半导体行业的"资本盛宴"还在继续。 2025年12月，功率半导体企业江阴市赛英电子股份有限公司（以下简称"赛英电子"）在北交所上市申请获审议通过，公司拟募资2.7亿元，部分资金用于 加码产能扩张。 同时，招股书也披露了赛英电子存在的"三高"——高家族控股、高客户依赖、高增长背后却出现现金流倒挂。 IPO过会与这些风险因素交织在一起，也让外界更加关注赛英电子的发展前景。 一家四口控股近80%，过会后一董事辞职 赛英电子创始人陈国贤出生于1959年，虽然仅有高中学历，但陈国贤创业之前已经在主做电子陶瓷元件业务的江阴九华集团有限公司，做过20年的销售工 作。 2002年4月，42岁的陈国贤曾筹办无锡市天宇电子有限公司，并在这家公司中担任第二大股东。2002年4月到9月，陈国贤曾担任无锡市天宇电子有限公司 销售经理。 2002年10月，陈国贤另起炉灶，创办了赛英电子的前身赛英有限。经过20多年的发展，赛英电子已经形成了以陶瓷管壳和封装散热基板为核心的产品结 构，为半导体厂商提供用于晶闸管、IGBT和IGCT等功率半导体器件的关键部件产品。 | 序号 | 姓名 | 职务 | 任职期限 | | --- | --- | - ...

董红星，男，董事长兼总经理，出生于1972年8月，硕士研究生学历。他于1994年7月至1998年6月，任 中国建筑项目经理；1998年7月至2001年1月，任富裕（天津）注塑制模有限公司采购经理；2001年1月 至2002年6月，任PSA天津代表处首席代表；2002年6月至2003年11月，就读于中欧国际工商学院 MBA；2004年1月至2007年8月，任美国通用电气塑料中国有限公司市场经理；2007年9月至2009年12 月，任Avery Dennison（艾利）高性能膜材部中国区总经理；2010年2月至2017年7月，任无锡惠星新材 料科技有限公司总经理；2012年10月至今，任公司董事长兼总经理；2013年11月至2023年8月，任三灏 投资执行董事兼总经理；2014年2月至2015年12月，任宁波三泓新材料科技有限公司董事长兼总经理； 2014年6月至2015年6月，任杭州惠之星科技有限公司总经理；2015年6月至2019年3月，任宁波德之星投 资管理合伙企业（有限合伙）执行事务合伙人；2015年9月至今，任鸿之星执行事务合伙人；2019年1月 至2020年12月，任宁波三瀛新材料科技有限公司董事；2 ...

行业分布多元，应用软件等科技企业领跑，建筑、工业等传统行业稳健跟进，制药、餐饮物流等现代服 务业活力凸显，全面映射中国经济转型的蓬勃动力。 2025年截至年末，93家中企成功登陆美股，149家公开递交上市申请。与2024年的69家相比，上市数量 保持了温和增长。 交易所选择上，纳斯达克延续绝对优势，89家企业在此挂牌，占比达96%，仅4家选择纽交所。 适用企业：新兴科技公司，盈利模式尚未完全验证寻求更快上市速度的企业估值模型特殊，需要更灵活 定价机制的公司 1家企业通过OTC转板上市，Tianci International Inc（CIIT）从OTC市场成功转板到纳斯达克，该路径更 多适用于已在OTC市场积累一定流动性与估值基础的企业。 实施路径：先在OTC市场挂牌交易，建立交易历史和股东基础满足主板上市条件后申请转板获得批准后 正式在纳斯达克或纽交所交易。 优势：前期成本和门槛相对较低为中小企业提供渐进式成长路径转板成功通常能带来流动性和估值提 升。 展望2026年，随着纳斯达克新规生效（净收入标准门槛提升200%），传统IPO的门槛进一步提高，中小 企业OTC转板有望迎来更大发展机遇，值得注意的事，从O ...

Group 1 - The Beijing Stock Exchange's listing committee is scheduled to hold its 44th review meeting on December 18, 2025, to evaluate the IPO application of Wuxi Chuangda New Materials Co., Ltd. [1] - Chuangda New Materials specializes in the research, production, and sales of high-performance thermosetting composite materials [1]. - The company aims to raise approximately 300 million yuan through its IPO, which will be used for the construction of a production line for 12,000 tons of key supporting materials for semiconductor packaging, a research and development center, and to supplement working capital [1].

智通财经APP讯，元创股份(001325.SZ)发布首次公开发行股票并在主板上市招股说明书，本次发行数量 1960万股，占发行后公司总股本的25%，全部为公开发行新股，不安排公司股东公开发售股份。此次发 行上市申购日期为2025年12月9日。 该公司主营业务为橡胶履带类产品的研发、生产与销售，主要产品包括农用机械橡胶履带、工程机械橡 胶履带和橡胶履带板，作为联合收割机、挖掘机、装载机、摊铺机等多种履带式农用或工程机械的行走 部件，最终应用于农业生产、工程施工等不同应用领域。 报告期内，公司营业收入整体呈增长趋势，分别为12.61亿元、11.41亿元、13.49亿元和6.52亿元;同期公 司扣除非经常性损益前后孰低的净利润分别为1.37亿元、1.76亿元、1.5亿元和7256.54万元。公司经营规 模较大，整体具有较好的经营稳健性和盈利能力。 本次募集资金拟投资项目围绕主营业务进行，实际募集资金扣除发行费用后，拟按照轻重缓急顺序投资 于以下项目：生产基地建设项目、技术中心建设项目以及补充流动资金项目。拟使用募集资金投资合计 4.85亿元。 ...

Core Viewpoint - Qingdao Huasheng Intelligent Equipment Co., Ltd. has submitted a completion report for its counseling work to the Qingdao Securities Regulatory Bureau, marking a significant step towards its capital market debut [1] Group 1: Company Overview - Huasheng Intelligent was established in 2019 and provides intelligent production line logistics system solutions and intelligent warehousing logistics system solutions across multiple industries, including rubber tire, new energy, and pharmaceuticals [1] - Major clients include Shengkong Co., Guizhou Tire, and Pulin Chengshan, with products also sold in overseas markets such as Vietnam and Thailand, laying a foundation for the company's future international development [1] Group 2: Financial Performance - From 2022 to 2024, the company's operating revenue is projected to grow from 331 million to 733 million yuan, while net profit is expected to increase from 34.82 million to 88.34 million yuan [1] - The compound annual growth rates for revenue and net profit are 50.7% and 61.2%, respectively, reflecting the company's strong growth momentum and good profitability [1] Group 3: IPO Progress - The company is set to officially list on the New Third Board on January 20, 2025, and successfully transitioned to the innovation layer on May 20, 2025, four months after its initial listing [1] - During the IPO process and counseling for listing on the Beijing Stock Exchange, the sponsoring institution assisted in resolving several key issues, confirming that the company meets the necessary conditions to become a listed entity [1]

Core Viewpoint - The article discusses the ongoing tensions and conflicts within OpenAI, particularly focusing on Sam Altman's decision to not hold equity in the company and the implications of this choice on governance and control [2][21][40]. Group 1: OpenAI's Structure and Altman's Role - Sam Altman has maintained a 0% equity stake in OpenAI despite being the CEO, a decision he claims is based on his wealth and passion for technology [9][12][40]. - The restructuring of OpenAI has led to speculation about Altman's motivations, with some suggesting that his lack of equity allows him to maintain control over the company's direction without being tied to its financial performance [22][41]. - OpenAI's mission emphasizes safety and human benefit, which sometimes conflicts with commercial interests, leading to governance challenges [23][27]. Group 2: Internal Conflicts and Governance Issues - Recent testimonies reveal that internal conflicts, including Altman's alleged manipulative behavior, contributed to tensions within the company [31][32][34]. - The article highlights a significant incident where Altman was nearly ousted from his position, but employee support led to his reinstatement [38]. - The governance structure of OpenAI, which includes both non-profit and for-profit elements, has created friction regarding decision-making and operational execution [27][40]. Group 3: Financial Performance and Future Prospects - OpenAI's revenue has surpassed $13 billion annually and is projected to reach $100 billion by 2027, indicating rapid growth [40]. - The company is preparing for an IPO with a valuation of $1 trillion, which would mark one of the largest IPOs in history [42][43]. - Altman's role as CEO of a potentially trillion-dollar company may be more appealing than personal financial gain through equity [43].

Core Viewpoint - The article outlines the six stages of a company's lifecycle, emphasizing the importance of each phase in transforming an idea into a successful business and the investment opportunities associated with these stages [7][12]. Stage Summaries Stage 1: Product Prototype - The core focus is on whether the idea can be transformed into a tangible product or service, leading to the development of the first prototype [2]. Stage 2: Refining the Business Model - After creating a prototype, the company must establish a complete team, including management, marketing, and finance personnel, as well as partnerships and revenue models. This stage often requires giving up equity to acquire necessary resources [3][4]. Stage 3: IPO Listing (Deep Growth) - Companies that survive the first two stages and meet revenue and profit thresholds prepare for an IPO, transitioning into a publicly traded entity. This stage marks the beginning of stock investment opportunities [7][9]. Stage 4: Growth - At this stage, the business model is clear, and the company has secured funding from the market. The focus shifts to rapidly increasing customer base and market share, often reinvesting most revenue into production rather than immediate profitability [10][11]. Stage 5: Growth Value - As companies approach their growth ceiling, the pace of revenue growth slows. They may focus on cost reduction and efficiency to maintain high profitability, leading to improved profit margins and return on equity [12]. Stage 6: Deep Value - In the final stage, companies experience stable profits but limited growth potential. They may return profits to shareholders through dividends or buybacks, providing substantial returns to investors [14].

Core Viewpoint - The article discusses the various costs associated with an Initial Public Offering (IPO), emphasizing the importance of understanding these expenses for companies considering going public [1][3]. Group 1: IPO Requirements - Companies must meet specific criteria to go public, including being a joint-stock company with clear shareholder equity and a minimum total capital of 30 million RMB for domestic main board listings [1]. - The public offering must account for at least 25% of the company's total shares [1]. Group 2: Types of Costs Incurred - **Preparation Costs**: These include expenses related to the IPO preparation team, management training for governance and internal controls, and additional management costs [3]. - **Intermediary Fees**: Essential intermediaries for the IPO process include brokers, accounting firms, asset appraisal agencies, law firms, and consulting firms [3]. - **Risk Costs**: The primary risk is the potential failure of the IPO application, which can lead to significant sunk costs in terms of taxes, preparation, and intermediary fees [3]. - **Personnel Compensation**: Companies must consider the compensation of senior management, including fixed salaries and incentive policies aligned with corporate strategy, which can lead to increased human resource costs [4].

Core Viewpoint - The Shanghai Stock Exchange will review the IPO application of Xi'an Taijin New Energy Technology Co., Ltd. on October 31, 2025, with plans to raise approximately 989.95 million yuan for various projects [1] Group 1: IPO Details - Taijin New Energy plans to issue no more than 40 million shares, accounting for at least 25% of the total share capital post-issue [1] - The entire issuance will consist of new shares, with no existing shareholders selling shares [1] - The company aims to use the raised funds for the industrialization of high-end intelligent complete equipment for green electrolysis, high-performance composite coating titanium electrode materials, and the establishment of a corporate R&D center [1] Group 2: Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder is the Northwest Nonferrous Metal Research Institute, holding 27.4 million shares, which is 22.83% of the total share capital [1] - The Northwest Institute controls an additional 20% of the company through Western Materials, leading to an actual control of 42.83% of the shares [1] - The actual controller of the company is the Shaanxi Provincial Department of Finance, which holds 100% equity in the Northwest Institute [1] Group 3: IPO Status - On August 29, 2025, the IPO review for Taijin New Energy was postponed [2]