截至2026年1月4日，北交所挂牌公司共288家，总股本397.44亿股，流通股本253.34亿股。 从成交量上来看，上周（12月29日-12月31日），北交所周成交量为23.94亿股，周成交金额为583.16亿元。 | 项目 | 本周 | 比上周增减(%) | 本年累计 | | --- | --- | --- | --- | | 成交数量(亿股) | 23.94 | -48.33% | 2936.51 | | 成交金额(亿元) | 583.16 | -41.65% | 64894.96 | | 成交均价 (元) | 24.36 | 12.94% | 22.10 | 上周（12月29日-12月31日），北证50指数周跌1.55%至1440.43点。北证50成分股中，19只上涨，0只平盘，30只下跌。 其中，曙光数创（920077）涨幅居首，上涨15.00%，丰光精密（920510）居次，上涨14.31%。天力复合（920576）跌幅居首，下跌12.33%，安达科技 （920809）居次，下跌8.24%。 新股发行方面，2025年12月29日-2026年1月4日，北交所有1家公司挂牌、4家公司获注册批复、1家公 ...

文/梧桐兄弟 浙江海圣医疗器械股份有限公司申报北交所IPO于2025年5月29日获得受理，完成二轮问询及回复后于2025年11月7日上会审议通过，2025年12月9日提交注册。公 司主营麻醉、监护类医疗器械产品的研发、生产和销售。公司注册地浙江省绍兴市，前身有限公司成立于2000年10月10日，2021年1月整体变更为股份有限公司， 后续于2024年9月18日在全国股转系统创新层挂牌。黄海生直接持有公司47.11%的股份，为公司控股股东。黄海生及吴晓晔夫妇两人合计控制公司54.92%的股份， 系公司实际控制人。 审议会议提出问询的主要问题： 1.关于财务信息的真实性、准确性。 请中介机构说明对 经销收入、销售费用 核查的充分性和有效性。 2.关于行业政策影响。 请发行人说明 带量集采、"两票制"等政策 对公司经营业绩稳定性的影响及应对措施。请保荐机构核查并发表明确意见。 3.关于有源设备研发与产业化。 请发行人说明设备类产品研发及进展情况，相关业务拓展的优劣势及风险揭示情况。请保荐机构核查并发表明确意见。 一、主营麻醉、监护类医疗器械，毛利率逾50% 公司是面向全球的麻醉、监护类医疗器械综合产品提供商，主营业 ...

IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

Core Viewpoint - Zhejiang Haisheng Medical Devices Co., Ltd. has passed the IPO review by the Beijing Stock Exchange, marking it as the 71st company to receive approval this year, with a total of 28 companies approved by the Beijing Stock Exchange [1] Company Overview - Haisheng Medical is a global provider of anesthesia and monitoring medical devices, focusing on the research, production, and sales of these products, which are widely used in various clinical departments such as anesthesia, ICU, and emergency [2] - The controlling shareholders of Haisheng Medical are Huang Haisheng and Wu Xiaoye, who together control 54.92% of the company's shares [2] IPO Details - Haisheng Medical plans to publicly issue up to 11,294,118 shares, or up to 12,988,235 shares if the overallotment option is fully exercised, ensuring that public shareholders hold at least 25% of the total share capital post-issue [3] - The company aims to raise approximately 370.43 million yuan, which will be allocated to upgrading and expanding production of anesthesia and monitoring emergency medical devices, establishing a research and testing center, and building a marketing service base [3] Review Meeting Inquiries - The review meeting raised inquiries regarding the authenticity and accuracy of financial information, the impact of industry policies such as volume-based procurement and the "two-invoice system" on the company's operational stability, and the progress of research and development for active devices [4]

Core Insights - Five companies are set to present their IPO applications, with the highest fundraising target being 1.555 billion yuan by Shaanxi Tourism [1] - The companies are distributed across different stock exchanges, including the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange [1] Group 1: Companies and Their IPO Plans - Shaanxi Tourism aims to raise 1.555 billion yuan for various tourism-related projects, including acquisitions and infrastructure development [1][2] - Qiangyi Co., specializing in MEMS probe card manufacturing, plans to raise 1.5 billion yuan [1][3] - Haiseng Medical, focusing on anesthesia and monitoring medical devices, intends to raise 370 million yuan [1][4] - Guoliang New Materials, providing high-temperature industrial refractory solutions, is seeking to raise 175 million yuan [1][4] - Tongbao Optoelectronics, engaged in the design and production of automotive LED modules, plans to raise 330 million yuan [1][5] Group 2: Regional Distribution - Among the five companies, two are from Jiangsu Province, while one each is from Shaanxi, Zhejiang, and Hebei [1]

Core Viewpoint - Zhejiang Haisheng Medical Devices Co., Ltd. is entering the critical IPO review stage with the Beijing Stock Exchange, focusing on the development, production, and sales of anesthesia and monitoring medical devices [1][3] Group 1: Company Overview - The company has established a product matrix covering three main categories: anesthesia, monitoring, and surgical care, with eight major series including airway and respiratory management, life information monitoring, and spinal and nerve block [1] - Its products are widely used in over a thousand tertiary hospitals and thousands of medical institutions across China, including more than 600 top-tier hospitals such as Peking Union Medical College Hospital and Ruijin Hospital affiliated with Shanghai Jiao Tong University [1] Group 2: Financial and Operational Insights - In response to regulatory inquiries regarding the reasonableness of sales expense ratios, the company clarified that sales expenses are primarily allocated to academic promotion, dealer training, and market channel maintenance, aligning with industry peers like Weili Medical and Sanxin Medical [3] - The company plans to issue up to 11,294,118 shares to unspecified qualified investors, or up to 12,988,235 shares if the overallotment option is fully exercised, ensuring that public shareholders will hold at least 25% of the total share capital post-issuance [3] Group 3: Future Prospects - The raised funds will be used for upgrading and expanding production of emergency medical devices, establishing a research and testing center, and building a marketing service base [3] - With its core products already covering numerous key medical institutions and aligning with industry development trends, the company is expected to enhance its production capacity and technological transformation capabilities, thereby solidifying its competitive advantage in the anesthesia and monitoring medical device sector [3]

Core Insights - Five companies are set to present their IPO applications, with a focus on various sectors including tourism, medical devices, and advanced manufacturing [1] Group 1: Upcoming IPOs - Xi'an Tourism plans to raise 1.555 billion yuan, targeting multiple projects including the Taishan Xiucheng Phase II and acquisitions related to tourism infrastructure [1] - Qiangyi Co. aims to raise 1.5 billion yuan, specializing in MEMS probe card manufacturing, a niche technology in the semiconductor industry [4] - Zhixin Co. intends to raise 1.329 billion yuan, focusing on automotive welding components and related mold development [2] - Haiseng Medical seeks to raise 370 million yuan, engaged in the R&D and production of anesthesia and monitoring medical devices [5] - Guoliang New Materials plans to raise 175 million yuan, providing high-temperature industrial refractory material solutions [5] Group 2: Company Profiles - Xi'an Tourism integrates tourism performances, cable cars, dining, and project investment and management [3] - Qiangyi Co. is one of the few domestic manufacturers with the capability to produce MEMS probe cards in bulk [4] - Zhixin Co. specializes in the development, processing, and sales of automotive welding parts and molds [2] - Haiseng Medical focuses on high-tech medical devices for anesthesia and monitoring, serving critical care departments [5] - Guoliang New Materials offers comprehensive solutions for high-temperature refractory materials [5]

Core Viewpoint - Zhejiang Haiseng Medical Equipment Co., Ltd. is set to go public on the Beijing Stock Exchange, with an IPO of up to 11.2941 million shares, primarily relying on a distribution model for revenue generation, which poses inherent risks due to high dealer turnover and profitability discrepancies between new and exiting dealers [2][3][4]. Revenue and Profitability - The company reported revenues of 268 million yuan, 306 million yuan, 304 million yuan, and 156 million yuan for the years 2022 to 2024 and the first half of 2025, with net profits of 70.11 million yuan, 78.04 million yuan, 70.92 million yuan, and 35.39 million yuan, indicating a revenue decline of 0.7% and a net profit decline of 9.12% in 2024 [3][4]. - The main revenue source is anesthesia equipment, which accounted for 47.92% to 52.6% of total revenue during the reporting period, with sales increasing from 130 million yuan to 160 million yuan [3][4]. Distribution Model - The distribution model is the core sales channel, contributing 90.43%, 89.57%, 85.06%, and 83.16% of total revenue from 2022 to the first half of 2025, with over 80% of revenue generated through distributors [4][5]. - The dealer structure shows significant volatility, with over 200 dealers entering and exiting annually, leading to concerns about the stability and profitability of the distribution network [5][6]. Dealer Profitability - There is a notable difference in gross profit margins between new and exiting dealers, with exiting dealers consistently showing higher margins, indicating that the company earns more profit from exiting dealers compared to new ones [7][8]. Sales and Expenses - Sales expenses over the past three and a half years totaled approximately 105 million yuan, nearly double the R&D expenses of about 56.42 million yuan, with a sales expense ratio rising to 10.63%, significantly higher than the industry average of 6.25% [9][10]. - Employee compensation constitutes over 60% of sales expenses, with the company having a higher proportion of sales personnel compared to peers, yet generating lower revenue per employee [9][10][11]. Comparison with Peers - Compared to peers like Weili Medical and Sanxin Medical, Haiseng Medical has a higher proportion of sales personnel and higher average salaries, but lower revenue generation per employee, highlighting inefficiencies in personnel utilization [10][12].

Core Viewpoint - This week (November 3 to November 7), five companies are scheduled for IPO meetings, with a total fundraising target of approximately 38.71 billion yuan [1]. Group 1: Upcoming IPOs - Five companies are set to present their IPO applications: Shaanxi Tourism and Zhixin Co. for the Shanghai main board, and Guoliang New Materials, Haiseng Medical, and Qilong Ocean for the Beijing Stock Exchange [1][2][4]. - Shaanxi Tourism aims to raise the highest amount of 1.555 billion yuan, with funds allocated for multiple projects including the Taishan Xiucheng Phase II project and various acquisitions [1][3]. - Zhixin Co. plans to raise 1.329 billion yuan, while Qilong Ocean aims for 382 million yuan [1]. Group 2: Company Profiles - Shaanxi Tourism integrates tourism performances, cable cars, dining, and project investment and management [3]. - Zhixin Co. specializes in the development, processing, production, and sales of automotive welding parts and related molds [2]. - Haiseng Medical focuses on the research, production, and sales of anesthesia and monitoring medical devices, serving various clinical needs [4]. - Guoliang New Materials provides high-temperature industrial refractory material solutions [4]. - Qilong Ocean is involved in the research, production, and sales of marine drilling riser systems and underwater oil and gas equipment testing services [4].

Core Viewpoint - The upcoming IPO review period from November 3 to November 7 will feature five companies aiming to raise a total of 3.812 billion yuan [1]. IPO Companies Overview - Five companies are scheduled for IPO review: - Qilong Ocean (Shandong) aims to raise 381.889 million yuan, with a net profit of 50.67 million yuan [2][5]. - Zhixin Co., Ltd. plans to raise 1.329 billion yuan, reporting a net profit of 203.964 million yuan [2][10]. - Shaanxi Tourism intends to raise 1.555 billion yuan, with a net profit of 621.578 million yuan [2][15]. - Haiseng Medical (Zhejiang) seeks to raise 370.425 million yuan, with a net profit of 70.918 million yuan [2][20]. - Guoliang New Materials (Hebei) aims to raise 175.022 million yuan, reporting a net profit of 70.965 million yuan [2][25]. Fundraising Adjustments - Guoliang New Materials reduced its fundraising target from 301 million yuan to 175 million yuan, eliminating the R&D center project and adjusting working capital needs [3]. Financial Performance - Qilong Ocean reported total assets of 432.166 million yuan and a net profit of 49.075 million yuan for the first half of 2025 [7]. - Zhixin Co., Ltd. had total assets of 427.830 million yuan and a net profit of 9.448 million yuan for the first half of 2025 [12]. - Shaanxi Tourism's total assets reached 214.426 million yuan with a net profit of 24.707 million yuan for the first half of 2025 [17]. - Haiseng Medical reported total assets of 519.449 million yuan and a net profit of 35.494 million yuan for the first half of 2025 [23]. - Guoliang New Materials had total assets of 1.520 billion yuan and a net profit of 41.497 million yuan for the first half of 2025 [26]. Investment Projects - Qilong Ocean's main investment project is the high-performance large-diameter riser pipe production project, with a total investment of 381.889 million yuan [9]. - Zhixin Co., Ltd. plans to expand its production capacity and technology for automotive welding components, with a total investment of 1.329 billion yuan [13]. - Shaanxi Tourism's investment projects include the construction of various tourism facilities, totaling 1.555 billion yuan [19]. - Haiseng Medical's investment projects focus on upgrading and expanding production capabilities for anesthesia and monitoring medical devices, with a total investment of 482.701 million yuan [24]. - Guoliang New Materials is involved in high-temperature industrial refractory materials, with a total investment of 175.022 million yuan for its projects [27].