这一问题引起了监管层的高度关注，北交所要求公司说明代持解除还原的具体交易过程、资金来源，以及是否存在以股权代持方式规避境外投资管理的情 况。 瞭望塔财经获悉，2025年9月25日，北京证券交易所上市委员会将审议蘅东光通讯技术（深圳）股份有限公司的IPO申请。这家光通信领域无源光器件产品 供应商正谋求登陆资本市场。 然而，瞭望塔财经发现，在其看似稳步增长的业绩背后，却隐藏着境外子公司股权代持、客户集中度高、研发投入持续下降、对赌协议倒逼上市等多重隐 患。 1、境外迷局，子公司曾存股权代持 蘅东光的境外子公司情况复杂。公司共有10家境外子公司，其中新加坡衡东光和泰国衡东光曾经存在股权代持。 股权代持现象往往伴随着合规隐患。监管层的连续追问，暗示了这些境外子公司安排可能并非简单的商业考量。 2、对赌倒逼，上市与否的生死时速 蘅东光的IPO背后有着强烈的对赌协议倒逼因素。2023年4月，公司与投资机构签订增资扩股协议之补充协议，约定股权回购义务自公司提交IPO申请文件被 受理之日中止执行。 若公司上市申请未获得核准通过、撤回申请或任何其他原因导致未完成上市，被中止执行的条款即刻恢复效力。 更令人担忧的是，AFL同时是 ...

瑞财经 吴文婷近日，弥富科技（浙江）股份有限公司（以下简称"弥富科技"）在北交所披露IPO审核问询函的回复，保荐机构为中信建投证券股份有限公 司。 根据申请文件，弥富科技的实际控制人顾强、顾留贵、王乃军及其一致行动人合计控制公司86.31%股权，报告期内存在资金占用等公司治理不规范情形。 其中，顾强与王乃军系夫妻关系，顾留贵与顾强系父子关系。顾强担任董事长、总经理，王乃军担任董事、副总经理，顾留贵担任安全督察员。 对此，弥富科技表示，前述财务内控不规范情况发生后，公司积极对公司治理制度进行了完善整改，公司财务内控不规范行为未对公司财务报告的真实性、 准确性、完整性产生影响，不存在财务报告内部控制重大缺陷，不属于重大违法违规行为，且已得到有效整改规范，公司内控整体健全有效。 资料显示，弥富科技的主营业务为汽车流体管路系统关键零部件以及导轨等其他塑料零部件的研发、生产及销售，主要产品包括流体管路系统快插接头、通 类接头、阀类等连接件、管夹等紧固件、传感器以及导轨等塑料产品，产品可适用于新能源汽车及传统燃油汽车等领域。 业绩方面，2022年-2024年，弥富科技实现营收分别为1.38亿元、2.02亿元、2.73亿元 ...

Core Viewpoint - Ningbo Nengzhiguang New Material Technology Co., Ltd. is facing scrutiny ahead of its IPO on the Beijing Stock Exchange due to significant discrepancies in its financial performance and internal control issues, raising concerns about the sustainability of its growth and the integrity of its financial reporting [1][8][12]. Financial Performance - From 2022 to 2024, the company's compound annual growth rate (CAGR) for net profit excluding non-recurring items reached 79.3%, while revenue growth was only 4.88% [3][6]. - In Q1 2025, the company reported a revenue decline of 3.53% to 133 million yuan and a net profit drop of 23.21% to 11.89 million yuan, raising questions about its profitability stability [1][8]. - The company attributed the 2023 profit surge to an increase in gross margin, which rose from 12.03% in 2022 to 16.85% in 2023, but this has been met with skepticism from regulators [8][12]. Internal Control Issues - The company has faced significant internal control deficiencies, including the use of employee personal accounts to collect customer deposits, amounting to 711,300 yuan, which has been flagged as a violation of financial management practices [2][12]. - Despite claims of rectification, the persistence of internal control issues has led to doubts about the company's financial compliance and governance [12][14]. - The actual controller's daughter initially refused to provide financial transaction records, citing personal privacy, which raised further concerns about transparency [9][10][11]. Regulatory Scrutiny - The Beijing Stock Exchange has issued inquiries regarding the company's financial data, particularly the unusual profit spikes in 2023 and the subsequent decline in 2025, questioning the sustainability of its growth and the authenticity of its financial practices [1][8][12]. - The company is required to demonstrate the legitimacy of its financial performance and address concerns about potential profit manipulation or one-time gains [8][12].