登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：道通科技启动港股上市众多疑问待解，公司自科创板上市后为何频繁募资？为何公司财务总 监频繁更换？值得注意的是，道通科技一边出现高毛利低周转情形；另一边公司高毛利率背后疑现内部 交易，这又是否需要警惕可能的转移定价或者税务稽查等风险？与此同时，道通科技高增业绩背后应收 存货双高，经销模式究竟是压资金还是另有玄机？ 近日，道通科技正式向港交所递表，拟在香港主板挂牌上市。 对于此次港股募资，公司曾对外表示，其为深化国际化战略布局，增强境外投融资及运营能力，持续吸 引并聚集优秀人才，进一步提升公司综合竞争实力。 不断募资究竟为何？ 道通科技自科创板2020年挂牌上市以来，募资不断，且部分募资均用来补流。 需要指出的是，公司整体业绩成长性尚可，除2022年疫情等影响外，公司大部分财年营收增速均超 20%，高点时增速一度超40%。 业绩如此高增下，道通科技似乎对资金需求较大，仅募投补流资金累计超10亿元。 2020年2月13日，道通科技在上交所科创板上市。招股书显示，公司原计划拟募集资金6.5亿元，分别用 于道通科技西 ...

Core Viewpoint - The U.S. Court of Appeals' reversal of the U.S. Tax Court decision in the case of 3M Company & Subsidiaries v. Commissioner significantly impacts the multinational income tax landscape, particularly for U.S. multinationals, despite the case involving a relatively small amount of $23.65 million [4][8][15] Tax Dispute Summary - The tax dispute originated nearly 20 years ago when 3M Brazil paid royalties (1% of sales) for using intellectual property owned by its U.S. parent company, leading to significant intercompany royalty income [5] - The IRS determined that 3M's taxable income was understated by $23.65 million due to Brazilian law prohibiting payments to foreign parent companies, which led to the IRS asserting that the transaction was not conducted at an "arms-length" [6][7] Implications of the Court Ruling - **Impact on IRS Oversight**: The ruling illustrates the weakening of the IRS's ability to regulate large multinational companies, as the courts may be less likely to defer to the IRS on tax-related issues following the overturning of Chevron deference [8][9][10] - **Transfer Pricing Benefits**: The decision makes transfer pricing with blocked income more lucrative, as income earned through royalties will no longer be considered taxable in the U.S., enhancing the benefits of aggressive transfer pricing arrangements [11][12] - **Financial Accounting Reserves**: Companies will need to reassess their financial accounting reserves for aggressive tax positions, potentially leading to the release of reserves and an increase in income for many companies [13][14]