瞭望塔财经前言：一场导致2人死亡的燃爆事故，一次紧急撤回理财产品购买关联方大额存单的操作，一系列"左手倒右手"的关联交易，正是这些隐藏在光 鲜财报背后的故事，构成了慧谷新材IPO之路的真正挑战。 瞭望塔财经获悉，2025年6月28日，广州慧谷新材料科技股份有限公司（以下简称"慧谷新材"）创业板IPO申请获受理，然而仅仅5天后，该公司就被抽中现 场检查。 瞭望塔财经发现，这是一张高风险的"入场券"。据Wind数据，2022年至2024年间，被抽中现场检查的企业IPO终止率高达72.73%。 瞭望塔财经通过招股书发现，在业绩高增长的表面光环下，慧谷新材的家族化治理、关联交易迷局、安全事故背后管理漏洞以及业绩增长可持续性等核心 问题，都成为了其IPO之路上的潜在绊脚石。 1、高增长背后的价格"失血" 从表面数据看，慧谷新材的报告期内业绩表现亮眼。2022-2024年，公司营收从6.64亿元增长至8.17亿元，扣非归母净利润从2683.66万元飙升至1.42亿元， 三年暴涨近四倍。 | 项目 | 2025年1-6月/ | 2024 年度/ | 2023 年度/ | 2022 年度/ | | --- | --- | - ...

Core Viewpoint - 弘讯科技's stock price has shown a significant increase of 32.41% year-to-date, indicating strong market performance and investor interest [2] Financial Performance - As of September 30, 2025, 弘讯科技 reported a revenue of 609 million yuan, a year-on-year decrease of 5.65%, and a net profit attributable to shareholders of 32.05 million yuan, down 35.18% year-on-year [2] - The company has distributed a total of 364 million yuan in dividends since its A-share listing, with 101 million yuan distributed over the past three years [3] Stock Market Activity - 弘讯科技's stock price increased by 2.22% on November 11, reaching 12.87 yuan per share, with a trading volume of approximately 21.2 million yuan and a turnover rate of 0.41% [1] - The company has appeared on the龙虎榜 (top trading list) six times this year, with the most recent appearance on January 16, where it recorded a net buy of 1.65 million yuan [2] Shareholder Structure - As of September 30, 2025, 弘讯科技 had 34,300 shareholders, a decrease of 22.16% from the previous period, with an average of 11,778 circulating shares per shareholder, an increase of 28.47% [2] - The top ten circulating shareholders include several ETFs focused on robotics, with notable increases in holdings from 易方达国证机器人产业ETF and 华夏中证机器人ETF [3] Business Overview - 弘讯科技, established on September 5, 2001, specializes in the research, production, and sales of automation products for plastic machinery, with main revenue sources being industrial control (47.71%), drive systems (37.11%), and new energy (11.57%) [2]

Core Insights - 弘讯科技's stock price decreased by 2.14% on September 18, with a trading volume of 120 million yuan [1] - The company reported a financing net purchase of 2.64 million yuan on the same day, with a total financing balance of 151 million yuan, representing 3.15% of its market capitalization [1] - As of June 30, 2025, 弘讯科技's revenue was 436 million yuan, a year-on-year increase of 1.04%, while net profit attributable to shareholders decreased by 21.48% to 28.23 million yuan [2] Financing and Margin Trading - On September 18, 弘讯科技 had a financing buy amount of 10.33 million yuan, with a financing repayment of 7.69 million yuan, resulting in a net financing purchase of 2.64 million yuan [1] - The current financing balance of 151 million yuan is below the 30th percentile level of the past year, indicating a low level of financing [1] - The margin trading data shows no shares were sold or repaid on September 18, with a margin balance of 0.00 shares, indicating a high level compared to the 70th percentile of the past year [1] Shareholder and Institutional Holdings - As of June 30, 2025, 弘讯科技 had 44,100 shareholders, a decrease of 18.61% from the previous period, with an average of 9,168 circulating shares per shareholder, an increase of 22.87% [2] - The company has distributed a total of 364 million yuan in dividends since its A-share listing, with 101 million yuan distributed over the past three years [2] - Among the top ten circulating shareholders, 华夏中证机器人ETF increased its holdings by 812,700 shares, while 天弘中证机器人ETF and 易方达国证机器人产业ETF also increased their holdings [2]

Core Viewpoint - Huizhou Guanghong Technology Co., Ltd. is planning to issue shares to specific investors, with the aim of expanding its business and enhancing its competitive position in the electronic manufacturing services (EMS) sector. Group 1: Company Overview - Company Name: Huizhou Guanghong Technology Co., Ltd. [3] - Stock Code: 300735 [3] - Registered Capital: 76,746.0689 million RMB [3] - Established: March 24, 1995 [3] - Listed: December 29, 2017 [3] - Main Business: Specializes in assembly of electronic products in consumer electronics, automotive electronics, network communications, and new energy sectors, providing comprehensive EMS [4][3]. Group 2: Financial Performance - Revenue for the first quarter of 2025: 119,578.80 million RMB, a significant increase from 688,141.22 million RMB in 2024 and 540,244.90 million RMB in 2023 [6]. - Net profit for the first quarter of 2025: 3,085.54 million RMB, compared to 34,240.68 million RMB in 2024 [6]. - The company’s revenue composition shows that consumer electronics accounted for 63.59% of total revenue in the latest reporting period [4]. Group 3: Business Strategy and Growth - The company is actively expanding into the automotive electronics sector, with revenue from this segment increasing significantly in 2023 [4]. - Recent acquisitions include the purchase of Fastboard Electronics Technology (Shanghai) Co., Ltd. in April 2023 and AC Company, a French automotive electronics EMS firm, in May 2025 [4]. - The company aims to leverage these acquisitions to enhance its service offerings and customer base in telecommunications, automotive electronics, and industrial control sectors [4]. Group 4: Share Issuance Details - The share issuance will involve up to 230,238,206 shares, not exceeding 30% of the total share capital prior to the issuance [17]. - The total amount to be raised is capped at 103,294.48 million RMB, with net proceeds allocated to specific projects [17]. - The issuance will be directed towards no more than 35 specific investors, including various financial institutions and qualified investors [16].