来源：新浪证券 出品：新浪财经上市公司研究院 作者：喜乐 2025年12月30日，实时数据领域企业迅策正式登陆港交所主板，但首秀表现却略显黯淡。上市前一日的 暗盘交易中，迅策股价一度较发行价下跌超35%，成为当日同期上市的六支新股中表现最差的标的；即 便后续有所回升，截至2026年1月5日收盘，仅较发行价浮盈0.25%。股价的疲软表现，不仅折射出市场 对公司价值的分歧，更暴露了其经营与资本层面的多重深层风险。业绩预期与实际表现的巨大落差、盈 利指标的恶化、客户的流失等问题，为公司后续发展蒙上阴影，未来能否扭转市场预期、化解经营困 境，仍面临重重挑战。 2021年盈利承诺落空 实际净亏损率近100% 迅策是一家中国实时数据基础设施及分析解决方案供应商，为全行业企业提供涵盖数据基础设施及数据 分析的实时信息技术解决方案｡自2017年以来，迅策累计完成7轮融资，总规模达21亿元人民币，引入腾 讯、高盛、KKR、中金等知名机构。 2021年5月，迅策在其公众号发布的C轮融资相关文章中明确表示，计划当年实现盈利并启动IPO进程。 但实际经营数据显示，公司2021年实现收入1.20亿元人民币，净亏损却高达1.19亿元人民 ...

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 ...

近日，海欣食品发布公告，对"水产品精深加工及速冻菜肴制品项目"再度进行延期。募投项目延期背 后，是公司销售持续下滑， 产能利用率低至65%的现实。 经过持续扩张之后，海欣食品货币资金下降至7823.5万元，短期有息负债达到2.86亿元，现金短债比已 经低至0.27，面临较大的偿债压力。 另一方面，海欣食品传统的冻鱼肉制品和肉制品收入持续下滑，速冻菜肴（预制菜）收入的快速增长补 上了缺口。不过后者毛利率较低，2024年以来，费用率已经高于毛利率。如何在收缩背景下扭亏成了公 司面临的难题。 海欣食品募投项目再度延期 产能利用率低至65% 12月16日，海欣食品发布公告，称董事会审议通过议案，同意将募投项目"水产品精深加工及速冻菜肴 制品项目"达到预定可使用状态的日期进行调整，由2025年12月延长至2026年6月。 2023年海欣食品定增募资3.76亿元（募资净额3.65亿元），主要投向"水产品精深加工及速 冻菜肴制品 项目"。按照规划 ，该项目建成后将新增7.5万吨鱼、肉糜制品、2.5万吨速冻菜肴制品年产能。相较 2021年，整体产能扩产幅度达107%。 该项目原计划于2024年12月完成，2024年11月海欣 ...

Group 1 - The core viewpoint of the news is that Yuanchuang Co., Ltd. has successfully completed its IPO with a highly competitive subscription rate, indicating strong investor interest despite a low winning rate for shares [1][2] - The company set its IPO price at 24.75 yuan per share, with a subscription rate of 0.0108715425%, meaning that approximately 9198 applications were made for each available share [1] - The total number of applications for shares was nearly 9200 times the number of shares available for online issuance, primarily due to the small issuance scale of 19.6 million shares [1] Group 2 - Yuanchuang Co., Ltd. reported revenue exceeding 600 million yuan in the first half of the year, with over half of its revenue coming from its top five customers [2][6] - The company specializes in the rubber track industry and has established long-term partnerships with major manufacturers and quality traders in the agricultural and engineering machinery sectors [2][5] - The company's main products include agricultural tracks, engineering tracks, and track plates, with a dual sales model targeting both original equipment manufacturers and aftermarket sales [5] Group 3 - From 2022 to the first half of 2025, Yuanchuang's revenue figures were approximately 1.261 billion yuan, 1.141 billion yuan, 1.349 billion yuan, and 652 million yuan, respectively, with net profits of about 139 million yuan, 178 million yuan, 155 million yuan, and 74 million yuan [6] - The sales revenue from the top five customers accounted for a significant portion of the total revenue, with percentages of 50.10%, 46.56%, 49.94%, and 53.01% over the same periods [8][9] - The largest customer, Wode Agricultural Machinery, contributed 22.54%, 18.83%, 24.26%, and 23.54% to the company's revenue in the respective periods [9] Group 4 - The company has a high dependency on raw materials, with the main materials being raw rubber, iron teeth, carbon black, and steel wire [13] - The gross profit margin for the company's main business has decreased to 20.88%, with fluctuations in raw material prices significantly impacting production costs and profitability [13][17] - The gross profit margins for the years 2022 to the first half of 2025 were 21.58%, 28.28%, 22.75%, and 20.88%, with the decline attributed to rising raw material costs and increased market competition [17] Group 5 - Yuanchuang Co., Ltd. faced challenges during its IPO process, including multiple rounds of regulatory inquiries and updates to financial data over a two-year period before successfully passing the review [18] - The company had previously withdrawn its application for the Shanghai Stock Exchange due to issues related to financial data and performance declines [19] - A notable concern during the review process involved the actual controller's past actions related to a bribery case, although the company stated that these actions did not adversely affect its business compliance [19]

《港湾商业观察》张冰 王璐 1 当十余次被约谈成为习惯，顽疾如何解？ 就在货拉拉递表前一个月，市场监管总局还在对其约谈，要求其严格遵守《中华人民共和国反垄断法》等法律规定，落实反垄断 合规主体责任，及时规范经营行为，公平参与市场竞争，维护货车司机、消费者等相关主体合法权益，推动平台规则和算法公平 公正、公开透明，促进行业规范健康发展。 外界统计，2021年至今，包括交通运输部等对货拉拉约谈已经高达18次。多次约谈来看，基本上都剑指像保护司机权益等问题。 2025年10月27日，货拉拉母公司拉拉科技控股有限公司（以下简称，货拉拉）第六次向港交所递交招股书，持续推进自2023年3 月启动的港股上市计划，联席保荐人为高盛、美银证券和摩根大通。 货拉拉"漫长的上市"已经耗时两年多，到底"卡"在哪？此次递表是否将终结多次循环真正实现挂牌上市？外界显然非常关心。 在黑猫投诉平台上，截至2025年12月8日，货拉拉投诉量有90265条，已完成68978条，近30天投诉量有1523条，已完成266条。除 了一般用的投诉外，也有不少司机的投诉。 一位用户投诉称，"在货拉拉平台接了单，但是联系客户电话打了没人接，我给下单人打了电 ...

Core Viewpoint - Hengbang Co., Ltd. has faced regulatory scrutiny due to the resignation of two independent directors, leading to a failure to meet the required board composition, which has resulted in administrative corrective measures from the Shandong Securities Regulatory Bureau [1][4]. Regulatory Actions - On November 25, the Shandong Securities Regulatory Bureau issued a decision to Hengbang Co., Ltd. for failing to complete the election of new independent directors within the stipulated time frame after the resignation of two directors [1][4]. - The company has been previously penalized for various regulatory issues, including a significant safety incident that resulted in economic losses and fines for multiple executives [7][8]. Company Performance - Hengbang Co., Ltd. reported a revenue of 75.801 billion yuan for 2024, marking a year-on-year increase of 15.59%, with a net profit attributable to shareholders of 537 million yuan, up 4.07% [9]. - In the first three quarters of the current year, the company achieved a revenue of 76.444 billion yuan, reflecting a 31.44% increase year-on-year, while the net profit attributable to shareholders reached 562 million yuan, a 20.89% increase [9]. Profitability Concerns - Despite revenue growth, the company's gross profit margin has significantly declined from 18.43% in 2008 to 2.46% in 2024, primarily due to the low margin of externally sourced raw materials compared to self-mined materials [10]. - The company has acknowledged the need to enhance its gross profit margin and is focusing on optimizing its business structure to improve profitability [10].

Core Viewpoint - The recent incident involving FILA's customer service has sparked significant public outrage, highlighting issues with customer treatment and service quality [2][4][9]. Group 1: Customer Service Incident - A consumer reported a negative experience at a FILA KIDS store in Zhengzhou, where a staff member made inappropriate remarks about the customer's purchase in a group chat [2][5]. - The store manager apologized for the employee's comments, stating that the intention was to provide detailed service, and encouraged customers to voice their concerns [7][9]. - Similar complaints have emerged from other customers, indicating a pattern of poor service and negative interactions with staff across different FILA locations [10][11][13]. Group 2: Financial Performance - FILA is a key brand under Anta Sports, which acquired FILA's rights in China in 2009, leading to significant growth and profitability [15]. - In the first half of the year, Anta reported revenue of 38.544 billion yuan, a 14.3% year-on-year increase, but the net profit attributable to shareholders fell by 8.9% to 7.031 billion yuan [15][17]. - FILA's gross margin decreased by 2.2 percentage points to 68%, while its revenue increased by 8.6% to 14.18 billion yuan, indicating a strategy of price reduction to boost sales volume [15][17].

Core Insights - Baolait's Q3 2023 performance shows a decline in revenue and net profit, with a total revenue of 7.93 billion yuan for the first three quarters, down 1.77% year-on-year, and a net loss of 8.34 million yuan, although the loss has narrowed compared to previous periods [1][2] Financial Performance - In Q3 2023, the company's revenue was 2.7 billion yuan, a decrease of 0.5% year-on-year, with a net loss of 9.66 million yuan, improving from a loss of 11.13 million yuan in the same period last year [1] - For the first three quarters, the gross profit margin fell from 27.18% to 25.31%, with projected gross profit margins of 32.43% and 27.12% for 2023 and 2024 respectively, indicating a continuous decline [1] Company Overview - Baolait specializes in the research, production, and sales of medical monitoring devices, primarily multi-parameter monitors, including handheld monitors, integrated monitors, and plug-in monitors [2] - The company's revenue from 2021 to 2024 shows a downward trend, with figures of 10.91 billion yuan, 11.84 billion yuan, 11.94 billion yuan, and 10.60 billion yuan, reflecting a significant revenue pressure [2] Debt and Guarantees - As of the announcement date, the company has provided guarantees totaling 400 million yuan for its subsidiaries, which represents 32.82% of the latest audited net assets and 16.01% of the latest audited total assets [2]

Core Viewpoint - Helin Micro-Nano Technology Co., Ltd. has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to raise funds for R&D, market expansion, and strategic investments [2] Financial Performance - The company reported revenues of 288 million yuan, 286 million yuan, and 568 million yuan from 2022 to 2024, with net profits of approximately 19 million yuan, -21 million yuan, and -8.7 million yuan respectively [2] - In the first half of 2025, the company achieved revenue of 439 million yuan, a significant increase from 229 million yuan in the same period of the previous year, and a net profit of 30.68 million yuan compared to a loss of 7.1 million yuan in 2024 [3] Profitability Metrics - The company's gross margin has been declining, from 38.1% in 2022 to 20.9% in 2023, and further to 15.8% in 2024, primarily due to rising sales costs outpacing revenue growth [3] - The net margin fluctuated from 13.3% in 2022 to 7% in the first half of 2025, influenced by cost and revenue mismatches and increasing operational costs [4] Cash Flow and Liquidity - The company experienced a net cash outflow of 11.06 million yuan from operating activities in 2023, although it later recovered to net inflow [4] - As of June 30, 2025, the company held cash and cash equivalents of 223 million yuan [5] Customer and Supplier Dependency - The top five customers accounted for 46.9% to 62.8% of revenue from 2022 to the first half of 2025, with the largest customer contributing 25.1% of revenue in the first half of 2025 [5] - The company has a high reliance on a few suppliers for critical raw materials, which poses risks if supply relationships are disrupted [5] Shareholder Information - The controlling shareholder, Luo Xingshun, holds a direct stake of 33.33% and an indirect stake of 4.71%, totaling approximately 38.04% of the company [5] - Luo Xingshun reduced his shareholding by 1.12% between June 27, 2025, and September 26, 2025, realizing approximately 73.16 million yuan from the sale [6]

Core Viewpoint - The initial inquiry from the Beijing Stock Exchange highlights key risks associated with Ningbo Longyuan Co., Ltd.'s IPO, including potential issues of equity holding, customer cooperation stability, sales revenue authenticity, and the necessity of fundraising projects [2][3][7] Group 1: Equity Holding and Compliance - The company clarified that there are no equity holding arrangements or disputes between its current shareholders and former shareholders, and that any past issues have been resolved [2] - The company acknowledged a failure to timely register certain investments but stated that this does not constitute a major violation of regulations [2] Group 2: Customer Cooperation and Revenue Authenticity - Longyuan's major clients include BorgWarner, Taigene, and Leap Motor, with a high customer concentration, where the top five clients accounted for 84.33% to 77.59% of sales during the reporting period [3] - The company has a long-standing relationship with BorgWarner, which reduces the risk of being replaced as a supplier, although reliance on a single customer remains high [3] - The company provided evidence to support the authenticity of its export revenue, showing a discrepancy rate of less than 1% compared to customs data, but raised concerns about the significant increase in third-party payment amounts [4] Group 3: Financial Performance and Margin Trends - From 2022 to 2024, the company's revenue grew from 519 million to 869 million, while net profit increased from 101 million to 129 million, indicating steady growth [4] - However, the gross margin declined from 30.57% to 24.17% over the same period, attributed to changes in product mix and fluctuations in raw material prices [4][5] Group 4: Fundraising Projects and Market Demand - The company plans to raise 610 million for projects related to new energy systems and lightweight automotive components, with expected annual revenue of 622 million from these projects [7] - The company reported a capacity utilization rate of around 83% to 89% in recent years, indicating a need to justify the market demand for the new capacity being added [7]