据悉，惠康科技主板IPO于2025年6月12日获得受理，并于当年6月26日进入问询阶段。公司是一家以制 冷设备的研发、生产及销售为核心业务的国家级高新技术企业，主要产品包括制冰机、冰箱、冷柜、酒 柜等，主要应用于民用及商用领域。此次冲击上市，惠康科技拟募集资金约17.97亿元。 北京商报讯（记者 马换换 李佳雪）1月9日晚间，深交所官网显示，宁波惠康工业科技股份有限公司 （以下简称"惠康科技"）主板IPO对外披露了第二轮审核问询函回复。 在第二轮审核问询函中，惠康科技行业与业务模式、合规性事项、营业收入等问题遭到追问。 ...

12月26日，由《证券日报》社有限责任公司主办的"2025证券市场年会"在北京香格里拉饭店举行。作为 年会的重要组成部分，2025金骏马奖颁奖典礼对在推动资本市场稳健运行和高质量发展方面作出突出贡 献的机构与个人予以表彰。凭借突出的全球化经营成果、持续的技术创新能力、完善的产业布局以及不 断提升的品牌影响力，海尔智家荣获"2025年度金骏马最具全球影响力企业奖"。 金骏马奖创设于2004年，至今已成功举办十七届。评选过程中，《证券日报》联合行业权威专家与智库 力量，坚持专业、审慎、公正原则，遴选具有示范价值的优秀上市公司、金融机构及管理者代表，已成 为资本市场具有广泛影响力的品牌奖项之一。 技术创新始终是海尔智家提升全球竞争力的核心支撑。公司在智慧家庭领域累计公开专利达23334件， 数量居行业首位，连续12年蝉联全球智慧家庭发明专利第一。2024年研发投入超过100亿元，重点布局 家庭服务机器人、低功耗芯片等前沿领域。多项核心技术获得国家科技进步奖认可，其中全空间保鲜技 术和底置恒温制冷技术在提升用户体验的同时，实现了能效水平的显著提升。 在品牌建设方面，海尔智家已形成覆盖不同细分市场的全球品牌矩阵，包括海 ...

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology) is progressing with its IPO on the Shenzhen Stock Exchange, aiming to raise approximately 1.797 billion yuan [1] Group 1: Company Overview - Huikang Technology is a national high-tech enterprise focused on the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, freezers, and wine cabinets [1] - The company's products are primarily used in both residential and commercial sectors [1] Group 2: Financial Performance - In the first half of 2025, Huikang Technology reported revenue of approximately 1.389 billion yuan and a net profit attributable to shareholders of about 205 million yuan [1] - Historical financial data shows that from 2022 to 2024, the company achieved revenues of approximately 1.93 billion yuan, 2.493 billion yuan, and 3.204 billion yuan, with corresponding net profits of about 197 million yuan, 338 million yuan, and 451 million yuan respectively [1] Group 3: IPO Process - The IPO application was accepted on June 12, 2025, and entered the inquiry phase on June 26, 2025 [1] - The first round of inquiry raised questions regarding the company's business and industry position, actual controllers, and shareholding stability [1]

Core Insights - The article highlights the growing ambition of Chinese home appliance companies to conquer overseas markets, particularly in Europe, as showcased at the IFA 2025 event [1][3] - It emphasizes the challenges faced by Chinese brands in penetrating the European market, which has a long history and established competitors [4][6] Market Overview - Europe is a significant market for home appliances, with a retail share of approximately 20% in Western Europe and a projected CAGR of 5.52% for Eastern Europe from 2018 to 2024 [4] - The complexity of the European market, with over 40 countries and diverse consumer habits, poses a challenge for Chinese companies seeking to expand [4][8] Consumer Preferences - European consumers prioritize high-quality and innovative products over low prices, making it essential for Chinese brands to focus on product differentiation rather than competing solely on price [6][8] - Localized product adaptations are crucial, as direct transfers of products from China may not meet European consumer needs [8] Successful Strategies - High-end branding and technological innovation are key strategies for Chinese companies to succeed in Europe, as demonstrated by Haier's approach [9][11] - Haier has effectively combined product innovation with local market understanding, achieving significant market share and consumer acceptance [9][12] Performance Metrics - Haier's overseas revenue grew by 11.7% in the first half of the year, with a remarkable 24.07% growth in Europe [11] - The company has maintained its position as the world's largest home appliance brand for 16 consecutive years, indicating the effectiveness of its global strategy [12]

Core Concept - The collaboration between Fisher & Paykel and designer Huang Quan showcases the integration of art and functionality in kitchen design, transforming the kitchen into a social hub for family interaction and connection [1][3]. Design and Aesthetics - The interior design features a harmonious blend of space and artistic decor, with the removal of walls to create an open layout that connects the kitchen with the living and dining areas [1]. - Natural light enhances the kitchen's aesthetic, particularly highlighting the marble island, while integrated appliances from Fisher & Paykel complement the artistic elements, maintaining visual unity [1]. Functionality and Interaction - The open kitchen design promotes interaction, allowing family members to engage with each other while cooking, thus redefining the cooking experience as a communal activity rather than a solitary task [1]. - The concept of a "social kitchen" is emphasized, positioning the kitchen as a central space for family bonding and communication [1]. Lifestyle and Atmosphere - The "social kitchen" embodies a relaxed lifestyle, serving as a gathering place for family and friends, where cooking and socializing coexist in a stress-free environment [3]. - The collaboration not only introduces innovative home design ideas but also promotes a new way of living, where practicality and art converge to create a welcoming home environment [3].

Core Viewpoint - The company, Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology), is accelerating its IPO process, highlighting its strong position in the ice-making machine industry and its potential in the global refrigeration equipment market [1][7]. Market Position - Huikang Technology has ranked first in ice-making machine sales in China for three consecutive years from 2022 to 2024, with global market shares of 8%, 10%, and 12% respectively during the same period [2] - In the consumer ice-making machine market, the company holds a dominant position with global market shares of approximately 19%, 25%, and 31% from 2022 to 2024, consistently leading the market [2] - The company was recognized as a national manufacturing single champion enterprise in the ice-making machine sector by the Ministry of Industry and Information Technology and the China Industrial Economic Federation in 2024 [2] Business Layout - Huikang Technology exports its products to over 80 countries and regions, with overseas sales contributing significantly to its revenue, accounting for 79.46%, 75.37%, and 69.9% of total revenue from 2022 to 2024 [3] - The company has established itself as a core supplier for international brands such as Electrolux and MCAppliance in the ice-making machine sector [3] - Domestically, Huikang Technology has developed its own brands, "HICON" and "WATOOR," and consistently ranks high in online retail sales on major platforms like JD.com and Tmall [3] Technological R&D - As of December 31, 2024, Huikang Technology holds 161 patent authorizations, including 20 invention patents, and has developed key technologies such as intelligent control, efficient heat dissipation, and rapid automatic defrosting [4] - The company continuously enriches its product matrix based on market demand, leading trends in miniaturization for consumer products and expanding into various commercial applications [4] Financial Performance - The company aims to raise 1.797 billion yuan through its IPO, with funds allocated for several key projects, including 758 million yuan for the construction of an intelligent manufacturing base and 461 million yuan for upgrading existing production facilities [5] - Huikang Technology's revenue has shown strong growth, with figures of 1.930 billion yuan, 2.493 billion yuan, and 3.204 billion yuan from 2022 to 2024, and net profits of 197 million yuan, 338 million yuan, and 451 million yuan during the same period [6] Overall Assessment - Huikang Technology has established itself as a leading player in the refrigeration equipment industry, with a strong market position, robust R&D capabilities, and excellent financial performance [7] - The ongoing IPO process is expected to provide additional funding to enhance production capacity, expand market reach, and increase brand influence in the global refrigeration equipment market [7]

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology) is advancing its IPO process, having entered the inquiry stage, with plans to raise 1.797 billion yuan, despite facing declining product prices and having distributed over 200 million yuan in cash dividends over the past two years [1][3]. Company Overview - Huikang Technology specializes in the research, production, and sales of refrigeration equipment, including ice machines, refrigerators, cold cabinets, and wine cabinets, primarily serving both residential and commercial markets [3][4]. - The company is recognized as a national high-tech enterprise [3]. Financial Performance - Revenue figures for Huikang Technology from 2022 to 2024 are approximately 1.93 billion yuan, 2.493 billion yuan, and 3.204 billion yuan, respectively, with corresponding net profits of about 197 million yuan, 338 million yuan, and 451 million yuan [3]. - The company has a significant portion of its revenue from overseas sales, accounting for approximately 79.46%, 75.37%, and 69.9% of total revenue from 2022 to 2024 [3]. Dividend Distribution - Huikang Technology distributed cash dividends of 111 million yuan in 2023 and 97.91 million yuan in 2024, totaling 209 million yuan over the two years [3]. Product Pricing Trends - The average selling prices of Huikang Technology's key products, including ice machines, cold cabinets, and wine cabinets, have been declining from 2022 to 2024 [5][6]. - Specific price trends include: - Ice machine prices decreased from 435.22 yuan/unit in 2022 to 385.9 yuan/unit in 2024 - Cold cabinet prices fell from 554.03 yuan/unit in 2022 to 528.65 yuan/unit in 2024 - Wine cabinet prices dropped from 609.02 yuan/unit in 2022 to 531.11 yuan/unit in 2024 - Refrigerator prices saw a slight increase in 2023 before declining in 2024 [5][6]. Gross Margin Analysis - The gross margin for Huikang Technology's main business was 21.15%, 24.55%, and 22.54% from 2022 to 2024, indicating overall stability [7]. - The increase in gross margin in 2023 was attributed to a higher proportion of revenue from ice machines, while the decrease in 2024 was due to price reductions to maintain competitiveness [7]. Ownership Structure - The actual controller of Huikang Technology is Chen Yuepeng, who indirectly controls 38.23% of the company's shares through Huikang Group and Changxing Yupeng [7]. - Post-IPO, Chen's indirect control of shares will be diluted to 28.68% [7].

Core Viewpoint - The IPO acceptance rate has accelerated significantly in June, with a total of 34 companies accepted for IPOs across the Shanghai, Shenzhen, and Beijing exchanges, marking a new monthly high for the year and surpassing the same period last year [3][6]. Group 1: IPO Acceptance Trends - As of June 21, 2023, the total number of IPOs accepted in June has reached 34, accounting for 56% of the total accepted IPOs for the year [1][3]. - The acceptance of IPOs in June is traditionally high due to the financial data validity period of six months, leading to a rush of applications before the end of June [6][12]. - The Beijing Stock Exchange has the highest number of accepted IPOs in June, with 17 companies, representing half of the total accepted IPOs for the month [5][9]. Group 2: Financial Performance of Accepted IPOs - The newly accepted IPOs in June show strong profitability, with the average non-recurring net profit exceeding 100 million yuan for most exchanges, except for the Sci-Tech Innovation Board [7][8]. - The Shenzhen main board has the highest average non-recurring net profit among the newly accepted IPOs at 314 million yuan, with specific companies like Huikang Technology reporting 442 million yuan [7][8]. - The average non-recurring net profit for the Beijing Stock Exchange's newly accepted IPOs is 101 million yuan, with companies like Tongfu Co. reporting 233 million yuan [9]. Group 3: Policy Changes and Future Outlook - The China Securities Regulatory Commission announced the reintroduction of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, which is expected to provide important references for future IPO applications [2][11]. - The introduction of new standards aims to support high-quality unprofitable technology companies in accessing capital markets, particularly in emerging sectors like artificial intelligence and commercial aerospace [11][12]. - Analysts predict that the remaining week of June will see additional IPO applications related to these new policies, which could significantly impact the IPO landscape in the second half of the year [10][12].

Core Viewpoint - Huikang Technology is aiming to become the "first ice machine stock" in China, with significant revenue from its ice machine and home appliance business, but faces risks due to its heavy reliance on the U.S. market and family control issues [2][3]. Financial Performance - The company reported annual revenues of 3 billion yuan, with projected net profit of 450 million yuan for 2024, marking it as a "single champion" in the ice machine sector [3]. - Revenue from 2022 to 2024 is expected to grow from 1.93 billion yuan to 3.20 billion yuan, representing a year-on-year growth of 28.49% in 2024 [5]. - Net profit is projected to increase from 197 million yuan in 2022 to 451 million yuan in 2024, with a year-on-year growth of 33.61% [5]. Product Segmentation - Ice machines are the main revenue driver, with sales expected to rise from 1.36 billion yuan in 2022 to 2.58 billion yuan in 2024, increasing its revenue share from 70.83% to 81% [6]. - The average selling price of ice machines is declining, from 435.22 yuan in 2022 to 385.9 yuan in 2024, due to market demand for smaller products and competitive pricing strategies [7]. Debt and Liabilities - The company's liabilities are projected to reach 1.82 billion yuan in 2024, a 15.96% increase from the previous period, with accounts payable being a significant contributor [8][9]. Market Exposure and Risks - The U.S. market accounts for 60% of the company's revenue, raising concerns about potential risks from U.S.-China trade tensions [9][11]. - The company plans to establish a factory in Thailand to mitigate risks associated with trade disputes and to create a dual supply chain system [14][15]. Ownership and Governance - The company is controlled by the Chen family, with significant family involvement in management and board positions, raising concerns about governance and potential conflicts of interest [16][19]. - Prior to the IPO, the company distributed 209 million yuan in dividends over two years, impacting its cash flow [22][23].

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange, focusing on the refrigeration equipment sector, with a projected revenue growth from 1.93 billion yuan in 2022 to 3.20 billion yuan in 2024 [2][3]. Financial Performance - Revenue projections for Huikang Technology are 1.93 billion yuan for 2022, 2.49 billion yuan for 2023, and 3.20 billion yuan for 2024, indicating a growth trajectory [2]. - Net profit forecasts are 197 million yuan for 2022, 338 million yuan for 2023, and 451 million yuan for 2024 [2]. - Total assets are expected to increase from 1.55 billion yuan in 2022 to 2.83 billion yuan in 2024, while the asset-liability ratio is projected to decrease from 73.15% in 2022 to 64.28% in 2024 [3]. - The company anticipates a basic earnings per share of 4.05 yuan in 2024, up from 1.87 yuan in 2022 [3]. Ownership Structure - The actual controller of the company is Chen Yuepeng, who indirectly controls 38.23% of the shares through Huikang Group and Changxing Yupeng [4]. - Huikang Group is the controlling shareholder, with Chen Yuepeng serving as the chairman and Lao Qiudi as the general manager [4][6]. Research and Development - Research and development expenses are projected to account for 2.51% of revenue in 2024, down from 3.04% in 2022 [4]. Management Team - The management team includes Chen Yuepeng as chairman, Lao Qiudi as general manager, and several other directors and supervisors, with familial ties among them [5][6][7].