Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology) has had its IPO review postponed by the Shenzhen Stock Exchange, marking the first such case in 2023. The review committee has requested further clarification on various operational and financial aspects of the company [1][2]. Group 1: Company Overview - Huikang Technology, established in 2001, specializes in the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, and wine cabinets, primarily serving both residential and commercial markets. The company is recognized as a national high-tech enterprise [2][3]. - The company was previously listed on the Ningbo Equity Exchange in September 2018 but terminated its listing in March 2023 [2]. Group 2: Financial Performance - Financial projections indicate that Huikang Technology expects revenues of approximately CNY 19.3 billion, CNY 24.93 billion, CNY 32.03 billion, and CNY 13.89 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. The net profits are projected to be CNY 1.97 billion, CNY 3.38 billion, CNY 4.42 billion, and CNY 1.94 billion for the same periods [3]. - The company's gross profit margins for the same years are forecasted to be 21.15%, 24.55%, 22.54%, and 23.55% [3]. Group 3: Future Projections - For 2025, Huikang Technology anticipates a decline in both revenue and net profit, projecting revenues of CNY 27.74 billion, a decrease of 13.4% from 2024, and a net profit of CNY 4.13 billion, down 8.4% from 2024 [4]. - The average selling price of ice machines is expected to decrease from CNY 435.22 per unit in 2022 to CNY 365.76 per unit in the first half of 2025, indicating a downward trend [5]. Group 4: Supplier Relationships - The company’s largest supplier, Cixi Ruiyi Electronics Co., Ltd., accounted for CNY 173 million in purchases in 2025, representing 17.05% of total procurement [7]. - Both Ruiyi Electronics and Cixi Jiecheng Electronics Co., Ltd. were established shortly before starting their partnerships with Huikang Technology, raising questions about the legitimacy of these relationships. Huikang Technology has provided explanations regarding the historical supply relationships with these companies [7][8].

■核心提示 "我们的超轻黏土现在畅销全球100多个国家和地区，走进了全球超2000所中小学的课堂，被5000多名海 外手工博主热捧，复购率高达85%。"1月20日，漯河召陵区罗弗有限公司（以下简称"罗弗公司"）的展 厅内，设计部负责人谢桃山告诉记者。 打开产品电商平台评价区，"安全""品质好""品牌过硬"这几个词出现的频率最高。"公司生产的超轻黏 土通过了国标、欧盟CE、美国ASTM等严苛安全认证，重金属含量远低于国际标准，参与了行业标准 制定……"谢桃山说起这些如数家珍。 这份全球市场的信任并非一蹴而就。20年前，从橡皮和固体胶起家的罗弗公司还藏在国际大牌文具的背 后，默默扮演着供应商的角色。"做得再好还是'为他人作嫁衣'。"谈起转型历程，罗弗公司董事长闫景 辉感触颇深，在他看来，想在激烈的国际市场竞争中拼出一片天地，必须有拿得出手的品牌。 一次偶然的机会，闫景辉捕捉到了DIY创意消费这片蓝海。"当时世界范围内还没人做这个产品，我们 感觉到市场潜力很大，决定闯一闯、试一试。"闫景辉说。 起初，罗弗公司用于生产黏土的关键原料发泡粉完全依赖进口，生产成本很高，供应链也受制于人。尽 管产品品质不错，但成本下不来， ...

据了解，惠康科技是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品 包括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。公司IPO于2025年6月12日获得受 理，当年6月26日进入问询阶段。本次冲击上市，公司拟募集资金约17.97亿元。 在上市委会议现场，上市委要求惠康科技结合制冰机行业竞争格局、期后汇率波动情况、在手订单、销 售价格及定价能力，以及泰国制冷设备智能制造生产基地项目情况等，说明影响公司2025年经营业绩波 动的不利因素是否已消除，公司期后业绩是否具有可持续性。 另外，上市委要求惠康科技结合主要供应商股权历史沿革、合作历史、采购定价方式、结算方式、付款 周期、价格公允性等，说明主要供应商与公司及其关联方是否存在关联关系，相关信息披露是否真实、 准确、完整。 文/资本秘闻 登录新浪财经APP 搜索【信披】查看更多考评等级 登录新浪财经APP 搜索【信披】查看更多考评等级 据了解，惠康科技是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品 包括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。公司IPO于2025年6月12日获得受 理，当年 ...

Core Viewpoint - The IPO of Ningbo Huikang Industrial Technology Co., Ltd. has been temporarily suspended by the Shenzhen Stock Exchange, marking the first such case in 2023 [1][2]. Company Overview - Ningbo Huikang is a national high-tech enterprise focused on the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, cold cabinets, and wine cabinets, serving both residential and commercial markets [1][2]. IPO Details - The company’s IPO was accepted on June 12, 2025, and entered the inquiry stage on June 26 of the same year, with plans to raise approximately 1.797 billion yuan [1][2]. Regulatory Requirements - The listing committee has requested Huikang to address several factors affecting its 2025 operating performance, including the competitive landscape of the ice machine industry, future exchange rate fluctuations, existing orders, sales prices, pricing power, and the status of its smart manufacturing base project in Thailand [1][2]. - Additionally, the committee has asked for clarification on the historical ownership, cooperation history, pricing methods, settlement methods, payment cycles, and price fairness regarding major suppliers, ensuring that disclosures about relationships with related parties are accurate and complete [1][2].

深圳商报·读创客户端记者 宁可坚 招股书显示，惠康科技深耕制冷领域，是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品包括制冰机、冰箱、冷柜、酒柜 等，主要应用于民用及商用领域。 在上市委会议现场，上市委要求惠康科技结合制冰机行业竞争格局、期后汇率波动情况、在手订单、销售价格及定价能力，以及泰国制冷设备智能制造生产 基地项目情况等，说明影响公司2025年经营业绩波动的不利因素是否已消除，公司期后业绩是否具有可持续性。 1月22日晚间，据深交所官网，宁波惠康工业科技股份有限公司（简称"惠康科技"）主板IPO当日上会遭到暂缓审议。这也是深交所年内首家遭暂缓审议的 IPO项目。 产品售价一降再降 目前，惠康科技制冰机产品价格或面临进一步下行的压力。 另外，上市委要求惠康科技结合主要供应商股权历史沿革、合作历史、采购定价方式、结算方式、付款周期、价格公允性等，说明主要供应商与公司及其关 联方是否存在关联关系，相关信息披露是否真实、准确、完整。 报告期高增vs期后下滑 财务数据显示，报告期内，惠康科技营业收入分别为19.30亿元、24.93亿元、32.04亿元、13.89亿元，扣非前后孰低净利润 ...

在上市委会议现场，上市委要求惠康科技结合制冰机行业竞争格局、期后汇率波动情况、在手订单、销 售价格及定价能力，以及泰国制冷设备智能制造生产基地项目情况等，说明影响公司2025年经营业绩波 动的不利因素是否已消除，公司期后业绩是否具有可持续性。 另外，上市委要求惠康科技结合主要供应商股权历史沿革、合作历史、采购定价方式、结算方式、付款 周期、价格公允性等，说明主要供应商与公司及其关联方是否存在关联关系，相关信息披露是否真实、 准确、完整。 北京商报讯（记者 马换换 李佳雪）1月22日晚间，深交所官网显示，宁波惠康工业科技股份有限公司 （以下简称"惠康科技"）主板IPO当日上会遭到暂缓审议。值得一提的是，这也是深交所年内首家遭暂 缓审议的IPO项目。 据了解，惠康科技是一家以制冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品 包括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。公司IPO于2025年6月12日获得受 理，当年6月26日进入问询阶段。本次冲击上市，公司拟募集资金约17.97亿元。 ...

Core Viewpoint - The article discusses the recent IPO approvals and delays for two companies, Mifutech (Zhejiang) Co., Ltd. and Ningbo Huikang Industrial Technology Co., Ltd., highlighting their financial performance and business focus [1]. Group 1: Ningbo Huikang Industrial Technology Co., Ltd. - The company specializes in the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, and cold cabinets, primarily serving both residential and commercial markets [4]. - The company reported revenues of 193,006.09 million yuan, 249,334.71 million yuan, 320,377.71 million yuan, and 138,907.72 million yuan over the past four years, with net profits of 22,474.46 million yuan, 34,538.67 million yuan, 44,228.70 million yuan, and 19,351.48 million yuan respectively [5]. - The company has a total of 15 wholly-owned subsidiaries and employs 2,568 people as of June 2025 [4]. Group 2: Mifutech (Zhejiang) Co., Ltd. - The company focuses on the research, production, and sales of key components for automotive fluid pipeline systems and other plastic parts, with products applicable to both new energy and traditional fuel vehicles [8]. - Mifutech reported revenues of 13,812.29 million yuan, 20,171.56 million yuan, 27,290.72 million yuan, and 15,245.77 million yuan over the past four years, with net profits of 3,742.1 million yuan, 5,817.23 million yuan, 7,636.76 million yuan, and 4,099.36 million yuan respectively [10]. - The company has three controlling subsidiaries and employs 286 people as of June 2025 [8]. Group 3: Financial Metrics and Standards - Ningbo Huikang has chosen to meet the listing standards that require positive net profits over the last three years, with a cumulative net profit of no less than 200 million yuan and a minimum of 100 million yuan in the most recent year [7]. - Mifutech has opted for listing standards that require a market value of no less than 200 million yuan, with net profits of at least 15 million yuan in the last two years or 25 million yuan in the most recent year [12]. - Both companies have faced inquiries regarding the sustainability of their earnings and the accuracy of their revenue recognition processes [13].

Core Viewpoint - Ice Wheel Environmental Technology Co., Ltd. is actively engaging in various sectors, focusing on advanced energy and power solutions, with significant developments in data center liquid cooling systems, nuclear power technologies, HRSG products, and thermal management solutions. Group 1: Business Overview - The company provides comprehensive temperature and energy management solutions across a wide temperature range from -271°C to 200°C, with products including various types of compressors, absorption chillers, industrial heat pumps, and heat exchange equipment [2] - Its products serve multiple industries such as food cold chain, industrial refrigeration, commercial air conditioning, energy and chemical sectors, aerospace research, rail transportation, data centers, nuclear power plants, and metallurgy [2] Group 2: Data Center Liquid Cooling Systems - The company has deepened its layout in data center liquid cooling systems, with its subsidiary Dunhan Bush providing cooling equipment for major domestic and international projects [3] - Dunhan Bush has a 131-year history and is recognized in the HVAC sector, with products included in the Ministry of Industry and Information Technology's list of advanced applicable technologies for green data centers [3] Group 3: Nuclear Power Sector - The company is focusing on nuclear power technologies, having developed innovative solutions for nuclear island cooling and heat recovery, and has recently won a bid for a floating small modular reactor cooling project [4] - Dunhan Bush is a leading service provider in the nuclear island refrigeration market, with over 20 years of experience and has served multiple nuclear power stations in China [4] Group 4: HRSG Products - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. is experiencing strong demand for HRSG products, with expected revenue of over 1 billion yuan in 2025 [5] - The HRSG business has established strong competitiveness through collaborations with major companies like GE, Siemens, and Mitsubishi [5] Group 5: Thermal Management Solutions - The thermal management sector is a key focus for the company, benefiting from policies promoting urban renewal and carbon neutrality, with technologies aimed at reducing energy consumption and carbon emissions [6][7] - The company has developed various technologies, including absorption heat exchangers and flue gas waste heat recovery systems, which have received national recognition and awards [7] Group 6: AIDC Cooling Solutions - The company is addressing cooling needs in AIDC (Artificial Intelligence Data Centers) with lithium bromide absorption chillers that utilize waste heat from gas turbines, enhancing energy efficiency [8]

2026年1月22日，宁波惠康工业科技股份有限公司（下称"惠康科技"）深交所主板IPO上会审查。《招股说明书》显示，公司深耕制冷领域，是一家以制冷设 备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品包括制冰机、冰箱、冷柜、酒柜等，主要应用于民用及商用领域。 2022年、2023年、2024年及2025年上半年，惠康科技分别实现营业收入19.3亿元、24.93亿元、32.03亿元，13.89亿元；扣非净利润分别为2.24亿元、3.45亿 元、4.42亿元、1.93亿元。 惠康科技成立于2001年，曾于2018年9月在宁波股权交易中心挂牌，并于2023年3月终止挂牌。截至目前，陈越鹏通过惠康集团有限公司（下称"惠康集 团"）、长兴羽鹏企业服务合伙企业（下称"长兴羽鹏"）两家公司，合计持有38.23%股份，为实际控制人。成功发行后，陈越鹏所持股份将会稀释至 28.68%。 图源招股说明书 南都记者注意到，深交所在第一轮问询中，曾对惠康科技实控人的认定提出疑问。从上图可以看到，惠康集团70%股份掌握在陈越明手中，30%由陈启惠持 有，而陈启惠系陈越鹏父亲。 实际上，惠康集团原大股东一直为陈启惠，持股比例一 ...

Group 1 - The core point of the article is that four companies are set to present their IPO applications at the upcoming listing committee meetings of the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange [1] Group 2 - Huikang Technology plans to list on the Shenzhen Main Board and aims to raise 1.797 billion yuan for projects including the construction of an intelligent manufacturing production base for refrigeration equipment and a research center [2][3] - Three companies, Hengdao Technology, Toptech, and Mifutech, are planning IPOs on the Beijing Stock Exchange, with proposed fundraising amounts of 403 million yuan, 314 million yuan, and 159 million yuan respectively [2][5] - Mifutech specializes in the R&D, production, and sales of key components for automotive fluid pipeline systems and other plastic parts, while Toptech focuses on intelligent controllers and products applicable in various sectors including consumer electronics and industrial automation [4][5]