IPO Review and Registration Progress - Six companies passed the IPO review last week, including 尚水智能, 固德电材, and others, with a focus on sustainable growth and market demand [2][3] - 尚水智能 reported revenue of 567 million yuan and net profit of 122 million yuan for the first three quarters of 2025, with BYD as its largest customer [2] - 固德电材 achieved revenue of 750 million yuan, up 18.81%, and net profit of 118 million yuan, up 2.52% [2] - 电科蓝天's revenue was 1.708 billion yuan with a net profit of 113 million yuan, focusing on commercial aerospace power supply [3] - 创达新材 plans to raise 300 million yuan for production line construction and working capital, reporting revenue of 323 million yuan and net profit of 53 million yuan [3] - 赛英电子's revenue was 438 million yuan with a net profit of 70 million yuan, facing scrutiny over the qualifications of its independent director [3] - 长裕集团 reported revenue of 1.321 billion yuan and net profit of 175 million yuan, with concerns over potential profit margin declines [4] Upcoming IPOs and New Listings - Nine companies are set to undergo IPO reviews this week, including 大普微, which is notable for being the first unprofitable company to apply for the创业板 [5][6] - 大普微 reported revenues of 962 million yuan and 1.264 billion yuan for 2024 and the first three quarters of 2025, respectively, with a net loss of 191 million yuan [6] - 视涯科技, another unprofitable company, achieved revenue of 293 million yuan, up 54.67%, but reported a net loss of 167 million yuan [7] - 三瑞智能's revenue grew from 362 million yuan in 2022 to 831 million yuan in 2024, with a net profit of 318 million yuan for the first three quarters of 2025 [7] - Five IPO applications were accepted last week, including 绿控传动, which aims to raise 1.58 billion yuan for electric vehicle drive systems [8] - 粤芯半导体, another unprofitable company, plans to raise 7.5 billion yuan, reporting revenues of 1.545 billion yuan in 2022 and a net loss of 1.043 billion yuan [10] New Stock Subscriptions and Market Performance - Three new stocks are scheduled for listing this week, including 纳百川, which focuses on thermal management for electric vehicles [12] - 沐曦股份, known as the "second domestic GPU stock," saw a significant first-day increase of 692.95% after listing [13] - Upcoming subscriptions include 陕西旅游 and 新广益, with expected revenues of 951 million to 1.117 billion yuan and 657 million yuan, respectively, for 2025 [14][15]

| 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 营业收入（万元） | 63659.48 | 60059.66 | 39653.58 | | 归属母公司股东的净利润（万元） | 15252.14 | 23429.01 | 9772.15 | | 扣除非经常损益后归属母公司所有者净利润（万元） | 14794.94 | 21946.26 | 8541.13 | | 基本每股收益（元） | 2.0300 | 3.1200 | 1.3000 | | 稀释每股收益（元） | 2.0300 | 3.1200 | 1.3000 | | 加权平均净资产收益率（%） | 29.53 | 76.74 | 83.46 | | 经营活动产生的现金流量净额（万元） | -1539.59 | -7256.58 | 39335.82 | 财务数据显示，2022年—2024年公司实现营业收入分别为3.97亿元、6.01亿元、6.37亿元，实现净利润 分别为9772.15万元、2.34亿元、1.53亿元。（数据宝） 公司主要财务指标 证券时报·数据宝统计，根据深交 ...

Core Viewpoint - The Shenzhen Stock Exchange requires Shangshui Intelligent to explain the technical iteration risks of its existing products and the sustainability of its performance growth, considering market demand, competition, market share trends, R&D results, and comparisons with peers [1]. Group 1: Company Overview - Shangshui Intelligent has over ten years of experience in the intelligent equipment industry, focusing on a comprehensive technical capability system that includes "core single machines + intelligent control systems + process packages" [3]. - The company's main business revolves around core processes such as micro-nano powder treatment, precise measurement of powder-liquid mixtures, powder-liquid mixing and dispersion, and functional film preparation, applicable in sectors like new energy batteries, new materials, chemicals, food, pharmaceuticals, and semiconductors [3]. Group 2: Financial Performance - For the years 2022 to 2024 and the first half of 2025, Shangshui Intelligent's operating revenues were reported as 397.7 million, 601 million, 637 million, and 398 million yuan respectively, while net profits attributable to the parent company were 97.72 million, 234 million, 153 million, and 93.71 million yuan respectively [3]. - The company is projected to see revenue growth in 2024 without a corresponding increase in profit [3]. - As of June 30, 2025, the total assets amounted to 2.049 billion yuan, with equity attributable to shareholders of the parent company at 665.63 million yuan, and a debt-to-asset ratio of 65.35% [4].

| 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 营业收入（万元） | 63659.48 | 60059.66 | 39653.58 | | 归属母公司股东的净利润（万元） | 15252.14 | 23429.01 | 9772.15 | | 扣除非经常损益后归属母公司所有者净利润（万元） | 14794.94 | 21946.26 | 8541.13 | | 基本每股收益（元） | 2.0300 | 3.1200 | 1.3000 | | 稀释每股收益（元） | 2.0300 | 3.1200 | 1.3000 | | 加权平均净资产收益率（%） | 29.53 | 76.74 | 83.46 | | 经营活动产生的现金流量净额（万元） | -1539.59 | -7256.58 | 39335.82 | 财务数据显示，2022年—2024年公司实现营业收入分别为3.97亿元、6.01亿元、6.37亿元，实现净利润 分别为9772.15万元、2.34亿元、1.53亿元。（数据宝） 公司主要财务指标 证券时报·数据宝统计显示，12 ...

招股书显示，本次冲击上市，尚水智能拟募集资金约5.87亿元，扣除发行费用后拟投资于高精智能装备 华南总部制造基地建设项目、研发中心建设项目、补充流动资金，拟投资金额分别约为2.28亿元、2.09 亿元、1.5亿元。 北京商报讯（记者 马换换 王蔓蕾）科创板IPO折戟一年后，深圳市尚水智能股份有限公司（以下简 称"尚水智能"）又一次站到A股门前，公司本次欲"转战"创业板上市。6月19日晚间，深交所官网显示， 尚水智能创业板IPO获得受理。 据了解，尚水智能深耕智能装备行业十余年，构建了以"核心单机+智能控制系统+工艺包"为体系的综 合技术能力，主营业务围绕微纳粉体处理、粉液精密计量、粉液混合分散、功能薄膜制备等核心工艺环 节展开，产品可广泛用于新能源电池、新材料、化工、食品、医药、半导体等行业。目前公司主要面向 新能源电池极片制造及新材料制备领域，专业从事融合工艺能力的智能装备的研发、设计、生产与销 售。 2022—2024年，尚水智能实现营业收入分别约为3.97亿元、6.01亿元、6.37亿元；对应实现归属净利润 分别约为9772.15万元、2.34亿元、1.53亿元。 在此次冲击创业板上市之前，尚水智能还曾 ...