北交所对通领科技的问询堪称严格。2025年下发的问询函中，监管机构以罕见的严厉措辞直击四大核心 风险，要求公司说明毛利率持续增长及高于可比公司的合理性（行业毛利率整体下滑背景下公司毛利率 逆势上升至29%）、募投项目必要性及产能消化能力等关键问题。 据问询函，根据申请文件，报告期内公司境内收入下降、境外收入快速增长，各期境外收入金额分别为 16，654.54万元、14，858.99万元、37，843.45万元和20，732.08万元，占营收比例分别为19.81%、 16.74%、37.56%和42.52%，2023年境外收入大幅增长。 北交所请公司区分境内和境外，说明报告期各期境内外量产项目的数量、金额及占比，各期境内外主要 量产项目的具体情况、收入金额及占比，并结合相关项目的产品单价、销量、适配车型的市场需求情况 等，分析报告期内境外收入持续增长、境内收入有所下滑的具体原因及合理性。结合公司挂牌以来的收 入规模及产品结构、主要客户合作及开拓情况、经营模式及发展战略等，说明公司2020年以前收入及利 润规模较为平稳、报告期内收入及利润规模大幅增长的具体背景及合理性，业绩增长是否受偶发因素驱 动等。 上海通领汽 ...

深圳商报·读创客户端记者 张弛 北交所网站显示，安徽富印新材料股份有限公司（以下简称"富印新材"）于11月12日更新上市申请审核动态，该公司已收到第二轮审核问询函，内容 直指公司核心商业模式、业绩增长合理性、资产采购合规性、应收账款风险等问题。 北交所指出，报告期内发行人存在多个新产品通过认证的情形，但要求公司说明新取得产品型号/样号认证情况与主要客户产品迭代的关系，并进一步 披露停止生产、停止销售产品型号/样号情况，以验证其持续研发能力、持续经营能力的具体体现。 值得注意的是，富印新材2023年业绩增长趋势与主要终端品牌客户全球出货量下滑趋势相悖，引发监管高度关注。 北交所问询函明确要求公司结合终端ODM厂商或终端品牌客户的收入变动情况和新增及原有通过终端客户认证的产品型号/样号的数量及对应收入情 况，解释2023年业绩变动趋势与终端品牌客户出货量变动趋势不一致的原因及合理性。此外，部分直接客户如安闻科技、纳能科技收入大幅增长，北 交所亦要求公司说明是否与客户自身收入规模或市场份额变动相符，是否存在期后业绩下滑风险。 在客户合作稳定性方面，富印新材被指出存在部分新增客户合作次年即停止合作的情况，甚至有部分贸 ...

Group 1: IPO Approval and Fundraising - The Shanghai Stock Exchange and Beijing Stock Exchange approved the IPO applications of Hengyun Chang and Nongda Technology, with a total fundraising target of 1.882 billion yuan [1] - Hengyun Chang reduced its fundraising target from 1.55 billion yuan to 1.469 billion yuan, while Nongda Technology decreased its target from 552 million yuan to 413 million yuan [2][4] Group 2: Company Profiles - Hengyun Chang is a leading domestic supplier of core components for semiconductor equipment, focusing on the research, production, and sales of plasma RF power systems and related technologies [5][8] - The company has achieved significant milestones, including being the first domestic manufacturer to deliver plasma RF power systems supporting advanced semiconductor processes, with a market share leading among domestic competitors [8][9] - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates, holding a strong market position in the industry [17][18] Group 3: Financial Performance - Hengyun Chang reported revenues of 158 million yuan, 325 million yuan, 541 million yuan, and 304 million yuan from 2022 to the first half of 2025, with net profits of 19.61 million yuan, 68.53 million yuan, 129 million yuan, and 64.76 million yuan respectively [11] - Nongda Technology's revenues for the same period were 2.676 billion yuan, 2.637 billion yuan, 2.363 billion yuan, and 1.495 billion yuan, with net profits of 101.16 million yuan, 101.22 million yuan, 145.28 million yuan, and 125.65 million yuan [20][21] Group 4: Fund Utilization Plans - Hengyun Chang plans to use the raised funds for projects including the industrialization of semiconductor RF power systems, a smart production base for core components, and a research and innovation center [13] - Nongda Technology intends to allocate its funds towards the production of high tower compound fertilizers, a biological fertilizer production line, and a low-carbon biological research center [22]

IPO审核结果 据交易所官网审核动态信息，今日2家企业IPO上会，全部获审核通过，合计拟募资18.82亿元。 | 上会日期 欧盟 申报极块 公司简称 注册地 申报结果 在会时长 所属行业 | | | | | | | | 拟筹资金额（万元） 最近一年净利润（万元） 保存机构 会计师事务所 律师事务所 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 时刻板 包运晶 2025-11-14 2 | 115 | 2 1 1 1 1 1 1 1 1 1 1 | :154 | 专用设备制造变 | 146,900,00 | 14,154.02 | 中信证券 | 天健 | 福更简 | | | 北交所 农大科技 山东 | | 建过 | 325 | 优学原料和化学制 图射漫波 | 41,251.76 | 14,528,27 | 国金证券 | 中兴华 | 中伦 | 两家企业均于在审期间调减了拟募资规模： 恒运昌招股书申报稿中，公司原计划募资15.50亿元。而上会稿中拟募资规模缩减至14.69亿元，调减了 补流规模。 | 序号 ...

Core Viewpoint - Chengdu Leap Technology Co., Ltd. (Leap Technology) has changed its IPO review status to "inquiry," raising market concerns due to its high customer concentration and financial risks [1][3]. Group 1: Company Overview - Leap Technology, established in 2003, is a high-tech enterprise focused on the R&D, manufacturing, sales, and service of specialized laser equipment [2]. - The company specializes in semiconductor laser equipment, particularly in laser thermal processing and specialized laser processing equipment [4]. Group 2: Customer Concentration - The sales proportion to the top five customers increased from 66.86% in 2022 to 97.67% in Q1 2025, with a single customer contributing 81.74% of sales [5]. - This level of customer dependency is rare in the semiconductor equipment industry, where leading companies typically have less than 50% sales concentration among their top customers [5]. Group 3: Financial Performance - Leap Technology's revenue and net profit figures from 2022 to 2024 show significant fluctuations, with revenues of 74.15 million, 191 million, and 281 million yuan, and net profits of -8.80 million, 23.03 million, and 55.64 million yuan respectively [5]. - The company reported a revenue of 0.37 billion yuan and a net profit of 0.6832 million yuan in Q1 2025, indicating volatility in performance [6]. Group 4: Accounts Receivable and Cash Flow - The accounts receivable balance reached 112 million yuan in 2024, accounting for 42.02% of revenue, with a turnover rate significantly below the industry average [7]. - The company experienced negative cash flow from operating activities during the reporting period, with net cash flows of -28.27 million, -32.72 million, 32.03 million, and -27.17 million yuan from 2022 to Q1 2025 [8]. Group 5: Risks Related to Control and Governance - The actual controllers of Leap Technology have guaranteed debts totaling 741 million yuan, raising concerns about the company's governance stability and potential risks to the IPO process [9]. - One of the controllers has a history of legal issues, including a DUI conviction, which may impact the company's reputation and governance [9].

Core Viewpoint - Hebei Caike New Materials Technology Co., Ltd. (referred to as "Caike Technology") is facing scrutiny from the Beijing Stock Exchange regarding the sustainability of its high growth, sales authenticity, and fairness of related party transactions, particularly in light of a significant revenue increase driven by short-term orders following the bankruptcy of German competitor Huber [1][2]. Financial Performance - For 2024, Caike Technology projects revenue of 454 million yuan and a net profit of 113 million yuan, representing year-on-year growth of 20.6% and 44.0%, respectively [1]. - The revenue increase is largely attributed to the demand surge for DMSS and DATA intermediates due to Huber's market exit, raising concerns about the stability of this demand and potential post-2025 performance decline [1]. Customer and Revenue Recognition - Wenzhou Jinyuan remains the largest customer, accounting for 29%-32% of total revenue. The company initially recognized revenue on a "ship first, contract later" basis, which was later changed to an "annual framework + monthly settlement" model starting May 2025 [1][2]. - Regulatory authorities have requested detailed information on revenue recognition practices and the effectiveness of internal controls related to sales to Wenzhou Jinyuan [2]. Related Party Transactions - From 2022 to the first half of 2025, the company’s related party procurement amounts were 69.12 million yuan, 75.16 million yuan, 66.76 million yuan, and 35.67 million yuan, constituting 28%-33% of operating costs [2]. - The majority of related party purchases were for steam and wastewater treatment services from a related entity, raising questions about the rationale and fairness of these transactions [2]. Capital Expenditure and Production Capacity - The company plans to raise 210 million yuan for various expansion projects, including increasing production capacity for DMS, DMSS, and DATA [3]. - Despite the anticipated high growth in 2024, production capacity utilization rates for major products are expected to drop significantly to below 70% in the first half of 2025 [3][4]. Production Metrics - The production capacity utilization rates for DMSS, DMAS, and DATA in the first half of 2025 are projected to be 63.46%, 69.58%, and 62.07%, respectively, indicating a substantial decline from previous years [4].

Core Viewpoint - Hongban Technology has set a record for the fastest IPO review on the A-share main board in nearly two years, with only 125 days from application to approval [1] IPO Review Results - Three companies were reviewed for IPO this week (October 27-31), all of which were approved, with a total fundraising amount of 3.578 billion yuan [2][3] - Hongban Technology's IPO was approved with a fundraising target of 2.056 billion yuan [3] Company Financial Performance - Hongban Technology achieved revenues of 2.205 billion yuan, 2.340 billion yuan, and 2.702 billion yuan from 2022 to 2024, with net profits of 120 million yuan, 87.038 million yuan, and 194 million yuan respectively [10][11] - The company has a strong profitability despite fluctuations in net profit [10] Market Position and Industry Representation - Hongban Technology focuses on the research, production, and sales of printed circuit boards (PCBs), particularly in the high-density interconnect (HDI) board segment, which has a significant revenue share [10][12] - The company ranks 35th in the CPCA's 2024 list of top PCB companies in China and 58th in the global ranking by Prismark [11] Product Composition and Market Segmentation - The majority of Hongban Technology's revenue comes from the consumer electronics sector, which accounted for 57.66% of total revenue in the first half of 2025 [13] - The company is expanding into high-end display and automotive electronics markets, leveraging its technological capabilities and market opportunities [14][15] Regulatory Scrutiny and Responses - The company faced multiple inquiries regarding its industry representation, product structure, and market position during the IPO review process [10][18] - Hongban Technology provided detailed responses about its competitive advantages, production capacity, and fixed asset investments compared to peers [19][20] Fixed Asset and Investment Analysis - The company has a higher fixed asset investment per unit of production compared to its peers, which has drawn regulatory attention [18][21] - Hongban Technology's fixed asset turnover rate is lower than the industry average due to the complexity and high technical requirements of its products [21]

Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, with a significant reliance on a single client, CNOOC, posing potential risks to its business performance [1][2]. Financial Performance - The company's net profit after deducting non-recurring gains and losses for 2022 to 2024 is projected to be 45.52 million yuan, 46.82 million yuan, and 50.41 million yuan, respectively, indicating a compound annual growth rate of over 5% [1]. - Revenue from the company's main product, subsea risers, accounted for 85.79%, 89.77%, 99.63%, and 87.15% of total revenue during the reporting period [2]. Client Concentration - CNOOC is the largest client, contributing 79.39%, 93.44%, 93.48%, and 75.39% of the company's revenue from 2022 to the first half of 2025 [1]. - The company acknowledges that its performance is highly dependent on the execution of contracts with CNOOC, and any changes in CNOOC's exploration and development plans could significantly impact its revenue [1]. Product Structure and Capacity - The company has a single product structure, with subsea risers being the primary revenue source, which poses risks if it cannot innovate or diversify its product line [2]. - The capacity utilization rate fluctuated significantly, with 101.04% in 2022, dropping to 61.62% and 59.59% in the following two years, and then rising to 105.22% in the first half of 2025 [2]. Accounts Receivable - Accounts receivable surged from 38.46 million yuan at the end of 2023 to 165 million yuan at the end of 2024, marking a year-on-year increase of 328.96%, further rising to 241 million yuan in the first half of 2025 [3]. - A significant portion of accounts receivable is attributed to CNOOC and Sinopec, which accounted for 93.10%, 88.84%, 98.51%, and 98.83% of the total at the end of each reporting period [3]. Control Risks - The company faces risks related to changes in control, as its controlling shareholder has a high debt ratio of 88.21% and reported a net loss of 16.67 million yuan in the first half of 2025 [3]. - Although the high debt and poor operating conditions of the controlling shareholder have not adversely affected the company so far, any future financial difficulties could lead to changes in control [3].

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. is set to undergo an important IPO review on October 16, 2023, after a lengthy two-year wait, marking a significant step forward in its IPO process [1][2] Company Overview - Established in June 2009, Tian Su Measurement is a national, comprehensive independent third-party measurement testing service provider, focusing on calibration, testing, and certification services across various sectors including biomedicine, automotive, new energy, and rail transportation [2] - The company has served notable clients in the new energy battery sector and electric vehicle manufacturers, including Zhongxin Innovation, Giga Energy, and Xpeng Motors [2] IPO Process - The IPO application was accepted in June 2023, but the company has faced multiple interruptions and inquiries, setting a record for the number of interruptions in the ChiNext review process [2] - Despite the progress, the company’s IPO may need to be delayed due to being blacklisted by China Huadian Corporation as a "bad behavior supplier," which raises concerns about compliance and governance [2][4] Financial Performance - The company has shown revenue growth from CNY 597.20 million in 2022 to CNY 800.12 million in 2024, with a compound annual growth rate (CAGR) of 15.75% [5] - Net profit attributable to shareholders increased from CNY 84.39 million to CNY 111.06 million during the same period, although growth rates are slowing, with 2023 and 2024 revenue growth projected at 21.52% and 10.25%, respectively [5] Accounts Receivable Concerns - Accounts receivable have been increasing, with balances rising from CNY 142.94 million in 2022 to CNY 296.43 million in 2024, representing a growing percentage of revenue [5] - The accounts receivable turnover has decreased, indicating longer collection periods, with turnover rates dropping from 5.23 times to 3.95 times over the reporting period [5] R&D and Sales Expenses - The company has a low investment in R&D compared to peers, with R&D expenses accounting for only 4.13% of revenue in 2024, while sales expenses are significantly higher at 25.89% [6][8] - Compared to industry averages, Tian Su Measurement's sales expense ratio is substantially above the average of 11.35%, raising concerns about operational efficiency [8] Fundraising and Financial Health - The company plans to raise CNY 424 million for various projects, including enhancing measurement testing capabilities and establishing regional laboratories [10] - However, the necessity of raising funds for working capital is questioned, especially after a significant dividend payout of CNY 24.46 million in 2023, suggesting potential concerns about financial management [10]

Core Viewpoint - The upcoming IPO review period from October 13 to October 17 will see three companies seeking to raise a total of 3.3 billion yuan [1] Group 1: IPO Companies Overview - Three companies are scheduled for IPO review: Youxun Co., Angrui Micro, and Tianshu Measurement [1][2] - Youxun Co. plans to raise 809.065 million yuan, having reduced its initial target from 889.065 million yuan [3][4] - Angrui Micro aims to raise 2.0673014 billion yuan, focusing on RF and analog integrated circuit design [10][13] - Tianshu Measurement intends to raise 423.8991 million yuan, specializing in measurement and testing services [14][18] Group 2: Financial Performance - Youxun Co. reported a net profit of 77.8664 million yuan for the last year, with total assets of 844.9439 million yuan [6][8] - Angrui Micro, however, reported a net loss of 64.7092 million yuan, with total assets of 1.6275410 billion yuan [10][11] - Tianshu Measurement achieved a net profit of 111.0568 million yuan, with total assets of 729.1946 million yuan [14][16] Group 3: Fundraising Projects - Youxun Co.'s fundraising will support projects including next-generation access networks and high-speed data center chip development, with a total investment of 4.678065 billion yuan [4][9] - Angrui Micro's projects include 5G RF front-end chip development, with a total investment of 10.961225 billion yuan [10][13] - Tianshu Measurement's projects focus on enhancing measurement capabilities and establishing regional laboratories, with a total investment of 4.238991 billion yuan [14][18]