作者：郑永康 编辑：张佳茗 2025年，SKMP终止与恒坤新材关于上述部分光刻材料产品合作，改为其直接向客户A销售。受此影响，恒坤新材2025年1-6月引进产品收入与毛利分别同比 下降57.4%、59.09%，同期公司实现净利润4,158.05万元，较上年同期减少251.87万元，降幅5.71%。 恒坤新材的自产产品主要包括SOC、BARC、KrF光刻胶、i-Line光刻胶等光刻材料以及TEOS等前驱体材料。其中，TEOS前驱体材料系由韩国Soulbrain技术 授权并在境内设立工厂自产销售。 7月25日，厦门恒坤新材料科技股份有限公司（下称"恒坤新材"）的科创板IPO上会结果"暂缓审议"，上市委会议现场问询问题包括：自产光刻材料和前驱体 产品技术是否存在知识产权纠纷风险；引进业务采用净额法确认收入是否符合企业会计准则规定；长期定期存款高收益率是否合理，是否存在长期定期存款 使用受限情况及理财风险。 8月21日，恒坤新材就问题二作出了回复，上交所公告显示公司将于2025年8月29日二次上会审议。 观其身后，恒坤新材自产产品收入规模逐年增长，但过半利润仍主要来自于引进产品业务，而引进产品业务的第一大客户出现流失 ...

据了解，恒坤新材致力于集成电路领域关键材料的研发与产业化应用，是境内少数具备12英寸集成电路 晶圆制造关键材料研发和量产能力的创新企业之一，主要从事光刻材料和前驱体材料的研发、生产和销 售。 值得一提的是，此次已是恒坤新材二度上会，公司今年7月25日首次上会遭暂缓审议。 北京商报讯（记者 马换换 实习记者 李佳雪）8月22日，上交所官网显示，厦门恒坤新材料科技股份有 限公司（以下简称"恒坤新材"）科创板IPO将于8月29日再次上会。 ...

Core Viewpoint - The IPO journey of Xi'an Yicai has transformed into a high-stakes game of capital and risk, with significant financial challenges and control issues looming over the company [2][24]. Group 1: Control Issues - Xi'an Yicai, founded in March 2019 by Wang Dongsheng, has a complex shareholder structure that raises control risks, with the largest shareholder holding only 12.73% of shares [4][5]. - Liu Yiqian, through Guohua Life, holds a veto power in key investment platforms, allowing potential interference in major decisions despite being behind the scenes [5][6]. - The dilution of voting rights post-IPO could exacerbate control instability, as the combined control of Wang Dongsheng and his associates is below the 30% safety line [4][5]. Group 2: Financial Challenges - The company reported cumulative losses of 1.727 billion yuan over three years, with total debt soaring to 7.007 billion yuan in 2024, a 60% year-on-year increase [2][13]. - Revenue growth from 1.055 billion yuan in 2022 to 2.121 billion yuan in 2024 (CAGR of 41.83%) contrasts sharply with deepening net losses, which expanded from -412 million yuan to -738 million yuan [13][14]. - The debt-to-asset ratio has risen significantly, indicating deteriorating asset quality, with total liabilities reaching 5.113 billion yuan in 2024 [14][15]. Group 3: R&D and Operational Issues - The company claims to hold 1,635 patents, but about 50% of its 235 R&D personnel are classified as "part-time," raising concerns about the effectiveness of its R&D efforts [9][10]. - The production line's heavy investment has led to a depreciation expense of 931 million yuan in 2024, which constitutes 46.7% of operating costs, further squeezing R&D budgets [10][11]. - The company faces a significant cash flow challenge, with capital expenditures of 2.09 billion yuan against a net cash flow from operating activities of 815 million yuan [17]. Group 4: Industry Challenges - Xi'an Yicai's expansion plan aims to increase production capacity from 650,000 wafers per month in 2024 to 1.2 million by 2026, but faces headwinds from declining prices and potential overcapacity [19][20]. - Product prices have dropped nearly 30% from 479.89 yuan to 361.58 yuan between 2022 and 2024, with further declines expected [19][20]. - The company relies heavily on a few major customers, with over 60% of revenue coming from the top five clients, creating a risk of revenue volatility [22][23]. Group 5: Regulatory Scrutiny - The company has triggered 17 financial risk warning indicators, prompting regulatory inquiries into control stability, profitability forecasts, and R&D authenticity [24][26]. - The regulatory body has raised concerns about the reliability of the company's profit forecasts and the stability of its major customer relationships [24][26]. - The upcoming IPO review will serve as a critical test for the company's ability to navigate these challenges and the broader implications for unprofitable firms seeking to go public [24][26].

Core Viewpoint - Baiaosaitu (Beijing) Pharmaceutical Technology Co., Ltd. is undergoing an IPO process on the Sci-Tech Innovation Board, revealing a significant reduction in dedicated R&D personnel and a decrease in fundraising amount from 18.93 billion to 11.85 billion [1][5]. Group 1: R&D Personnel Changes - The number of dedicated R&D personnel at Baiaosaitu has drastically decreased from 58 at the end of 2022 to 5 by the end of 2024 [1][3]. - The total number of R&D personnel, including both dedicated and part-time, has also declined from 627 in 2022 to 337 in 2024 [3][4]. - The company has clarified that all personnel involved in innovative drug R&D are dedicated, while those in preclinical CRO services are part-time, aligning with industry norms [4]. Group 2: Fundraising Adjustments - The company has revised its fundraising target down to 11.85 billion, with allocations for various projects including early drug development services and antibody drug research [5]. - The initial fundraising amount was set at 18.93 billion, with the same project allocations, indicating a significant reduction of over 7 billion [5]. - The adjustments in fundraising may reflect changes in the company's operational status or market conditions, necessitating a reassessment of funding needs [5]. Group 3: Financial Performance - Baiaosaitu is projected to turn a profit in 2024 after consecutive years of losses, with revenues increasing from approximately 5.34 billion in 2022 to 9.8 billion in 2024 [5]. - The net profit attributable to the company is expected to shift from losses of 6.02 billion and 3.83 billion in 2022 and 2023, respectively, to a profit of approximately 335.42 million in 2024 [5].

Core Viewpoint - The China Securities Regulatory Commission has accepted the application for the initial public offering (IPO) and listing guidance of China Electronics Technology Group Corporation Si Yi Technology Co., Ltd., with the filing date set for July 23, 2025, and the guiding institution being Guotai Junan Securities [1] Group 1: Company Background - Si Yi Technology was established in 2015 and specializes in the research, development, manufacturing, and sales of electronic measurement instruments, with main products including complete machines, testing systems, and components [4] - The company previously applied for an IPO on the Sci-Tech Innovation Board in December 2022, which was accepted by the Shanghai Stock Exchange, with the sponsoring institution being CITIC Securities [3][4] Group 2: Financial Performance - The company's revenue for the years 2020, 2021, and 2022 was 1.2508 billion, 1.5131 billion, and 1.9492 billion yuan respectively, while net profits were 119.04 million, 191.33 million, and 227.87 million yuan [5] - The non-recurring net profits for the same years were 67.54 million, 152.27 million, and 198.04 million yuan, indicating a steady growth trend [5] - Government subsidies accounted for a significant portion of the total profit, with proportions of 46.54%, 22.59%, and 17.18% for the respective years [5] Group 3: IPO Fund Utilization - The previous IPO fundraising plan included projects such as the renovation and expansion of high-end electronic measurement instrument production lines, R&D and industrialization of new-generation mobile communication testing, and the establishment of a technology innovation center, with a total intended investment of 1.206 billion yuan [6] - The total planned investment for these projects was 1.2055 billion yuan, with specific allocations for each project [6] Group 4: Shareholding Structure - China Electronics Technology Group Corporation directly holds 41.74 million shares of Si Yi Technology, accounting for 50.54% of the total share capital, making it the controlling shareholder and actual controller of the company [6]

Core Insights - The article celebrates the 6th anniversary of the Sci-Tech Innovation Board (STAR Market) and provides statistics on the number of listed companies and their IPO intermediaries [1] Group 1: IPO Statistics - As of now, there are 589 listed companies on the STAR Market, with the number of IPOs per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1] - The intermediaries involved in these IPOs include 53 securities firms, 67 law firms, and 29 accounting firms [1] Group 2: Top IPO Sponsors - The most active IPO sponsor representative is Zhao Liang from CITIC Securities, with 6 projects [2] - Wang Bin, also from CITIC Securities, follows with 5 projects, while 47 other representatives have completed 3 or more projects [2][3] Group 3: Top Lawyers - The leading IPO lawyer is Wang Li from Shanghai Jintiancheng, with 11 projects, followed by Shen Cheng from the same firm with 10 projects, and Shi Tiejun from Beijing Junhe with 8 projects [5] Group 4: Top Accountants - The top IPO accountant is Wang Qiang from Tianjian, with 8 projects, followed by Zhang Songbai and Wang Na from Lixin, with 7 and 6 projects respectively [6]

Core Viewpoint - Shandong Dongyue Future Hydrogen Energy Materials Co., Ltd. (Future Materials) has restarted its IPO process and submitted its application to the Shanghai Stock Exchange, marking its third attempt to go public after previous failures due to various issues. The company aims to raise 2.446 billion yuan for R&D, expansion, and working capital, with a significant portion allocated for production expansion despite rising inventory levels and declining turnover rates [1][2][3]. Financial Performance - Future Materials has experienced fluctuating financial performance, with revenues increasing initially but then declining. For the years 2022 to 2024, the company reported revenues of 524 million yuan, 721 million yuan, and 640 million yuan, respectively, with net profits of 143 million yuan, 230 million yuan, and 165 million yuan. The revenue for 2024 is projected to decrease by 11.23%, and net profit is expected to drop by 28.26% [2][3][4]. Product Pricing and Market Pressure - The company faces market price pressures for several products, particularly the perfluorinated proton exchange membrane, which saw its price drop from 909.68 yuan per square meter in 2022 to 655.41 yuan in 2024, a decrease of 27.95%. The overall revenue contribution from high-performance fluorinated functional membranes has also declined from 93.99% in 2022 to 60.20% in 2024 [4][5][6]. Key Customer Relationships - Future Materials has established a significant partnership with Dalian Rongke, a leading vanadium flow battery company, which has become its largest customer, contributing 66.45% of the sales revenue from perfluorinated proton exchange membranes in 2024. This relationship is crucial for maintaining stable order sources amid declining overall revenue [6][7][8]. Inventory and Production Capacity - The company has a production capacity of 625,000 square meters for perfluorinated proton exchange membranes, with a utilization rate of 45.25% and a sales-to-production ratio of 84.98%. Future Materials plans to invest 559 million yuan in expanding its production capacity significantly [11][12]. Related Party Transactions - Future Materials has frequent related party transactions, with significant sales and purchases involving its major customer and supplier, Dongyue Fluorosilicon Technology Group. The company has taken steps to reduce the scale of these transactions by engaging third-party suppliers [14][16][17]. Control and Ownership Structure - The ownership structure of Future Materials is complex, with control shifting among shareholders over the years. As of now, Zhang Jianhong is the controlling shareholder, holding the highest voting rights, while the previous controlling parties have seen their influence diminish due to financial difficulties and restructuring [20][22][24].

Core Viewpoint - Hengrun Dazheng, a biotech company focused on immune cell therapy, is attempting to go public on the Sci-Tech Innovation Board despite being unprofitable and facing significant financial losses. The company has not yet commercialized any products and is at risk of delisting if it fails to meet financial performance criteria post-IPO [1][2][5]. Financial Performance - Hengrun Dazheng has reported substantial losses over the past three years, with net losses of CNY 274 million, CNY 283 million, and CNY 188 million from 2022 to 2024. As of the end of 2024, the cumulative undistributed profits stand at -CNY 904 million [2][3]. - The company has incurred high R&D expenses, amounting to CNY 242 million, CNY 256 million, and CNY 152 million from 2022 to 2024, contributing to its financial losses [3]. - Cash flow from operating activities has been negative, with net cash flows of -CNY 209 million, -CNY 226 million, and -CNY 141 million during the same period, leading to a significant reduction in liquid assets [3]. Liquidity and Solvency - Hengrun Dazheng's liquidity ratios, including current and quick ratios, have been declining, indicating insufficient debt repayment capacity. The debt-to-asset ratio has increased significantly, reaching 84.76% by the end of 2024, which is considerably higher than the average of comparable companies [3][4]. Product Development and Market Position - The company is developing a pipeline of 11 projects, including CAR-T and CAR-NK therapies, with the most advanced products HR001 and HR003 expected to enter the market by 2025. However, these products face competition from at least six already approved CAR-T therapies in China [7][8]. - The efficacy and safety of Hengrun Dazheng's core products have been questioned, with HR001 showing an overall response rate (ORR) of 68%, which is lower than competitors, and HR003 showing an ORR of 86%, also below market standards [9][10]. IPO and Valuation - Hengrun Dazheng plans to issue up to 50 million shares, aiming to raise CNY 2.539 billion for R&D and operational expenses. The estimated post-IPO valuation exceeds CNY 10 billion, which is considered high given the competitive landscape and the company's current lack of revenue [11].

Core Viewpoint - Yushu Technology is gaining significant attention regarding its potential IPO, with speculation about its listing location, primarily focusing on the Sci-Tech Innovation Board (STAR Market) in China [1][2][4]. Group 1: Company Overview - Yushu Technology is recognized as a leading humanoid robotics company in China, with increasing visibility through various public events and media coverage [2]. - The company has completed its shareholding reform, changing its name to "Hangzhou Yushu Technology Co., Ltd." which is seen as a precursor to the IPO process [4]. - Yushu Technology has reportedly achieved profitability for five consecutive years, with revenues exceeding 1 billion yuan [10][11]. Group 2: IPO Speculation - There is ongoing speculation about whether Yushu Technology will choose to list on the A-share market or the Hong Kong stock market, with A-shares being viewed as a more favorable environment for tech companies [5][9]. - The company has completed a Series C financing round, attracting investments from major players like Tencent, Alibaba, and Geely Capital, indicating strong investor interest [4][10]. - The current IPO environment for A-shares has slowed down, while many tech companies are opting for listings in Hong Kong, leading to discussions about Yushu Technology's potential listing strategy [4][5]. Group 3: Market Context - The STAR Market has recently undergone reforms aimed at attracting high-tech companies, which may benefit Yushu Technology if it decides to pursue this route [10][11]. - Investors believe that Yushu Technology's unique positioning in the humanoid robotics sector aligns well with the STAR Market's focus on hard technology [10][11]. - The timeline for Yushu Technology's IPO could be influenced by the completion of necessary preparatory work, with a potential listing by the end of 2025 if the process is expedited [5][11].

Core Viewpoint - Xiamen Youxun Chip Co., Ltd. has been accepted for IPO on the Sci-Tech Innovation Board, focusing on the research, design, and sales of optical communication front-end transceiver chips, positioning itself as a "national manufacturing single champion" in the optical communication field [2]. Financial Performance - The company reported total assets of 8.174 billion yuan for 2024, up from 5.874 billion yuan in 2023 and 4.228 billion yuan in 2022 [3]. - The net profit for 2024 is projected at 778.664 million yuan, an increase from 720.835 million yuan in 2023, but a decrease from 813.984 million yuan in 2022 [3]. - Operating revenue is expected to rise to 4.105 billion yuan in 2024, compared to 3.131 billion yuan in 2023 and 3.390 billion yuan in 2022 [3]. - The company's debt-to-asset ratio is projected to decrease to 10.99% in 2024 from 13.64% in 2023 and 21.09% in 2022 [3]. - R&D investment as a percentage of operating revenue is 19.10% for 2024, slightly down from 21.09% in 2023 and 21.14% in 2022 [3]. Shareholding Structure - The shareholding structure is relatively dispersed, with no single shareholder holding more than 30% of voting rights, indicating no controlling shareholder [5]. - The actual controllers of the company are Ke Binglan and Ke Tenglong, who collectively control 27.13% of the voting rights [5]. Management Team - Ke Binglan, the chairman and general manager, has a long history in various managerial roles and has been with the company since its inception [6]. - Ke Tenglong, the general manager, has been with the company since 2014 and has held several key positions leading up to his current role [7]. - The combined salary for Ke Binglan and Ke Tenglong in 2024 is projected to be 2.7898 million yuan [8].