出品：新浪上市公司研究院 文/夏虫工作室 华汇智能北交所上市迎来大考。即北京证券交易所上市委员会定于2026 年2 月4 日召开 2026 年第 13 次 审议会议，审议华汇智能北交所上市发行事项。 公司此次计划募集资金3.44亿元，较原计划4.59亿元缩水近亿元，募资额缩水超20%，此次募资将全部 用于东莞市华汇新能源智能装备研发生产项目。 客户寒冬公司逆势上扬 华汇智能前身华汇有限成立于 2010 年 6 月，华汇有限设立之初是一家从事机械密封研发、设计、生产 和销售的精密部件企业。 2016 年起，公司看好未来锂离子电池行业的发展，且机械密封属于砂磨机、 制浆机等锂离子电池制造设备的关键部件，因此公司决定自主研发砂磨机、制浆机等锂电制造设备产 品。 2020 年末，公司成功研制出的具有完整自主产权的初代砂磨机，并实现向下游客户的供货。 随着公司对于锂离子电池制造的理解不断加深，公司产品逐步从智能装备整机向系统解决方案发展。 2021 年 10 月，公司首次向客户推出磷酸铁锂产线循环系统产品。 2023 年下半年，公司成功研制出锂 电池前段生产设备高效制浆机并实现出货。 公司主要销售产品为锂电智能装备中的 ...

瞭望塔财经近日获悉，广东华汇智能装备股份有限公司（以下简称"华汇智能"）的上市之路已至关键节点。北京证券交易所上市委员会定于2026年2月4日上 午9时召开审议会议，专门审议其公开发行股票并在北交所上市的申请。 在锂电设备行业整体承压的背景下，华汇智能在2022年至2024年间却录得了营业收入年均复合增长率近50%的逆势增长。然而，亮眼的增速背后，其高达 97%以上的客户集中度、持续为负的经营活动现金流，以及实际控制人家庭成员间复杂的任职与股权安排，构成了此次上会前必须厘清的重重疑问。 瞭望塔财经深入分析其最新招股书与问询函回复发现，公司的增长叙事与潜在的经营风险、治理隐忧交织在一起，其IPO成色将面临严格检验。 1、实控权迷雾 张思沅、张思友兄弟二人目前合计控制华汇智能75.84%的股份。根据招股书，两人为兄弟关系，并签署了《一致行动协议》，规定若双方意见不一致时， 以张思沅的意见为准。 更令人关注的是，2018年4月，张思沅将其子张耀城引入公司，转让了30%股权，并让他担任法定代表人、执行董事。奇怪的是，公司在报告期初并未将张 耀城认定为共同实际控制人。 股权代持的背后可能意味着张思沅从一开始就试图保持对 ...

Core Viewpoint - Guangdong Huahui Intelligent Equipment Co., Ltd. (referred to as "Huahui Intelligent") is undergoing its first round of IPO review by the Beijing Stock Exchange, with inquiries focusing on customer stability, fundraising project necessity, and operational performance [1] Group 1: Company Overview - Huahui Intelligent, established in June 2010, completed its shareholding reform in July 2023 and plans to list on the New Third Board in June 2024 [1] - The company primarily sells high-efficiency grinding systems, nano sand mills, pulping machines, and mechanical seals, while also expanding into upstream and downstream fields [2] Group 2: Financial Performance - From 2021 to the first nine months of 2024, Huahui Intelligent's revenue grew from 28.95 million to 318 million, with net profit increasing from 1.29 million to 52.38 million [2] - For the full year of 2024, the company expects revenue of 427 million, a year-on-year increase of 42.07%, with net profit and deducting non-recurring profit increasing by 34.87% and 35.51% respectively [2] Group 3: Customer and Supplier Concentration - The concentration of customers is high, with the top five customers accounting for 98.12% of revenue in the first nine months of 2024, and the largest customer, Hunan YN, contributing 44.30% [3] - Supplier concentration is also significant, with the top five suppliers accounting for 63.82% of total purchases in the same period [4] Group 4: Production Capacity and Utilization - The planned fundraising of 459 million will be fully invested in the Dongguan Huahui New Energy Intelligent Equipment R&D and production project [5] - The capacity utilization rates for the main products, nano sand mills and mechanical seals, were below 60% in the first nine months of 2024 [5] Group 5: Research and Development - Huahui Intelligent's R&D expenses from 2021 to the first nine months of 2024 were 2.89 million to 11.84 million, with R&D expense ratios lower than industry averages [6] Group 6: Cash Flow and Debt - The company has experienced continuous net outflows in operating cash flow, with negative cash flow of 39.96 million expected for the full year of 2024 [6] - As of September 2024, long-term and short-term borrowings increased significantly, totaling 10.62 million, up by 85.16 million from the end of 2023 [7]

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies mentioned. Core Insights - The report highlights a total of 26 financing events disclosed on March 13, with 19 domestic and 7 foreign companies, raising approximately 55.29 billion yuan in total [1]. - The establishment of the Jiangsu Energy Conservation and Environmental Protection New Industry Fund, which is part of a larger initiative with a total scale of 40.8 billion yuan, is noted as a significant development in the investment landscape [1]. - The Hong Kong Biotechnology Fund, with a target size of 600 million HKD, aims to focus on early-stage innovative projects in biotechnology within Hong Kong and the Greater Bay Area [2][3]. Summary by Sections Fundraising Events - Jiangsu Energy Conservation and Environmental Protection New Industry Fund has been registered, being the largest and the first provincial enterprise industry special fund [1]. - Zhihui completed a strategic financing round of 500 million yuan, with funds directed towards technological innovation and ecosystem development for its GLM model [4]. - Ouyue Semiconductor raised several hundred million yuan in its B2 round financing, aimed at accelerating product innovation and commercial application in the automotive sector [5]. - Chixin Semiconductor announced nearly 200 million yuan in A round financing, reflecting strong market confidence in the UWB chip industry [6]. Global IPO - Guangdong Huahui Intelligent Equipment Co., Ltd. has had its IPO accepted by the Beijing Stock Exchange, positioning itself as a rare entity in the "lithium battery equipment" sector [8]. Policy Focus - Shenzhen has released a plan to support the consumption of old products, targeting various sectors including automotive and home appliances, with specific goals for vehicle replacements and sales of consumer goods by the end of 2025 [9]. Subsidy Details - Hohhot has introduced a detailed implementation plan for childbirth subsidies, offering 10,000 yuan for the first child, 50,000 yuan for the second child, and 100,000 yuan for the third child, with annual disbursements until the child reaches certain ages [10].