导读：在森峰激光主动终止创业板IPO近十个月后，随着曹冬、曹文轩二人同时被深交所约谈，其彼时 闯关A股上市失败背后的更多内幕也浮出了水面。森峰激光或许自己也没有想到，其创业板IPO在前期 已"扛"过深交所多达三轮次的审核问询且已顺利通过深交所上市委会议审核一年多时间后，深交所还会 重新对其提起现场督导。 作者：赵 擎@北京 编辑：翟 睿@北京 2025年12月1日，在这个2025年最后一个月的第一个工作日，两名来自国联民生证券的保荐代表人—— 曹冬、曹文轩出现在了位于深圳市福田区深南大道2012号的深交所大楼中，与以往多次来此报送投行项 目材料或参与IPO挂牌仪式不同，二人此行是因在执业过程中因涉相关违规行为被监管层查处而被深交 所上市审核中心约谈。 曹冬、曹文轩二人皆是在国联民生证券中从业长达十余年的资深投行人士。 公开信息显示，曹文轩于2008年7月入职民生证券，并由此拉开了其此后近二十年的券商从业序幕。 2012年，曹文轩正式注册成为一名合格的保荐代表人，并在此后参与和主导了多起IPO项目。 相较于曹文轩，曹冬的从业资历略浅。 在湖南省地方金融管理局官方网站2023年7月19日发布的一篇名为《躬身入局， ...

Group 1 - The solid-state battery industry is gaining significant investor interest, with companies in the supply chain from battery manufacturing to upstream materials and equipment suppliers actively engaging with investors during Q3 earnings calls [1] - Semi-solid batteries are already in market application, while all-solid-state batteries are expected to enter a critical pilot testing phase between 2026 and 2027 [2][4] - Companies like Guoxuan High-Tech and Zhuhai Guanyu have reported advancements in semi-solid battery production, with Guoxuan's G-Yuan semi-solid battery nearing mass production and Zhuhai Guanyu starting to ship semi-solid batteries [2][3] Group 2 - The foundation for solid-state battery commercialization lies in innovations in battery materials, with companies currently in the sample submission phase and some achieving small batch shipments [4] - Key materials such as high-nickel and lithium-rich manganese-based cathodes are becoming mainstream to meet the higher energy density requirements of solid-state batteries [4] - Companies like Better Ray and New Zobang have reported small batch applications of solid electrolytes in semi-solid batteries, while companies like Greeenmei have achieved ton-level shipments of solid-state battery materials [4] Group 3 - Equipment manufacturers are seizing opportunities in the solid-state battery sector, with significant differences in production processes compared to traditional liquid batteries [7] - Companies like Lianying Laser and Delong Laser are already producing equipment for semi-solid and all-solid-state batteries, with expectations of increased orders in the coming year [7][8] - Overall, the solid-state battery industry is transitioning into a phase where semi-solid batteries are being applied, and all-solid-state batteries are moving towards pilot testing, with material and equipment companies accelerating their engagement with downstream partners [8]

Core Viewpoint - The company has accumulated multiple billion orders in the semi-solid battery equipment sector and has provided pilot line equipment for two leading clients in the all-solid-state battery equipment area, entering the trial production phase [1] Group 1: Orders and Revenue - The company has signed new orders this year, showing a significant year-on-year increase, surpassing the total orders of the previous year [1] - The annual target for orders is set at 4.5 billion yuan (including tax), which is expected to be achieved, with approximately 70% of this coming from the lithium battery sector, primarily from leading clients [1] Group 2: Equipment and Technology - The equipment provided by the company includes laser welding, laser cleaning (scoring), and glue dispensing equipment [1] - Currently, the all-solid-state battery technology is still in the research and development stage, focusing on pilot and pilot production lines, and has not yet entered large-scale mass production [1] Group 3: Future Prospects - More clients and products are expected to materialize in 2026 as the company continues technical integration with other battery manufacturers [1]

Summary of Dazhong Laser Conference Call Company Overview - Dazhong Laser is the largest laser company in China and ranks second globally, focusing on equipment integration across various sectors including information technology, new energy, display and semiconductor, and macro manufacturing [2][4] - The company was founded in 2004 and is headquartered in Shenzhen, with a strong technical management team led by founder Gao Yunfeng [3][5] Financial Performance - 2021 was a financial peak for Dazhong Laser, but profits have fluctuated significantly since then. However, the first three quarters of this year showed a notable recovery in net profit, indicating a new growth phase [2][6] - Revenue from consumer electronics has dropped to below 20%, while high-power equipment accounts for about one-third to one-fourth of revenue, but with low profitability [7][6] - Future revenue projections estimate 10-11 billion CNY in 2025 and around 20 billion CNY in 2026, with a current valuation of approximately 20 times earnings, suggesting it is relatively undervalued [13] Business Segments - The company has diversified its business segments, including information technology (consumer electronics and PCB), new energy (lithium batteries and photovoltaics), display and semiconductor (panel, LED, and wafer automation), and macro manufacturing (high-power equipment) [3][2] - PCB and AI-related sectors are experiencing increased demand, with Dazhong's CNC drilling equipment leading the global market share [11][3] Market Position and Trends - Dazhong Laser is positioned to benefit from the growing demand for 3D printing in North America, particularly for titanium alloy applications in foldable smartphones [10][3] - The company is also focusing on the fast laser technology, which is expected to contribute significantly to revenue by 2026, potentially becoming a second growth curve for the company [12][3] Management and Organizational Structure - The management team is stable and technically proficient, with a focus on incentivizing core team members through stock options and spin-offs [5][2] - Dazhong has implemented a flat management structure to optimize resource allocation and better match market demands [9][2] Cost Structure and Sales Model - The company maintains a relatively stable expense ratio, with increasing R&D expenses but high sales costs due to a broad customer base and customized demands [8][2] - A large sales team is necessary to support customer service, reflecting the company's extensive service requirements for large equipment maintenance [8][2] Investment Outlook - The current market capitalization is approximately 40 billion CNY, with potential for at least a 30% increase compared to historical highs [13] - The convergence of core business segments presents a rare investment opportunity, with historical precedents indicating significant valuation increases during similar periods [13][2]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 1.781 billion CNY, representing a year-on-year growth of 23.69% [3] - The net profit attributable to shareholders was 496 million CNY, with a year-on-year increase of 29.39% [3] - The net cash flow from operating activities was 11 million CNY, up 113.40% year-on-year [3] - The gross margin for the first three quarters was 46.2%, a slight decrease of 0.79 percentage points year-on-year [3] - The net profit margin was 27.85%, showing a slight increase year-on-year [3] - R&D expenditure totaled 178 million CNY, down 15.29% year-on-year, accounting for 10.02% of revenue [3] Group 2: Financial Ratios - As of September 30, 2025, the company's asset-liability ratio was 41.57%, down 6.10 percentage points from the end of the previous year [4] - The current ratio and quick ratio were 3.17 and 2.28, respectively, indicating improved short-term solvency [4] Group 3: Business Development - The company has a strong focus on the photovoltaic sector, with ongoing development of new laser technologies for application in this field [5] - In the PCB market, the company is developing ultra-fast laser drilling technology, with prototypes currently in trial production [6] - The company anticipates a demand for 40-50 GW of capacity expansion in the BC sector by 2026 [7] Group 4: Product and Technology Updates - The company has made progress in laser welding solutions, with successful pilot orders and expectations for GW-level mass production orders by Q4 2025 [8] - The efficiency of the company's TCP and TCI devices has improved by approximately 0.15%-0.2% [10] - The company maintains strong partnerships with top global laser source manufacturers, ensuring stable supply chains [10] Group 5: Market Outlook - The company is focusing on expanding its product portfolio beyond photovoltaics to enhance risk resilience, including investments in PCB, TGV, display panels, and integrated circuits [5]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating resilience and effective cost management in a challenging industry environment [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.781 billion yuan, a year-on-year increase of 23.69%, and a net profit attributable to shareholders of 496 million yuan, up 29.39% [1]. - For Q3 2025, the company recorded revenue of 611 million yuan, reflecting a year-on-year growth of 14.35%, and a net profit of 169 million yuan, which is a 14.99% increase year-on-year [1]. Operational Analysis - The company demonstrated improved cost control capabilities, achieving a gross margin of 43.42% in Q3, despite a quarter-on-quarter decline of 3.98% due to a higher proportion of lower-margin TOPCon laser equipment sales [2]. - The net profit margin increased to 27.72%, up 0.86% quarter-on-quarter, supported by enhanced cost management and a significant improvement in impairment loss provisions [2]. - Operating cash flow showed a substantial improvement, with a net cash flow of 154 million yuan in Q3, representing a quarter-on-quarter growth of 317.2% [2]. - The company's debt-to-asset ratio decreased to 41.57%, down 2.76 percentage points, indicating ongoing optimization of asset structure and enhanced financial stability [2]. Strategic Expansion - The company is strategically expanding its portfolio in photovoltaic laser equipment and the semiconductor sector, launching new technologies such as laser selective thinning (TCP) and laser isolation passivation (TCI) to enhance TOPCon component efficiency [3]. - In the component segment, the company introduced laser welding equipment compatible with new technology routes, improving production efficiency and component reliability [3]. - The company is also diversifying into consumer electronics, new displays, and integrated circuits, with the introduction of TGV laser micro-hole equipment and TGV appearance inspection AOI equipment, broadening future growth opportunities [3]. Profit Forecast and Valuation - Based on current orders and business developments, the company is projected to achieve profits of 670 million yuan in 2025 and 2026, and 650 million yuan in 2027, with corresponding EPS of 2.45, 2.46, and 2.36 yuan [4]. - The current stock price corresponds to a PE ratio of 28 for 2025 and 2026, and 29 for 2027, maintaining a "buy" rating [4].

Core Viewpoint - The article discusses the recent IPO counseling registrations of seven companies in China, highlighting their business models, financial performance, and investment backgrounds. Group 1: 华澜微 (HuaLan Micro) - 华澜微 has no controlling shareholder or actual controller and has not achieved profitability since its establishment [5][6] - The company has undergone 14 rounds of financing, with notable early investors including 深创投 and TCL创投 [5] - 华澜微's revenue from 2019 to 2023 shows a growth trend, with figures of 2.91 billion, 4.35 billion, 5.95 billion, 6.04 billion, and 2.29 billion respectively, while net losses have been recorded [6] - The company was placed on the U.S. Entity List in July 2021, which has affected its operations and led to a strategic shift towards domestic business [7] Group 2: 恒翼能 (Hengyi Energy) - 恒翼能 focuses on intelligent manufacturing equipment for lithium batteries and has become a leading supplier globally [9] - The company has a registered capital of approximately 1.26 billion and has over 2,000 employees across multiple countries [9] - In 2023, 恒翼能 completed a D-round financing led by Morgan Stanley Private Equity Fund [10] Group 3: 玄机科技 (Xuanji Technology) - 玄机科技 is a well-known digital content production company with a registered capital of approximately 515.79 million, focusing on animation IPs [12] - The company has significant backing from Tencent, which holds about 20.5% of its shares [12][14] - Revenue projections for 2023 and 2024 are 262 million and 317 million respectively, with net profits of 40.92 million and 68.2 million [14] Group 4: 先临三维 (Xianlin 3D) - 先临三维 specializes in high-precision 3D scanning technology and has a registered capital of approximately 404 million [16] - The company reported a revenue of 1.202 billion in 2024, with a net profit of 226 million, reflecting a growth of 18.07% and 59.08% respectively [17] - The company's gross margin stands at 69.1% [15] Group 5: 森峰激光 (Senfeng Laser) - 森峰激光 focuses on laser processing equipment and has a registered capital of 57 million [19] - The company has experienced rapid revenue growth, achieving 992 million, 1.332 billion, and 1.288 billion from 2022 to 2024 [20] - The company withdrew its application for the ChiNext listing in December 2024 due to strategic considerations [19] Group 6: 莫森泰克 (Mosen Tech) - 莫森泰克 specializes in automotive components and has a registered capital of approximately 106 million [22] - The company reported a revenue of 1.956 billion in 2024, with a net profit of 264 million, marking a year-on-year growth of 24.42% and 37.32% respectively [23] Group 7: 鹰峰电子 (Eagle Peak Electronics) - 鹰峰电子 focuses on passive electronic components and has a registered capital of approximately 104.93 million [25] - The company has seen fluctuating revenues, with figures of 1.482 billion, 1.396 billion, and 1.841 billion from 2022 to 2025 [27] - The global passive components market is projected to grow from 32.77 billion in 2021 to 42.82 billion by 2027, with a CAGR of 4.56% [26]

Group 1: Company IPOs - Seven companies, including Hualan Microelectronics, Hengying Energy, and Xuanji Technology, have initiated IPO counseling filings with the China Securities Regulatory Commission (CSRC) from September 8 to 14 [1] - Hualan Microelectronics has not achieved profitability and has a dispersed shareholding structure with no controlling shareholder [3][4] - Hengying Energy, focused on intelligent manufacturing equipment for lithium batteries, has completed a D-round financing led by Morgan Stanley Private Equity Fund [6][7] - Xuanji Technology, known for its digital content production, has Tencent as its second-largest shareholder and aims to list on the Beijing Stock Exchange [9][11] - Xianlin Sanwei, specializing in high-precision 3D scanning technology, has a gross margin of 69.1% and is seeking to go public [12][15] - Senfeng Laser, which focuses on laser processing equipment, previously attempted to list on the ChiNext but withdrew its application [17][18] - Mosentech, a manufacturer of automotive components, reported a revenue increase of 24.42% in 2024 and is preparing for an IPO [21] - Eagle Peak Electronics, which specializes in passive electronic components, is seeking to relist on the Beijing Stock Exchange after previously withdrawing from the ChiNext [23][24] Group 2: Financial Performance - Hualan Microelectronics reported revenues of 2.91 billion, 4.35 billion, 5.95 billion, 6.04 billion, and 2.29 billion from 2019 to the first half of 2023, with continuous revenue growth but persistent losses [3] - Xuanji Technology's projected revenues for 2023 and 2024 are 262 million and 317 million, respectively, with a net profit of 40.92 million in 2023 [11] - Senfeng Laser's revenues for 2022, 2023, and 2024 were 9.92 billion, 13.32 billion, and 12.88 billion, with a net profit of 1.03 billion, 1.1 billion, and 1 billion [18] - Mosentech achieved a revenue of 19.56 billion in 2024, with a net profit of 2.64 billion [21] - Eagle Peak Electronics reported revenues of 14.82 billion, 13.96 billion, and 18.41 billion from 2022 to 2025, with fluctuating profits [24]

Core Viewpoint - Jinan Senfeng Laser Technology Co., Ltd. has initiated its IPO process and plans to list on the Beijing Stock Exchange [1] Group 1: IPO Details - The guiding institution for the IPO is Minsheng Securities Co., Ltd., with Beijing Zhide Law Firm as the legal advisor and Tianjian Accounting Firm (Special General Partnership) as the accounting firm [3][4] - The counseling agreement was signed on September 3, 2025 [4] Group 2: Company Overview - Senfeng Laser is a national high-tech enterprise specializing in the research, development, and manufacturing of laser processing equipment, providing intelligent manufacturing solutions for laser processing [4] - The main products include laser cutting equipment, laser welding equipment, and laser cladding equipment, along with intelligent manufacturing solutions such as flexible laser processing production lines and intelligent sheet metal bending centers [4] Group 3: Financial Performance - In the first half of this year, Senfeng Laser achieved a revenue of 709 million yuan, representing a year-on-year increase of 12.49% [5] - The net profit attributable to shareholders was approximately 58.55 million yuan, showing a year-on-year decrease of 5.99% [5] - The gross profit margin for the period was 31.61%, down from 32.87% in the same period last year [5] Group 4: Shareholding Structure - The actual controllers of the company are Li Fengxi and Li Lei, who are a married couple, holding a combined 61.98% of the shares [5] - Li Fengxi directly holds 53.55% of the shares and has indirect holdings through other entities, while Li Lei directly holds 8.15% [5] Group 5: Management Background - Li Fengxi, born in 1980, is a senior engineer and has been the chairman and general manager of Senfeng Laser since 2007 [6][7] - Li Lei, born in 1982, has held various positions within the company and is currently the executive director and manager of Shandong Raiming CNC Laser Equipment Co., Ltd., which is wholly owned by Senfeng Laser [8]

Group 1: Reliable Co. Insights - Reliable Co. experienced a profit decline in Q2 primarily due to the impact of the 618 shopping festival, with a sales expense ratio expected to improve compared to the same period last year [1] - The strategy of "selling adult products at higher prices" has not yet shown significant results, although sales of upgraded cranberry absorbent towels have increased [1] - The company plans to continue expanding its institutional and special channel business, with an annual production capacity of 100,000 tons at its Hong Kong factory, facing slight cost pressure from fluff pulp [1] - Reliable Co. ended its partnership with He Sheng Yuan and will begin operating its own brand, Dudi, in Q2 2024, while also seeking new clients for its ODM business [1] - The share of self-owned brands in the baby care products segment was less than 10% in the first half of the year, with a goal for growth in the second half amid intense market competition [1] Group 2: Lianwin Laser Insights - Lianwin Laser achieved revenue of 1.533 billion yuan in the first half of 2025, a year-on-year increase of 5.3%, with a net profit of 57.92 million yuan, up 13.16% [2] - The company secured new orders worth 2.5 billion yuan in the first half, with 1.7 billion yuan from lithium battery business and 800 million yuan from non-lithium battery business, aiming for a total order target of 4.5 billion yuan for the year [2] - Lianwin Laser is involved in semi-solid and all-solid battery equipment, having delivered 7 assembly segment devices to leading clients [2] - The lithium battery equipment has a renewal cycle of 2-3 years, with last year's renovation orders at 420 million yuan and an expected 500-600 million yuan for the current year [2] - The company has made progress in sectors such as semiconductors, photovoltaics, hydrogen fuel, relays, and medical devices, with small steel shell batteries being applied in mobile phones, watches, and wearable devices [2] - Lianwin Laser has received qualification as a qualified supplier for a well-known semiconductor company in Shenzhen, with orders in the millions related to laser welding equipment and OEM business [2]