这意味着，这家低调深耕行业20余年的包装企业——农夫山泉、香飘飘、喜茶等快消品牌背后的标签供应商，距离正式登陆资本市场仅差"临门一脚"。 IPO过会细节， 募资总额5.31亿元 成功过会。 又一家不靠VC走向IPO的低调企业。 近日，北京证券交易所上市委员会召开2025年第27次审议会议，结果显示：苏州江天包装科技股份有限公司（以下简称"江天科技"）符合发行条件、上市 条件和信息披露要求，成功过会。 文：韦亚军 摄影：Bob君 江天科技此次冲击北交所IPO，拟公开发行不超过1.7618亿股，募资总额5.31亿元，全部用于"江天研发制造综合基地建设项目"，包括智能化生产线建设和 技术研发中心升级。 值得注意的是，江天科技最初申报的募资规模并不是现在的5.31亿，而是6.11亿元，其中包含8000万元用于补充流动资金。在北交所两轮问询后，公司主 动删减了"补流"部分，募资总额也相应下调。 监管层的质疑焦点在于：公司在报告期内累计分红6614万元，且账面资金充裕，甚至用闲置资金购买理财产品，为何还要募资"补血"？最终，江天科技选 择让步，以减轻市场与监管对其募资合理性的疑虑。 这一点应该是与管理层的经营思维有关—— ...

Core Viewpoint - Guangdong Guanhao High-Tech Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a total profit loss of approximately 92.16 million yuan, marking a 236.07% decrease compared to the same period last year [2][3]. Company Overview and Financial Indicators - The company recorded a total revenue of approximately 3.40 billion yuan, a decrease of 1.47% year-on-year [2]. - The net profit attributable to shareholders was approximately -57.93 million yuan, a decline of 168.35% compared to the previous year [2]. - The total assets increased by 3.43% to approximately 11.61 billion yuan, while the net assets attributable to shareholders decreased by 3.41% to approximately 4.48 billion yuan [2]. Industry Situation - The domestic paper and paperboard production reached approximately 79.33 million tons in the first half of 2025, reflecting a year-on-year growth of 3.2%, but the ex-factory prices decreased by 3.2%, leading to a revenue decline of 2.3% [3]. - The demand for thermal paper continued to grow, driven by the rapid expansion of logistics and express delivery industries, with the national express business volume reaching approximately 95.64 billion pieces, a year-on-year increase of 19.3% [3][4]. - The special paperboard industry experienced weak growth, with an increase in production capacity leading to a temporary imbalance in supply and demand, resulting in low market prices [3][4]. Business Operations - The company specializes in the research, production, and sales of specialty papers and materials, including thermal paper, sublimation transfer paper, and high-grade coated white cardboard [5][6]. - The production capacity for specialty paper is approximately 230,000 tons annually, with a coating capacity of 193,000 tons [6]. - The company has developed various differentiated functional products, such as high-temperature labels and environmentally friendly thermal paper, which have shown significant market application effects [6][7]. Strategic Initiatives - The company is focusing on enhancing its high-end green specialty paper industry and developing strategic emerging industries to create a second growth curve [12][13]. - The company is investing in a 400,000-ton chemical pulp project to ensure raw material supply and reduce production costs [12][14]. - The company is also advancing its digital transformation and smart manufacturing initiatives to improve operational efficiency and decision-making processes [15][16].