广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划（2024—2035年）》。其中提到，开 展铜氧化物超导体、铁基超导体等高温超导材料研究，建设集超导材料制备、低温保障系统、特殊超导 材料制造设备于一体的大型超导材料制备与表征研发平台。开展实用化超导材料的规模化制备工艺研 究，拓展低温超导材料应用场景，推动高温超导材料在可控核聚变、电力传输、医疗器械、电子通信、 国防军事等领域应用。 (本文来自第一财经) ...

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. is making progress in its IPO application on the Sci-Tech Innovation Board, with steady growth in annual net profit and gross margin during the reporting period [1][3] Financial Performance - The company aims to raise approximately 1.2 billion yuan for the production and headquarters base project of its second-generation high-temperature superconducting wire [3] - Revenue for 2022, 2023, and 2024 is projected to be approximately 35.78 million yuan, 83.34 million yuan, and 240 million yuan, respectively, with corresponding net profits of -26.11 million yuan, -3.91 million yuan, and 72.95 million yuan [3] - In the first half of this year, revenue was about 66.54 million yuan, with a net profit of approximately 3.65 million yuan [3] Gross Margin - The gross margin for the company's main business during the reporting period was 23.49%, 55.77%, 60.52%, and 70.87% [5] - The company predicts gross margins of 67.25% and 64.87% for 2025 and 2026, respectively [5] Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 74.24%, 87.45%, 81.93%, and 86.68% of total revenue during the reporting periods [6] - Sales to the largest customer, the Chinese Academy of Sciences, accounted for over 60% of revenue in the first half of this year [6] Accounts Receivable and Inventory - Accounts receivable at the end of each reporting period were 18.16 million yuan, 21.46 million yuan, 81.24 million yuan, and 45.09 million yuan, representing 50.75%, 25.75%, 33.92%, and 67.77% of revenue, respectively [7] - Inventory balances increased to 142 million yuan by the end of the reporting period, reflecting the company's growing production and sales scale [7] Shareholding Structure - The largest shareholder is Precision Holdings, which holds 18.15% of Shanghai Superconductor's shares [8] - The company has no controlling shareholder or actual controller, and there are concerns regarding potential business interactions with Precision Holdings [8][9]

Core Viewpoint - Shanghai Superconductor Technology Co., Ltd. is progressing in its IPO application on the Sci-Tech Innovation Board, with steady growth in annual net profit and gross margin during the reporting period, despite high customer concentration risks [1][4][5]. Company Overview - Shanghai Superconductor is a high-tech enterprise focused on the research, production, and sales of second-generation high-temperature superconducting wires, being one of the only two companies globally capable of mass-producing over 1,000 kilometers of such wires annually [4]. - The company aims to raise approximately 1.2 billion yuan for its production and headquarters projects [4]. Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be approximately 35.78 million yuan, 83.34 million yuan, and 240 million yuan, respectively, with net profits of -26.11 million yuan, -3.91 million yuan, and 72.95 million yuan [4]. - In the first half of 2025, the company reported revenues of about 66.54 million yuan and a net profit of approximately 3.65 million yuan [5]. Gross Margin Analysis - The gross margins for the reporting periods were 23.49%, 55.77%, 60.52%, and 70.87% [6]. - The company anticipates maintaining high gross margins of 67.25% and 64.87% for 2025 and 2026, respectively [7]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 74.24%, 87.45%, 81.93%, and 86.68% of total revenue during the reporting periods [8]. - Sales to the largest customer, the Chinese Academy of Sciences, represented over 60% of total sales in the first half of 2025 [1][8]. Accounts Receivable and Inventory - Accounts receivable at the end of each reporting period were 18.16 million yuan, 21.46 million yuan, 81.24 million yuan, and 45.09 million yuan, with respective ratios to revenue of 50.75%, 25.75%, 33.92%, and 67.77% [9]. - Inventory levels increased to 142 million yuan by the end of the reporting period, reflecting the company's growing production and sales scale [10]. Shareholder Structure - The largest shareholder is Precision Da Co., Ltd., which holds 18.15% of Shanghai Superconductor's shares [11]. - The company has no controlling shareholder or actual controller, and there are concerns regarding potential business interactions with its major shareholder [12].