消息面上，11月20日，百奥赛图披露招股意向书，拟在上交所科创板上市。初步询价日期为2025年11月 25日，申购日期为2025年11月28日。值得注意的是，A股招股意向书中包含截至2025年9月30日止9个月 的综合财务资料。2025年前三季度，公司营业收入为9.41亿元，同比增长59.5%；归母净利润1.14亿 元，同比扭亏；经营活动产生的现金流量净额为2.63亿元，同比增长162.2%；研发费用达3.13亿元，同 比增长30.6%。 智通财经APP获悉，百奥赛图-B(02315)盘中涨超7%，截至发稿，涨4.87%，报31.9港元，成交额1135.72 万港元。 （原标题：港股异动 | 百奥赛图-B(02315)盘中涨超7% 公司A股将于11月28日申购 第三季度实现扭亏为 盈） ...

消息面上，11月20日，百奥赛图披露招股意向书，拟在上交所科创板上市。初步询价日期为2025年11月 25日，申购日期为2025年11月28日。值得注意的是，A股招股意向书中包含截至2025年9月30日止9个月 的综合财务资料。2025年前三季度，公司营业收入为9.41亿元，同比增长59.5%；归母净利润1.14亿 元，同比扭亏；经营活动产生的现金流量净额为2.63亿元，同比增长162.2%；研发费用达3.13亿元，同 比增长30.6%。 智通财经APP获悉，百奥赛图-B(02315)盘中涨超7%，截至发稿，涨4.87%，报31.9港元，成交额1135.72 万港元。 ...

Summary of Key Points Core Viewpoint - Xiamen Hengkang New Materials Technology Co., Ltd. is set to list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 18, 2025, following approval from the exchange [2]. Group 1: Listing Overview - The stock will be referred to as "Hengkang New Materials" with the stock code 688727 [6]. - The total share capital after the IPO will be 449,319,600 shares, with 67,397,940 shares being newly issued [6]. - The IPO price is set at 14.99 yuan per share, corresponding to a price-to-earnings (P/E) ratio of 59.07 times based on the 2024 earnings before non-recurring gains and losses [8]. Group 2: Risks Associated with IPO - The first five trading days post-IPO will not have a price fluctuation limit, which may lead to significant price volatility [4]. - The number of freely tradable shares at the beginning will be limited, with only 50,243,165 shares available for trading, representing 11.18% of the total share capital [5]. - The company's P/E ratio is higher than the industry average of 60.47 times, indicating potential valuation concerns [7][8].

厦门恒坤新材料科技股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 联席主承销商：中泰证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所（以下简称"上交所"） 审核同意，厦门恒坤新材料科技 股份有限公司（以下简称"恒坤新材"、"发行人"或"公司"） 发行的人民币普 通股股票将于 2025 年 11 月 18 日在上海证券交易所科创板上市，上市公告书全 文和首次公开发行股票的招股说明书全文在上交所网站（http://www.sse.com.cn/） 和符合中国证监会规定条件网站（中国证券网：https://www.cnstock.com；中证 网：https://www.cs.com.cn；证券时报网：https://www.stcn.com；证券日报网： http://www.zqrb.cn ； 经 济 参 考 网 ： http://www.jjckb.cn ； 中 国 金 融 新 闻 网 ： https://www.financ ...

摩尔线程智能科技（北京）股份有限公司（以下简称"摩尔线程"、"发行人"或"公司"）首次公开发行人 民币普通股（以下简称"本次发行"）并在科创板上市的申请已经上海证券交易所（以下简称"上交所"） 科创板上市委员会审议通过，并已经中国证券监督管理委员会（以下简称"中国证监会"）同意注册（证 监许可〔2025〕2423号）。《摩尔线程智能科技（北京）股份有限公司首次公开发行股票并在科创板上 市招股意向书》及附录在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证监会规定条件网 站（中证网，https://www.cs.com.cn/；中国证券网，https://www.cnstock.com/；证券时报网， https://www.stcn.com/ ；证券日报网，http://www.zqrb.cn/；经济参考网：http://www.jjckb.cn/）披露，并 置备于发行人、上交所、本次发行保荐人（主承销商）中信证券股份有限公司的住所，供公众查阅。 保荐人（主承销商）：中信证券股份有限公司 2025年11月14日 保荐人（主承销商）：中信证券股份有限公司 ■ 发行人：摩尔线程智能科 ...

Core Viewpoint - Hangdong Technology, a leader in domestic RV reducer manufacturing, has faced significant structural risks that have delayed its IPO process despite a strong market position and revenue growth projections [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 22,847.97 million yuan and a net profit of 4,710.45 million yuan, with projected revenue for the first three quarters expected to reach between 31,000.00 million yuan and 33,000.00 million yuan, indicating a year-on-year net profit growth of over 50% [2]. - The sales revenue from RV reducers consistently accounts for over 90% of the company's main business income [2]. Accounts Receivable and Inventory Management - As of June 2025, accounts receivable reached 32,529.81 million yuan, making up 56.00% of current assets, with a declining accounts receivable turnover rate raising concerns about potential collection risks [2]. - Inventory value stood at 10,735.18 million yuan as of June 2025, with risks of inventory depreciation due to market demand fluctuations or product obsolescence [3]. Customer Concentration Risk - The company has a high dependency on major clients, with sales to the top five customers accounting for up to 92.12% of total revenue in 2023, and the largest client, Estun, contributing 58.14% of sales in 2024 [3]. - This customer concentration has led to reduced pricing power and a decline in average selling prices for RV reducers, impacting gross margins [3]. Governance and Related Party Transactions - Concerns have been raised regarding the governance structure, as the controlling shareholder, Double Ring Transmission, holds 67.27% of the company, leading to potential conflicts of interest [4]. - A related party transaction in 2022 involved purchasing assets from the controlling shareholder at an 8.7% premium over market value, highlighting issues with pricing mechanisms [4]. Compliance and Internal Control Issues - The company has faced compliance issues, including failure to fully pay social insurance and housing funds for employees and a minor administrative penalty for non-compliance with fire safety standards [5]. - There are unlicensed buildings on the property, including critical production facilities, which pose a risk of forced demolition despite no recorded administrative penalties [5]. Regulatory Scrutiny - The combination of financial, governance, and compliance risks has led to heightened scrutiny from regulatory bodies, contributing to the delay in the company's IPO approval process [6].

中国经济网北京11月4日讯（记者关婧 韩艺嘉）2025年前10月，上交所、深交所及北交所共计新增 87家上市企业，合计募集资金901.23亿元。其中科创板有11家企业上市，合计募资169.52亿元。 影石创新、汉邦科技、胜科纳米、海博思创、兴福电子、思看科技、赛分科技7家公司选择了第一 套上市标准。根据《上海证券交易所科创板股票上市规则》第2.1.2条，上市标准为"（一）预计市值不 低于人民币10亿元，最近两年净利润均为正且累计净利润不低于人民币5000万元，或者预计市值不低于 人民币10亿元，最近一年净利润为正且营业收入不低于人民币1亿元。" 西安奕材、屹唐股份选择的上市标准为"（四）预计市值不低于人民币30亿元，且最近一年营业收 入不低于人民币3亿元"。 禾元生物、必贝特选择的第（五）项标准："预计市值不低于人民币40亿元，主要业务或产品需经 国家有关部门批准，市场空间大，目前已取得阶段性成果。医药行业企业需至少有一项核心产品获准开 展二期临床试验，其他符合科创板定位的企业需具备明显的技术优势并满足相应条件"。 数据来源：同花顺iFinD （责任编辑：关婧） | 代码 | 名称 | 上市日期 | 实际募资 ...

Core Viewpoint - Xi'an Yiswei Material Technology Co., Ltd. has officially listed on the Sci-Tech Innovation Board, becoming the first unprofitable company to be approved and listed following the release of the "Science and Technology Eight Articles" [1] Company Summary - Xi'an Yiswei is recognized as the first unprofitable enterprise to successfully go public on the Sci-Tech Innovation Board after the implementation of new regulatory guidelines [1]

Listing Overview - Xi'an Yiswei Materials Technology Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2025 [1] - The total share capital after the initial public offering (IPO) will be 4,037,800,000 shares, with 537,800,000 shares being newly issued [4] Investment Risks - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Tier upon listing [2] - Investors must comply with suitability management requirements and sign a risk disclosure document before participating in trading [2] - The stock will have a price fluctuation limit of 20%, but there will be no limit on price changes for the first five trading days [2] Liquidity Concerns - The initial circulating shares will be 164,617,586 shares, representing 4.08% of the total share capital, indicating potential liquidity issues [3] Valuation Metrics - The IPO price corresponds to a price-to-sales (P/S) ratio of 16.41 times based on diluted earnings for 2024, which is lower than comparable companies in the A-share market [8] - The company has chosen to disclose the P/S ratio as it is not yet profitable, in accordance with regulatory requirements [7] Financing and Margin Trading - The stock will be eligible for margin trading from the first day of listing, which may introduce additional price volatility and liquidity risks [9]

西安奕斯伟材料科技股份有限公司 首次公开发行股票科创板 1 上市公告书提示性公告 保荐人（主承销商）：中信证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，西安奕斯伟材料科技股份有限公司（以下简称 "西安奕材""公司""本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 10 月 28 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行 股票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国 证监会规定条件网站（中国证券网，http://www.cnstock.com；中证网， http://www.cs.com.cn；证券时报网，http://www.stcn.comx；证券日报网， http://www.zqrb.cn）披露，并置备于发行人、上交所、本次发行保荐人（主承销 商）中信证券股份有限公司的住所，供公众查阅。 一、上市概况 （五）首次公开发行股票数量：537,800,000 股，均为新股，无老股转让 二、 ...