12月25日，湖北犇星新材料股份有限公司（简称"犇星新材"）在北交所披露招股书。 资料显示，犇星新材为新三板公司（证券代码：874773.NQ），挂牌时间为2025年5月22日。根据公司7 月22日公告，公司基于自身发展规划等因素考虑，拟将首次公开发行股票并在深交所主板上市的计划变 更为北交所上市，辅导机构仍为国泰海通。 同时招股书显示，犇星新材销售收入相当一部分来自境外，报告期内公司主营业务收入中境外收入占比 分别为44.21%、30.24%、28.30%和31.93%，主要境外市场涉及北美、欧洲、印度等国家或地区。其 中，公司源自美国市场的主营业务收入分别为5.59亿元、2.96亿元、4.01亿元和2.26亿元，公司在美国市 场主要通过非买断式经销商模式开展业务。 然而近年来随着国际形势日益复杂，市场竞争日趋激烈，国际贸易摩擦风险也逐渐增加。若部分境外国 家实施对犇星新材境外销售明显不利的贸易、关税等政策，可能对公司未来经营业绩造成不利影响。 招股书显示，犇星新材是一家根植中国本土、实现全球化运营的精细化工产品综合服务商，主要从事 PVC热稳定剂、农药原药及产业链中间体的研发、生产与销售，主要产品包括硫醇 ...

Core Viewpoint - Hebei Guoliang New Materials Co., Ltd. is preparing for a critical review by the North Exchange's listing committee on November 7, 2025, after a lengthy IPO process lasting 16 months, with plans to raise 175 million yuan for various production enhancements and working capital [1] Financial Performance - The company's revenue from 2022 to 2024 shows fluctuations, with figures of 937 million yuan, 984 million yuan, and 905 million yuan, reflecting a year-on-year change of 5.00% and -8.09% respectively. Net profit figures were 40.37 million yuan, 83.80 million yuan, and 70.96 million yuan, with year-on-year changes of 107.59% and -15.31% [3] - The expected net profit for 2024, after deducting non-recurring items, is projected to be 60.11 million yuan, indicating a decline of over 20% year-on-year, raising concerns about the sustainability of the company's performance [3] Debt Structure - The company's debt structure indicates potential short-term repayment pressure, with short-term debt rising from 133 million yuan in 2022 to 184 million yuan in 2023, and then fluctuating in subsequent years [4] - The asset-liability ratio has consistently been above the industry average, with figures of 55.25%, 52.12%, 52.24%, and 49.79% during the reporting periods, compared to the industry average of 44.10%, 43.77%, 43.66%, and 44.20% [4] Regional Dependency - Over 70% of the company's revenue is generated from Hebei province, with the proportion of revenue from this region increasing from 77.35% to 81.35% over the reporting periods [5] - The company's heavy reliance on the Hebei market poses risks, especially as the steel industry faces contraction, with crude steel production in Hebei expected to decline by 5.1% in 2024 [6][7] Production Capacity and Strategy - Despite a declining capacity utilization rate, the company plans to expand production capacity through its IPO fundraising, which contradicts the current industry trend of reduced steel production [7] - The company's production capacity utilization rates were 93.55%, 86.81%, 86.77%, and 96.41% over the reporting periods, indicating volatility [7] Environmental Compliance - The company faces risks of exceeding its approved production capacity for magnesium-carbon bricks, with actual production in the first nine months of 2025 reaching 85,000 tons against an approved capacity of 80,000 tons, leading to potential administrative penalties [8] Governance and Control - The company's governance structure raises concerns, with the controlling shareholders holding 80.22% of voting rights, which may lead to regulatory scrutiny regarding governance risks [9] - There are potential conflicts of interest due to familial ties among key management, which could raise issues related to related-party transactions and compliance with regulatory requirements [9]

Core Viewpoint - In the first week of August 2025, ten listed companies in the A-share market were identified as having environmental risks, raising concerns about their environmental protection and disclosure responsibilities [1][2]. Group 1: Companies with Environmental Violations - Huaneng International's subsidiary, Huaneng Lingxiang New Energy Co., was fined 200,000 yuan for failing to obtain environmental approval and for operating without the necessary environmental protection facilities [3][4]. - Huaneng International's other subsidiary, Huaneng Hunan Yueyang Power Co., was fined 150,000 yuan for improper wastewater management and dust pollution control measures [4]. - The total fines imposed on Huaneng International's subsidiaries amounted to 350,000 yuan [4]. - Haineng Energy's subsidiary, Daqing Sanju Energy Purification Co., was fined 246,400 yuan for illegally discharging pollutants through secret pipes [5]. - Guoxuan High-Tech's subsidiary, Yifeng Guoxuan Lithium Industry Co., was fined 300,000 yuan for unauthorized storage of industrial solid waste [6]. Group 2: Impact on Shareholders - The ten listed companies involved in environmental violations collectively have 1.4171 million shareholders, indicating potential investment risks for these stakeholders [2].