根据北交所公开发行并上市信息，芜湖莫森泰克汽车科技股份有限公司（莫森泰克）北交所IPO已获受 理。 公司主要从事汽车天窗、玻璃升降器等汽车开闭器件以及相关电子控制单元的研发、制造及销售。此 外，公司还从事粉末冶金零部件的研发、制造及销售。 公司主要财务指标 | 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 营业收入（万元） | 195564.15 | 157177.59 | 98169.20 | | 归属母公司股东的净利润（万元） | 26422.60 | 19309.62 | 11108.08 | | 扣除非经常损益后归属母公司所有者净利润（万元） | 25427.08 | 18389.23 | 10030.40 | | 基本每股收益（元） | 2.4900 | 1.9700 | 1.4300 | | 稀释每股收益（元） | 2.4900 | 1.9700 | 1.4300 | | 加权平均净资产收益率（%） | 29.93 | 29.48 | 27.60 | | 经营活动产生的现金流量净额（万元） | 30387.20 | 31 ...

资料显示，上海毓恬冠佳科技股份有限公司位于上海青浦工业园区崧煌路580号，成立日期2004年12月3 日，上市日期2025年3月3日，公司主营业务涉及公司是以汽车天窗为主要产品的汽车运动部件制造商, 拥有汽车天窗设计、研发、生产一体能力,主要服务于在中国设立的国内外知名汽车厂商以及部分海外 整车制造商,提供专业的、系统的各类汽车天窗以及其他汽车运动部件成套解决方案。主营业务收入构 成为：全景天窗65.29%，小天窗20.89%，其他13.82%。 截至9月30日，毓恬冠佳股东户数8711.00，较上期减少42.65%；人均流通股2038股，较上期增加 83.65%。2025年1月-9月，毓恬冠佳实现营业收入15.54亿元，同比减少1.63%；归母净利润1.16亿元。 融资方面，毓恬冠佳当日融资买入189.24万元。当前融资余额5505.54万元，占流通市值的6.86%。 融券方面，毓恬冠佳12月18日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量6200.00股，融券余额28.01万元。 12月18日，毓恬冠佳跌0.70%，成交额3567.15万元。两融数据显示，当日 ...

三、常见问题解答 文/梧桐小编 全国股转公司于近期发布了2025年第1期（总第2期）《新三板挂牌发行审核动态》。《动态》包括审核概 况、政策动态、常见问题解答、案例分析、主办券商执业质量等5大部分。小编将常见问题解答（6个问 题）、案例分析（5个案例）、主办券商执业质量（3个案例）搬上来供有兴趣的朋友学习参考。 常见问题解答的6个问题为：1、申请挂牌业务、挂牌公司定向发行及重大资产重组业务对于资产评估机构 备案有什么要求。2、在申请挂牌、定向发行、并购重组项目审核通过后，特殊投资条款是否可以变更？ 3、公司从事互联网平台经营业务有何注意事项？4、收购人收购挂牌公司时，关于同业竞争需注意哪些事 项？5、要约收购应注意哪些事项？6、收购无实际经营业务的挂牌公司，相关资产注入计划需注意哪些事 项？ 案例分析的5个案例为：1、未盈利科技型企业挂牌；2、特殊投资条款；3、超产能生产；4、寄售模式； 5、上市公司收购挂牌公司。 主办券商执业质量的3个案例分别为：1、审核期间未核查资金占用；2、未按要求核查股东资产真实性； 3、在建工程转固时点有误。 问题 1.申请挂牌业务、挂牌公司定向发行及重大资产重 组业务对于资产评估 ...

Group 1 - The number of specialized and innovative small and medium-sized enterprises (SMEs) in China has increased from less than 40,000 to over 140,000 during the 14th Five-Year Plan period, representing a growth of more than 2.5 times [1] - The average number of invention patents held by "little giant" enterprises is 26.6, with an average R&D investment exceeding 30 million yuan [1] - "Little giant" enterprises account for 3.5% of the total number of industrial SMEs in China, contributing 9.6% of total revenue and 13.7% of total profits [1] Group 2 - Specialized and innovative SMEs focus on their core businesses and play a crucial role in enhancing the stability of industrial supply chains and promoting economic development [1] - Companies like Shanghai Yutian Guanjia Technology Co., Ltd. and Wuhu Churui Intelligent Technology Co., Ltd. are examples of SMEs that have successfully broken foreign technology monopolies and integrated into international supply chains [2] - The Ministry of Industry and Information Technology plans to strengthen the innovation capabilities of enterprises, optimize the development environment, and explore the establishment of specialized innovation empowerment centers [2]

Group 1 - The "14th Five-Year Plan" has emphasized the development of specialized, refined, distinctive, and innovative small and medium-sized enterprises (SMEs) in China, with an average of 26.6 invention patents and over 30 million yuan in R&D investment per "little giant" enterprise by 2024 [1][2] - The number of specialized and innovative SMEs has increased from less than 40,000 to over 140,000 during the "14th Five-Year Plan" period, representing a growth of more than 2.5 times [1] - "Little giant" enterprises have grown from over 5,000 to 17,600, accounting for 3.5% of the total number of industrial SMEs, contributing 9.6% of revenue and 13.7% of profits [1] Group 2 - Specialized and innovative SMEs focus on their core businesses and play a crucial role in enhancing the stability of industrial and supply chains, thus driving economic and social development [1] - These SMEs are recognized as "single champions" and "supporting experts" in niche markets, with over 60% engaged in industrial foundational sectors and nearly 80% located in key industrial chain segments [1] - The Ministry of Industry and Information Technology plans to strengthen the innovation capabilities of enterprises, enhance the support role of quality enterprises in the industrial chain, and optimize the development environment for SMEs [2]

Group 1 - The "14th Five-Year Plan" emphasizes the development of specialized, refined, distinctive, and innovative (referred to as "specialized and new") small and medium-sized enterprises (SMEs) in China, which are crucial for economic growth [1] - By 2024, specialized and new "little giant" enterprises are expected to have an average of 26.6 invention patents and an average R&D investment exceeding 30 million yuan [1] - During the "14th Five-Year Plan" period, the number of specialized and new SMEs increased from less than 40,000 to over 140,000, representing a growth of more than 2.5 times [1] Group 2 - The number of "little giant" enterprises rose from over 5,000 to 17,600, accounting for 3.5% of the national industrial SMEs, contributing 9.6% of revenue and 13.7% of profits [1] - Specialized and new SMEs focus on their core businesses and play a significant role in enhancing the stability of industrial and supply chains, as well as promoting economic and social development [1] - Over 60% of specialized and new "little giant" enterprises are deeply engaged in industrial foundational fields, with nearly 80% located in key industrial chain segments [1] Group 3 - Companies like Suzhou Qingyue Optoelectronics and Shanghai Yutian Guanjia Technology are examples of specialized and new SMEs that have successfully broken foreign technology monopolies and increased market share [3] - The Ministry of Industry and Information Technology plans to strengthen the innovation capabilities of enterprises, enhance the support role of quality enterprises in the industrial chain, and optimize the development environment for enterprises [3] - Future initiatives include establishing specialized and new empowerment centers and improving the support mechanisms for the growth of SMEs, leveraging financial resources for targeted support [3]

Core Viewpoint - Yutian Guanjia, established in December 2004, is set to be listed on the Shenzhen Stock Exchange in March 2025, specializing in automotive sports components, particularly sunroofs, and serves numerous well-known automotive manufacturers [1] Group 1: Company Overview - Yutian Guanjia focuses on the manufacturing of automotive sports components, with sunroofs as its core product, demonstrating integrated capabilities in design, research and development, and production [1] - The company is classified under the automotive industry, specifically in automotive parts and body accessories, with concept sectors including small-cap stocks, newly listed stocks, and automotive parts fusion [1] Group 2: Financial Performance - As of Q3 2025, Yutian Guanjia reported revenue of 1.554 billion yuan, ranking 23rd among 41 peers, significantly lower than the industry leader Huayu Automotive at 130.853 billion yuan and second-place Fuyao Glass at 33.302 billion yuan; the industry average revenue is 7.344 billion yuan, with a median of 1.714 billion yuan [1] - The net profit for the same period was 115 million yuan, also ranking 23rd, with the top performer Fuyao Glass achieving 7.068 billion yuan and Huayu Automotive at 5.397 billion yuan; the industry average net profit is 488 million yuan, with a median of 120 million yuan [1] Group 3: Financial Ratios - Yutian Guanjia's debt-to-asset ratio stood at 42.08% in Q3 2025, lower than the industry average of 42.48%, indicating good debt risk control [2] - The company's gross profit margin was 17.31%, which is below the industry average of 22.52%, suggesting room for improvement in profitability [2] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 42.65% to 8,711, while the average number of circulating A-shares held per shareholder increased by 83.65% to 2,038.6 [3] - The largest circulating shareholder is now China Europe Enjoy Life Mixed Fund, holding 408,500 shares, followed by Hong Kong Central Clearing Limited with 313,300 shares, which increased by 41,000 shares compared to the previous period [3]

Core Viewpoint - The article discusses the concept of "hidden champions," small and medium-sized enterprises that dominate niche markets but remain largely unknown to the public. It highlights the decline of these companies in Germany and Japan due to various economic challenges and the rise of Chinese companies in the same space [4][14][36]. Group 1: Definition and Characteristics of Hidden Champions - Hidden champions are defined as companies that hold a top two global market share, have annual sales below $10 billion, and are not widely recognized by the public. This definition has evolved to include companies with annual revenues below $50 billion [5][14]. - As of 2023, there are 3,406 hidden champions globally, with Germany having 1,573, the highest number, followed by the United States and Japan [5][9]. Group 2: Economic Decline of German and Japanese Hidden Champions - Germany's economy has faced significant challenges, with GDP declining by 0.2% last year and a further 0.3% drop in the second quarter of this year, marking a rare occurrence of consecutive annual GDP shrinkage since 1950 [16][19]. - The automotive industry, a cornerstone of Germany's manufacturing sector, has seen a dramatic increase in bankruptcies, with over 80% growth in the number of bankrupt companies since 2021 [16][19]. - Major automotive companies like Bosch and Volkswagen are planning significant layoffs, with Bosch cutting 13,000 jobs and Volkswagen planning to lay off 35,000 employees by 2030 [19][21]. Group 3: Rise of Chinese Companies - Chinese companies are increasingly taking over roles traditionally held by hidden champions in Germany and Japan, with 300 German companies acquired by Chinese firms between 2014 and 2020 [32]. - China has developed a robust ecosystem of hidden champions, with over 14,000 specialized small and medium enterprises and 1,500 single-item champion companies [33][34]. - The number of identified hidden champions in China has increased from about 100 to 300 in the past five years, indicating a significant growth in this sector [34]. Group 4: Challenges Faced by Traditional Hidden Champions - German and Japanese hidden champions are struggling with digital transformation, with many companies lagging in adopting new technologies and innovations [26][28]. - The reliance on traditional business models and a lack of sensitivity to new industries have hindered their ability to adapt to changing market conditions [28][29]. - The emergence of electric vehicles and the energy crisis in Europe have further exacerbated the challenges faced by these companies, leading to a decline in their market positions [22][24].

Core Insights - The concept of "hidden champions" refers to small and medium-sized enterprises that dominate niche markets but remain largely unknown to the public, significantly contributing to the economic success of countries like Germany, Japan, and the U.S. [1][4] - The number of hidden champions has increased globally, with China witnessing a rapid rise in such companies, particularly in advanced manufacturing and digital technology sectors [28][29] - However, the myth of hidden champions is facing challenges as these companies in Germany and Japan are experiencing decline due to structural economic issues and competition from Chinese firms [3][19] Group 1: Definition and Characteristics of Hidden Champions - Hidden champions are defined as companies that hold a top two global market share, have annual sales below $5 billion, and maintain low public recognition [4] - As of 2023, there are 3,406 hidden champions globally, with Germany accounting for 1,573, nearly half of the total [4][7] - These companies often focus on overlooked niche industries, producing specialized products like fasteners and pet leashes [8][9] Group 2: Current Challenges Faced by Hidden Champions - Germany's economy is experiencing a structural crisis, with GDP declining by 0.2% last year and a further 0.3% drop in the second quarter of this year [15][19] - The automotive industry, a key sector for hidden champions, has seen a significant increase in bankruptcies, with over 80% growth since 2021 [15][16] - Major automotive suppliers are facing severe layoffs, with companies like Bosch planning to cut 13,000 jobs [15][19] Group 3: The Rise of Chinese Hidden Champions - China has rapidly increased its number of hidden champions, with over 14,000 specialized small and medium enterprises and 1,500 single-item champions [28][29] - Chinese companies are increasingly acquiring German firms, with 300 acquisitions between 2014 and 2020, enhancing their competitive edge in the automotive parts sector [27][28] - The number of identified hidden champions in China has tripled from about 100 to 300 in the past five years, indicating a strong growth trajectory [29] Group 4: Future Outlook - The traditional manufacturing powerhouses of Germany and Japan are struggling to adapt to new technological advancements, particularly in digitalization and AI [19][21] - The slow pace of digital transformation in these countries has left them vulnerable to competition from more agile and innovative firms in China and the U.S. [21][24] - The decline of hidden champions in Europe contrasts sharply with the rise of unicorns in China and the U.S., highlighting a shift in global economic dynamics [24][29]

Core Viewpoint - The company, Shanghai Yutian Guanjia Technology Co., Ltd., is experiencing a decline in revenue and net profit, with significant changes in shareholder structure and financing activities [1][2][3]. Group 1: Financial Performance - For the first half of 2025, the company reported a revenue of 958 million yuan, a year-on-year decrease of 11.30% [2]. - The net profit attributable to the parent company was 59.21 million yuan, down 25.65% compared to the previous year [2]. Group 2: Shareholder and Financing Information - As of June 30, 2025, the number of shareholders increased to 15,200, reflecting a growth of 7.36% [2]. - The average number of circulating shares per shareholder decreased by 6.85% to 1,110 shares [2]. - The company has a total financing balance of 50.34 million yuan, which constitutes 6.03% of its market capitalization [1]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 272,300 shares as a new shareholder [3]. Group 3: Business Overview - The company specializes in manufacturing automotive sunroofs and related components, with panoramic sunroofs accounting for 65.29% of its main business revenue [1].