7月7日至7月13日当周，沪深北交易所有2家企业终止审核，均为北交所申报企业。 7月7日至7月13日当周，沪深北交易所有2家企业终止审核，均为北交所申报企业，分别为淮南万泰电子股份有限公司（下称"万泰股份"）和浙江晶阳机电股 份有限公司（下称"晶阳机电"），保荐机构分别为国元证券、国投证券。 4成利润来自政府补贴 万泰股份于2024年11月过会，此后一直未有动作，直到7月8日终止审核。 万泰股份成立于2009年8月12日，于2022年8月30日在新三板挂牌，2023 年6月14日调至创新层。该公司主要聚焦煤矿领域，专业从事以自主知识产权为核心 的智能防爆设备和智能矿山信息系统的开发、生产和销售，煤矿领域主要产品为智能防爆设备和智能矿山信息系统。 2021年至2023年，万泰股份营业收入分别为4.39亿元、5.46亿元、6.12亿元，净利润分别为4152.37万元、7962.61万元、8552.4万元。 值得注意的是，万泰股份的政府补助占比较高，2021年至2024年上半年，该公司计入当期损益的政府补助金额分别为1975.08万元、4755.44万元、2752.69万 元和910.19万元，占同期利润总额的比例 ...

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Zhejiang Jingyang Electromechanical Co., Ltd.'s application for public stock issuance and listing [1][2]. Group 1: Company Overview - Zhejiang Jingyang Electromechanical Co., Ltd. specializes in the research, development, manufacturing, and sales of crystal growth equipment for the photovoltaic and semiconductor industries [2]. - The company's products are primarily used by manufacturers of photovoltaic silicon materials, silicon wafers, and semiconductor materials [2]. Group 2: Application and Funding Details - Jingyang Electromechanical originally planned to publicly issue up to 17.05 million shares (excluding the over-allotment option) or up to 19.6075 million shares (if the over-allotment option was fully exercised) [3]. - The company aimed to raise approximately 165.6897 million yuan, which was intended for the construction of 300 new photovoltaic monocrystalline silicon growth furnaces, the establishment of a research and development center, and to supplement working capital [3][4]. - The investment breakdown includes 128.0806 million yuan for the growth furnace project, 27.6091 million yuan for the R&D center, and 10 million yuan for working capital [4].

Core Viewpoint - The company maintains a positive outlook on the photovoltaic industry despite facing challenges such as extended accounts receivable collection periods and increased impairment provisions due to market conditions [2]. Group 1: Company Overview - Liancheng CNC operates in the high-end equipment manufacturing sector for photovoltaic and semiconductor industries, providing integrated services that include crystal material growth and processing equipment, core process and technical support, and complete line solutions [1]. - The company is focused on meeting market demands for large-size silicon wafers and N-type battery technology while promoting the localization of semiconductor equipment to enhance the domestic industry's self-sufficiency [1]. Group 2: Market Position and Strategy - The company has a limited number of direct customers in the U.S., and the current U.S. tariff policies have minimal impact on its overall business [1]. - Liancheng CNC is actively expanding its overseas presence, having established a wholly-owned subsidiary in the U.S. for research and sales, as well as production and sales service centers in Southeast Asia [3]. Group 3: Financial Performance and Challenges - In 2024, the company faced negative impacts from supply-demand imbalances in the photovoltaic industry, price declines in the supply chain, and intensified market competition, leading to an increase in impairment provisions and a contraction in annual operating performance [2]. - The company is implementing measures such as organizational optimization, accelerated overseas expansion, and technological upgrades to address these challenges [2]. Group 4: Product Development and Future Outlook - The company is committed to continuous product and technology development, aiming to seize new opportunities following the industry's adjustment phase [2]. - Recent government support for equipment upgrades in the photovoltaic sector will enable the company to promote advanced products and provide services for the renovation of outdated production lines [2].

Group 1: Financial Performance - In 2024, TCL achieved a revenue of 164.8 billion yuan, with a net profit of 1.56 billion yuan, and a net operating cash flow of 29.5 billion yuan, representing a year-on-year growth of 16.6% [1] - In Q1 2025, TCL reported a revenue of 40.1 billion yuan, a 0.4% increase year-on-year, and a net profit of 1.01 billion yuan, showing a significant growth of 322% [4] - The operating cash flow for Q1 2025 reached 12.1 billion yuan, up 83% year-on-year [4] Group 2: Semiconductor Display Business - In 2024, the semiconductor display segment generated 104.3 billion yuan in revenue, a 25% increase, with a net profit of 6.23 billion yuan, improving by 62.4% [2] - In Q1 2025, the semiconductor display business achieved 27.5 billion yuan in revenue, an 18% increase, and a net profit of 2.33 billion yuan, reflecting a 329% growth [4] - The average size of televisions increased by approximately 1.5 inches in Q1 2025, driving demand for larger panels [4][6] Group 3: New Energy and Semiconductor Materials - In 2024, the global photovoltaic installation maintained growth, but prices continued to decline, leading to losses across the industry [2] - TCL Zhonghuan reported a revenue of 28.4 billion yuan, a 52% decrease, with a net profit of -9.82 billion yuan [3] - In Q1 2025, TCL Zhonghuan's revenue was 6.1 billion yuan, with a net profit of -1.906 billion yuan, showing a 49% improvement compared to the previous quarter [4] Group 4: Market Trends and Outlook - The display industry is expected to see a stable supply-demand relationship, with the global LCD production capacity in mainland China projected to reach 88% by 2025 [6] - The demand for large-size panels is driven by both terminal sales and average size increases, with significant growth potential in the global market [6] - The "trade-in" policy is expected to boost demand across various product categories, including televisions, enhancing the trend towards larger screens [8] Group 5: OLED Business Development - TCL is focusing on high-end and differentiated strategies in the OLED market, with significant improvements in market share for flexible OLED panels [10] - The T4 production line is expected to maintain high operational efficiency, contributing to the overall improvement of the OLED business [10] Group 6: Depreciation Trends - Most of the 8th generation production lines have completed depreciation, but a slight increase in depreciation is expected in 2025 due to new capacity coming online [11] - The depreciation-to-revenue ratio is anticipated to decrease as new high-value production lines drive rapid revenue growth [11]