财富趋势曾于2012年和2014年分别向创业板、中小板提交IPO申请，但都在首发申请当日被证监会一纸公告取消了审核。此次冲击科创板，屡败屡战的通达信能否闯关成功？
riqian，shenzhenshicaifuqushikejigufenyouxiangongsichuxianzaishangjiaosuokechuangbanyishoulimingdanshang，dengdaishangjiaosuodejinyibuwenxun。zheijiamingweicaifuqushidegongsihuoxububeirensuoshuzhi，danqixiachanpin“tongdaxin”queshiguangdaguminwufahushidecunzai。
zhaogushuxianshi，caifuqushishiguoneizhengquanxingqingjiaoyixitongruanjianchanpinhezhengquanxinxifuwudezhongyaogongyingshang，zhuyaomianxiangzhengquangongsidengjinrongjigoukehutigongjinrongruanjianjiejuefangan、jiaoyizhongduan、zhongduanyonghuxinxixitongyijikehufuwuxitongdeng。tongdaxinxiqiqixiazhengquanxinxipingtai，yejiushichangshuodechaoguruanjian。
caifuqushicengyu2012nianhe2014nianfenbiexiangchuangyeban、zhongxiaobantijiaoiposhenqing，dandouzaishoufashenqingdangribeizhengjianhuiyizhigonggaoquxiaoleshenhe。cicichongjikechuangban，lvbailvzhandetongdaxinnengfouchuangguanchenggong？
屡败屡战，曾多次IPO临时叫停
2012nian6yue1ri，yuandingyushenhecaifuqushishoufashenqingdedangtian，zhengjianhuigonggaocheng，jianyucaifuqushishangyouxiangguanshixiangxuyaojinyibuluoshi，juedingquxiaodi45cichuangyebanfashenweihuiyiduigaigongsifaxingshenbaowenjiandeshenhe。cinian2yue，caifuqushishenqingzhongzhishencha。
2014nian，caifuqushizaicixiangshenjiaosuodijiaozhaogushu，danzheiyici，qixuanzelezhongxiaoban。2017nian4yue12ri，jijinxiangtongdeqingxingzaicishangyan，tongyangshi“xiangguanshixiangdaijinyibuluoshi”，zaishenhedangribeizhengjianhuiquxiaoshenhe。tongnian12yue，caifuqushizhongzhilezhongxiaobanipo。
erduiyuliangciquxiaoshenhedejutiyuanyinji“xiangguanshixiang”weihewu，zhengjianhuibingweizuochugengxiangxidejieshi。
jizhechayueledangnianxiangguanmeitibaodao，duoyouzhiyiqizhaogushuyouzaojiaxianyi，zhuliushangrenweiyouyixiajidianwenti：maolilvqigaodangongzichengbenguodi、zigongsilirunzhuanyi、baojianjigouweidakehudeng。
ciciqizaikechuangbantijiaoshenqing，jizheduibisanbanzhaogushu，faxianyishanglishiwentijibenyibeijiejue。
1、毛利率奇高
2012nian，caifuqushizhaogushuxianshi，2009-2011nian，gongsilianxusannianmaolilvjungaoyu90%，tongshibaogaoqineiyuangongpingjunyuexinyuewei2550yuan、3854yuan、3200yuan，yuandiyutongyepingjunshuiping。
erzuixinpiludezhaogushuzhong，maolilvfangmian，2016-2019niandiyijidu，gongsizonghemaolilvfenbiewei 88.83%、87.29%、87.24%he 80.05%。2018niandugongsiyuangongyuejungongzi1.06wanyuan。tongshi，zhaogushujieshicheng，chanpindeyanfafeiyongzaiqijianfeiyongzhongliebao，bujiruyingyechengben；gongsichanpindeweihugongzuoliangxiao、weihuchengbendi，yincimaolilvweichijiaogaoshuiping。
2、子公司利润转移
2012nian，caifuqushizhaogushuxianshi，qiwuhanzigongsiyingyeshouru5071wan，maolilv100%。yeneirenshibiaoshi，jiangzhuanqiandejiaoyiruanjianxitongfangzaiwuhanzigongsi，erweihuchengbenhexiaoshoufeiyongzejihuquanyoumugongsichengdan，zheizhongcaihuicaozuoshoufazaodaozhuduozhiyi，ziranyebuheguiding，huochengweiqidangnianwuyuanshangshidegenbenyuanyin。
zaicaifuqushi2017nianpiludezhaogushuzhong，wuhanzigongsigongxiandeyejiyijingdafujiangdi，ercicichongjikechuangbandezhaogushuzhong，wuhanzigongsizhuangtaizhijiexianshiweiyizhuxiao。
3、保荐机构为大客户
caifuqushizuixinpiludezhaogushuzhong，yuqianliangciiposhenqingxiangtong，yinhezhengquanrengweiqibaojianjigou，danquecongdakehumingdanzhongqueqiaoranxiaoshile。
zhuisudao2012nianqichucitijiaoiposhenqing，baojianjigouyinhezhengquantongshihaishidisandakehu，2011nianshuangfangcaiwuwanglaida518wanyuan，yinhezhengquanzhandaolegongsiquanbushouru5.79%，shexianweifan《zhengquanfaxingshangshibaojianyewuguanlibanfa》、《baojianrenjinzhidiaochagongzuozhunze》dengxiangguanguiding。
加大科技投入，进军高端软件
zhaogushuxianshi，caifuqushi2016nian、2017nian、2018niandeyingshoufenbieshi1.79yiyuan、1.69yiyuan、1.95yiyuan，2019nianyijiduyingshou0.32yiyuan。jinglirunfenbiewei1.38yiyuan、1.18yiyuan、1.43yiyuanhe0.25yiyuan。
yushi，zhaogushuyijingpilu，bianyoubushaomeitibiaoshi，gongsibaogaoqimeiyouyifenqianyinxingdaikuan，xianyouxianzhizijinshenzhichaoguonimujizijin，rucibuqueqiandegongsi，weihehaiyaomouqiushangshi？
hulianwangfenxishigejiaxianglanjingkechuangjizhezhichu，gongsibuqueqianbudaibiaobuxuyaorongzishangshi，zijinshilixionghoule，qidonggengdadexiangmuyelisuodangran。qiyedefazhanzhuangdaxuyaozibenshichangdezhuli，youlezibendeliliangkeyizuogengdadeshiqing，zheiyidianshiwuyongzhiyide。
suirancaifuqushikanqilaibingbuchaqian，danyutongxingyedegongsitonghuashunxiangbi，yingshoushanghaishixiangxingjianchu。
yeneirenshirenwei，zishenguminpubiangengkanhaotongdaxin，dantonghuashunqiangxianwanchengleshangshi。erzheshangyemoshibutong，tonghuashunpianxiangchanpinxiaoshou，yezoudaoleqiantai，ertongdaxinpiantigongfuwu。
zhimingcaijingbozhu@congguzhijin duikechuangjizhebiaoshi，danfanshinianyishangchaogujingyandegumin，yibandouhuixuanyongtongdaxin，erbushiqitatongleixingchanpin。shenzhikenengyou99%degumindoucengyongguotongdaxindefuwu，zhishibuzizhi。zheishiyouyutongdaxinyiqianjiushizuoquanshanghoutaifuwude，henduotoubuquanshangdejiaoyixitongyongdedoushitongdaxindexitong。
zhaogushuxianshi，jinnianlai，caifuqushizhubujiadaduiyunjisuan、dashuju、rengongzhinengdengxinxingjishudeyanfatouru，zhiliyujiangxinyidaixinxijishuyuzhengquanxingyechuangxinfazhanjinxingshenduronghe。gongsibencinizaikechuangbanfaxing1667wangu，nimujizijin7.78yiyuan，zhuyaoyongyu“tongdaxinkaifangshirengongzhinengpingtai”、“tongdaxinkeshihuajinrongyanjiuzhongduan”、“tongdaxinzhuanyetouzijiaoyipingtai”yiji“tongdaxinjiyudashujudexingyeanquanjiancexitong”dengsigexiangmu。
xianran，tongdaxinheqitaruanjiangongsiyiyang，douyoujinjungaoduanruanjiandemengxiang。danyeneirenshirenwei，tongdaxingaoduanruanjianyanfamoshihejidaruanjiangongsibichajuhenda，jidaruanjianyanfagaoduanruanjiandouyichengxing，gezhanjuyibufenshichang，tongdaxinxiangjinruzheikuaiyewuhaihennan。
dangejiarenwei，pujichengdujiushiqizuidayoushi，kechuangbanxiaolvgenggao、menjiangengdi，suirancaifuqushicengyouiposhibaidexianli，danbudaibiaoqixiaoyibuhao。qiejianguanfangyexuyaokechuangbanzhongyouzizhijiaohaodegongsi，yinci，ciciqichongjikechuangbandekenengxinghaishibijiaodade。
