更详细地掌握 北交所最新上市政策、上市流程、审核重点关注 等方面问题，抓住政策 红利，提高北交所上市的成功率， 梧桐课堂 特邀拥有18年从业经验的资深保荐代表人 肖鹏 老师， 为我们详解 《北交所上市全解析专题》（限时7折最后1天） 。 北交所上市全解析专题 12节课，时长5小时5分钟 第二部分内容围绕新三板展开，主要讲解了四个方面内容，包括当前新三板发展概况、新三板挂 牌基本要求和财务指标、挂牌程序 ...