本报记者 徐一鸣 近日，由安徽证监局指导，安徽上市公司协会主办的"产研融合 科创领航"系列首期活动，让上市皖企 与名校、黑龙江省标杆企业完成了一场跨越千里的科创对话，在交流碰撞中勾勒出产学研协同发展的新 图景。 安徽上市公司协会相关负责人对《证券日报》记者表示，策划此次活动，正是为了响应国家创新驱动发 展战略，落实安徽省制造业优质企业成长计划，通过搭建高效对接平台，推动上市皖企与高校、科研院 所深度协同。 为上市皖企提供借鉴 12月25日下午，安徽上市企业家们来到了广联航空工业股份有限公司（以下简称"广联航空"）。在广联 航空的核心生产区域，工程师现场演示了复杂航空构件的加工流程，其在轻量化材料应用上的突破，让 专注于铝加工的安徽鑫铂铝业股份有限公司（以下简称"鑫铂股份"）相关负责人眼前一亮。他表示，我 们公司的高精度铝型材产品，或许能与航空零部件制造形成互补。交流中，鑫铂股份相关负责人与企业 技术负责人交换了联系方式，约定后续深入对接。 次日上午，新光光电科技股份有限公司（以下简称"新光光电"）的光学制导系统展示厅内响起了热烈的 讨论声。作为军民融合型高新技术企业，新光光电在红外成像、激光对抗等领域的技术积 ...

Core Viewpoint - The company, New Light Optoelectronics, faces significant financial challenges, including a record net loss and concerns over revenue recognition practices, particularly in the fourth quarter, which raises questions about its operational sustainability and future growth prospects [1][2][4]. Financial Performance - In 2024, the company's total revenue reached 172 million yuan, a slight increase of 5.99% year-on-year, but the net profit attributable to shareholders expanded to a loss of 67.96 million yuan, marking the highest loss since its IPO [1]. - The fourth quarter accounted for 60.76% of total revenue (approximately 104 million yuan), an increase of 15.86 percentage points year-on-year, leading to regulatory scrutiny over "income recognition" practices [1]. - The first quarter of 2025 saw revenue plummet to 7.90 million yuan, a year-on-year decline of 76.2%, with net losses increasing by 157.28% [2]. Cash Flow and Receivables - The company reported a negative net cash flow from operating activities of -6.57 million yuan, alongside a 72.5% year-on-year increase in prepayments to 32.27 million yuan, indicating weakened bargaining power in the supply chain [1]. - Accounts receivable provisions surged, with the year-end balance of 23.4 million yuan, of which 45.37% had an aging of over two years, leading to a bad debt provision of 7.15 million yuan [1]. Business Segmentation and Profitability - The core business's gross profit margin showed divergence, with military products accounting for 81% of revenue, yet high-margin mass-produced products only represented 12% of this segment, while 88% came from R&D products that struggled to be profitable [1]. - The gross profit margin for optical guidance systems was as low as -62.96%, and for laser countermeasure systems, it was -26.45%, prompting regulatory inquiries about their commercial viability [1]. Investment Projects and Delays - The company's IPO fundraising projects have faced significant delays, with the optical and mechanical production line upgrade project only 0.83% completed, primarily due to a lack of military orders [3]. - The revenue from mass production dropped sharply from 30.54 million yuan in 2022 to 16.27 million yuan in 2024, with the military equipment development cycle lasting 5-10 years [3]. Future Outlook and Challenges - The company has postponed its investment projects three times until 2025-2026, with concerns about the commercial viability of its technology [4]. - Despite attempts to diversify into civilian products, these only accounted for 17% of revenue, with a gross margin less than half that of military products, and 2024 civilian revenue did not meet expectations [4]. - The company aims for a revenue target of 170-200 million yuan in 2025, but with only 7.90 million yuan achieved in the first quarter and nearly half of accounts receivable over two years old, cash flow challenges hinder research and development transformation [4].