财务方面，于2022年度、2023年度、2024年度及2025年1-6月，有研复材营业收入分别约为3.97亿元、6.01亿元、6.37亿元、3.98亿元人民币；同期， 净利润分别为9772.15万元、约2.34亿元、约1.53亿元、9370.62万元人民币。 | 项目 | 2025.6.30/ | 2024.12.31/ | 2023.12.31/ | 2022.12.31/ | | --- | --- | --- | --- | --- | | | 2025年1-6月 | 2024 年度 | 2023 年度 | 2022 年度 | | 资产总额(万元) | 204.911.81 | 179.964.98 | 157.048.78 | 135.646.09 | | 归属于母公司所有者权益 | 66.562.99 | 56.754.62 | 42.869.69 | 18.193.91 | | (万元) | | | | | | 资产负债率(母公司) | 65.35% | 68.23% | 72.55% | 86.59% | | 营业收入(万元) | 39.770.73 | 63.659.48 | 60.059.6 ...

12月16日，IPO共审核2家公司（科创板1家、创业板1家），2家均获通过。 中电科蓝天科技股份有限公司 主要从事电能源产品及系统的研发、生产、销售及服务 。中国电科合计控 制公司 84.50%的表决权，为公司的控股股东和实际控制人。 报告期内，公司营业收入分别为 252,111.38万元、352,404.11万元、312,702.27万元和111,340.84万元，扣非归母净利润分别为 19,943.79万元、14,742.35万元、28,961.87万元和3,734.00万元。 深圳市尚水智能股份有限公司 专业从事融合工艺能力的智能装备的研发、设计、生产与销售 。金旭东直 接和间接合计控制公司 51.15%的股份表决权，为公司的控股股东、实际控制人。 报告期内，公司营业 收入分别为 39,653.58万元、60,059.66万元、63,659.48万元和39,770.73万元，扣非归母净利润分 别为8,541.13万元、21,946.26万元、14,794.94万元和9,361.37万元。公司2024年净利润逾1.5亿， 但产品结构较为单一；大客户比亚迪为关联方，且构成重大依赖；1年以上应收账款占比上升， ...

导读：如果此次尚水智能IPO创业板之旅一旦成功，比亚迪将从该笔股权投资上获得更为惊人的回报。 不过，与既在营收上给予大力扶持，又在股权上投下真金白银的比亚迪相比，尚水智能A股上市最大的 受益者，除了其实控人之外，却另有其人——四年前完成IPO的博众精工，其实际控制人吕绍林夫妇将 又通过尚水智能IPO一役继续书写其资本造富的神话。 作者：姚 毅@北京 编辑：翟 睿@北京 在尝试通过上市公司并购和科创板IPO的方式登陆A股皆败后，"转道"深交所创业板第三次向国内资本 市场发起冲刺的深圳市尚水智能股份有限公司（下称"尚水智能"）终于赶在了2025年即将落幕之前，等 来了成功上市的曙光。 2025年12月16日，深交所2025年第30次上市委审议会议即将拉开帷幕，该次会议的主要议题即是对尚水 智能的创业板IPO申请进行审议和表决。 在尚水智能此次获准走上上市委会议之前，2025年内已有17家企业携IPO申请先其一步逐一获得了深交 所上市委会议的审核，且皆获得了上市委员们给出的"符合发行条件、上市条件和信息披露要求"的结 果，延续这一趋势，尚水智能似乎也胜算颇大。 早在2021年前后，尚水智能就曾一度与科恒股份进行接洽 ...

文/梧桐兄弟 深圳市尚水智能股份有限公司申报 创业板 IPO 于 202 5 年 6 月 19 日获得受理，已完成二轮 问询及 审核中心意见落实函 的回复。公司主营新能源电池极片制造及新材料制备领域智能装备的研发、设 计、生产与销售。根据高工产研（ GGII ）统计， 2024 年，公司循环式高效制浆系统在国内市场的占 有率为 60% ，排名第一，公司锂电池制浆系统在国内市场的占有率为 12.77% ，市场排名第三。公 司注册地 广东省深圳市 ，前身有限公司成立于 20 12 年 8 月， 20 22 年 12 月整体变更为股份有限 公司 。 公司曾于 2023 年 6 月申报科创板上市，回复一轮问询后，于 2024 年 6 月科创板 IPO 终止 。目前公司注册资本 7500 万 元。金旭东直接和间接合计控制公司 51.15% 的股份表决权 ， 为 公司 的控股股东、实际控制人。 一 、 2024 年净利润逾 1.5 亿，但产品结构较为单一 报告期内，公司营业收入分别为 39,653.58 万元、 60,059.66 万元、 63,659.48 万元和 39,770.73 万元，净利润分别为 9,772.1 ...

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has entered the inquiry stage of its IPO process on the ChiNext board after previously failing to list on the Sci-Tech Innovation Board due to financial data updates and related party transaction disputes [1][2]. Group 1: Company Overview - Shangshui Intelligent has over ten years of experience in the intelligent equipment industry, focusing on micro-nano powder processing, precision measurement, mixing and dispersion, and functional film preparation, with products used in sectors such as new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [4]. - The company's revenue heavily relies on new energy battery equipment, with over 90% of its revenue coming from this segment, reaching 95.20% in 2024 [4]. Group 2: Customer Dependency - Shangshui Intelligent has established partnerships with major clients like BYD, EVE Energy, and CATL, but shows a significant dependency on BYD, with sales to the top five customers accounting for 91.48%, 91.76%, and 89.79% of total revenue from 2022 to 2024 [4][5]. - Sales to BYD alone constituted 49.04%, 48.39%, and 65.78% of total revenue for the years 2022, 2023, and 2024, respectively, indicating a critical reliance on this single customer [5][7]. Group 3: Financial Performance - The gross profit margin from sales to BYD was relatively high, at 54.48%, 48.70%, and 66.67% from 2022 to 2024, with a significant procurement agreement worth 1.015 billion yuan signed in March 2025 [6]. - The company’s financial situation has deteriorated, with cash reserves dropping from 266.99 million yuan in 2022 to 171.58 million yuan in 2024, alongside an increase in short-term liabilities [12][13]. Group 4: IPO and Fundraising - The initial fundraising target for the IPO was 1 billion yuan, with plans to invest in a manufacturing base and R&D center, but the target has been reduced to approximately 587.39 million yuan for the ChiNext board [8][10]. - The company previously did not utilize its own funds for projects, raising questions about its financial strategy and the necessity of the IPO [11]. Group 5: Regulatory and Compliance Challenges - The underwriting firm, Minsheng Securities, has faced multiple warnings for project violations, which may lead to stricter scrutiny of Shangshui Intelligent's IPO application [14][18]. - The regulatory environment has tightened, with new rules increasing the complexity of the approval process, particularly for firms with a history of compliance issues like Minsheng Securities [18].

Core Viewpoint - Shenzhen Shangshui Intelligent Co., Ltd. has initiated its IPO on the Shenzhen Stock Exchange's ChiNext board, aiming to raise approximately 587.39 million yuan, focusing on the intelligent equipment industry with a strong emphasis on the new energy battery and new materials sectors [1]. Group 1: Company Overview - Shangshui Intelligent has over ten years of experience in the intelligent equipment industry, developing a comprehensive technical capability system centered around "core single machines + intelligent control systems + process packages" [1]. - The company specializes in micro-nano powder processing, precise measurement of powder-liquid mixtures, and the preparation of functional films, with applications across various industries including new energy batteries, chemicals, food, pharmaceuticals, and semiconductors [1]. Group 2: Market Position and Products - In the new energy battery sector, Shangshui Intelligent's self-developed high-efficiency pulping system has achieved a 60% market share in China, ranking first, while its lithium battery pulping system holds a 12.77% market share, ranking third [1]. - The company has established partnerships with major players in the new energy battery and vehicle sectors, including BYD, CATL, and international manufacturers like Samsung SDI and LGES [2]. Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Shangshui Intelligent reported revenues of approximately 400 million yuan, 601 million yuan, and 637 million yuan, respectively, with net profits of about 97.72 million yuan, 234 million yuan, and 153 million yuan [4]. - The company's total assets are projected to reach approximately 1.8 billion yuan by the end of 2024, with a significant increase in equity attributable to shareholders [5]. Group 4: Fundraising and Investment Plans - The funds raised from the IPO will be allocated to several projects, including the construction of a high-precision intelligent equipment manufacturing base in South China and the establishment of a research and development center, with a total investment of approximately 951.78 million yuan [4].

高工产研 . 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产业 主要包括锂电池、储能、氢能与氢燃料电池、新能源汽车、智能汽车、LED照明与显示、机器人、新材 料等。 以下文章来源于高工产研 ，作者GGII 2023-2027年中国锂电制浆系统市场规模分析及预测（亿元） 摘要 2024年中国锂电池制浆系统市场规模（按营收口径统计）约为47亿元，同比下降超过15%。 根据高工产研锂电研究所（GGII）调研数据显示，2024年中国锂电池制浆系统市场规模（按营收口 径统计）约为47亿元，同比下降超过15%。下滑的主要原因在于2024年锂电池行业整体扩产节奏 放缓。展望未来，随着新能源汽车及储能市场的持续增长， 预计到2027年，中国锂电制浆系统市 场规模有望突破60亿元。主要增长动力包括： 1）国内制浆设备企业加快"出海"步伐，出口规模持续扩大； 2）预计至2027年，中国锂电池行业扩产积极性将逐步恢复，新增产能有望超过350GWh，进而带 动对制浆系统设备的持续需求增长。 备注：1）数据为营收口径；2）锂电制浆系统包含上料系统、制浆机、浆料后处理系统等，不包含正负极等材 ...