图片由AI生成 今日，*ST长药（长江医药控股股份有限公司，股票代码300391.SZ）竞价阶段即封死跌停，股价报1.18元/股，总市值仅剩4.13亿元。 晚间公司同步披露：收到湖北省十堰市中级人民法院裁定，不予受理其重整申请并终结预重整程序，旗下湖北长江星医药等七家子公司实质合并重整程序终 止且被宣告破产。 这场双重崩塌的背后，是12月26日证监会下发的《行政处罚事先告知书》——公司2021年至2023年连续三年财务造假，累计虚增营收7.33亿元、利润1.68亿 元，已触及重大违法强制退市红线，被叠加实施退市风险警示。 距年末仅剩两天，债务豁免、注资等保壳动作已无落地时间窗口，-6.43亿净资产无法转正，财务类退市与重大违法退市双重风险叠加，加之重整之路全面 终结，这家跨界"光伏+医药"的上市公司，终因长期造假与经营溃败走向末路。 | 最高: 1.18 | 今开: 1.18 | 涨停:1.76 | | --- | --- | --- | | 曼低:1.18 | 昨收:1.47 | 跌停:1.18 | | 换手:2.54% | 盘后量:32手 | 量比:0.19 | | 振幅:0.00% | 盘后额:3776 ...

从创新性指标来看，同样在上述各报告期内，国贵科技研发费用率分别为 2.18%、2.61%、4.25%和 2.98%，与同行业可比公司的平均水平相近。 新京报贝壳财经讯（记者黄鑫宇）12月26日成为12月内北交所单日IPO受理量最高的一天。在这一天， 5家企业IPO申报同时获北交所受理。 重庆国贵赛车科技股份有限公司（"国贵科技"，874528）即位列这5家企业之中。企查查和官网共同显 示，国贵科技成立于2006年4月，既是一家国家级专精特新"小巨人"公司，也是重庆市"隐形冠军"企 业，长期从事对海外改装车产品和文化的研究工作。 招股书披露，国贵科技主要针对汽车后市场，近二十年专注于高性能汽车零配件的研发、生产和销售， 包括以汽车机械悬架、空气悬架为代表的汽车悬架系统零部件和以涡轮增压器、连杆等为代表的汽车动 力系统零部件在内的各类汽车零部件产品，并拓展至汽车周边相关的机电类产品，以eBay、Amazon等 国际电商平台及自营网站为主要媒介，将产品销往美国、欧洲等多个国家和地区。通过近二十年深耕欧 美汽车后市场领域，公司已创立具有市场影响力的自主品牌 MAXPEEDINGRODS，累计服务了超400 万名用户。 ...

AIDC 自备电源调研 20251211 摘要 美国大缸径柴油发动机产能紧张，主要受限于生产制造能力、测试能力 和关键零部件供应链。博世作为主要燃油系统供应商，因能源转型投资 意愿较弱，加剧了零部件供应瓶颈，且国产替代难度大。 中国数据中心建设增速放缓，受 H20 事件和政策监管影响，2025 年建 设规模或难显著增长。成本敏感性提升，国产替代需求增加，但外资机 组在技术层面仍有优势，需调整商务策略应对。 数据中心备用电源与其功率成线性比例，通常配备 10-40 台柴油发电机， 主力功率段在 1.6-2.4 兆瓦之间。备用电源成本占比约为 25%，成本控 制影响业主对国内外机组的选择。 国产替代面临挑战，高技术含量零部件如博世油泵、电控系统和 ABB 涡 轮增压器难以替代，因技术难度高、缺乏规模效应且投资回报周期长。 基础金属加工件国产化程度较高。 美国数据中心需求旺盛，但本土制造业疲软，次一级零部件难以替换， 康明斯和卡特彼勒扩产意愿不强，通过维持后端需求饥饿状态保持竞争 优势，导致供应链持续紧张。 Q&A 近期美国数据中心业务需求旺盛，导致柴油发动机（柴发）在该领域的出货量 大幅增长。请问目前行业内部的情 ...

Core Viewpoint - Ningbo Fengwo Turbocharger Technology Co., Ltd. (Fengwo) is applying for an IPO on the Shanghai Stock Exchange, appearing to align with national policies supporting specialized and innovative enterprises, but it is actually facing multiple structural risks, including high-risk patent litigation, lack of revenue support for its second growth curve, and significant governance and financial disclosure issues [3][11]. Group 1: Patent Litigation Risks - Fengwo is currently involved in two patent infringement lawsuits initiated by Garrett, a major international turbocharger manufacturer, with a total claim amount of 56 million yuan, seeking to prohibit the company from manufacturing and selling related products [3][11]. - The company attempts to downplay the risk by claiming that the disputed components, such as heat shields and thrust rings, do not affect the core performance parameters of turbochargers; however, this argument lacks engineering and commercial logic [3][11]. - The Supreme People's Court has reversed a previous decision declaring the patents invalid, sending the case back for retrial, which complicates the legal situation further [4][12]. Group 2: Strategic Transformation and Revenue Concerns - Fengwo's claims of strategic transformation into the air suspension market appear to be speculative, as there are no substantial results, such as mass production orders or sales revenue, to support these claims [4][12]. - The company has stated that it is in the "batch production verification stage" for its air spring and stiffness valve projects, but lacks any formal notifications from major manufacturers or any sales revenue [4][12]. Group 3: Governance and Financial Disclosure Issues - The company has a very small sales team of only 2 to 3 people, with an average salary of 1.39 million yuan in 2024, which raises concerns about customer concentration and the ability to expand into new markets [6][15]. - Inventory management is questionable, with a reported inventory value of 1.81 billion yuan at the end of 2024, which has been increasing while revenue growth has slowed [6][15]. - The company's stock incentive plan has a valuation PE of about 8 times, significantly lower than the average of 20-30 times in the automotive parts industry, indicating potential issues with shareholder equity dilution [6][15]. Group 4: Internal Control and Transparency Issues - The company has shown a lack of rigorous internal controls and transparency, with vague disclosures regarding fixed asset inventory and research and development expenses [7][16]. - There are inconsistencies in the company's claims about inventory management and turnover rates, which could mislead investors regarding its operational efficiency [7][16]. - Overall, Fengwo's IPO application does not reflect a stable progression, as it is entangled in patent litigation, lacks revenue for its strategic initiatives, and has governance and disclosure issues that undermine investor trust [7][16].

在第二轮审核问询函中，丰沃股份业务、诉讼等问题遭到追问。 北京商报讯（记者 马换换 李佳雪）12月1日，上交所官网显示，宁波丰沃增压科技股份有限公司（以下 简称"丰沃股份"）主板IPO对外披露了第二轮审核问询函回复。 据悉，丰沃股份主营业务为涡轮增压器的研发、制造及销售，并向电动增压器、空气悬架核心零部件领 域拓展。公司IPO于2025年6月26日获得受理，并于当年7月18日进入问询阶段。 本次冲击上市，丰沃股份拟募集资金约6.56亿元，扣除发行费用后，将用于年产100万套涡轮增压器项 目、年产60万套空气悬架零部件项目、补充流动资金。 ...

Core Viewpoint - The automotive industry's transition to electrification is a definitive trend, leading major global component manufacturers to strategic crossroads that will shape the competitive landscape. Schaeffler Group's recent agreement to sell its turbocharger business in China to Xiling Power Technology marks a significant step in its strategy to divest from internal combustion engine (ICE) operations and focus on electric vehicle (EV) technologies [2][3][4]. Group 1: Schaeffler's Strategic Moves - Schaeffler has sold 100% of the shares of Weipai Automotive Electronics (Shanghai) Co., Ltd., which operates the turbocharger business in China, due to its ongoing financial losses, with a projected revenue of approximately €100 million in 2024 and a net loss of ¥22.58 million in 2024 [3][4]. - The divestment aligns with Schaeffler's core strategy of transitioning towards electrification, as the turbocharger business significantly diverges from this focus [3][5]. - Schaeffler's restructuring plan includes the formation of four core divisions, with the electric drive division expected to grow from 9% of total revenue in 2022 to 31% by 2030, while the ICE-related business is projected to decline from 53% to 28% in the same period [4][5]. Group 2: Xiling Power's Acquisition Strategy - Xiling Power's acquisition of Weipai Electronics is characterized by a cash payment structure, with an initial payment of only 1 yuan, indicating a strategic move to capitalize on the market potential of turbochargers amid the dual trends of fuel vehicle upgrades and new energy development [9][10]. - The company believes that the turbocharger market will continue to thrive, particularly in the mid-to-high-end fuel vehicle sector and through the growth of plug-in hybrid vehicles, which are expected to see significant production increases in 2024 [9][10]. - Xiling Power plans to enhance profitability post-acquisition by improving management efficiency, optimizing procurement channels, and implementing refined management practices to boost production efficiency and product quality [10]. Group 3: Market Dynamics and Future Outlook - The contrasting decisions of Schaeffler and Xiling Power reflect differing strategic assessments of the turbocharger business's future, with Schaeffler opting to divest due to financial pressures and a focus on electrification, while Xiling Power sees potential for growth [11][12]. - Despite the shift towards electrification, the turbocharger market is expected to maintain a solid demand foundation, with aftermarket needs likely to persist for 8 to 10 years, providing a buffer against the immediate impacts of the transition [12][13]. - The evolving landscape suggests a "giant exit, local replacement" scenario, where Chinese companies can leverage international assets and optimize operations to achieve breakthroughs in traditional markets [13].

由吉利控股集团董事长李书福一双儿女掌舵，宁波丰沃增压科技股份有限公司（以下简称"丰沃股份"）的冲A事项迎来最新进展。近期，公司沪市主板IPO 更新披露招股书，并对外披露了首轮审核问询函回复。值得关注的是，在本次冲击上市背后，公司主要产品涡轮增压器的销售价格逐年下降。另外，从最新 披露的2025年上半年数据来看，公司上半年向前五大客户销售占比超九成，而超三成均来自吉利控股集团及与其同属于同一控制下的主体（以下简称"吉利 集团"）。 | 公司全称 | 宁波丰沃增压科技股份有限公司 | | --- | --- | | 公司简称 | 丰沃股份 | | 审核状态 | 已问询 | 近期，丰沃股份主板IPO交出了首轮审核问询"答卷"。据了解，丰沃股份主营业务为涡轮增压器的研发、制造及销售，并向电动增压器、空气悬架核心零部 件领域拓展。公司主板IPO于2025年6月26日获得受理，当年7月18日进入问询阶段。 本次冲击上市，丰沃股份拟募集资金约6.56亿元，其中1.08亿元拟用于补充流动资金，其余募集资金则拟分别用于年产100万套涡轮增压器项目、年产60万套 空气悬架零部件项目。不过值得一提的是，在计划募资补流的同时，丰沃股 ...

由吉利控股集团董事长李书福一双儿女掌舵，宁波丰沃增压科技股份有限公司（以下简称"丰沃股份"）的冲A事项迎来最新进展。近期，公司沪市主板IPO 更新披露招股书，并对外披露了首轮审核问询函回复。值得关注的是，在本次冲击上市背后，公司主要产品涡轮增压器的销售价格逐年下降。另外，从最新 披露的2025年上半年数据来看，公司上半年向前五大客户销售占比超九成，而超三成均来自吉利控股集团及与其同属于同一控制下的主体（以下简称"吉利 集团"）。 | 公司全称 | 宁波丰沃增压科技股份有限公司 | | --- | --- | | 公司简称 | 丰沃股份 | | 审核状态 | 已问询 | 北京商报记者 马换换 王蔓蕾 本次冲击上市，丰沃股份拟募集资金约6.56亿元，其中1.08亿元拟用于补充流动资金，其余募集资金则拟分别用于年产100万套涡轮增压器项目、年产60万套 空气悬架零部件项目。不过值得一提的是，在计划募资补流的同时，丰沃股份还曾于2023年进行大手笔现金分红，当期分红金额为1.2亿元。 从业绩表现来看，2022—2024年，丰沃股份实现营业收入分别约为13.99亿元、15.98亿元、20.67亿元；对应实现归属净利润约 ...

北京商报讯（记者 马换换 李佳雪）11月18日，上交所官网显示，宁波丰沃增压科技股份有限公司（以 下简称"丰沃股份"）主板IPO对外披露了首轮审核问询函回复。 本次冲击上市，丰沃股份拟募集资金约6.56亿元，扣除发行费用后，将用于年产100万套涡轮增压器项 目、年产60万套空气悬架零部件项目、补充流动资金。 在首轮审核问询函中，丰沃股份业务与技术、营业收入、主要客户及客户集中等问题遭到追问。 据了解，丰沃股份主营业务为涡轮增压器的研发、制造及销售，并向电动增压器、空气悬架核心零部件 领域拓展。公司IPO于2025年6月26日获得受理，并于当年7月18日进入问询阶段。 ...

Core Viewpoint - Schaeffler Group is advancing its "decarbonization" strategy by selling its internal combustion engine-related business in China, specifically the turbocharger operations of Weichai Technology, to Chengdu Xiling Power Technology Co., Ltd. This move is part of Schaeffler's ongoing efforts to divest non-core internal combustion engine operations and is a significant step in the integration process following its acquisition of Weichai Technology [2][8][10]. Summary by Sections Transaction Details - Schaeffler has signed an agreement to sell 100% of Weichai Automotive Electronics (Shanghai) Co., Ltd., which operates the turbocharger business in China. The expected revenue for 2024 is approximately €100 million, but the company is facing significant losses, with a net loss of ¥22.58 million in 2024 and a further increase to ¥46.06 million in the first three quarters of the year [3][5]. - The transaction will be completed through a cash payment, with a nominal base payment of ¥1, and the final price will be adjusted based on various financial metrics at the time of closing [5]. Strategic Implications - Chengdu Xiling Power views the turbocharger as a critical component in the mid-term power system, especially in the context of the automotive industry's shift towards hybrid and upgraded fuel vehicles. The company believes there is still substantial market potential for turbochargers [6]. - The acquisition is seen as an opportunity for Xiling Power to leverage Weichai's technological advantages in automated digital production lines and precision manufacturing processes, as well as its established relationships with major clients like Volkswagen [6]. Schaeffler's Business Restructuring - Schaeffler's divestment of the turbocharger business is part of a broader restructuring strategy following its acquisition of Weichai Technology, which is aimed at focusing on four core business divisions: electric drive, powertrain and chassis, vehicle lifecycle solutions, and bearings and industrial solutions. The electric drive division is identified as a strategic priority [8][10]. - The company has explicitly categorized the internal combustion engine turbocharger business as non-core and has initiated its sale to optimize resource allocation and free up capital for its core electric drive operations [10]. - Despite the divestment, Schaeffler acknowledges that internal combustion engine optimization and hybrid-related products will continue to be important for profit and cash flow in the foreseeable future [10].