IPO审核结果 据交易所官网审核动态信息，今日2家企业IPO上会，全部获审核通过，合计拟募资18.82亿元。 | 上会日期 欧盟 申报极块 公司简称 注册地 申报结果 在会时长 所属行业 | | | | | | | | 拟筹资金额（万元） 最近一年净利润（万元） 保存机构 会计师事务所 律师事务所 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 时刻板 包运晶 2025-11-14 2 | 115 | 2 1 1 1 1 1 1 1 1 1 1 | :154 | 专用设备制造变 | 146,900,00 | 14,154.02 | 中信证券 | 天健 | 福更简 | | | 北交所 农大科技 山东 | | 建过 | 325 | 优学原料和化学制 图射漫波 | 41,251.76 | 14,528,27 | 国金证券 | 中兴华 | 中伦 | 两家企业均于在审期间调减了拟募资规模： 恒运昌招股书申报稿中，公司原计划募资15.50亿元。而上会稿中拟募资规模缩减至14.69亿元，调减了 补流规模。 | 序号 ...

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is set to be reviewed for its IPO application on November 14, aiming to raise 1.469 billion yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Group 1: Financial Performance - The company's revenue is projected to grow from 158 million yuan in 2022 to 541 million yuan in 2024, with net profit increasing from approximately 26.39 million yuan to 143 million yuan during the same period [3] - However, a significant downturn is expected in 2025, with revenue growth slowing to only 4.06% in the first half and a projected decline of 9.58% to 4.69% for the entire year [9][11] - The company reported a substantial drop in revenue and net profit in the third quarter of 2025, with revenue decreasing by 27.29% and net profit declining by 46.16% year-on-year [9] Group 2: Compliance and Regulatory Concerns - Hengyun Chang was included in the second batch of IPO companies for on-site inspections just 20 days after submitting its application, raising questions about its compliance [5][6] - The focus of the inspection may be on the effectiveness of internal controls under the highly centralized authority of the actual controller and the complex relationship with its major customer, Tuojing Technology [8] Group 3: Customer Dependency - The company heavily relies on a single customer, Tuojing Technology, which accounted for over 62% of its sales from 2022 to the first half of 2025 [12][13] - Tuojing Technology also holds 3.42% of Hengyun Chang's shares, indicating a close financial relationship [14] Group 4: Governance Issues - The actual controller, Le Weiping, has a significant control over the company, holding 23.08% directly and controlling 72.87% of the voting rights through various entities [19] - The governance structure raises concerns about the effectiveness of internal controls and the potential for conflicts of interest due to familial ties within the management [20] Group 5: Fundraising Necessity - The IPO aims to raise 1.55 billion yuan, with 250 million yuan allocated for working capital, despite the company having 427 million yuan in cash and 340 million yuan in structured deposits as of June 30, 2025 [21][23] - This raises questions about the necessity of raising additional funds when the company appears to have sufficient liquidity [24] Group 6: Revenue Recognition Concerns - There was an unusual spike in revenue recognition in June 2025, with 26.44% of the first half's revenue recognized in that month, significantly higher than previous years [25] - The sales to Tuojing Technology in June accounted for 75.45% of total revenue, followed by a sharp decline in subsequent months, indicating potential volatility in revenue streams [27][29] Group 7: Competitive Landscape - Hengyun Chang claims to have advanced technology in the semiconductor sector, but it faces increasing competition from other companies that are catching up in terms of product development and market share [30][31] - The domestic market for plasma RF power systems is still underdeveloped, with Hengyun Chang holding a 6.1% market share, the highest among domestic manufacturers [31]

| 序号 | 项目内容 | 项目投资总额 | 拟使用募集资金金额 | | --- | --- | --- | --- | | 1 | 沈阳半导体射频电源系统产业化建设项目 | 16,573.24 | 14,000.00 | | 2 | 半导体与真空装备核心零部件智能化生产运 营基地项目 | 69.696.96 | 69.000.00 | | 3 | 研发与前沿技术创新中心项目 | 36,267.07 | 35,000.00 | | 4 | 营销及技术支持中心项目 | 12,378.86 | 12,000.00 | | રે | 补充流动资金 | 16,900.00 | 16,900.00 | | | 合计 | 151,816.13 | 146,900.00 | 截至招股说明书签署日，深圳市恒运昌投资有限公司持有公司25.8179%股份，为公司控股股东，公司实际控制人为乐卫 平。乐卫平直接持有恒运昌11,721,312股股份，直接持股比例为23.0866%，并通过恒运昌投资、投资中心、投资发展中心分别 间接控制恒运昌25.8179%、20.7787%和3.1895%的股份表决权，合计控制恒运昌72.8727%的 ...