泰金新能为新 "国九条" 发布后沪深交易所首个获受理的 IPO 企业，今日上会被暂缓审议。 本周IPO审核结果 据交易所官网审核动态信息，本周（8月25日-8月29日）IPO审核4家企业，合计拟募资29.01亿元。其中3家过会，1家暂缓审议。 | 上会日期 | 数量 申报板块 | | 公司简称 | 注册地 | 审核结果 | 在会时长 | 所属行业 | 拟募资金额(万元) | 最近一年净利润（万元） | 保存机构 | 会计师事务所 | 律师事务所 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-8-28 | | 创业板 | 纳百川 | 浙江 | 通过 | 701 | 汽车制造业 | 72,900.00 | 9,542.88 | 浙商证券 | 天健 | 天册 | | 2025-8-29 | 3 | 科创板 | 恒坤新材 | 福建 | 通过 | 246 | 计算机、通信和其 他电子设备制造业 | 100,669.50 | 9,691.11 | 中信建投 | 容成 | 锦天城 | | | ...

在技术布局上，公司精准锁定四大核心方向："绿色电解技术""旋压成形技术""表面涂层技术""密封连 接技术"。通俗的解读，这四大技术的最终目标，就是让电解铜箔生产的关键耗材 —— 钛阳极实现 "更 环保、更耐用、更省电、更好装" 的升级。相较于传统石墨电极、铅基合金电极的环保短板，泰金新能 的钛电极产品具有更长的使用寿命、更高的电解效率以及更低的能耗，能够帮助下游客户实现生产过程 中的节能降耗。 过硬的技术实力，不仅转化为亮眼的业绩增长，更让公司收获了一系列 "含金量十足" 的国家级认证： 国家企业技术中心、国家制造业单项冠军企业、国家专精特新 "小巨人" 企业、国家知识产权优势企 业、国家级绿色工厂。这五项荣誉涵盖技术研发、细分市场地位、创新能力、可持续发展等多个维度， 成为普通企业难以企及的 "硬名片"。 西安泰金新能科技股份有限公司(下称 "泰金新能")背靠 "西北有色金属研究院" 体系，与西部材料、西 部超导等 A 股上市公司同属 "兄弟单位"。如今，这家深耕电解冶金与新能源材料领域的硬科技企业， 正式向科创板发起冲击 —— 上海证券交易所上市审核委员会已定于 2025 年 8 月 29 日召开审议会议 ...

文/佑尚 据上交所网站消息，西安泰金新能科技股份有限公司（下称"泰金新能"）科创板IPO将于8月29日上会审 议，保荐机构为中信建投证券。 公开资料显示，泰金新能是西北有色金属研究院控股子公司，成立于2000年，公司专注于高端绿色电解 成套装备、钛电极以及金属玻璃封接制品的研发、设计、生产及销售，是国内外可提供高性能电子电路 铜箔和极薄锂电铜箔生产线整体解决方案的龙头企业，产品终端应用于大型计算机、5G高频通信、消 费电子、新能源汽车、航天军工等领域。 泰金新能表示，通过本次上市，公司可以加大技术创新投入、完善产品矩阵，提升行业竞争优势，持续 增强盈利能力，并加强团队能力建设、完善公司治理水平，为股东和行业持续创造价值。 业绩稳步增长前景广阔 近年来，随着AI、高速通信、云计算、新能源汽车等产业迎来高速发展，催生了对高多层数、高阶HDI （高密度互连）以及高频高速PCB等高端产品的强劲需求，同时极大推动高端电子电路铜箔的需求增 长，如AI服务器中GPU板组和相关芯片分别需要性能优异的高频高速PCB铜箔和载体铜箔，锂电池出货 量的增长将持续拉动对上游锂电铜箔需求等。 泰金新能是国际上可提供高性能电子电路铜箔和极 ...

谁掌握了技术关键，谁就控制了高端产业链。 ——语出科技界。 引 言 在芯片制造领域，光刻机是关键核心技术；而在电解铜箔制造领域，泰金新能的电解成套装备正是这样的"光刻机"，打破国外垄断，实现国产替代。 《奕泽财经》从上交所官网获悉，上海证券交易所上市审核委员会定于2025年8月29日召开2025年第 32 次上市审核委员会审议会议，审议内容之一为西安泰 金新能科技股份有限公司（如下简称"泰金新能"）科创板上市事宜。未来，泰金新能有望登陆上交所科创板。 图 1 泰金新能拟科创板上市（来源：上交所） 作为国内阴极辊市场占有率超过45%的龙头企业，泰金新能正在资本市场的助力下，开启新的航程。 一、国产替代 打破垄断 2019年之前，国内阴极辊市场长期被日本新日铁、三船等海外企业垄断。日本企业每年产能有限，生产周期长，供应严重不足，这在很大程度上制约了国内 铜箔产业的快速发展。 阴极辊作为电解铜箔生产中的关键核心装备，是电流传送及电解铜箔生成的载体，其性能好坏直接决定了铜箔的质量。 二、业绩增长 双轮驱动 泰金新能的业绩增长主要来自两大领域：锂电铜箔和电子电路铜箔。 根据招股书数据，2021年至2023年，公司整体营 ...

Core Viewpoint - Hongtian Co., Ltd. (603800) anticipates a net profit loss of between 38 million to 32 million yuan for the first half of 2025, despite significant improvements in cash flow and increased investment in R&D [1] Financial Performance - The company expects a net profit loss of 38 million to 32 million yuan for H1 2025 [1] - Operating cash flow for H1 2025 is projected to be approximately 112.72 million yuan, a significant increase of about 298% compared to a negative cash flow of 56.90 million yuan in the same period last year [1] Research and Development - R&D expenses for H1 2025 are estimated at around 40 million yuan, representing a year-on-year increase of approximately 123% from 18.20 million yuan in the previous year [1] - The focus on R&D has led to significant breakthroughs, including the procurement order for high-resolution direct-write lithography machines from a senior semiconductor mask manufacturer [1][2] Product Innovations - Honglai Optics, a subsidiary of Hongtian, has developed a high-precision laser direct-write lithography machine with a wavelength of 405nm and a minimum line width of 2.5μm, which is capable of mass production of mask products [2] - The company’s subsidiary, Hongtian Technology, achieved a significant milestone with its lithium battery copper foil machine, producing ultra-thin copper foil with a length of 102,000 meters and a thickness of only 4.5 microns, setting a new industry record [2] Future Growth Potential - Hongtian Technology has made breakthroughs in ultra-precision vacuum coating equipment, with the first batch of products delivered and new orders expected to contribute to future performance growth [3]

Core Viewpoint - Jiangsu Hongtian Technology Co., Ltd. has received an inquiry letter regarding its 2024 annual report, focusing on related party transactions and financial performance discrepancies [1]. Group 1: Related Party Transactions - The company reported related sales to Nord New Materials Co., Ltd. amounting to 426 million, 406 million, and 263 million in the last three years, representing 12%, 18%, and 29% of total annual sales respectively, indicating a continuous growth in related sales scale [1]. - The average selling price of lithium foil machines and cathode rollers sold to Nord is over 40% higher than those sold to non-related parties [1]. - The company has been asked to clarify the pricing basis, gross margins, costs, and expense composition of related sales, and whether the high pricing of related sales is fair [1]. Group 2: Financial Performance - The company reported operating revenues of 2.19 billion, 2.24 billion, and 1.37 billion over the last three years, with cash inflows from operating activities of 1.09 billion, indicating a significant gap between cash inflows and operating revenues [1]. - The net cash ratio for the last three years was 0.60, 0.02, and 0.21, with a cumulative net profit discrepancy of 336 million compared to net cash flow from operating activities [1]. - The company is required to explain the reasons for the significant difference between cash inflows and operating revenues, and whether there are any long-term unsettled transactions with Nord [1].

Group 1 - The core issue revolves around the related party transactions between Hongtian Co., Ltd. and Nord Co., Ltd., with ongoing investigations into undisclosed relationships and the commercial substance of these transactions [1][2] - Hongtian Co., Ltd. has been selling customized equipment to Nord Co., Ltd. at higher average prices compared to other clients, with the average selling price of lithium foil machines to Qinghai Nord New Materials Co., Ltd. being 2.8 million yuan, while sales to other clients averaged 2.05 million yuan and 1.95 million yuan [1] - The company justifies the higher prices by stating that the customized lithium foil machines sold to Nord Co., Ltd. have specifications that exceed industry averages, with a diameter of 3.6 meters compared to the 2.7 meters average [1] Group 2 - The annual audit accountant has indicated limitations in auditing procedures, stating that they cannot verify any undisclosed relationships or interests between shareholders and Nord Co., Ltd. due to the constraints of audit methods [2] - As of May 14, the total market value of Hongtian Co., Ltd. was approximately 4.982 billion yuan, reflecting a decrease of nearly 700 million yuan since the inquiry letter was received on April 25 [3]