科创板第五套上市标准重启后，泰诺麦博抢在了首位申报。 招股书显示，泰诺麦博成立于2015年，是一家面向全球市场、致力于血液制品替代疗法的创新生物制药 企业。 作为科创板第五套上市标准重启后的首单，珠海泰诺麦博制药股份有限公司（以下简称"泰诺麦博"）成 为市场焦点。上交所官网显示，泰诺麦博已对外披露首轮问询回复。泰诺麦博核心产品斯泰度塔单抗于 今年2月在国内获批上市，在首轮问询回复中，泰诺麦博透露了斯泰度塔单抗的销售情况。值得注意的 是，斯泰度塔单抗截至9月30日的实际销售情况与原先预期销量存在一定差异，完成比例仅为47.6%。 商业化刚起步的泰诺麦博，能否借政策东风成功登陆科创板，仍需要一步步闯关。 实际销量仅为预期的47.6% 在专业人士看来，泰诺麦博目前销量未达预期，却已经建立350人的销售队伍，意味着投入端跑在产出 端前面，短期可能是一种挑战。 资产负债率明显增长 值得一提的是，报告期内，泰诺麦博资产负债率显著增长，该情况也受到上交所关注。 泰诺麦博核心产品斯泰度塔单抗注射液（商品名：新替妥）于2月在中国获批上市，另一核心产品"重组 抗呼吸道合胞病毒全人源单克隆抗体TNM001"，截至招股书签署日，正在 ...

北京商报讯(记者马换换李佳雪)前次闯关科创板未果后，荣信汇科电气股份有限公司(以下简称"荣信汇 科")欲再度闯关IPO。11月25日晚间，上交所官网显示，荣信汇科科创板IPO获得受理，公司拟首发募资 9.77亿元。 据了解，荣信汇科是专业从事新型电力系统核心设备研发、制造、销售及服务的高新技术企业，主要为 客户提供柔性输电成套装备、大功率变流器等高端装备和技术服务。 财务数据显示，2022—2024年以及2025年上半年，荣信汇科实现营业收入分别约19.42亿元、2.33亿元、 5.08亿元、2.34亿元；对应实现归属净利润分别约1.82亿元、-5627.79万元、3542.24万元、-537.01万 元。 本次冲击上市，荣信汇科拟募集资金约9.77亿元，扣除发行费用后，投入深远海海上风电送出成套装置 及关键技术的研发及产业化项目、绿色低碳柔性电源核心装备的研发及产业化项目、研发/试验中心建 设项目、补充流动资金。 值得一提的是，此次已是荣信汇科第二次向科创板发起冲击。早在2021年12月，公司科创板IPO就曾获 得上交所受理，不过，公司于2022年6月撤回了当次IPO申请。 ...

盈利质量与资产运营：增长背后的效率隐忧 尽管莱普科技的净利润实现了快速增长，但盈利质量及资产运营效率暴露出明显短板。从经营活动现金 流量净额来看，报告期内除2024年实现3203.59万元回正外，其余期间均为负值，分别为-2827.26万 元、-3272.37万元及-2716.99万元。值得注意的是，2024年现金流回正并非源于经营性收入的实质性流 入，主要依靠经营性应付项目增加8595.59万元，这种"增收不增现"的特征反映出公司盈利质量存在较 大瑕疵，收入转化为现金的能力较弱。 资产运营效率方面，应收账款与存货管理问题凸显。报告期各期末，应收账款余额分别为4073.24万 元、5056.52万元、1.18亿元及1.17亿元，2022年-2024年应收账款占收入比例分别为54.94%、26.51%、 42.02%，2024年占比显著回升且应收账款周转率降至3.33次，较2023年的4.18次明显下滑，同时低于同 行均值6.02次，表明公司应收账款回收速度放缓，资金占用压力加大，存在坏账风险。存货方面，账面 价值持续攀升，从2022年的9043.63万元增至2025年一季度的2.26亿元，占各期末流动资产比例 ...

另外，上市委要求公司结合报告期内收入整体变动、季节性波动、验收标准、内控执行、验收期及回款 等情况，说明收入确认是否与同行业可比公司相一致，收入确认时点是否准确。 据了解，易思维专注于汽车制造机器视觉设备的研发、生产及销售，公司科创板IPO于2025年6月5日获 得受理，当年6月27日进入问询阶段。本次冲击上市，公司拟募集资金约12.14亿元，扣除发行费用后拟 用于机器视觉产品产业化基地项目、机器视觉研发中心项目、补充流动资金。 在上市委会议现场，上市委要求易思维结合汽车整车制造机器视觉领域市场空间、技术壁垒、竞争格局 及未来趋势、下游客户需求及开拓情况、报告期内产销量及收入变动等，说明未来业绩是否存在大幅波 动风险。 北京商报讯（记者 马换换 王蔓蕾）11月21日，上交所官网显示，易思维（杭州）科技股份有限公司 （以下简称"易思维"）科创板IPO当日上会获得通过。 ...

2. 结合行业特点、客户集中度高、主要客户持有公司股份、与客户合作情况、在手订单及收入下滑等,说明公司与主要客户的业务是否影响公司的独立性， 与主要客户的合作是否稳定、可持续。 恒运昌成立于2013年，注册资本5077万元，是半导体设备核心零部件供应商。 公司本次拟募资15.5亿元，用于沈阳半导体射频电源系统产业化建设项目、半导体与真空装备核心零部件智能化生产运营基地项目以及补充流动资金等。 业绩方面，2022年至2024年，恒运昌营业收入分别为1.58亿元、3.25亿元和5.41亿元，扣除非经常性损益后归属于母公司股东的净利润分别为1981.36万元、 6924.23万元和1.31亿元。主营业务毛利率分别为41.65%、46.11%和48.71%。 瑞财经 严明会 11月14日，深圳市恒运昌真空技术股份有限公司（以下简称：恒运昌）科创板IPO提交注册，从申报到提交注册历时仅5个月，保荐机构中信 证券，保荐代表人王纯然、曹阳，会计师事务所为天健会计师事务所。 上市委会议现场问询对恒运昌提出两个问题： 1. 结合所在行业市场需求、主要客户收入占比、客户开拓等情况，说明公司是否具有较强成长性，相关业绩波动风险披露 ...

招股书显示，恒运昌是半导体设备核心零部件供应商，主要从事等离子体射频电源系统、等离子体激发 装置、等离子体直流电源、各种配件的研发、生产、销售及技术服务，并引进真空获得和流体控制等相 关的核心零部件，围绕等离子体工艺提供核心零部件整体解决方案。此次冲击上市，恒运昌拟募集资金 约14.69亿元。 上交所官网显示，恒运昌科创板IPO于2025年6月13日获得受理，7月6日进入问询阶段，11月14日上会 获得通过，同日晚间提交注册。 北京商报讯（记者 马换换 李佳雪）近期，上交所官网显示，深圳市恒运昌真空技术股份有限公司（以 下简称"恒运昌"）科创板IPO过会，并"闪电"提交注册。 ...

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. (Hengyun Chang) is facing significant challenges ahead of its IPO on the Sci-Tech Innovation Board, with a notable decline in performance and increasing reliance on a major customer, which raises concerns about its long-term profitability and stability [1][2][3]. Financial Performance - In 2024, Hengyun Chang achieved a revenue of 541 million yuan, a year-on-year increase of 66.26%, and a net profit of 131 million yuan, up 88.58% year-on-year [1]. - However, in the first half of 2025, the company reported a revenue of 304 million yuan, a mere 4.06% increase year-on-year, and a net profit of approximately 69.35 million yuan, down 11.99% year-on-year [1]. - The third quarter of 2025 saw a further decline, with revenue dropping by 27.29% year-on-year and net profit plummeting by 46.16% [1]. Order Backlog and Customer Dependency - The company's order backlog has been shrinking, with only 120 million yuan in hand orders in the first half of 2025, down from 260 million yuan in 2023 and 155 million yuan in 2024 [1]. - Hengyun Chang is heavily dependent on its largest customer, Tuojing Technology, which accounted for 63.13% of its revenue in 2024 and 62.06% in the first half of 2025 [2][3]. Accounts Receivable and Credit Policy - The accounts receivable balance surged from approximately 1.99 million yuan in 2022 to 13.02 million yuan in the first half of 2025, with the proportion of accounts receivable to revenue increasing from 12.63% to 42.83% [3][4]. - In the first half of 2025, accounts receivable from Tuojing Technology represented 58.82% of total accounts receivable, indicating a significant increase of 150.55% compared to the previous year [3][4]. - Hengyun Chang adjusted its credit policy from a 30-day payment term to a 60-day term, which has led to a notable increase in accounts receivable and a decrease in accounts receivable turnover rate from 7.81 times per year to 6.19 times per year [4][5]. Market Concerns - The significant fluctuations in Hengyun Chang's performance have raised concerns about its long-term profitability, especially given the volatility in the semiconductor industry [2][4]. - The company has denied any intention to relax credit policies to boost sales, but the correlation between the credit policy adjustment and the increase in accounts receivable raises questions about revenue quality and cash flow efficiency [4][5].

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, aiming to raise approximately 1.469 billion yuan [1] Company Overview - Hengyun Chang is a core component supplier for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, plasma DC power supplies, and various accessories [1] - The company provides comprehensive solutions for core components surrounding plasma technology, including the introduction of vacuum acquisition and fluid control components [1] IPO Details - The IPO application was accepted on June 13, 2025, and entered the inquiry phase on July 6 of the same year [1] - The company plans to raise around 1.469 billion yuan through this IPO [1] Market and Client Considerations - The listing committee has requested Hengyun Chang to explain its growth potential in relation to market demand, major client revenue proportions, and client development [1] - The committee also emphasized the need for the company to disclose risks related to performance fluctuations and the impact of client concentration on its independence and sustainability of cooperation with major clients [1]

Core Insights - The article discusses the recent acceptance of Core Medical's IPO application by the Shanghai Stock Exchange, with Hillhouse Capital and Zhengxin Valley recognized as qualified professional institutional investors [1][3] - This marks the second company to be recognized as a qualified professional institutional investor on the Sci-Tech Innovation Board, following Tainuo Maibo, which also involved Hillhouse [2][4] Company Overview - Core Medical, founded by a Harbin Institute of Technology PhD, has developed the world's smallest and lightest artificial heart, and its IPO application was accepted on November 6 [3] - Tainuo Maibo, established in 2015, is an innovative biopharmaceutical company that became the first to be accepted under the fifth listing standard of the Sci-Tech Innovation Board [4] Investment Landscape - Both companies are in the early commercialization stage of their products, resulting in low revenue and no profitability, aligning with the fifth listing standard that does not require revenue [4] - Hillhouse Capital has a long-standing relationship with both companies, holding 3.94% of Tainuo Maibo and 9.3% of Core Medical prior to their IPO applications [5] Institutional Investor Role - The introduction of qualified professional institutional investors is seen as a new pathway for leading institutions to participate in IPOs on the Sci-Tech Innovation Board [7] - Qualified institutional investors must meet high standards, including a proven track record of successful investments and a minimum investment threshold [8] Market Implications - The presence of qualified professional institutional investors is viewed as a positive indicator for potential investors, suggesting market wisdom and credibility [10] - However, for aspiring qualified institutional investors, the challenge lies in accurately assessing a company's potential for successful IPO [11]

Core Insights - The article discusses the recent acceptance of Core Medical's IPO application by the Shanghai Stock Exchange, with Hillhouse Capital and Zhengxin Valley recognized as senior professional institutional investors [2][5] - This marks the second company to be recognized as a senior professional institutional investor for the Sci-Tech Innovation Board, following Tianomai Bo, which also involved Hillhouse [2][5] Summary by Sections Senior Professional Institutional Investors - The China Securities Regulatory Commission has introduced a system for senior professional institutional investors for companies applying under the fifth listing standard of the Sci-Tech Innovation Board, which is becoming an important endorsement for IPO candidates [3][8] - Senior professional institutional investors are characterized by high recognition thresholds, requiring long-term investment capabilities and risk identification skills [8] Investment Criteria - These investors must have a solid governance structure and a good compliance record, with specific requirements regarding investment performance, scale, and duration [8] - They must have successfully invested in and facilitated the IPO of at least five companies on the Sci-Tech Innovation Board or ten on major domestic and international boards within the last five years [8] Market Implications - The presence of senior professional institutional investors is seen as a positive indicator for potential investors, suggesting "market wisdom" [9] - For companies aiming for IPO, having such investors is advantageous but not mandatory, as the regulatory framework does not require it for approval [8][9]