在此影响下，公司经营性活动现金流持续流出，截至2025年上半年账上现金及现金等价物仅为1.64亿 元，而同期销售费用就高达8221万元，远超研发支出的4089万元，资金相对紧张。 而回溯历史数据，2023年、2024年越疆的销售费用分别为1.27亿元、1.38亿元，而研发费用仅为7053万 元、7179万元，仅为销售费用的一半。 2025年12月29日晚，深圳市越疆科技股份有限公司（简称"越疆"）正式发布公告，宣布决定启动首次公 开发行人民币普通股（A股）并在深圳证券交易所上市的计划。这一动作标志着这家港股"协作机器人 第一股"正式开启"H+A"双资本平台战略，引发市场关注。 越疆科技在公告中明确，回A上市旨在"推动业务发展、增强整体竞争力，并确保达成运营目标及长远 发展策略"。 作为全球协作机器人行业的领军企业，越疆2023年以13.0%的市场份额位居全球第二、中国第一，累计 出货量超7.2万台，服务富士康、丰田汽车、宁德时代等80余家世界500强企业。 然而，越疆港股上市后的业绩表现并不突出，截至2025年上半年仍处于亏损状态。2024年，公司增收不 增利，营收3.74亿元，同比增长30.3%，但归母净利 ...

出品：新浪上市公司研究院 7月30日晚，东杰智能发布公告，公司于2025年7月30日收到控股股东淄博匠图恒松控股有限公司（简 称"淄博匠图"）的告知函，淄博匠图控股股东淄博展恒鸿松股权投资基金合伙企业（有限合伙）的有限 合伙人淄博市财金控股集团有限公司拟将其持有的淄博展恒99%的基金份额进行转让，该事项可能导致 公司实际控制人发生变动。 8月26日，东杰智能再次公告，淄博财金与海南鹤平签署了《基金份额转让协议》，淄博财金拟将其持 有的淄博展恒99%的基金份额转让给海南鹤平，交易价格为16.2亿人民币，海南鹤平同意受让。本次交 易完成后，淄博匠图持有的公司股份数量不变，公司控股股东仍为淄博匠图。公司实际控制人由淄博市 财政局变更为自然人韩永光。同时，韩永光当选为东杰智能董事长。 至此，我们疑惑的是，为何韩永光采取先控股后注入，且不控股标的资产。 规避借壳上市？先控股后注入 此次借壳标的属于公司实控人韩永光持股标的。公司实际控制人、董事长韩永光先生仅间接持有遨博智 能7.1681%的股份。此次交易构成关联交易。 需要指出的是，此次实控人韩永光资本运作采取了先控股后资产注入的策略。 文/夏虫工作室 核心观点：遨博智 ...

南方财经见习记者郭莎 广州报道 "老板"正在成为广东的特产。截至9月3日，广东省登记在册经营主体突破2000.19万户，较2024年末增 长5%，经营主体总量稳居全国第一。 按照1.28亿常住人口计算，平均每6个人里，就有一个"老板"。深圳、广州更是包揽了全国城市"老 板"数量的冠亚军。 这一数字，是2017年突破1000万户后的第二次跨越。进一步对总量进行拆解可以观察到，民企、个体工 商户、外企等经营主体构成多元，新设企业聚焦于新兴产业赛道，含金量同样很高，76家企业入围2025 《财富》中国500强排行榜。 数字背后更为深刻的命题是，广东为何吸引到这么多的市场主体？答案或许在于，广东擅长扮演"时间 的朋友"，陪伴企业"相识于微末，相逢于顶峰"。 多元共生的商业雨林 广东的经营主体图谱，首先以其多元与包容著称。做高精尖科研项目可以创业，"拧螺丝""卖肠粉"也能 成为老板。 庞大的民营经济是这片雨林的主体。截至8月末，全省民营经济组织占比高达96.45%，同比增长 6.47%。其中，超过834万户私营企业构筑起产业的中坚力量。除了大企业之外，超过千万户的"小老 板"——个体工商户广泛分布在广东的各行各业，成为 ...

2025年12月19日，节卡机器人股份有限公司（以下简称"节卡股份"）科创板IPO审核状态变更为"终 止"。这家曾被视为"协作机器人三杰"之一的企业，在苦等两年多后，最终还是主动撤回申请材料，为 这场资本征程画上了句号。 节卡股份的IPO之旅始于2023年5月9日，其科创板IPO申请获上交所受理。此后，公司历经两轮问询， 期间因财务数据过期触发多次"中止审核"，研发独立性、核心零部件外采依赖、募投项目产能消化等问 题屡遭监管质疑。 最终，公司选择在12月19日与保荐人国泰海通证券共同撤回申请。 财务数据显示，节卡股份业绩波动剧烈。2022年至2024年，公司营收分别为2.81亿元、3.50亿元、4.00 亿元，营收稳定增长，但期间净利润却从574万元骤降至-2855万元，2024年勉强扭亏至623万元。2025 年上半年，公司营收1.74亿元，同比增长4.29%，但归母净利润亏损-1996.56万元，再次转亏。 公司解释称，上半年的亏损主要来自一季度，由于一季度为销售淡季，导致当季亏损超2000万元，二季 度公司已实现盈亏平衡。 节卡股份的业绩压力，折射出协作机器人行业的结构性困境。一方面，根据高工咨询的《协 ...

Core Insights - Shenzhen has successfully listed 121 companies within ten years of their establishment, outperforming the national average, highlighting the region's favorable business environment [1][9] - The article emphasizes Shenzhen's innovative policies and supportive ecosystem that facilitate startups in overcoming challenges and achieving growth [1][9] Group 1: Young Listed Companies - Shenzhen has produced a significant number of "young listed companies," with 121 firms achieving IPO status in under ten years, including notable names like BYD and Dazong Laser [1][3][10] - The majority of these companies are leaders in niche markets, with many being the first in their respective industries, such as the "first stock" in various sectors [3][11] Group 2: Innovation and Resource Transformation - The success of these young companies is attributed to Shenzhen's "20+8" industrial cluster, which focuses on strategic emerging industries and future industries [3][12] - Shenzhen has cultivated a large group of innovative enterprises, resulting in a robust pipeline of resources for public listings, with 347 new specialized "little giant" companies added this year [3][12] Group 3: Government Support and Policies - The Shenzhen government has implemented various supportive policies to encourage company listings, creating a nurturing environment for startups and growth-stage companies [5][13] - The city has established a comprehensive system to support businesses at different stages, from incubation to public listing, with a focus on private enterprises [5][13] Group 4: Financial Ecosystem - Shenzhen's financial ecosystem is characterized by a multi-layered and specialized capital structure, with over 1.5 trillion yuan in private equity and venture capital funds [7][15] - The city hosts regular events like "Shenzhen Venture Capital Day" to connect innovative companies with global capital, facilitating significant funding agreements [7][15] Group 5: Capital and Investment Strategies - The local government has established investment funds that have mobilized nearly 500 billion yuan, contributing to the listing of around 600 companies [8][16] - Shenzhen aims to create a "double ten thousand" framework by 2026, targeting a substantial increase in the number of investment funds and promoting early-stage investments in technology [8][16]

Core Viewpoint - The change of actual controller from state-owned to individual ownership marks a new chapter for Dongjie Intelligent, with expectations of revitalization and entry into the embodied intelligence sector under the leadership of Han Yongguang [1][2][3]. Company Overview - Dongjie Intelligent Technology Group Co., Ltd. is a leading smart manufacturing service provider in China, focusing on intelligent logistics equipment and integrating technologies such as 5G, big data, and AI to offer comprehensive solutions for global manufacturing enterprises [3][6]. Change of Control - The actual controller of Dongjie Intelligent has shifted from the Zibo Municipal Finance Bureau to Han Yongguang, a natural person with extensive experience in the robotics field [1][3]. - The transfer of control was facilitated by the sale of 99% of the fund shares of Zibo Zhanzheng Hongsong Equity Investment Fund Partnership to Hainan Heping Investment Co., Ltd. for 1.62 billion yuan [3][4]. Market Reaction - Following the announcement of the change in actual controller, Dongjie Intelligent's stock price surged from 12.43 yuan per share on July 31 to 23.18 yuan on August 27, reflecting an increase of approximately 86.5% and a market capitalization rise from about 5.666 billion yuan to 10.567 billion yuan [2][4]. Financial Performance - Dongjie Intelligent has faced declining performance over the past three years, with revenues of 1.143 billion yuan, 872 million yuan, and 807 million yuan from 2022 to 2024, and net profits of 39.71 million yuan, -243 million yuan, and -257 million yuan respectively [4][8]. - However, the company reported a turnaround in the first half of 2025, achieving a revenue of 539 million yuan, a year-on-year increase of 24.9%, and a net profit of 5.9454 million yuan, up 113.96% [4][5]. Strategic Direction - The new actual controller, Han Yongguang, is expected to leverage his connections in the robotics industry to enhance Dongjie Intelligent's capabilities, particularly in the field of collaborative robots, which can complement the company's existing logistics solutions [6][7]. - The company aims to develop embodied intelligence solutions for smart warehousing and logistics, thereby expanding its business footprint in high-end smart manufacturing [6][8]. Challenges and Opportunities - Dongjie Intelligent has faced significant challenges, including intense competition from peers and reliance on capital expenditures from downstream industries like new energy vehicles, steel, and chemicals, which can lead to performance volatility [8]. - The transition to private ownership is seen as a strategic move to improve operational flexibility and resource allocation, potentially leading to better performance outcomes in the future [5][8].

Core Viewpoint - The actual controller of Dongjie Intelligent has changed from the Zibo Municipal Finance Bureau to individual Han Yongguang, who is a director at Aobo (Beijing) Intelligent Technology Co., Ltd. The company's stock will resume trading on August 27 [1][4]. Group 1: Company Ownership Changes - Dongjie Intelligent announced that its controlling shareholder, Zibo Jiangtu Hengsong Holdings Co., Ltd., transferred 99% of the fund shares held by its limited partner, Zibo Zhanzheng Hongsong Equity Investment Fund Partnership (Limited Partnership), to Hainan Heping Investment Co., Ltd. for a transaction price of 1.62 billion yuan [1][4]. - Following the transaction, the number of shares held by Zibo Jiangtu in Dongjie Intelligent remains unchanged, but the actual controller shifts to Han Yongguang [1][4]. Group 2: New Leadership - Han Yongguang, born in 1973 and holding a master's degree, has been appointed as the chairman of the board of Dongjie Intelligent. He is also a director at Aobo Intelligent and has held various leadership roles in other companies [4][5]. - The previous chairman, Xing Chengliang, submitted a resignation report due to work adjustments but will continue to serve as a director and committee member [5]. Group 3: Market Performance - Dongjie Intelligent has been a strong performer in the A-share market since the third quarter, with its stock price rising significantly from around 8 yuan per share in early July to a closing price of 23.03 yuan per share on August 19, just before the trading suspension [6].

Core Viewpoint - Dongjie Intelligent has undergone a significant change in its actual controller, shifting from the Zibo Municipal Finance Bureau to individual Han Yongguang, who is also a director at Aobo (Beijing) Intelligent Technology Co., Ltd. The company's stock will resume trading on August 27 [1]. Group 1: Ownership and Control Changes - The controlling shareholder of Dongjie Intelligent, Zibo Jiangtu Hengsong Holdings Co., Ltd., transferred 99% of its fund shares in Zibo Zhanzheng Hongsong Equity Investment Fund Partnership to Hainan Heping Investment Co., Ltd. for a transaction price of 1.62 billion yuan [1]. - Following the transaction, the number of shares held by Zibo Jiangtu in Dongjie Intelligent remains unchanged, but the actual controller has shifted to Han Yongguang [1]. Group 2: New Leadership and Strategic Direction - Han Yongguang, born in 1973 and holding a graduate degree, has a notable background, serving as a director in multiple companies, including Aobo Intelligent and Yijia Oil Intelligent Robotics Co., Ltd. He has received several accolades for his contributions to innovation and economic development in Zibo [5]. - The new actual controller aims to leverage technological and industrial resource advantages to enhance the company's existing operations and develop intelligent solutions for the smart warehousing and logistics industry, thereby creating new profit growth points and expanding into high-end intelligent manufacturing [5]. Group 3: Market Performance - Dongjie Intelligent has been performing well in the A-share market, with its stock price rising significantly from around 8 yuan per share in early July to 23.03 yuan per share before the trading halt on August 19 [6]. - The company has shown strong financial performance, with total revenue of 539 million yuan, a year-on-year increase of 24.90%, and a net profit attributable to shareholders of 5.95 million yuan, reflecting a year-on-year growth of 113.96% [6].

Core Viewpoint - Shenzhen is portrayed as a vibrant hub for young entrepreneurs, fostering innovation and providing a supportive ecosystem for startups to thrive [1][3]. Group 1: Shenzhen's Entrepreneurial Environment - Shenzhen has a young demographic, with an average age of 32.5 years, making it the youngest first-tier city in China [1]. - The city has seen a significant number of young business leaders, with 10 out of 40 individuals on the "Fortune" list of business elites under 40 coming from Shenzhen, highlighting the strength of its young entrepreneurs [1]. - In 2024, Shenzhen established 561,600 new business entities, bringing the total to over 4.4 million, leading the nation in both total and density of startups, with 244 businesses per 1,000 people [3]. Group 2: Success Stories of Young Entrepreneurs - Liu Jingkang, a representative of young entrepreneurs, moved to Shenzhen in 2015 and led his company, Yingshi Innovation, to become the global market leader in panoramic cameras by 2018, surpassing major international competitors [2]. - Liu Peichao, founder of Yujian Technology, also relocated to Shenzhen in 2015, where his company became the leading domestic supplier of collaborative robots, with over 100,000 units shipped globally [2]. - Both entrepreneurs' stories exemplify the efficiency of Shenzhen's supply chain and the supportive environment for innovation, showcasing the city's role as a breeding ground for successful startups [2][3].

Core Insights - Shenzhen has cultivated a large number of high-quality listed companies over the past 45 years, which are seen as the "power source" and "ballast" of the national economy [1] - The story of YingShi Innovation, which became the global leader in panoramic cameras, exemplifies the rapid growth and innovation characteristic of Shenzhen companies [2] - Shenzhen's listed companies have shown resilience and vitality, with a significant increase in the number of A-share listed companies [2] Group 1: Company Growth and Market Position - YingShi Innovation achieved a global market share of over 50% in the panoramic camera sector, with more than 70% of its revenue coming from overseas markets [2] - Bawei Storage has seen its revenue and net profit grow approximately threefold and fivefold, respectively, from 2020 to 2024 [3] - Shenzhen's listed companies are projected to have a combined overseas business revenue of 11.4 trillion yuan in 2024, reflecting a year-on-year growth of 15.9% [3] Group 2: Industry Leadership and Innovation - Shenzhen is recognized as the "first city of new energy vehicles" in China, with BYD achieving a milestone of producing its 13 millionth vehicle [5] - The city is also leading in the low-altitude economy, with over 2,300 companies in this sector and significant advancements in eVTOL technology [6] - In the field of embodied intelligence, Shenzhen has the largest number of robot companies in the country, with 74,032 enterprises in the robotics industry [6] Group 3: Financial Sector and Capital Support - The financial sector in Shenzhen is growing, with a projected value added of 471.05 billion yuan in 2024, accounting for approximately 12.8% of GDP [7] - Shenzhen's capital market has supported 11 companies in going public in 2024, raising 9.392 billion yuan, leading the nation in both the number of IPOs and fundraising [8] - The concept of "patient capital" has been emphasized in Shenzhen's government reports, highlighting the importance of long-term investment in supporting emerging industries [9] Group 4: Economic Performance - Shenzhen's GDP is projected to reach 3.68 trillion yuan in 2024, with a year-on-year growth of 5.8% [10] - The city achieved a GDP of 1.83 trillion yuan in the first half of 2025, reflecting a growth of 5.1% [10]