IPO及再融资上会预告 据交易所官网审核动态信息，下周（1月12日-1月16日）IPO上会审核6家企业，合计拟募资66.32亿元。 | | | | | | | 下周(1.12-1.16) IPO上会企业 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上会日期 | 数量 | 申报板块 | 公司简称 | 注册地 | 受理到审核 间隔天数 | 所属行业 | 最近一年净利润 (万元) | 拟募资规模 (万元) | 保荐机构 | 会计师事务所 | 律师事务所 | | 2026-1-13 | 1 | 创业板 | 高特电子 | 浙江 | 204 | 电气机械和器材制造业 | 9,842.23 | 85,000.00 | 中信证券 | 天健 | 中伦 | | 2026-1-14 | 2 | 科创板 | 联讯仪器 | 江苏 | 152 | 仪器仪表制造业 | 14,088,30 | 171,144,28 | 中信证券 | 器波 | 德恒 | | | | 北交所 | 瑞尔竞达 | 安徽 | 244 | ...

据了解，中科仪主营业务为干式真空泵和真空科学仪器设备的研发、生产、销售，及相关技术服务。公 司IPO于2025年6月30日获得受理，当年7月24日进入问询阶段。 本次冲击上市，中科仪拟募集资金约8.25亿元，拟投资项目为干式真空泵产业化建设项目、高端半导体 设备扩产及研发中心建设项目、新一代干式真空泵及大抽速干式螺杆泵研发项目。 北京商报讯（记者 马换换 王蔓蕾）根据安排，中国科学院沈阳科学仪器股份有限公司（以下简称"中科 仪"）北交所IPO将于1月16日上会迎考。 ...

业绩波动被资本市场牵着鼻子走 财务数据显示，公司报告期内扣非前后的净利润规模差异较大，且扣非前净利润波动较大。 报告期内，中科仪扣非后净利润分别为6186.11万元、7298.08万元、8787.75万元和6321.92万元。与此同时，报告期内各期公司扣非前净利润分别为4.98亿 元、6亿元、1.93亿元和1.38亿元。 | 项目 | 2025年6月30日 | 2024年12月31日 | 2023年12月31日 | 2022年12 | | --- | --- | --- | --- | --- | | | /2025年1月―6月 | /2024年度 | /2023年度 | /2022 | | 资产总计(元) | 2,869,692,640.50 | 2,917,621,652.08 | 2,573,425,999.56 | 1,906,30 | | 股东权益合计(元) | 1.767.930.194.96 | 1,663,139,166.28 | 1,536,945,086.61 | 1,070,82 | | 归属于母公司所有者的 股东权益(元) | 1,767,930,194.96 | 1.663.139. ...

Core Viewpoint - The article discusses the second round of inquiry from the Beijing Stock Exchange regarding the IPO application of China Academy of Sciences Shenyang Instrument Co., Ltd. (referred to as "the company"), focusing on market competition, sustainability of performance growth, and inventory risks associated with its unique "backup pump" business model [2][3][4][6]. Group 1: Market Competition - The inquiry emphasizes the challenges the company faces in a competitive market, particularly against competitors like Ebara and Kashi yama, who provide vacuum equipment for the integrated circuit sector [3]. - The company’s products still show slight gaps in reliability and stability compared to international leaders, particularly in advanced process technology accumulation [3]. - The exchange requires the company to explain the technology iteration cycles of its main competitors and analyze its competitive strategies in the integrated circuit field [3]. Group 2: Sustainability of Performance Growth - The company's revenue from the photovoltaic sector has seen a dramatic decline, raising doubts about the sustainability of its performance growth [4]. - Revenue from dry vacuum pumps in the photovoltaic sector dropped from a peak of 176 million yuan in 2023 to just 302,700 yuan in the first half of 2025, indicating a cliff-like drop [4]. - The company’s gross margin in the photovoltaic sector is lower than that of similar products, and the performance of major clients in this sector is continuously declining [5]. Group 3: Inventory Risks and Backup Pump Business Model - The inquiry highlights the inventory risks associated with the company's backup pump business model, where backup pumps are provided to clients without separate charges, leading to a significant increase in inventory from 139 million yuan to 410 million yuan [6]. - The rising inventory levels are accompanied by a declining inventory turnover rate, raising concerns about the commercial substance of this model and its implications for future orders [6]. - Financial data shows that while revenue increased from 698 million yuan to 1.082 billion yuan from 2022 to 2024, net profit saw a stark decline of 67.8% in 2024, indicating volatility in profitability [6]. Group 4: Fundraising and Financial Health - The company plans to raise 825.48 million yuan, with cash reserves of 594.84 million yuan as of June 2025, prompting the exchange to request details on the planned use of funds and expected cash inflows post-IPO [7]. - The company has highlighted risks associated with fluctuations in the stock prices of its holdings in listed companies, which could significantly impact its financial performance [8].

Core Viewpoint - The IPO market has seen a resurgence this year, with over 40 companies reapplying for A-share listings after previously withdrawing their applications, indicating a strategic shift in their approach to capital markets [1][2]. Group 1: Companies' Strategic Shifts - Many companies that previously aimed for the Shanghai and Shenzhen boards are now targeting the Beijing Stock Exchange (北交所) for their IPOs, reflecting a change in strategy [2][3]. - For instance, 中科仪, which withdrew its application for the Sci-Tech Innovation Board (科创板) in May 2021, has now reappeared at the 北交所 after a four-year hiatus [2]. - 百英生物 shifted from the创业板 to the 北交所, adjusting its fundraising target from 10.5 billion yuan to 4.91 billion yuan [3]. Group 2: Adjustments in Fundraising - Companies are generally lowering their fundraising targets and adjusting their project allocations in response to previous scrutiny and market conditions [4][5]. - 尚水智能 reduced its fundraising target from 10.02 billion yuan to 5.87 billion yuan when shifting from the Sci-Tech Innovation Board to the创业板 [5]. - 惠科股份 also decreased its fundraising amount from 95 billion yuan to 85 billion yuan while improving its operational performance, with revenues projected to grow from 271.34 billion yuan in 2022 to 403.10 billion yuan in 2024 [6]. Group 3: Market Environment and Company Performance - The current market environment has prompted companies to reassess their positions and align their offerings with the characteristics of different boards, with the 北交所 being more accommodating to growth-oriented small and medium enterprises [3][4]. - Companies like 惠科股份 have shown significant recovery in their financial performance, with net profits expected to rise from -20.97 billion yuan in 2022 to 36.73 billion yuan in 2024, driven by improved market conditions and strategic adjustments [6].

Core Viewpoint - The IPO market has seen a resurgence this year, with over 40 companies reapplying for A-share listings after previously withdrawing their applications, primarily shifting their focus to the Beijing Stock Exchange (BSE) after initial failures in other markets [1][2]. Group 1: Company Strategies - Many companies that previously withdrew their IPO applications are now targeting the BSE, indicating a strategic shift in their listing approach [2]. - Companies like Zhongke Instrument and Baiying Bio have adjusted their fundraising goals significantly, with Baiying Bio reducing its target from 10.5 billion yuan to 4.91 billion yuan [3][4]. - Companies are reassessing their business performance and market conditions before reapplying, often optimizing their operational status based on previous feedback from regulatory inquiries [1][4]. Group 2: Financial Adjustments - A trend of lowering fundraising amounts has been observed among companies reapplying for IPOs, with many adjusting their project funding allocations accordingly [4][5]. - For instance, HuiKe Co. reduced its fundraising target from 95 billion yuan to 85 billion yuan, reflecting improvements in its financial performance [5][6]. - The financial performance of companies like HuiKe Co. has shown significant recovery, with revenues projected to grow from 271.34 billion yuan in 2022 to 403.10 billion yuan in 2024 [6]. Group 3: Market Dynamics - The BSE is becoming increasingly attractive for companies that may not meet the criteria of other exchanges, as it is more accommodating to growth-oriented small and medium-sized enterprises [3][4]. - The characteristics of different market segments are highlighted, with the Sci-Tech Innovation Board focusing on technology rather than financial metrics, while the BSE is more inclusive for companies with solid profitability [3].

Core Viewpoint - The article discusses the IPO application of China Science Instrument Co., Ltd. (CSI), a leading domestic semiconductor manufacturing equipment supplier, highlighting its market position, financial performance, and growth prospects in the semiconductor industry [3][4][5]. Company Overview - CSI was established in April 2001 and has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise by the state [4]. - The company is a key player in vacuum technology and is the largest domestic manufacturer of dry vacuum pumps for the integrated circuit sector, ensuring supply chain security for critical components [5][6]. Market Position - As of 2024, CSI's dry vacuum pumps are expected to capture approximately 12.72% of the domestic market share in the integrated circuit field, breaking the long-standing monopoly of foreign companies [6]. - The company has supplied over 40,000 dry vacuum pumps, with more than 25,000 units delivered to the integrated circuit sector [6][21]. Financial Performance - CSI's revenue for 2022, 2023, and 2024 was reported at 698 million, 852 million, and 1.082 billion respectively, with net profits of 498 million, 600 million, and 193 million [12][16]. - The company plans to raise 825 million through its IPO to fund the industrialization of dry vacuum pumps, expansion of high-end semiconductor equipment, and R&D projects [8][12]. Product and Revenue Breakdown - The dry vacuum pump segment is the largest revenue contributor, accounting for over 84% of total revenue in 2024 [19][20]. - CSI's products are primarily used in the integrated circuit and photovoltaic sectors, with significant sales to major clients such as SMIC and Yangtze Memory Technologies [24][25]. R&D and Innovation - CSI has developed eight core technologies and holds 99 invention patents, with a dedicated R&D team comprising 158 personnel [20][21]. - The company has successfully transitioned research outcomes into industrial applications, enhancing the domestic production capacity of dry vacuum pumps [10][21]. Competitive Landscape - Despite being a leader among domestic manufacturers, CSI faces competition from established international firms like Edwards and Ebara, which have extensive experience and product offerings [35]. - The company must continue to expand its product applications and market reach to mitigate competitive risks [35].

Core Viewpoint - The Beijing Stock Exchange has officially accepted the IPO application of China Academy of Sciences Shenyang Instrument Co., Ltd. (referred to as "the company"), a leading provider of semiconductor manufacturing equipment core components and vacuum scientific instruments in China [1] Group 1: Company Overview - The company specializes in the research, production, and sales of dry vacuum pumps and vacuum scientific instruments, along with related technical services [1] - The company's products are primarily used in the manufacturing of integrated circuit wafers and photovoltaic cells, as well as in major national scientific research infrastructures [1][2] Group 2: Market Position - The company is the largest domestic manufacturer of dry vacuum pumps in the integrated circuit sector and the only domestic enterprise to achieve mass application in advanced integrated circuit processes [2] - The company has successfully broken the long-standing monopoly of European, American, and Japanese companies in the dry vacuum pump field, meeting the production needs for advanced logic chips and high-density storage processes [1][2] Group 3: Financial Performance - The company achieved revenues of 698 million yuan, 852 million yuan, and 1.082 billion yuan for the years 2022, 2023, and 2024, respectively, with corresponding net profits of 498 million yuan, 600 million yuan, and 193 million yuan [2] Group 4: IPO Fund Utilization - The company plans to raise 852 million yuan through the IPO to invest in projects including the industrialization of dry vacuum pumps, expansion of high-end semiconductor equipment, and the development of next-generation dry vacuum pumps [2][3] Group 5: Project Details - The industrialization project aims to enhance production capacity to 20,040 dry vacuum pumps annually, with significant automation in logistics and processing lines [3] - The expansion project for high-end semiconductor equipment will produce H-series dry vacuum pumps, essential for various integrated circuit manufacturing processes and applicable in the photovoltaic sector [3][4] - The R&D project for next-generation dry vacuum pumps will focus on developing high-speed energy-saving pumps and high-temperature pumps, expanding the product range and market applications [4]

Core Viewpoint - China Academy of Sciences Shenyang Instrument Co., Ltd. (CAS Shenyang) has received approval for its IPO on the Beijing Stock Exchange, positioning itself as a leading provider of semiconductor manufacturing equipment core components and vacuum scientific instruments in China [1] Financial Performance - The company reported projected revenues of 698 million yuan, 852 million yuan, and 1.082 billion yuan for the years 2022, 2023, and 2024 respectively, indicating a growth trajectory [1] - Net profits for the same years are expected to be 498 million yuan, 600 million yuan, and 193 million yuan, showing a significant increase in 2023 followed by a decline in 2024 [1] - Key financial metrics for 2024 include: - Revenue: 1.082 billion yuan - Net profit attributable to shareholders: 192.76 million yuan - Basic earnings per share: 1.12 yuan - Weighted average return on equity: 12.10% [1] Business Overview - The company's main business includes the R&D, production, and sales of dry vacuum pumps and vacuum scientific instruments, catering to semiconductor manufacturing and major national scientific infrastructure [1] - Products are primarily used in integrated circuit wafer manufacturing and photovoltaic cell production, highlighting the company's role in the semiconductor industry [1]

Core Viewpoint - The article highlights the significant breakthroughs achieved by Zhongke Instrument in the domestic production of dry vacuum pumps, which are essential components in the integrated circuit industry, marking a shift away from reliance on foreign products [2]. Group 1: Company Overview - Zhongke Instrument, established in 1958, is a leading provider of core components for semiconductor manufacturing equipment and vacuum scientific instruments in China [2]. - The company has developed advanced dry vacuum pumps and vacuum instruments that meet international standards, filling a gap in the domestic market [2]. - As a national high-tech enterprise, Zhongke Instrument has established several national research centers and laboratories focused on vacuum technology [2]. Group 2: Industry Significance - Dry vacuum pumps play a crucial role in semiconductor manufacturing by creating a clean vacuum environment necessary for processes such as thin film deposition, etching, ion implantation, and photolithography [2]. - Zhongke Instrument's products have been validated and are in mass production at several well-known domestic integrated circuit and photovoltaic companies, breaking the long-standing monopoly of European, American, and Japanese firms in this sector [2].