9月11日晚间思科瑞(688053)披露公告称，终止和北京长鹰恒容电磁科技有限公司(下称"长鹰恒容")签署 的增资扩股意向协议。记者留意到，近期长鹰恒容被通告暂停参加全军物资工程服务采购活动资格。 在6月26日，思科瑞宣布拟向长鹰恒容增资5210万元，增资完成后，思科瑞持有长鹰恒容51.028%的股 权。本次增资预计不构成重大资产重组，也不构成关联交易。彼时双方签署《增资意向协议》后，这笔 交易一直处于筹划阶段，直至今日宣告终止。思科瑞强调，该协议系双方建立合作关系的初步意向，不 构成法律约束力。 长鹰恒容是一家深耕电磁兼容领域的企业，专门进行国防重大基础研究、瓶颈技术攻关、电磁环境效应 研究与体系建设等国防科学技术研究，为客户提供包括电磁兼容(EMC)设计、仿真、测试、整改、系统 集成、仪器设备研发销售和大数据在内的全面解决方案。长鹰恒容寄望于通过这笔交易引入战略投资 者，实现公司的跨越式发展。 "思科瑞增资成为长鹰恒容控股母公司，能在技术协同和资源整合上高效执行，使思科瑞在电子元器件 及系统可靠性工程领域，完善成为一站式检测中心，进一步提升检测能力，增加收入的同时为投资者带 来丰厚的回报。"思科瑞方面曾表 ...

Core Viewpoint - The report outlines the ongoing supervision and compliance issues faced by Chengdu Sicore Microelectronics Co., Ltd. (Sicore) following a regulatory decision by the China Securities Regulatory Commission (CSRC) regarding improper revenue recognition in 2022, leading to administrative measures and a formal investigation [1][2][3]. Summary by Sections Continuous Supervision Overview - The report details the supervisory responsibilities of China Galaxy Securities as the sponsor for Sicore's IPO on the Sci-Tech Innovation Board, including checks on corporate governance, financial management, and compliance with fundraising regulations [1][2]. Regulatory Actions - Sicore was found to have recognized revenue of 9.9604 million yuan without meeting the necessary conditions, resulting in an overstatement of revenue and profit for 2022. The CSRC issued a corrective order and warned key executives [1][2][3]. Measures Taken - Following the regulatory decision, Sicore has taken corrective actions, including submitting a rectification report and adjusting financial statements for 2022. The company is enhancing internal management and compliance training for its executives [2][3]. Major Risk Factors - The company faces several risks, including potential performance decline due to increased operational costs and market competition, particularly in the military electronics sector. There are concerns about maintaining core technological competencies and the impact of regulatory compliance on operations [4][5][6][7]. Financial Performance - For the first half of 2025, Sicore reported a revenue of 100.9972 million yuan, an increase of 81.67% compared to the same period in 2024. However, the net profit was 3.5842 million yuan, indicating a significant recovery from a loss in the previous year [9][10]. Core Competitiveness - Sicore's competitive edge lies in its advanced reliability testing technologies and a professional management team with extensive experience in military electronics. The company has established a strong market presence across various regions in China [10][11][12]. R&D and Compliance - The company has invested 10.64% of its revenue in R&D, focusing on enhancing its testing capabilities. As of June 2025, Sicore holds numerous patents and software copyrights, reflecting its commitment to innovation [13][14]. Shareholding Structure - As of June 30, 2025, the controlling shareholder, Jian Shui Quan Jun Enterprise Management Center, holds 54.91% of Sicore's shares, with no shares pledged or frozen, indicating a stable ownership structure [14][15].