来源：市场资讯 （来源：储能早知道） 提示：点点关注不迷路，每天分享储能热点。 02 产品与渠道，闪电式布局 编者按：一家仅用三年时间从零做到7亿营收的户储黑马，为何在港股IPO的关键阶段遭遇招股书失 效？背后隐藏着股权代持、数据安全与竞业禁止等多重风险。 8月21日，香港交易所官网显示，思格新能源的IPO招股书已经失效。这家由前华为智能光伏业务总裁 许映童创立的分布式储能企业，从成立到提交上市申请仅用了不到三年时间，曾被称为行业最大"黑 马"。 根据港交所规定，招股书提交后需要在6个月内完成上市聆讯，否则会自动失效。思格新能源于今年2月 21日提交上市申请，至今刚好满六个月。 01 华为基因团队，创造增长奇迹 思格新能源成立于2022年5月，创始人许映童在华为工作长达23年之久。他从无线产品的PDT经理做到 智能光伏业务总裁，最后担任华为昇腾计算业务总裁。 2015年，在许映童加盟智能光伏板块5年后，华为实现了光伏逆变器的全球出货第一。 公司的核心高管团队也大多来自华为。董事、总裁张先淼在华为任职超过11年，期间获取10余项专利。 监事会主席刘秦维、营销总经理乔凌子等均为前华为成员。 思格新能源沿用了华为打 ...

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. is seeking to go public on the A-share market after experiencing explosive growth in 2024, with revenue increasing over 180% and net profit turning positive, despite rising debt levels and concerns over past equity holding arrangements [1][2][4]. Financial Performance - In 2024, the company achieved approximately 789 million yuan in revenue, a year-on-year increase of 185.87%, and a net profit of about 140 million yuan, marking a turnaround from previous losses [2]. - The company reported revenues of approximately 214 million yuan and 276 million yuan in 2022 and 2023, respectively, with net losses of 38.07 million yuan and 55.39 million yuan in those years [2]. - In Q1 2025, the company continued its profitability with revenues of about 201 million yuan and a net profit of approximately 19.33 million yuan [2]. Funding and Capital Structure - The company plans to raise approximately 1.954 billion yuan through its IPO, with 150 million yuan allocated for working capital and the remainder for various R&D projects [3]. - As of Q1 2025, the company had about 254 million yuan in cash, indicating a strong liquidity position despite the planned fundraising [3]. - The company has a rising debt-to-asset ratio, which was reported at 51.03% by the end of the reporting period, significantly higher than the industry average [4]. Shareholding and Governance - The chairman, Hu Haiyang, has a complex shareholding structure, directly holding 20.55% and indirectly controlling a total of 34.83% of the company through various platforms [5][6]. - There were past instances of equity holding arrangements that raised concerns, but the company asserts that its current shareholding structure is clear and compliant with governance standards [7]. Legal and Compliance Issues - The company is currently involved in ongoing litigation related to a patent infringement dispute with Aehr, which remains unresolved [7].

成立逾八年时间，高端测试仪器设备企业苏州联讯仪器股份有限公司（以下简称"联讯仪器"）开始向A股市场发起冲击。上交所官网显示，近期，联讯仪器 科创板IPO获得受理。本次冲击上市背后，联讯仪器业绩于2024年出现爆发式增长，当年，公司营收同比涨超180%，净利同比扭亏为盈；进入今年一季度， 公司继续保持盈利。不过，在业绩大增的同时，联讯仪器报告期内也存在资产负债率持续走高的情况。此外，公司董事长胡海洋在公司成立时曾委托其朋友 进行股权代持，相关事项也引发市场关注。针对相关问题，联讯仪器方面于8月19日接受了北京商报记者采访。 去年净利扭亏为盈 "一边亏损一边大额分红，再欲募资补流，易引发监管和投资者对其融资必要性与分红适当性的质疑。"中国企业资本联盟副理事长柏文喜表示。 对于本次募资补流的合理性、必要性，联讯仪器方面告诉北京商报记者，2022年至2025年3月底，公司经营规模持续增长，日常运营资金需求增加的同时， 公司需通过持续的研发投入保持竞争优势。为保证公司发展规划的顺利实施，增强财务抗风险能力，公司以实际运营情况为基础，结合未来发展规划，拟使 用本次募集资金中的部分资金补充流动资金用于主营业务。 资产负债率 ...

Core Viewpoint - The company Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. is facing significant challenges in its IPO application process, including unstable revenue, high dividend payouts amidst cash flow issues, and internal shareholder disputes, raising concerns about its governance and financial health [1][2][4]. Financial Performance - Daoshengtianhe's revenue from 2020 to 2024 has shown volatility, with figures of approximately 33.32 billion, 31.27 billion, 34.36 billion, 32.02 billion, and 32.38 billion respectively, indicating inconsistent performance [4]. - The net profit during the same period was 1.38 billion, 0.85 billion, 1.1 billion, 1.55 billion, and 1.55 billion, with a significant drop of over 30% in 2021 [4]. - The company has distributed a total cash dividend of 250 million from 2021 to 2023, which accounts for 81.17% of its net profit of 308 million during that period, significantly exceeding the scrutiny standards for large dividends [3][4]. Shareholder Dynamics - The ownership structure of Daoshengtianhe is complicated, with the controlling shareholders, Ji Gang and Zhang Ting, holding 60.47% of the shares and possessing U.S. permanent residency [4]. - There have been low-priced share transfers among shareholders, raising suspicions of potential benefit transfers, which have destabilized the company's equity structure [3]. Governance Issues - The company has experienced severe internal conflicts among shareholders, which have been publicly visible and have negatively impacted corporate governance [2]. - The initial chaotic shareholding arrangements reflect a lack of governance awareness, and ongoing litigation during the IPO process raises concerns about internal stability [2]. Market Position and Strategy - Daoshengtianhe aims to enter the high-end adhesive market, but its existing production capacity utilization rates are low, at 29.65%, 76.35%, and 78.65% for 2022-2024, indicating potential overexpansion risks [6]. - The company’s products are under scrutiny for being classified as "high pollution" and "high environmental risk," which could hinder its market acceptance [6][7]. Environmental Concerns - The company has faced criticism regarding its environmental practices, particularly in relation to its products being similar to those listed as "high pollution" by the Ministry of Ecology and Environment [6][7]. - Despite adjustments to its investment projects, a significant portion of its planned production still aligns with "high pollution" products, raising questions about its environmental compliance and project planning [7].

Core Viewpoint - Okada Intelligent (Jiangsu) Co., Ltd. is accelerating its IPO process amid challenges, including a concentrated ownership structure and declining product prices, with a planned fundraising of 985 million yuan [1][2]. Company Overview - Okada Intelligent specializes in core components for CNC machine tools, with major products including tool magazines, spindles, and rotary tables, primarily used in metal cutting CNC machine tools [2]. - The company was established in 2013 and has experienced a long period of shareholding proxy arrangements, only introducing an external shareholder in June 2023 [1][7]. Financial Performance - From 2022 to 2024, Okada Intelligent reported revenues of 767 million yuan, 773 million yuan, and 932 million yuan, with net profits of 119 million yuan, 132 million yuan, and 169 million yuan respectively [2][3]. - The company’s net profit showed a trend of decline followed by recovery, with a notable drop in the average selling price of its main products [2][3]. Market Position - Okada Intelligent holds a market share of approximately 2.78% to 4.38% in the domestic CNC machine tool component industry, ranking just behind the listed company Haoshi Electromechanical [2]. - It is the largest manufacturer of tool magazines in China [2]. Product Pricing and Production Capacity - The average selling price of tool magazines decreased by nearly 8% from 15,900 yuan to 14,600 yuan between 2022 and 2024 [2][3]. - The production capacity for tool magazines increased from 37,200 units to 53,300 units during the same period, with utilization rates fluctuating [3]. R&D Investment - Okada Intelligent's R&D expenditures from 2022 to 2024 were 38.01 million yuan, 36.40 million yuan, and 44.64 million yuan, with R&D expense ratios below industry averages [4][5]. - The company has significantly fewer patents compared to its competitor Haoshi Electromechanical, indicating a gap in technological capabilities [6]. Ownership Structure - The ownership of Okada Intelligent is highly concentrated, with the founders controlling 91.74% of the shares as of now, and they are expected to retain 68.81% post-IPO [7][8]. - The introduction of an external investor, Industrial Mother Machine Industry Fund, involved a performance-based agreement that could trigger buyback options if IPO milestones are not met [8][9].

Group 1 - The core focus of the article is the delayed IPO of Xiamen Hengkang New Materials Technology Co., Ltd. due to complex issues related to its business model, accounting practices, and potential legal risks stemming from its ownership structure [3][4][10] - The company has faced challenges in profitability despite revenue growth, with a significant decline in gross margins for self-produced products, raising doubts about its core research and development capabilities [3][5][7] - The company's revenue recognition method for its "imported business" has been questioned, as it shifted to a net method that may misrepresent its financial health and reliance on self-developed products [4][6] Group 2 - The historical ownership structure of Hengkang New Materials is complicated by shareholding proxies and connections to individuals involved in illegal activities, which raises compliance concerns [8][9] - The second-largest shareholder, Lv Junqin, has a history of involvement in illegal gambling, leading to serious implications for the company's governance and investor confidence [9][10] - There are suspicions of insider trading related to abnormal trading activities by associated parties around significant announcements, further damaging the company's reputation in the capital market [10]

Core Viewpoint - The IPO application of Xiamen Hengkang New Materials Technology Co., Ltd. has been postponed, breaking the 100% approval rate for A-share IPOs in 2025, primarily due to concerns over the company's qualifications and complex shareholding structure [1] Group 1: Company Background and Controversies - Hengkang New Materials has a controversial background, with its actual controller frequently entrusting others to hold shares, leading to a complex relationship [1][2] - The second-largest shareholder, Lü Junqin, was sentenced for operating illegal gambling, raising questions about the company's governance and shareholder integrity [1][4] - The actual controller's spouse serves as a supervisor for Lü Junqin's capital platform, suggesting potential undisclosed financial interactions [5] Group 2: Financial Performance and Risks - The company relies heavily on introduced products for profit, with over 60% of gross profit coming from these products, while self-produced products have significantly lower margins [6][7] - Hengkang New Materials' revenue is highly concentrated, with 97% of income derived from the top five customers, limiting its bargaining power [8][7] - The termination of a key partnership with SKMP in 2025 has led to a significant decline in revenue and gross profit from introduced products, with a year-on-year drop of 57.4% and 59.09% respectively [7] Group 3: Capital Utilization and Financial Health - The company plans to raise 10.07 billion yuan for expansion projects despite low capacity utilization rates, raising concerns about whether it is merely seeking to raise funds [9][10] - Hengkang New Materials exhibits a rare phenomenon of high deposits compared to loans, with long-term deposit rates exceeding average borrowing rates, prompting inquiries into the rationale behind this financial structure [11] - The company has been questioned about its reliance on external technology and the specifics of its R&D projects, indicating potential weaknesses in its technological capabilities [12]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for eight companies regarding their overseas issuance and listing applications, focusing on compliance, ownership structure, and potential risks associated with their operations [1][2][3]. Group 1: Supplementary Material Requirements - For Shenyan Intelligent, the company is required to explain the circumstances surrounding its previous approval for listing on the National Equities Exchange and Quotations (NEEQ) and its plans for A-share listing [1][2]. - For Haofu Creative Group, the focus is on the compliance of its equity control structure, including the acquisition processes and the reasons behind share transfers among shareholders [2][3]. - For Jinxun Co., the company must clarify whether its projects are classified as "high energy consumption" or "high emissions" and provide relevant evidence [3]. Group 2: Specific Company Requirements - For Zhejing Automotive, the company is required to provide details on its compliance with foreign investment regulations and the rationale behind recent share price variations among new shareholders [4][5]. - For Junneng Technology, the company must clarify its compliance with foreign investment regulations and provide a detailed account of its recent shareholder changes and their implications [7][8]. - For Shengtong Special Medical, the company needs to explain its business operations related to health food sales and the compliance of its equity incentive plans [14][15]. Group 3: Legal Opinions and Compliance - Companies are required to obtain legal opinions confirming the compliance of their equity structures and any potential conflicts of interest arising from recent shareholder changes [5][9][11]. - The companies must also provide evidence of their operational activities and compliance with necessary licenses, particularly in sectors that may involve foreign investment restrictions [20][21][23].

Core Viewpoint - The company Aiwei Electric is facing significant challenges in its IPO process, including unresolved equity arbitration, declining product prices, and a complex financial situation, despite showing impressive growth in revenue and net profit over recent years [1][3][5]. Group 1: Equity Structure and Legal Issues - The company has a complicated equity structure involving shareholding proxies, which has led to an ongoing arbitration case regarding the ownership of shares held by proxy since its establishment in 2017 [3][5]. - The unresolved arbitration and litigation present a major uncertainty for the company's IPO, contrasting sharply with the strict requirements for clear equity structures set by the Shenzhen Stock Exchange [5]. Group 2: Business Dependency and Pricing Concerns - Aiwei Electric relies almost entirely on a single product, the thermal management high-voltage controller, which accounts for 99.86% of its revenue [6]. - The sales price of this product has been declining, with a cumulative decrease of 18.3% from 2022 to 2024, which is compressing the company's profit margins [6][8]. - The company's production and sales rate dropped to 88.09% in 2024, leading to a significant increase in inventory, which reached a book value of 103.3 million yuan, a 69.37% increase from the previous year [6][8]. Group 3: Financial Operations and Cash Flow - The company has distributed a total of 58.88 million yuan in cash dividends prior to its IPO application, raising questions about its financial strategy, especially as it plans to raise 70 million yuan for working capital despite having a cash balance of 412 million yuan at the end of 2024 [9][11]. - The company's asset-liability ratio has significantly improved, dropping to 29.62% by the end of 2024, compared to 76.25% in 2022, indicating a healthier financial position [10][12]. Group 4: Research and Development Concerns - There has been a dramatic increase in R&D expenses and personnel, with R&D costs rising from 11.51 million yuan in 2022 to 47.06 million yuan in 2024, raising concerns about the sustainability and authenticity of these expenditures [13][14]. - The rapid expansion of the R&D team, which grew from 30 to 138 members in two years, has led to skepticism regarding the effectiveness and management of the R&D budget [16]. Group 5: Capital Structure and Investment Risks - The company plans to raise 930 million yuan in its IPO, which exceeds its total assets of 817 million yuan as of the end of 2024, leading to questions about the rationale behind such a large fundraising target [20][21]. - The involvement of external investors like Xiaomi and NIO prior to the IPO, along with special rights clauses that could affect control stability, adds another layer of complexity to the company's capital structure [17][19]. Group 6: Market Position and Competitive Landscape - The company’s largest customer, Suzhou Zhongcheng New Energy, contributed 1.93 billion yuan in sales, accounting for 43.72% of Aiwei Electric's revenue, highlighting the risks associated with customer concentration [23]. - The ongoing price war in the electric vehicle sector is impacting the supply chain, with the company facing increased inventory levels that could pose significant risks to its operations [23].

Core Viewpoint - Yifeng New Materials Co., Ltd. is facing scrutiny over its corporate governance and compliance with information disclosure due to recent low-priced share transfers and historical equity holding arrangements before its IPO [1][2]. Group 1: Share Transfer and Equity Holding - Prior to its IPO, Yifeng New Materials' shareholder Yikun Partnership transferred 246,000 shares to the actual controller Wan Chunling at a price of 10 RMB per share, raising questions about the reasonableness of the pricing compared to previous transfers [2][3]. - Historical analysis reveals that Yifeng New Materials has engaged in multiple equity holding arrangements, including a significant transfer of shares to 63 shareholders, with actual control remaining with hidden shareholders like Wan Chunling [3][4]. - The company previously denied any equity holding arrangements in response to inquiries from the Shanghai Stock Exchange, despite evidence of such practices [2][3]. Group 2: Financial Performance - Yifeng New Materials has experienced a decline in revenue over the past three years, with revenues of 710 million RMB, 630 million RMB, and 600 million RMB for 2022, 2023, and 2024 respectively, reflecting year-on-year decreases of 12.4% and 3.8% [7]. - The company’s net profit remained stable at 140 million RMB across the same period, indicating a slight growth despite revenue decline [7]. - The decline in revenue is attributed to the divestiture of its additive business, which has led to an increase in gross margin from 35.28% in 2022 to 38.33% in 2024 [7][8]. Group 3: Business Composition and Margins - The company’s product mix shows that high-margin sulfur-based materials still represent a low proportion of total revenue, while lower-margin organic sulfur chemical products account for nearly 60% of revenue [8][9]. - The gross margin for the highest-margin product, Poly Sulfide 504, is projected to increase to 63.2% by 2024, indicating a shift towards more profitable products [8]. - The company’s foreign sales have historically had higher gross margins compared to domestic sales, with foreign sales gross margin at 37.05% compared to 23.69% for domestic sales [9].