Core Insights - The China Securities Association has announced the third batch of companies for on-site inspections in 2025, including China Electric Power Construction Group New Energy Co., Ltd. and Zhuhai Yueya Semiconductor Co., Ltd. [1][3] Company Summaries China Electric Power Construction Group New Energy Co., Ltd. (电建新能) - The company is the only platform under China Electric Power Construction (601669) engaged in domestic renewable energy investment, operation, and management, focusing on wind and solar power projects [4] - As of Q1 2025, the company has a total installed capacity of 21.2461 million kW, holding a market share of 1.43% in the national market, with wind power at 1.85% and solar power at 1.20% [4] - The company plans to raise approximately 9 billion yuan through its IPO, ranking second in fundraising among A-share IPO applicants, following China Resources New Energy's 24.5 billion yuan [4] - Revenue has shown steady growth from 8.382 billion yuan in 2022 to 9.81 billion yuan in Q1 2025, with net profit increasing from 1.768 billion yuan to 2.589 billion yuan in the same period [4] Zhuhai Yueya Semiconductor Co., Ltd. (越亚半导体) - This smaller private enterprise focuses on the R&D, production, and sales of advanced packaging materials and products, including IC packaging substrates and embedded packaging modules [6] - The company's revenue has fluctuated, with figures of 1.667 billion yuan in 2022, 1.705 billion yuan in 2023, and 1.796 billion yuan in 2024, while net profit decreased from 415 million yuan to 91.473 million yuan in the same period [6] - Despite having a higher gross margin than industry peers, the company's gross margin has declined from 38.97% in 2022 to 24.42% in the first half of 2025, attributed to falling product prices and rising raw material costs [6] Regulatory Environment - The regulatory environment has improved significantly, with no companies withdrawing their IPO applications after being selected for on-site inspections in 2025, contrasting with previous years where high withdrawal rates were common [3][9] - The China Securities Regulatory Commission has implemented revised regulations emphasizing accountability during the IPO process, which has led to a notable decrease in the "one check and withdraw" phenomenon [10][11] - The termination rates for on-site inspections have decreased from 71.74% in 2021 to 50% in 2024, indicating a more stable IPO environment [8]

制图：李斌(可灵AI) 日前，深交所接连公布5张罚单，事涉辉芒微IPO项目。除发行人辉芒微电子(深圳)股份有限公司(简 称"辉芒微")及相关负责人外，保荐方中信证券、审计方大华会计师事务所(简称"大华所")及相关负责人 均被书面警示或通报批评。 此外，深交所还指出，在收到深交所现场督导通知后，辉芒微存在删除与收入相关的业务资料的情形， 系从重处分情形。 深交所表示，招股说明书(申报稿)显示，报告期各期，发行人经销收入占当期主营业务收入的比例分别 为91.37%、94.58%、95.85%和96.78%。保荐人在审核问询回复中发表明确意见称，发行人经销收入相 关内部控制制度设计合理，并得到有效执行。 经查，辉芒微未充分披露经销收入内部控制存在的不规范情形，信用政策相关信息披露不准确，主要包 括经销商信用政策实际执行情况与披露情况不符，部分经销收入原始单据存在缺陷，以及补签2020年、 2021年部分与收入确认相关的框架合同、订单、送货单、对账单等重要支持性文件原件等情形。 二是对发行人及其关联方资金流水核查不到位。 经查，中信证券、大华所未保持应有的职业审慎，未按照核查要求对辉芒微与主要供应商及关联方之间 的异 ...

Core Viewpoint - The article highlights the strict enforcement of the "responsibility upon application" principle for IPOs in China, emphasizing accountability for companies and intermediaries involved in the IPO process, particularly in cases of significant violations [1][2]. Company Summary - Guohong Tools System (Wuxi) Co., Ltd. was established in 2004 and specializes in the research, production, and sales of ultra-high precision CNC tools and integrated circuit packaging wedge-shaped cutting tools [1]. - The company submitted its IPO application to the Shanghai Stock Exchange for listing on the Sci-Tech Innovation Board in June 2023 but decided to withdraw the application in April 2024, less than a year later [1]. Regulatory Actions - The Shanghai Stock Exchange issued four disciplinary actions against Guohong Tools for violations related to its IPO application, resulting in a one-year rejection of its listing application and criticism directed at its sponsor, Shenwan Hongyuan, as well as its auditing and legal advisory firms [1][2]. - Shenwan Hongyuan was found to have inadequately fulfilled its sponsorship responsibilities, including insufficient verification of R&D personnel and investment accuracy, governance deficiencies, and accounts receivable risks [2][3]. Financial Discrepancies - Guohong Tools reported inflated R&D expenditures, with total reported investments of 12.76 million, 15.33 million, and 18.65 million yuan for the years 2020 to 2022, respectively, which accounted for 5.35% of total revenue over three years [2]. - The company misclassified 15 R&D personnel who were actually in non-R&D roles and inaccurately reported R&D expenditures, overstating them by 7.28 million yuan [3].