| 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 ...

深圳商报·读创客户端记者 梁佳彤 12月1日，据北交所官网，山东悦龙橡塑科技股份有限公司（下称"悦龙科技"）回复第二轮问询，公司第一大客户为实控人控制企业、主营产品单价承压、 去年12月营收大增等情况受到监管层的进一步关切。 | 代码 | 874157 | | --- | --- | | 公司全称 | 山东悦龙橡塑科技股份有限公司 | | 审核状态 | 已问询 | | 保荐机构 | 中泰证券股份有限公司 | | 会计师事务所 | 上会会计师事务所 (特殊普通合伙) | | 律师事务所 | 海润天睿律师事务所 | | 评估机构 | 北京国融兴华资产评估有限责任公司 | 招股书介绍，悦龙科技主要从事流体输送柔性管道的研发、生产和销售，包括海洋工程柔性管道、陆地油气柔性管道和工业专用软管三大系列橡胶软管产 品。公司产品面向全球销售，为中海油、中石油、中石化、招商重工、中集集团等众多大型企业单位提供产品及配套服务。 2022年至2024年，悦龙科技主营业务收入分别为1.89亿元、2.19亿元、2.62亿元，净利润分别为4792.34万元、6078.17万元、8414.37万元。2025年上半年，公 司主要产品毛利率有 ...

Core Viewpoint - The company, Suzhou Xinguangyi Electronics Co., Ltd., is set to undergo a significant review by the Shenzhen Stock Exchange after being in the inquiry phase for over two years, with a focus on its financial performance and market position in the high-performance specialty materials sector [1][4]. Group 1: Company Overview - Xinguangyi specializes in the research, production, and sales of high-performance specialty functional materials, with key products including anti-bleeding specialty films and strong resistance specialty films [4]. - The company claims to be the domestic leader in the anti-bleeding specialty film segment, holding the largest market share in China [4]. Group 2: Financial Performance - The company’s main business revenues for 2022, 2023, and 2024 are projected to be 455 million yuan, 516 million yuan, and 657 million yuan, respectively, with net profits of approximately 81.51 million yuan, 83.28 million yuan, and 116 million yuan [5]. - For the first half of 2025, the company reported revenues of 313 million yuan, reflecting a year-on-year increase of 10.24% [5]. Group 3: Profitability and Margin Concerns - Despite revenue and profit growth, the company's gross margin has declined from 38.74% in 2020 to 31.76% in 2022, a drop of about 7 percentage points due to rising raw material costs [6][7]. - The gross margin has remained stable between 31% and 32% during the reporting period, indicating that it has not yet recovered to the 2020 levels [7]. Group 4: Market Dynamics and Risks - The company’s performance is closely tied to the health of downstream industries such as flexible printed circuit boards (FPC), consumer electronics, and new energy lithium batteries, which may face demand fluctuations due to macroeconomic changes [8]. - Xinguangyi has a high customer concentration, with significant sales to major clients like Pengding Holdings and Weixin Electronics, which accounted for 69.64%, 57.22%, and 52.89% of its revenue in recent periods [8]. Group 5: Pricing Trends - The average selling prices of the company's key products, including anti-bleeding specialty films and strong resistance specialty films, have shown a downward trend, particularly with significant price reductions for major clients [10]. - The average selling price for strong resistance specialty films decreased from 3.50 yuan/m² in 2022 to 3.06 yuan/m² in 2024, reflecting a decline of approximately 5% year-on-year [10][11].