2022年到2024年，全球光伏与储能行业迎来一场特殊的"人才迁徙"，一批华为数字能源体系内的总裁级 高管密集离职，将创业方向锚定光储融合领域。 这份"创业者名单"堪称行业风向标。2022年5月，主导华为逆变器"七连冠"的许映童离职创立思格新能 源；2024年1月，华为智能光伏军团前CEO陈国光创办摩瓦新能源；此外，极光云能、度能科技的创始 人史耀宏、陈永强均出自华为系，成为眼下户用储能、工商业储能视野内的重要玩家。 华为基因的创业密码 在这场"华为系"创业潮中，思格新能源无疑是耀眼的样本之一。 2025年2月21日，思格新能源首次向港交所递交上市申请，但因未能在6个月内完成上市聆讯，其招股书 于8月21日失效。仅仅18天后，其便更新了港股招股书。 招股书显示，这家成立仅三年的企业，2024年实现收入13.3亿元同比暴增22倍，而2025年前4个月营收 已达12.06亿元逼近2024全年。 思格新能源的掌舵者许映童，具有深刻的华为系背景，其在华为深耕23年，不仅是华为光伏逆变器全 球"七连冠"的缔造者，还涉足AI领域，离职时带走十余名核心团队成员。总裁张先淼在华为共工作超过 11年，软件部负责人刘秦维等也出自 ...

蘅东光的业绩增长高度绑定境外市场，报告期内境外收入占比从75.90%逐年攀升至90.00%，且主要集中于美国市场，AFL、Coherent等美国客户贡献核心收 入（数据来自招股书"收入构成"章节）。这种结构使其直面双重冲击：2025年4月美国上调光器件关税后，若贸易摩擦加剧，产品准入将受直接影响；而汇 率波动已成为利润"隐形杀手"——测算显示，美元兑人民币贬值1%，公司扣非净利润将波动5.08%，2025年上半年仅汇兑损失就达353.62万元（汇率影响测 算及汇兑损失数据来自招股书"风险因素"章节）。 境外子公司的合规问题更添隐忧。新加坡、泰国子公司曾存在股权代持情况，虽宣称2023年已解除，但代持原因、资金来源及外汇管理程序履行等关键细节 披露模糊。北交所已于2025年1月22日就此发出问询函，公司3月25日回复仅提及"未因程序瑕疵受罚"，未提供实质合规证据。叠加家族管理结构特点，境外 资产管控与利益输送风险更显突出。 三、58%收入绑定单一"供销双巨头" 北交所9月25日将审议蘅东光通讯（874084）IPO申请，但其招股书暴露的难题让"闯关"充满变数：拟募资从6.51亿元（此前招股书披露金额）缩水至4. ...

瑞财经 严明会 近日，宁波隆源股份有限公司（以下简称：隆源股份）北交所IPO披露第一轮问询回 复，保荐机构国金证券，保荐代表人胡国木、吴小鸣，会计师事务所为立信会计师事务所。 隆源股份成立于2006年，注册资本5100万元，从事铝合金精密压铸件的研发、生产与销售，是国家专精 特新"小巨人"。 公司本次拟募资6.1亿元，发行募集资金投资项目为新能源三电系统及轻量化汽车零部件生产项目(二期) 和研发中心建设项目。 隆源股份实际控制人林国栋和唐美云夫妻直接和间接控制公司98.5%的股份。 文件显示，隆源股份历史上曾为中外合资企业，2020年9月变更为内资企业。 隆源股份的前身隆源有限系林国栋与胡永明(中国台湾省)于2006年2月共同投资设立，后林国栋设立香 港兴隆，2008年7月，胡永明将其股权转让给香港兴隆，价款未实际支付。林国栋设立香港兴隆并进行 返程投资时未办理外汇登记，亦未及时进行补充登记。 宁波隆钰企业管理合伙企业(有限合伙)系公司员工持股平台，出资方存在借款出资的情况。 北交所要求，说明公司设立及历次股权变更是否履行外资管理相关审批备案手续；外商投资是否符合当 时有效的《外商投资法》等的规定；公司享受的 ...

Core Viewpoint - The article highlights the potential risks and challenges faced by Hengtong Optical, a company seeking to go public on the Beijing Stock Exchange, including issues related to overseas subsidiaries, high customer concentration, declining R&D investment, and pressure from performance agreements [1][3]. Group 1: Overseas Subsidiary Issues - Hengtong Optical has a complex situation with its overseas subsidiaries, including instances of shareholding proxies in Singapore and Thailand [4]. - Regulatory authorities are concerned about the shareholding proxy arrangements and have requested detailed explanations regarding the unbundling process and compliance with overseas investment regulations [5][7]. Group 2: Performance Agreement Pressures - The company's IPO is significantly influenced by a performance agreement that mandates share buyback obligations, which are suspended only upon the acceptance of the IPO application [8]. - If the IPO fails or is withdrawn, the buyback obligations will be reinstated, placing immense pressure on the actual controller, Chen Jianwei, to ensure a successful IPO [9]. Group 3: Customer Concentration Risks - Hengtong Optical exhibits a high dependency on major customers, with nearly 80% of sales in the first half of 2025 coming from the top five clients, and the largest client, AFL, accounting for 58.22% [10][11]. - This dependency has increased over the year, raising concerns about the company's operational independence, as AFL is also the primary supplier [12]. Group 4: Revenue Authenticity Concerns - The Beijing Stock Exchange has raised questions regarding the authenticity of Hengtong Optical's revenue growth, noting that sales to AFL have surged disproportionately compared to AFL's own revenue growth [14][15][16]. Group 5: Declining R&D Investment - Hengtong Optical's R&D expenditure has decreased from 7.26% in 2022 to 4% in 2024, significantly below industry averages [17][19]. - The company has a low percentage of employees with higher education, which may hinder its innovation capabilities [20]. Group 6: Financial Control Issues - The company has faced multiple financial control issues, including instances of related parties making payments on its behalf and using personal accounts for company transactions [21][22]. Group 7: Deteriorating Debt Servicing Ability - Hengtong Optical's liquidity ratios have worsened, with the current ratio dropping from 1.98 in 2022 to 1.17 in 2024, and the quick ratio falling to 0.85 [24]. - The company's debt-to-asset ratio has increased significantly, indicating a higher financial risk compared to industry averages [26]. Group 8: Supplier Concerns - One of Hengtong Optical's main suppliers, Shenzhen Huatianda Information Technology Co., Ltd., reported zero employees insured, raising questions about the legitimacy of transactions with this supplier [28][30]. Group 9: Fundraising Challenges - The company has reduced its fundraising target from 651 million yuan to 494 million yuan, a decrease of 24%, indicating a lack of market confidence [31]. - Despite the reduced fundraising, the company has distributed cash dividends totaling 37.13 million yuan during the reporting period, contrasting with its need for liquidity [33].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，一份关于王某某受贿案的刑事裁定书正式公开，揭露了其通过低价获取股权、借助代持隐匿身份 的受贿细节，也将曾冲刺IPO的"光刻小巨人"——江苏影速集成电路装备股份有限公司（以下简称"影速 集成"）重新推至公众视野。 江苏省高级人民法院近日对王某某受贿案作出终审裁定，王某某被判处有期徒刑十三年六个月，并处罚 金三百万元，扣押在案的赃款赃物依法上缴国库。该案核心事实之一，是王某某利用职务之便，安排其 同学陈某某以远低于市场的价格受让C公司股权，以此变相收受贿赂达694.92万元。 根据公开信息及司法文书，王某某为江苏警官学院原党委委员、副院长，其于2019年12月至2022年9月 期间担任徐州市副市长，市公安局党委书记、局长。2022年11月，因涉嫌严重违纪违法，王某某接受江 苏省纪委监委纪律审查和监察调查。 刑事裁定书中提及的C公司，多方信息指向位于徐州市、曾冲刺IPO的影速集成。不过该公司目前尚未 上市，后于今年3月被宝馨科技公告拟收购其40%股权，该交易已于6月被交易方单方面终止。 手握多项实权，成为企业"上市推手" 二审法院驳回上 ...

Core Viewpoint - The initial inquiry from the Beijing Stock Exchange highlights key risks associated with Ningbo Longyuan Co., Ltd.'s IPO, including potential issues of equity holding, customer cooperation stability, sales revenue authenticity, and the necessity of fundraising projects [2][3][7] Group 1: Equity Holding and Compliance - The company clarified that there are no equity holding arrangements or disputes between its current shareholders and former shareholders, and that any past issues have been resolved [2] - The company acknowledged a failure to timely register certain investments but stated that this does not constitute a major violation of regulations [2] Group 2: Customer Cooperation and Revenue Authenticity - Longyuan's major clients include BorgWarner, Taigene, and Leap Motor, with a high customer concentration, where the top five clients accounted for 84.33% to 77.59% of sales during the reporting period [3] - The company has a long-standing relationship with BorgWarner, which reduces the risk of being replaced as a supplier, although reliance on a single customer remains high [3] - The company provided evidence to support the authenticity of its export revenue, showing a discrepancy rate of less than 1% compared to customs data, but raised concerns about the significant increase in third-party payment amounts [4] Group 3: Financial Performance and Margin Trends - From 2022 to 2024, the company's revenue grew from 519 million to 869 million, while net profit increased from 101 million to 129 million, indicating steady growth [4] - However, the gross margin declined from 30.57% to 24.17% over the same period, attributed to changes in product mix and fluctuations in raw material prices [4][5] Group 4: Fundraising Projects and Market Demand - The company plans to raise 610 million for projects related to new energy systems and lightweight automotive components, with expected annual revenue of 622 million from these projects [7] - The company reported a capacity utilization rate of around 83% to 89% in recent years, indicating a need to justify the market demand for the new capacity being added [7]

财政部一份针对会计师事务所的行政处罚决定书意外牵涉到了艾为电气。 近日，创业板IPO企业深圳艾为电气技术股份有限公司（下称"艾为电气"）完成了首轮问询，涉及的主要询问问题包括业绩表现、产品和技 术的先进性、股权代持、关联交易等。 根据招股书，艾为电气是国内最大的新能源汽车热管理高压控制器第三方供应商。此次IPO，由中金公司作为保荐机构，会计师事务所为信 永中和会计师事务所（特殊普通合伙）。 不过，今年1月份，财政部披露的一份行政处罚决定书，却意外牵涉到了艾为电气。 根据决定书，财政部组织检查组，在2023年对深圳市巨源立德会计师事务所（下称"巨源立德所"）执业质量等情况开展检查，发现该所审 计的客户之一艾为电气，2022年的财务数据存在多处虚减或虚增的情况。 尽管上述行政处罚针对巨源立德会计事务所，但却暴露了艾为电气财务数据的真实性问题。 边分红，边补流 2025年1月23日，财政部对巨源立德所出具行政处罚决定书。根据处罚决定，该所存在"编造事由出具虚假审计报告"的情形，并披露了6家 公司的案例，其中就包括艾为电气。 | 名称 | 财政部行政处罚决定书 (财监法〔2025〕6号) | | | | --- | ...

[ 处罚决定书称，巨源立德所在艾为电气2022年财务报表审计中，未实施必要的审计程序，编制的审计 工作底稿中部分数据，与已获取的审计证据存在明显矛盾或重大不一致，编造事由出具虚假审计报告。 ] 近日，创业板IPO企业深圳艾为电气技术股份有限公司（下称"艾为电气"）完成了首轮问询，涉及的主 要询问问题包括业绩表现、产品和技术的先进性、股权代持、关联交易等。 根据招股书，艾为电气是国内最大的新能源汽车热管理高压控制器第三方供应商。此次IPO，由中金公 司作为保荐机构，会计师事务所为信永中和会计师事务所（特殊普通合伙）。 不过，今年1月份，财政部披露的一份行政处罚决定书，却意外牵涉到艾为电气。 根据决定书，财政部组织检查组，在2023年对深圳市巨源立德会计师事务所（下称"巨源立德所"）执业 质量等情况开展检查，发现该所审计的客户之一艾为电气，2022年的财务数据存在多处虚减或虚增的情 况。 尽管上述行政处罚针对巨源立德所，但暴露了艾为电气财务数据的真实性问题。 边分红，边补流 2025年1月23日，财政部对巨源立德所出具行政处罚决定书。根据处罚决定，该所存在"编造事由出具虚 假审计报告"的情形，并披露了6家公司的案 ...

日前，财政部公布一系列"罚单"，其中显示，深圳市巨源立德会计师事务所(普通合伙)(简称"巨源立 德")在执业过程中存在未实施必要的审计程序、编造事由出具虚假审计报告等情况，涉及企业为目前正 在冲刺深交所创业板IPO的深圳艾为电气技术有限公司(简称"艾为电气")。 制图：陈欣（豆包AI） 根据公开资料，艾为电气创立于2017年，主要产品为热管理高压控制器等新能源汽车高压核心部件，主 要客户包括吉利、理想、奇瑞、广汽、长安、比亚迪等新能源汽车头部厂商。今年6月，艾为电气向深 交所创业板递交了招股书，正式开始冲刺IPO。 南都记者注意到，这家在新能源汽车的风口中快速成长的企业，除了此次财政部披露的财务数据等问题 外，其实控人曾存在代持问题，并因此引发仲裁诉讼，代持人还曾拒绝就代持问题接受中介机构访谈。 其股权沿革的混乱，引起外界担忧。 财政部检查发现 艾为电气涉虚构多项财务数据 据财政部处罚决定书披露，财政部组织检查组于2023年对巨源立德执业质量等情况开展了检查。 检查发现，艾为电气2022年虚减货币资金1375.96万元，虚减比例为89%；虚减应收账款2024.70万元， 虚减比例为25%；虚减存货3626.7 ...

Core Viewpoint - Zhejiang Minghui Fruit and Vegetable Distribution Co., Ltd. has been penalized for providing false materials during a procurement activity, resulting in a two-year ban from military procurement activities starting from September 7, 2025 [1][5]. Group 1: Company Violations - The company engaged in violations such as providing false materials during a procurement process and failing to disclose significant share transfer agreements with investors [5][8]. - The company has been found to have unclear equity ownership due to shareholding arrangements that were not properly disclosed, leading to regulatory scrutiny [5][8]. - There were instances of non-operational fund occupation, where the company made prepayments to suppliers without returning the funds by the stipulated deadline [8][9]. Group 2: Regulatory Actions - The Zhejiang Securities Regulatory Bureau has mandated corrective measures for the company and its executives, including the chairman and financial officer, due to the violations of disclosure regulations [5][9]. - The company is required to enhance its compliance with relevant regulations and improve its operational awareness to prevent future violations [9]. Group 3: Company Overview - Zhejiang Minghui Fruit and Vegetable Distribution Co., Ltd. was established in 2009 and is headquartered in Quzhou, Zhejiang Province, covering over 80 acres with a large cold storage capacity [10][15]. - As of 2024, the company reported revenues exceeding 600 million yuan and provides fresh food distribution services to over 500 entities, including military and government organizations, serving nearly 300,000 people [10][15].