审议会议结果公告显示，上委会现场提出问询的主要问题包括经营业绩真实性、经营业绩可持续性等，并要求觅睿科技说明2021年度净利润下滑且与同行业 可比公司存在差异的原因及合理性，说明增值服务收入持续增长、毛利率持续提高的原因及合理性，以及说明自主品牌产品收入增长是否具有可持续性等问 题。 注册稿显示，觅睿科技预计2025年度营业收入为80236.15万元，同比增长7.99%；归母净利润为7822.22万元，同比下滑4.21%；扣非归母净利润为7717.03万 元，同比下滑1.22%。这也意味着，继2021年后，觅睿科技净利润将再度"变脸"。 | 代码 | 873697 | 简称 | 觉容科技 | | --- | --- | --- | --- | | 公司全称 | 杭州觅睿科技股份有限公司 | 受理日期 | 2024-12- | | 审核状态 | 注册 | 更新日期 | 2026-01- | | 保荐机构 | 国信证券股份有限公司 | 保荐代表人 | 洪丹,姚焕 | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | 签字会计师 | 陈琳锋,耿振,马晓 | | 律师事务所 | 北京市中伦律师事务所 | 答 ...

Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 287 listed companies as of December 21, 2025. The market is also witnessing new listings and applications for IPOs, indicating ongoing activity despite the recent declines in trading metrics. Trading Metrics - As of December 21, 2025, the BSE has 287 listed companies with a total share capital of 39.676 billion shares and a circulating share capital of 25.312 billion shares [2] - For the week of December 22-27, 2025, the trading volume was 4.634 billion shares, a decrease of 6.63% week-over-week [3] - The trading value for the same week was 99.934 billion yuan, down 11.68% from the previous week [3] - The average trading price was 21.57 yuan, reflecting a decrease of 5.41% [3] - The BSE 50 Index fell by 1.19% to 1463.04 points, with 28 stocks rising and 22 falling [3] New Listings and IPO Applications - During the week of December 22-27, 2025, one company was listed, and one company opened for subscription [6][12] - A total of 9 companies had their IPO applications accepted, while 4 companies passed the review process [6][38] - As of December 27, 2025, there are 160 companies awaiting review, with 13 accepted, 121 under inquiry, and 14 submitted for registration [6] Recent IPOs - Jiangtian Technology (江天科技) was listed on December 25, 2025, becoming the 287th company on the BSE, with a first-day closing price of 47.85 yuan, up 180.58% from its issue price [8][9] - The company aims to raise 531 million yuan for the construction of a comprehensive R&D and manufacturing base [9] - For the first three quarters of 2025, Jiangtian Technology reported a revenue of 468 million yuan, a year-on-year increase of 10.85%, and a net profit of 89.11 million yuan, up 11.45% [11] Upcoming IPOs - Hengtong Optoelectronics (蘅东光) opened for subscription on December 23, 2025, with a target of raising 323.8 million yuan [13] - The company reported a revenue of 1.315 billion yuan for 2024, a significant increase of 91.38% year-on-year, and a net profit of 224 million yuan, up 123.75% [16] - Other companies, including Miro Technology (觅容科技) and Meiya Technology (美亚科技), have submitted registration applications, aiming to raise 314 million yuan and 200 million yuan, respectively [19][22] Companies Passing Review - Four companies passed the listing committee review during the week, including Ying's Holdings (英氏控股) and Longyuan Co., Ltd. (隆源股份) [24][26] - Ying's Holdings reported revenues of 1.974 billion yuan for 2024, with a net profit of 210 million yuan [25] - Longyuan Co., Ltd. aims to raise 560 million yuan for projects related to new energy systems [28] Companies Completing Counseling - A total of 28 companies completed their counseling work during the week [68] - These companies are preparing for their IPOs, indicating a robust pipeline for future listings on the BSE [68]

Core Viewpoint - The IPO of Hangzhou Mirui Technology Co., Ltd. has been approved, focusing on smart network cameras and IoT video products, with plans to raise approximately 314 million yuan [1] Group 1: Company Overview - Hangzhou Mirui Technology is a high-tech enterprise specializing in the research, design, production, and sales of smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI [1] - The company’s IPO was accepted on December 31, 2024, and it entered the inquiry phase on January 24, 2025 [1] Group 2: Financial Performance and Sustainability - The listing committee raised concerns regarding the authenticity of the company's operating performance, specifically the decline in net profit in 2021 and discrepancies with comparable companies in the industry [1] - The committee requested explanations for the continuous growth in value-added service revenue and the increase in gross margin [1] - Questions were also raised about the sustainability of revenue growth from proprietary brand products and the reasons behind the continuous decline in sales prices of module products [1]

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a significant step towards public listing and potential growth in the smart network camera and IoT video product market [1]. Group 1: Company Overview - The company specializes in the research, design, production, and sales of smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI [2][3]. - Founded in February 2017, the company transitioned to a joint-stock company in November 2020 and was listed on the National Equities Exchange and Quotations in May 2022 [3]. - As of June 30, 2025, the company has a total of 53 employees and operates four wholly-owned subsidiaries [3]. Group 2: Shareholding Structure - Yuan Haizhong directly holds 65.66% of the company's shares and indirectly controls an additional 32.34% through Rui Mi Investment, totaling 98.00% of the shares before the IPO [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 548.55 million yuan, 672.89 million yuan, 743.01 million yuan, and 356.81 million yuan, with net profits of 39.07 million yuan, 71.46 million yuan, 81.63 million yuan, and 32.07 million yuan respectively [5][6]. - The gross profit margin has shown an upward trend, increasing from 26.42% in 2022 to 35.38% in 2025 [6]. - The company has maintained a research and development investment ratio of around 10% of its revenue, indicating a commitment to innovation [6]. Group 4: Listing Standards and Inquiries - The company has chosen to meet the listing standards set by the Beijing Stock Exchange, which require a market value of no less than 200 million yuan and a net profit of at least 15 million yuan over the last two years [7]. - Key inquiries raised during the review process include the authenticity of operating performance, sustainability of revenue growth from proprietary brand products, and the rationale behind the declining sales price of module products [7].

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for the company's market entry and growth potential in the intelligent network camera and IoT video product sector [1][2]. Group 1: Company Overview - The company specializes in the research, design, production, and sales of intelligent network cameras and IoT video products, integrating hardware, software, cloud services, and AI [3]. - Founded in February 2017, the company transitioned to a joint-stock company in November 2020 and was listed on the National Equities Exchange and Quotations in May 2022 [3]. - As of June 2025, the company has a total of 53 employees and operates four wholly-owned subsidiaries [3]. Group 2: Shareholding Structure - Yuan Haizhong directly holds 65.66% of the company's shares and controls an additional 32.34% through Rui Mi Investment, totaling 98.00% of the shares before the IPO [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 548.55 million yuan, 672.89 million yuan, 743.01 million yuan, and 356.81 million yuan, with net profits of 34.31 million yuan, 68.53 million yuan, 81.63 million yuan, and 31.20 million yuan respectively [5]. - The total assets as of June 30, 2025, were approximately 476.97 million yuan, with total equity of about 295.12 million yuan [6]. - The company has maintained a gross profit margin of around 35.38% for the most recent fiscal year, indicating strong profitability [6]. Group 4: Listing Standards - The company has chosen to meet the listing standards set forth by the Beijing Stock Exchange, which require a market value of no less than 200 million yuan and a net profit of at least 15 million yuan over the last two years [7]. Group 5: Inquiry Issues - The main inquiries raised during the review process include the authenticity of operating performance, sustainability of revenue growth from proprietary brand products, and the rationale behind the declining sales prices of module products [8].

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. (referred to as "Mirui Technology") is set to go public on the Beijing Stock Exchange, marking a shift from the medical device sector to a focus on smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI [1] Financial Performance - Mirui Technology's revenue for the past three years was 549 million yuan, 673 million yuan, and 743 million yuan, with net profits of 39.15 million yuan, 71.58 million yuan, and 81.66 million yuan respectively [2] - For the first half of 2025, the company reported a revenue of 356 million yuan and a net profit of 32 million yuan [6] Product Pricing - The average price of smart network cameras has shown a decline, with a price of 84.88 yuan in the first half of 2025, down from 89.8 yuan in 2024, indicating a decrease of 5.48% [2] Competitive Landscape - Compared to peers, Mirui Technology's gross profit margin remains competitive, although it has slightly decreased in 2025 compared to previous years [6][8] - The company has a lower bad debt provision ratio compared to smaller companies on the ChiNext board, indicating better financial stability [8] Management and Ownership - The actual controller of Mirui Technology, Yuan Haizhong, holds a direct stake of 65.66% and an indirect stake of 32.34%, totaling 98% control over the company [11] - Yuan has a history of involvement in other companies, including a previous attempt to list another company, Boling Electric, which faced regulatory issues [13][16] Regulatory Scrutiny - Mirui Technology has faced multiple rounds of inquiries from the Beijing Stock Exchange, focusing on revenue verification and compliance, reflecting heightened regulatory scrutiny in the IPO process [9][10]

Group 1 - The core viewpoint of the article is that four companies are set to present their IPO applications, with a focus on their fundraising goals and business operations [1][2][3] Group 2 - Huigu New Materials plans to raise 900 million yuan for projects including the expansion of an environmentally friendly coating and resin production facility, working capital, and a research center [1][2] - Jintai Co., Ltd. aims to raise 405 million yuan, while Mirui Technology seeks to raise 314 million yuan through their IPOs [1][3] - The companies are distributed across different provinces, with one company each from Guangdong, Hunan, Liaoning, and Zhejiang [1]

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. is set to hold its IPO meeting on December 4, with Guosen Securities as the sponsor, focusing on smart network cameras and IoT video products [2] Financial Performance - For the fiscal years 2022 to 2025, the company's operating revenue is projected to be 549 million yuan, 673 million yuan, 743 million yuan, and 357 million yuan respectively, while the net profit attributable to shareholders is expected to be 39.15 million yuan, 71.58 million yuan, 81.66 million yuan, and 32.18 million yuan [3] - In the first nine months of 2025, the company reported an operating revenue of 549 million yuan and a net profit of 50.77 million yuan, both showing a decline compared to the same period last year [4] - The company forecasts an operating revenue of 802 million yuan for 2025, with a net profit of 78.22 million yuan, indicating a slight increase in revenue but a decline in net profit compared to the previous year [4] Shareholder Structure - The controlling shareholder and actual controller of Mirui Technology is Yuan Haizhong, who holds 65.66% of the shares directly and controls an additional 32.34% through Rui Mi Investment, totaling 98.00% of the shares before this issuance [6] Background of the Controlling Shareholder - Yuan Haizhong, born in December 1963, has a long history in the electrical appliance industry, having held various managerial positions since 1979, and founded Mirui Technology in 2017, where he currently serves as chairman [7]

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. is set to hold its listing meeting on December 4, with Guosen Securities as the sponsor, focusing on smart network cameras and IoT video products [2] Financial Performance - The total assets of the company increased from 261.61 million yuan in 2022 to 476.97 million yuan in 2025, showing a growth trend [3] - Shareholder equity rose from 159.97 million yuan in 2022 to 295.12 million yuan in 2025, indicating improved financial stability [3] - Operating revenue for 2022 to 2025 is projected to grow from 548.55 million yuan to 743 million yuan, while net profit is expected to increase from 39.07 million yuan to 32.07 million yuan in the same period [3][4] Ownership Structure - The controlling shareholder and actual controller of Mirui Technology is Yuan Haizhong, who holds 65.66% of the shares directly and controls an additional 32.34% through an investment company, totaling 98% control [6] Fundraising and Use of Proceeds - The company plans to raise 314 million yuan, down from an initial target of 395 million yuan, with funds allocated for headquarters and brand development, as well as R&D center construction [6] Dividend Distribution - In 2023, the company distributed a cash dividend of 12.5 yuan per 10 shares, totaling 51.02 million yuan, without issuing new shares or converting capital reserves [7]