登录新浪财经APP 搜索【信披】查看更多考评等级 乾元微珂境内运营实体德林荣泽在新三板挂牌期间频繁变更年审机构，其中2021年度为中兴财光华所，2022年度改聘大华所，2023年4月发布续聘公告，次 月又突然聘回中兴财光华所，并持续至新三板摘牌。不过，根据本次H股招股书，德林荣泽2022年的审计机构为中兴财光华所，2023及2024年为中西环球 所。两组信息前后差异明显。 此外，中西环球所的合伙人仅盛建华、田俊芳两人，注册会计师合计14人，其中10人于2023/2024年才获执业资格。更诡异的是，中西环球所的银行函证回 函地址竟是某小区，且联系人也非合伙人。 出品：新浪财经上市公司研究院 作者：君 8月25日， 2025年8月21日，乾元微珂再次向联交所递交上市申请，独家保荐人为农银国际，申报会计师及核数师为安永会计师事务所。 据招股书披露，乾元微珂拟将本次募集资金用于：（1）租用增设集运站至公司的物流网络；（2）建设煤炭物流数字服务平台；（3）偿还银行贷款及利 息；（4）营运资金及一般企业用途；（5）投资建设分布式光伏及充换电站。 乾元微珂境内运营实体为德林荣泽。德林荣泽2016年1月在新三板挂牌，于202 ...

Group 1: IPO Activities - No companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from August 18 to August 24 [2] - No companies passed the listing committee review during the same period on both exchanges [3] - No companies submitted listing applications on the Shanghai Stock Exchange and Shenzhen Stock Exchange [4] - One company terminated its listing review on the Shanghai Stock Exchange, while none did so on the Shenzhen Stock Exchange [5] Group 2: Hong Kong Stock Exchange Activities - One company was listed on the Hong Kong Stock Exchange during the period [7] - Tian Yue Advanced, a technology company focused on silicon carbide single crystal substrate materials, saw its stock price rise by 6.40% on the first day of trading, closing at HKD 45 per share, a 5.14% increase from the issue price of HKD 42.8, with a market capitalization of approximately HKD 32.9 billion [8] - Two companies initiated new stock offerings, with one completing the offering during the week [9] Group 3: Company Listings and Financial Data - Shuangdeng Co., Ltd. is a battery storage company specializing in lead-acid and lithium-ion storage batteries for communication base stations, data centers, and power storage [11] - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine [12] Group 4: Recent IPO Filings - Star Ring Technology submitted its prospectus on August 18, aiming for a dual listing on the Hong Kong Stock Exchange and A-share market, focusing on AI infrastructure software [26] - Lixun Precision submitted its prospectus on August 18, also targeting a dual listing, and is a leading precision manufacturing technology company [29] - Huge Dental Limited (Hugao) submitted its prospectus on August 18, focusing on dental materials [32] - Zebra Intelligent submitted its prospectus on August 20, specializing in intelligent cockpit solutions [40] - Shenghong Technology submitted its prospectus on August 20, focusing on AI and high-performance computing PCBs [43] - Yingfa Ruineng submitted its prospectus on August 20, specializing in photovoltaic cell manufacturing [47] - Qianyuan Weike submitted its prospectus on August 21, focusing on coal logistics services [52] - Tianchen Biopharmaceutical submitted its prospectus on August 21, focusing on innovative drug development [56] - Shanghai Baoji Pharmaceutical submitted its prospectus on August 21, focusing on recombinant biopharmaceuticals [59] - Xinhua Xinjishu submitted its prospectus on August 22, providing software technology services [63] - Xiaoe Inc. submitted its prospectus on August 22, focusing on SaaS solutions for private domain operations [66] - Manycore Tech Inc. submitted its prospectus on August 22, specializing in cloud-native space design software [69] Group 5: Financial Performance - Star Ring Technology's revenue from 2022 to 2024 was CNY 373 million, CNY 491 million, and CNY 371 million, with losses of CNY 272 million, CNY 289 million, and CNY 344 million respectively [28] - Lixun Precision's revenue for the same period was CNY 214.03 billion, CNY 231.91 billion, and CNY 268.80 billion, with profits of CNY 10.49 billion, CNY 12.24 billion, and CNY 14.58 billion respectively [31] - Huge Dental's revenue was CNY 280 million, CNY 358 million, and CNY 399 million, with profits of CNY 64.03 million, CNY 88.35 million, and CNY 76.57 million respectively [34] - Zebra Intelligent's revenue was CNY 805 million, CNY 872 million, and CNY 824 million, with losses of CNY 878 million, CNY 876 million, and CNY 847 million respectively [42] - Shenghong Technology's revenue was CNY 7.88 billion, CNY 7.93 billion, and CNY 10.73 billion, with profits of CNY 791 million, CNY 671 million, and CNY 1.15 billion respectively [46] - Yingfa Ruineng's revenue was CNY 5.64 billion, CNY 10.49 billion, and CNY 4.36 billion, with profits of CNY 350 million, CNY 410 million, and losses of CNY 864 million respectively [51] - Qianyuan Weike's revenue was CNY 4.52 billion, CNY 3.74 billion, and CNY 3.66 billion, with profits of CNY 165 million, CNY 47 million, and CNY 33 million respectively [54] - Tianchen Biopharmaceutical's revenue was CNY 0 and losses of CNY 95.78 million and CNY 137 million for 2023 and 2024 respectively [58] - Shanghai Baoji Pharmaceutical's revenue was CNY 6.93 million and CNY 6.16 million, with losses of CNY 160 million and CNY 364 million respectively [61] - Xinhua Xinjishu's revenue was CNY 1.63 billion, CNY 1.93 billion, and CNY 1.80 billion, with profits of CNY 182 million, CNY 270 million, and CNY 202 million respectively [65] - Xiaoe Inc.'s revenue was CNY 299 million, CNY 415 million, and CNY 521 million, with losses of CNY 33.99 million, CNY 37.05 million, and CNY 15.08 million respectively [68] - Manycore Tech's revenue was CNY 601 million, CNY 664 million, and CNY 755 million, with losses of CNY 704 million, CNY 646 million, and CNY 513 million respectively [72]

Group 1: Forum Overview - The forum on "Risk Management and Market Innovation in the Context of Commodities" was held in Beijing, focusing on the integration of risk management and market innovation [1] - The event was organized by Hainan International Clearing House and attracted representatives from commodity producers, trading companies, and futures firms [1][2] Group 2: Market Dynamics - Since 2025, the global economy has entered a deep adjustment period, with the commodity market facing pressures from geopolitical conflicts, energy transitions, and supply chain resilience [1] - Companies in the commodity sector are focusing on refined cost control and precise risk hedging as essential survival strategies [1] Group 3: Hainan International Clearing House Developments - Hainan International Clearing House has rapidly developed a comprehensive risk management system and has launched an independent clearing system for over-the-counter derivatives [2][3] - Since the launch of its swap clearing business in October 2023, the clearing house has expanded its product offerings to 45 types, covering various commodities [3] - The clearing scale has surpassed 200,000 tons, with a contract value exceeding 4 billion yuan, and a peak customer margin balance of 140 million yuan [3] Group 4: Key Insights from the Forum - The forum provided insights into macroeconomic challenges, including changes in domestic and international interest rates and their impact on monetary policy [4] - It emphasized the importance of understanding the differences between over-the-counter derivatives and other financial instruments for businesses [4] - The forum discussed asset management strategies, highlighting the potential for fixed income products combined with options to enhance returns [4] Group 5: Energy Transition and Supply Chain Efficiency - The transition towards dual carbon goals is reshaping the energy structure and commodity allocation logic [5] - The forum highlighted the importance of integrating futures and spot markets to reduce costs and enhance efficiency for manufacturing enterprises [6] Group 6: Logistics and Supply Chain Innovations - The opening of the Li Jiazai No. 6 coal distribution station marks a significant step in optimizing coal logistics in Henan province [8][9] - The station aims to enhance the efficiency of coal supply chains by integrating production, transportation, and storage [9][10] - The facility is designed to handle over 500,000 tons of coal annually and features advanced coal blending technology for customized supply solutions [10][11] Group 7: Future Directions - The collaboration between Zhongping Supply Chain and Zheng Coal Group aims to create a new brand for coal blending in Henan, focusing on quality control and stable supply [12] - The initiative seeks to establish a green logistics model, promoting sustainable practices in coal transportation and storage [12]

中国非长协煤物流服务市场规模稳步增长，预计到2028年将达到人民币12100亿元。截至2025年6月30 日，乾元微珂拥有四个集运站，有效覆盖了30多个煤矿。 该公司是中国主要的非长协煤综合物流服务提供商，在2024年于中国西北地区的收入规模位居陕西省第 一、西北地区第二，市场份额为0.5%。 乾元微珂通过协调煤炭产业链上下游资源，为客户提供物流及增值服务，其总部位于煤炭资源丰富的陕 西省榆林市神木市。 乾元微珂控股有限公司向香港交易所主板提交上市申请，独家保荐人为农银国际。 ...

行业来看，非长协煤物流服务市场规模由2018年的人民币7,094亿元增至2023年的人民币9,287亿元，复 合年增长率为5.5%。随着下游市场需求的稳定增长及非长协煤物流服务环节价值的不断提升，预计到 2028年市场规模将达到人民币12100亿元，复合年增长率为5.4%。 智通财经获悉，据港交所8月21日披露，乾元微珂控股有限公司(乾元微珂)递表港交所主板，农银国际 为其独家保荐人。该公司曾于2024年12月13日向港交所递表。 招股书显示，乾元微珂是一家致力于提供可靠及优质服务的中国综合型煤炭物流服务提供商。根据灼识 咨询的资料，公司是中国主要的非长协煤综合物流服务提供商，2024年收入规模为陕西省最大及中国西 北地区第二，占中国西北地区约0.5%的市场份额，而其余五大供应商于同一市场合共占2.6% 的市场份 额。 通过协调煤炭产业价值链上下游资源，乾元微珂提供多种煤炭物流及增值服务，为客户运营提供支持。 总部位于陕西省榆林市神木市，该地区拥有丰富的优质煤炭储备，可用以满足各类下游用煤企业的需 求。 截至2025年6月30日，乾元微珂有四个集运站，分别为公司自有的弘东浩强集运站；租赁的石窑店集运 站；及与 ...

据港交所8月21日披露，乾元微珂控股有限公司(乾元微珂)递表港交所主板，农银国际为其独家保荐人。该公司曾于2024年12月13日向港交所递表。 截至2025年6月30日，乾元微珂有四个集运站，分别为公司自有的弘东浩强集运站；租赁的石窑店集运站；及与相关集运站运营商订立协议灵活使用其资源 的两个集运站，即陕煤智慧物流园集运站及内蒙古五字湾集运站。通过该等集运站，干元微珂共计有效地覆盖30多个煤矿。 招股书显示，乾元微珂是一家致力于提供可靠及优质服务的中国综合型煤炭物流服务提供商。根据灼识咨询的资料，公司是中国主要的非长协煤综合物流服 务提供商，2024年收入规模为陕西省最大及中国西北地区第二，占中国西北地区约0.5%的市场份额，而其余五大供应商于同一市场合共占2.6%的市场份 额。 通过协调煤炭产业价值链上下游资源，乾元微珂提供多种煤炭物流及增值服务，为客户运营提供支持。总部位于陕西省榆林市神木市，该地区拥有丰富的优 质煤炭储备，可用以满足各类下游用煤企业的需求。 行业来看，非长协煤物流服务市场规模由2018年的人民币7,094亿元增至2023年的人民币9,287亿元，复合年增长率为5.5%。随着下游市场需求的 ...

智通财经APP获悉，据港交所8月21日披露，乾元微珂控股有限公司(乾元微珂)递表港交所主板，农银国际为其独家保荐人。该公司曾于2024年12月13日向港 交所递表。 招股书显示，乾元微珂是一家致力于提供可靠及优质服务的中国综合型煤炭物流服务提供商。根据灼识咨询的资料，公司是中国主要的非长协煤综合物流服 务提供商，2024年收入规模为陕西省最大及中国西北地区第二，占中国西北地区约0.5%的市场份额，而其余五大供应商于同一市场合共占2.6% 的市场份 额。 通过协调煤炭产业价值链上下游资源，乾元微珂提供多种煤炭物流及增值服务，为客户运营提供支持。总部位于陕西省榆林市神木市，该地区拥有丰富的优 质煤炭储备，可用以满足各类下游用煤企业的需求。 行业来看，非长协煤物流服务市场规模由2018年的人民币7,094亿元增至2023年的人民币9,287亿元，复合年增长率为5.5%。随着下游市场需求的稳定增长及 非长协煤物流服务环节价值的不断提升，预计到2028年市场规模将达到人民币12100亿元，复合年增长率为5.4%。 截至2025年6月30日，乾元微珂有四个集运站，分别为公司自有的弘东浩强集运站；租赁的石窑店集运站；及与相 ...

Group 1 - The article highlights the transformation of Taohua Mountain from a historical site of resistance during the Anti-Japanese War to a modern integrated tourism, leisure, and vacation forest park, leveraging red culture and ecological resources [6][10] - The local economy has diversified with the development of specialty agriculture and cultural tourism projects, leading to significant improvements in living standards and the eradication of poverty in 28 villages by 2017 [10][18] - The region has seen a substantial increase in agricultural productivity, with over 5,000 acres of wrinkled tangerines bearing fruit, indicating a successful agricultural initiative [8][10] Group 2 - Huarong County has actively aligned with the Yangtze River Economic Belt development strategy, enhancing its industrial layout, including the recent launch of a coal-water transport and storage base [12][14] - The county's industrial structure has evolved to focus on modern agriculture, green food processing, textile manufacturing, general equipment manufacturing, and biomanufacturing, with 60 national high-tech enterprises and 27 specialized enterprises [16] - The GDP of Huarong County has increased from 20.41 billion yuan in 2012 to 41.67 billion yuan in 2024, while rural residents' per capita disposable income has risen from 8,860 yuan to 30,296 yuan, marking a 241.9% increase [18]

从鹤壁园区的西门进入，不见汽车排队，更不见粉尘飞扬，映入眼帘的是一个约12层楼高的封闭式储煤 仓。 瓦日铁路横跨山西、河南、山东三省，是我国"西煤东运"的重要通道，有"乌金动脉"之称。"正是瓦日 铁路在鹤壁设站，为我们带来了机遇。"鹤壁园区调度生产中心内，调度长杜天坤对进站的列车完成煤 炭接卸任务后说。 5月6日早晨7时，伴着悠长的汽笛声，由66节车厢组成的"钢铁长龙"缓缓驶来。不同于普通货运列车， 这趟列车是从瓦日铁路鹤壁时丰站变轨至河南煤炭储配交易中心鹤壁园区（以下简称"鹤壁园区"）的铁 路专用线，列车上满载的是从山西等地运来的3500吨优质煤炭。 "管带机长约30公里，煤炭在管状皮带内以每秒4.5米的速度全封闭运输，可以直达鹤淇电厂，真正实现 了无灰尘搬运。"杜天坤算了一笔账，管带机输煤能力为每小时1500吨，以每天运行12小时计算，单日 输送量可达1.8万吨，等同于汽车运输每日563车次的输送量；与电厂原有物流通道相比，管带机占地不 到同等距离铁路的30%，相比汽运短驳到厂，运输1吨煤的成本降低20元以上，是一种高效、环保、低 成本的运输解决方案。 今年的政府工作报告提出，纵深推进全国统一大市场建设。 ...