一、请说明你公司前身方格精密的设立情况及设立以来股本和股东变化情况。 二、请结合你公司实际控制人偿债能力等情况，补充说明本次发行完成前后，你公司控股股东和实际控 制人股权质押情况是否可能导致你公司控制权发生变化，是否导致你公司存在《境内企业境外发行证券 和上市管理试行办法》第八条规定的禁止性情形。 三、请说明你公司下属公司南通众格增值电信业务的开展和持证情况，以及本次发行上市前后是否持续 符合《外商投资准入特别管理措施(负面清单)(2024年版)》要求。 （原标题：新股消息 | 美格智能(002881.SZ)拟港股上市 中国证监会要求补充前身方格精密的设立情况 等事项） 智通财经APP获悉，8月15日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月8日—2025 年8月14日)》。其中，证监会要求美格智能(002881.SZ)补充说明前身方格精密的设立情况等事项。据 悉，美格智能已于2025年6月18日向港交所主板提交上市申请，中金公司为独家保荐人。 证监会请美格智能补充说明以下事项，请律师核查并出具明确的法律意见： 资料显示，美格智能成立于2007年，于2017年6月22日在深交所上市，公司主 ...

8月15日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月8日—2025年8月14日)》。其 中，证监会要求美格智能（002881）(002881.SZ)补充说明实际控制人偿债能力等事项。据悉，美格智 能已于2025年6月18日向港交所主板提交上市申请，中金公司（601995）为独家保荐人。 二、请结合你公司实际控制人偿债能力等情况，补充说明本次发行完成前后，你公司控股股东和实际控 制人股权质押情况是否可能导致你公司控制权发生变化，是否导致你公司存在《境内企业境外发行证券 和上市管理试行办法》第八条规定的禁止性情形。 三、请说明你公司下属公司南通众格增值电信业务的开展和持证情况，以及本次发行上市前后是否持续 符合《外商投资准入特别管理措施(负面清单)(2024年版)》要求。 资料显示，美格智能成立于2007年，于2017年6月22日在深交所上市，公司主营无线通信模组和物联网 解决方案业务，主要产品包括无线通信模组(涵盖智能模组、高算力模组、数传模组等)、物联网解决方 案产品及相关技术开发服务。根据弗若斯特沙利文的资料，于2024年按无线通信模块业务收入计，美格 智能在全球无线通信模块行业中排名第 ...

Core Viewpoint - Meig Smart is a leading global provider of wireless communication modules and solutions, recently submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company ranks fourth in the global wireless communication module industry with a market share of 6.4% and holds the top position in high-performance intelligent modules with a market share of 29% [1][2]. Group 1: Company Performance - The company has shown strong performance over the past two years, with revenue growth rates of -6.9%, 36.98%, and 73.57% from 2023 to Q1 2025, while net profit growth rates were -49.5%, 110.6%, and 616% respectively [1][2]. - The intelligent module business has seen a compound annual growth rate (CAGR) of 39% from 2022 to 2024, with its revenue share increasing by 21.4 percentage points to 62.9% [5][6]. Group 2: Market Trends - The global edge AI market is expected to reach a scale of 251.7 billion yuan in 2024, with a five-year CAGR of 29.3%, projected to grow to 1.22 trillion yuan by 2029, with a CAGR of 39.6% [1][2]. - The high-performance intelligent module market is projected to grow from 2.4 billion yuan in 2024 to 11.5 billion yuan by 2029, benefiting from the explosion of edge AI applications [3][4]. Group 3: Competitive Position - The global wireless communication module market is relatively concentrated, with the top five manufacturers holding 76.8% of the market share. Meig Smart ranks fourth with a 6.4% market share [3][4]. - The company leads in specific segments, holding a 35.1% market share in 5G vehicle-mounted modules and a 29% market share in high-performance intelligent modules [3][4]. Group 4: Financial Health - The company maintains a stable gross margin between 16% and 18% over the past three years, with the intelligent module business contributing over 70% of gross profit [8][9]. - As of March 2025, the company has a debt-to-asset ratio of 47.6% and cash reserves of 460 million yuan, although it has experienced negative cash flow in recent years [8][9]. Group 5: Investment Outlook - The company is well-positioned to capitalize on the AI development wave, with strong product offerings in 5G vehicle-mounted modules and high-performance intelligent modules expected to drive sustained revenue growth [9][10]. - The average dividend payout ratio from 2022 to 2024 is 26.4%, indicating a commitment to returning value to shareholders [9].

Core Viewpoint - Meige Intelligent Technology Co., Ltd. has officially submitted its application for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading provider of wireless communication modules and solutions, particularly in high-performance intelligent modules [2] Group 1: Market Position and Product Innovation - Meige Intelligent ranks fourth globally in the wireless communication module industry by revenue, holding a market share of 6.4% as of 2024 [2] - The company is recognized as the first globally to launch intelligent module products and to achieve large-scale deployment of 5G intelligent modules in new energy vehicles [2] - In the high-performance intelligent module segment, Meige Intelligent is the first to develop a 48TOPS high-performance intelligent module and has become a designated supplier for leading automotive manufacturers [3] Group 2: Revenue and Customer Segmentation - Revenue from direct sales customers for Meige Intelligent was approximately RMB 2,055.6 million, RMB 1,957.3 million, and RMB 2,785.1 million for the years 2022, 2023, and 2024, respectively, accounting for 89.1%, 91.1%, and 94.7% of total revenue during those periods [4] - Revenue from distribution sales was RMB 250.4 million, RMB 190.1 million, and RMB 156.3 million for the same years, representing 10.9%, 8.9%, and 5.3% of total revenue [4] Group 3: Research and Development Investment - Meige Intelligent's R&D expenses were RMB 185.9 million, RMB 213.9 million, and RMB 208.1 million for the years 2022, 2023, and 2024, constituting 8.1%, 10.0%, and 7.1% of total revenue, respectively [4] - The company's total R&D expenses as a percentage of total revenue are higher than the average level in the global wireless communication module industry as of December 31, 2024 [4]

Group 1 - Since 2025, there has been a surge in A-share listed companies planning to list on the Hong Kong stock market, with over 30 companies having submitted applications or announced plans for such listings [1][2] - Companies are motivated by the desire to enhance their global business presence and competitiveness, as indicated by their announcements regarding the benefits of global development [3] - Supportive policies from the Chinese government, including measures to facilitate the listing of leading domestic companies in Hong Kong, have contributed to this trend [3] Group 2 - Guanghetong has submitted an application for H-share listing in Hong Kong, with the primary use of raised funds focused on AI and robotics technology innovation and product development [5] - The company plans to invest in R&D, build a new manufacturing facility in Shenzhen, pursue strategic investments and acquisitions, repay bank loans, and supplement working capital [5] - Despite the planned fundraising, the company's R&D expenditure as a percentage of revenue has been declining, from 11% in 2021 to 8.78% in 2024 [6] Group 3 - As of 2024, Guanghetong has over 1.4 billion yuan in cash, which is sufficient to cover its approximately 1.2 billion yuan in interest-bearing debt [8] - The company's financial expenses have decreased over the past three years, indicating improved financial management [8] - Previous fundraising efforts through convertible bonds were questioned regarding their necessity and ultimately terminated [10][13] Group 4 - Guanghetong is a leading global provider of wireless communication modules, with significant revenue growth in its core product lines, particularly driven by the adoption of 5G technology [11][12] - The company holds a substantial market share in various application scenarios, including automotive electronics and smart home solutions, ranking first in several categories [14] - However, the company's profitability and growth quality have been called into question, with a notable divergence between revenue growth and net cash flow from operating activities [16] Group 5 - The company has a high dependency on a few major clients, with revenue from the top five clients accounting for over 58% of total revenue in recent years [18] - This concentration poses risks, as any financial difficulties faced by these clients could significantly impact the company's financial health [18] - The company has implemented a comprehensive accounts receivable management system to mitigate risks associated with high accounts receivable levels [18]

Summary of Key Points Core Viewpoint - The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, passed hearings, and are in the process of going public. Group 1: Companies Submitting Applications - Demy Pharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange, focusing on skin health with projected revenues of approximately RMB 3.84 billion, RMB 4.73 billion, and RMB 6.18 billion for 2022, 2023, and 2024 respectively, while incurring losses of RMB 55.17 million, RMB 4.70 million, and RMB 106 million [4] - Zhongwei New Materials Co., Ltd. submitted its prospectus, specializing in new energy battery materials with revenues projected at RMB 30.34 billion, RMB 34.27 billion, and RMB 40.22 billion for 2022, 2023, and 2024 respectively, and net profits of RMB 1.54 billion, RMB 2.10 billion, and RMB 1.79 billion [4] - Hehui Optoelectronics submitted an application, ranking second globally in AMOLED semiconductor display panel manufacturing, with revenues of approximately RMB 4.19 billion, RMB 3.04 billion, and RMB 4.96 billion for 2022, 2023, and 2024, and losses of RMB 1.60 billion, RMB 3.24 billion, and RMB 2.52 billion [5] - Suzhou Rebo Biotechnology Co., Ltd. submitted its listing application, currently having six self-developed siRNA drugs in clinical trials, with projected net losses of RMB 437 million and RMB 282 million for 2023 and 2024 [6] - Naxin Microelectronics submitted an application, ranking fifth in China's analog chip market, with revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, and profits of RMB 250 million, losses of RMB 305 million, and losses of RMB 403 million [7] - Guanghetong Wireless Co., Ltd. submitted its prospectus, being the second-largest wireless communication module provider globally, with revenues of RMB 5.20 billion, RMB 5.65 billion, and RMB 6.97 billion for 2022, 2023, and 2024, and net profits of RMB 365 million, RMB 565 million, and RMB 677 million [8] - Hongxing Cold Chain (Hunan) Co., Ltd. submitted its application, ranking second in frozen food trading services in Central China, with revenues of RMB 237 million, RMB 202 million, and RMB 234 million for 2022, 2023, and 2024, and net profits of RMB 79 million, RMB 75 million, and RMB 83 million [9] - Three Squirrels submitted a listing application, being the largest online nut snack enterprise in China, with revenues of RMB 7.29 billion, RMB 7.12 billion, and RMB 10.62 billion for 2022, 2023, and 2024, and net profits of RMB 129 million, RMB 220 million, and RMB 408 million [10] Group 2: Companies Passing Hearings - Junda Co., Ltd. passed the hearing, being a leading photovoltaic cell manufacturer with projected revenues of RMB 11.09 billion, RMB 18.61 billion, and RMB 9.92 billion for 2022, 2023, and 2024, and net profits of RMB 821 million, RMB 816 million, and losses of RMB 591 million [11] - Green Tea Group Limited passed the hearing, ranking third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, with revenues of RMB 2.38 billion, RMB 3.59 billion, and RMB 3.84 billion for 2022, 2023, and 2024, and profits of RMB 17 million, RMB 296 million, and RMB 350 million [12] - Shanghai Auntie passed the hearing, being the fourth largest fresh tea drink network in China, with revenues of RMB 2.20 billion, RMB 3.35 billion, and RMB 3.29 billion for 2022, 2023, and 2024, and net profits of RMB 149 million, RMB 388 million, and RMB 329 million [13]