Core Viewpoint - The company, A-share listed Jingchen Co., Ltd. (688099.SH), plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness, furthering its international strategy [1][2]. Group 1: Company Overview - Jingchen Co., Ltd. is a global fabless semiconductor system design company, focusing on the research, design, and sales of system-on-chip (SoC) and peripheral chips [2][3]. - The company's core products include S series SoC chips, which are widely used in various multimedia terminal products, including IPTV set-top boxes and OTT set-top boxes [2][3]. Group 2: Financial Performance - In the first half of 2025, Jingchen Co., Ltd. achieved a revenue of 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% [1][5]. - The company reported a record high shipment of nearly 50 million units in the second quarter of 2025, with revenue reaching 1.80 billion yuan, a year-on-year increase of 9.94% [5][6]. Group 3: International Market Presence - By the first half of 2025, the company's overseas revenue reached 2.96 billion yuan, accounting for 88.9% of total revenue, with an overseas gross margin of 38.49%, significantly higher than the domestic gross margin of 23.25% [1][3]. - The company has received certifications from major streaming services like Netflix, Google, and Amazon, and its products are widely adopted by both domestic and international operators [3][4]. Group 4: Research and Development - Since 2022, the company has consistently invested over 1 billion yuan in R&D annually, with R&D expenses reaching 735 million yuan in the first half of 2025, representing a year-on-year increase of 8.98% [6]. - As of the first half of 2025, the company employed 1,564 R&D personnel, accounting for 86.55% of its total workforce, with an average salary of 332,800 yuan [6].

Core Viewpoint - Leshin Technology (688018.SH), a leading IoT chip company in A-shares, is accelerating its technology R&D and capacity layout, aiming to raise up to 1.778 billion yuan through a targeted issuance of A-shares to enhance its competitive edge in the IoT technology ecosystem [1][4]. Fundraising Plan - Leshin Technology plans to issue no more than 15.67 million A-shares to no more than 35 specific investors, raising up to 1.778 billion yuan, marking the company's third attempt at refinancing since its listing in 2019 [2][3]. - Previous fundraising attempts in 2020 and 2022, aimed at raising 250 million yuan and 300 million yuan respectively, were unsuccessful [2][3]. Investment Focus - The funds will primarily be allocated to two major R&D projects: Wi-Fi 7 router chips and smart terminal chips, with investments of 399 million yuan and 250 million yuan, accounting for 22.44% and 14.06% of the total funds raised [2][3]. - Another significant focus is on the RISC-V self-developed AI chip project, with an investment of 432 million yuan, aimed at enhancing algorithm processing capabilities and energy efficiency [3]. R&D and Performance - Leshin Technology has invested a total of 2.084 billion yuan in R&D over the past six and a half years, with a consistent increase in R&D expenses from 120 million yuan in 2019 to 268 million yuan in the first half of 2025 [5][6]. - The company reported strong growth in 2025, with revenue reaching 1.246 billion yuan in the first half, a year-on-year increase of 35.35%, and a net profit of 261 million yuan, up 72.29% [5]. Market Position - Leshin Technology ranks first globally in the Wi-Fi MCU market and fifth in the broader Wi-Fi market, showcasing strong international market competitiveness [6].

Core Viewpoint - Zhang Xin has transformed a struggling small factory into a global energy equipment giant, TBEA Co., Ltd., showcasing the potential of Chinese entrepreneurship and innovation [2][19]. Group 1: Company Background - TBEA Co., Ltd. was established from the Changji Transformer Factory, which was founded in 1974, and Zhang Xin became its director in 1988 [3][5]. - At the time of Zhang's appointment, the factory had total assets of only 15.3 million yuan and debts of 730,000 yuan, with workers not receiving wages for six months [5][7]. Group 2: Leadership and Innovation - Zhang Xin implemented significant reforms, including breaking the "big pot" distribution system, which increased employee motivation and innovation [7][8]. - After a devastating fire in 1988, employees voluntarily donated their year-end bonuses to help restore production, reinforcing a culture of shared development [8][10]. - TBEA's first major breakthrough came in 2008 when it developed the world's first 1000 kV ultra-high voltage transformer, marking a significant technological advancement [11][12]. Group 3: Diversification and Growth - TBEA has diversified its operations beyond transformer manufacturing to include sectors such as new energy, materials, and coal resources, establishing a strong competitive position in each [17][18]. - The company has achieved significant production capacities, including being a leading producer of polysilicon and having a high-purity aluminum production capacity of 78,000 tons annually [17][18]. Group 4: Financial Performance - As of June 30, 2025, TBEA's total assets reached 220.79 billion yuan, with revenue and net profit for the first half of the year reported at 48.40 billion yuan and 3.18 billion yuan, respectively [18][19]. - Since its listing, TBEA has accumulated profits of 64.81 billion yuan without any annual losses, demonstrating consistent financial stability [19].

Core Viewpoint - The recent surge in A-share market, particularly in CPO concept stocks, has significantly benefited Tianfu Communication, controlled by the Zou family, with its stock price reaching a historical high and a substantial increase in market capitalization [1][8]. Company Overview - Tianfu Communication specializes in optical communication components and has evolved into a well-known global player in the industry, focusing on high-speed optical devices and advanced packaging services [6]. - The company was founded in 2005 by Zou Zhinong and partners, aiming to break the monopoly of Japanese companies in the zirconia ceramic sleeve market [2][3]. Financial Performance - In 2024, Tianfu Communication achieved a revenue of 32.52 billion yuan, marking a year-on-year increase of 67.74%, with a net profit of 13.44 billion yuan, up 84.07% [6]. - For the first half of 2025, the company reported revenues of 24.56 billion yuan, a 57.84% increase year-on-year, and a net profit of 8.99 billion yuan, growing by 37.46% [6]. - The production of optical communication components reached 210 million units in the first half of 2025, an increase of 38.38% compared to the previous year [6]. Stock Performance - Tianfu Communication's stock price saw a dramatic rise from 40.44 yuan per share in April 2025 to a peak of 225.05 yuan on September 1, 2025, representing a 362% increase [8]. - As of September 5, 2025, the stock closed at 186.8 yuan per share, reflecting a significant market capitalization of 145.2 billion yuan [1][8]. Ownership and Control - The Zou family indirectly holds 37.95% of Tianfu Communication's shares, with a market value increase of approximately 43.18 billion yuan over three months [1][8]. - Co-founder Zhu Guodong has reduced his stake in the company, selling 9.9 million shares, which decreased his ownership from 8.26% to 6.99% [8]. Market Position and Strategy - Tianfu Communication aims to be a leader in the optical communication sector, emphasizing research and development, with R&D expenses increasing significantly from 77.3 million yuan in 2020 to 126 million yuan in the first half of 2025 [6]. - The company has established strong ties with industry leaders like Nvidia, which has contributed to its stock price surge and market presence [7][8].

Core Viewpoint - Chengda Pharmaceutical (301201.SZ) is experiencing poor performance, leading to continuous share reductions by original shareholders, particularly Shenzhen Qianhai Shengtai Investment Enterprise, which plans to sell up to 11 million shares, potentially cashing out 316 million yuan [1][3][9]. Group 1: Shareholder Actions - Shenzhen Qianhai Shengtai plans to reduce its holdings by up to 11 million shares, representing 7.27% of the company's total shares, within three months starting from September 29, 2025 [2][3]. - Over the past two and a half years, Qianhai Shengtai has reduced its holdings in Chengda Pharmaceutical, cashing out a total of 634 million yuan [1][9]. - The latest reduction plan follows a series of previous reductions, with Qianhai Shengtai having already cashed out 318 million yuan from earlier sales [8][9]. Group 2: Company Performance - For the first half of 2025, Chengda Pharmaceutical reported revenue of 182 million yuan, an increase of 11.24% year-on-year, but net profit fell by 49.06% to 12.82 million yuan [11][12]. - The company's stock price has dropped over 60% from its initial public offering price of 72.69 yuan, with the current price at 28.74 yuan [9][10]. - Chengda Pharmaceutical's revenue and net profit have shown a declining trend over the past few years, with a notable loss of 28.1 million yuan in 2024, marking the first loss since 2010 [12][13]. Group 3: Business Challenges - The decline in revenue is attributed to a 33.22% drop in sales of raw materials, particularly due to clients overstocking in anticipation of national centralized procurement [12][13]. - The CDMO (Contract Development and Manufacturing Organization) segment also faced a 37.65% decline in sales due to increased competition and global economic uncertainties [12][13]. - Chengda Pharmaceutical aims to expand its market presence and enhance its brand value through various promotional activities and by deepening relationships with existing clients [13].

编者按 四载耕耘，星火成炬。北交所的四年，是中国资本市场深化改革服务实体经济的一次生动实践。 从首批81家企业鸣钟开市，到如今274家上市公司总市值逼近万亿，从初期市场观望到如今两大指数年 内涨幅超50%，北交所用实实在在的数据证明了其作为"服务创新型中小企业主阵地"的战略价值。 在北交所宣布设立四周年之际，长江商报特推出专题策划，旨在通过数据透视、案例剖析与趋势解读， 全方位展现北交所四年来的改革成效与市场蜕变。 ●长江商报记者 徐佳 四年前，北京证券交易所（以下简称"北交所"）正式宣布设立，中国资本市场改革迎来又一里程碑。 四年过去，北交所已逐步成为推动"专精特新"企业成长、助力多层次资本市场建设的重要力量。 截至2025年9月5日收盘，北交所共有274家上市公司，总市值9465.5亿元，单个交易日成交额达到440.69 亿元；北证50、北证专精特新两大指数分别报1618.18点、2774.44点，2025年以来累计分别上涨56%、 64.8%。 四年过去，截至2025年9月5日收盘，北交所共受理了708家企业的首发上市申请，上市公司已扩容至274 家，总市值达到9465.5亿元，流通市值5843.72亿 ...

Core Viewpoint - The article highlights the remarkable performance of the optical module leader, NewEase, driven by the surge in demand for AI computing power, with significant increases in both stock price and financial performance [2][5][6]. Financial Performance - In the first half of 2025, NewEase achieved revenue of 10.437 billion yuan, marking a year-on-year increase of approximately 282.64%, and net profit attributable to shareholders exceeded 3.942 billion yuan, up 355.68% year-on-year [6][8]. - The company's core business, point-to-point optical modules, generated revenue of 10.409 billion yuan, reflecting a year-on-year growth of 287.44%, with a gross margin increase of 4.12 percentage points to 47.48% [6][7]. - NewEase's operating cash flow also showed a significant improvement, with a net cash flow of 0.953 billion yuan in the first half of 2025, representing a year-on-year increase of 427.7% [8]. Stock Performance - NewEase's stock price saw a dramatic rise, reaching a peak of 401.10 yuan per share on September 2, 2025, with a maximum increase of 761.47% from a low of 46.56 yuan per share on April 9, 2025 [9][10]. - Over a three-year period from September 2, 2022, to September 2, 2025, the stock price increased by more than 32 times [10]. Shareholder Activity - Despite the strong financial performance, NewEase's shareholders and executives have been actively reducing their holdings, with a total of over 2 billion yuan cashed out through secondary market sales [4][16]. - In May and June 2025, three executives sold a total of 99,400 shares for approximately 10.5835 million yuan, and the total amount cashed out by shareholders and executives since 2019 has exceeded 2 billion yuan [4][11][16]. - The actual controller, Gao Guangrong, has also been involved in multiple sell-offs, with cumulative cash outs exceeding 900 million yuan since 2019 [15][16].

Core Viewpoint - The marketing campaign for the "Peach and Li Egg Mooncake" by the company has faced backlash due to a controversial advertisement, leading to an official apology and the removal of the ad [2][3][5]. Financial Performance - In the first half of 2025, the company's revenue was approximately 2.611 billion yuan, a year-on-year decrease of 13.55%, while the net profit attributable to shareholders was around 204 million yuan, down nearly 30% [9]. - The company's sales expenses for the first half of 2025 were 222 million yuan, with advertising expenses of approximately 43 million yuan, reflecting a 40% year-on-year increase [5][9]. - From 2021 to 2024, the company experienced a continuous decline in net profit, with figures of 763 million yuan, 640 million yuan, 574 million yuan, and 522 million yuan respectively, indicating a downward trend [8][11]. Dividend Policy - Despite the declining profitability, the company has maintained a high cash dividend payout, distributing a total of 4.36 billion yuan since its IPO, with an average dividend payout ratio of 70.24% [12]. - The cash dividends from 2021 to 2024 were 571 million yuan, 533 million yuan, 288 million yuan, and 400 million yuan, representing 74.85%, 83.31%, 50.16%, and 76.60% of the respective net profits [11][12]. Company Structure and Market Position - The company, established in 1995, focuses on high-quality baked goods, primarily bread, and has developed into a large-scale enterprise with a central factory and wholesale model [7]. - The company has seen a decline in product innovation, with a noted decrease in R&D expenses from 1687.94 million yuan in mid-2023 to 1066.05 million yuan in the first half of 2025 [10]. Crisis Management - The recent advertising controversy has been viewed by some analysts as a successful crisis management effort, as it increased awareness of the "Peach and Li Egg Mooncake" among consumers [6].

Core Viewpoint - Yihuatong, known as the "first hydrogen energy A+H stock," has announced the termination of its major asset restructuring plan due to a lack of consensus among transaction parties, amidst significant financial losses [1][4]. Group 1: Company Performance - Yihuatong has experienced continuous net profit losses since 2020, accumulating a total loss of 1.214 billion yuan over five and a half years [1][8]. - The company's net profit has deteriorated from a profit of 63.92 million yuan in 2019 to a loss of 243 million yuan in 2023, with a cumulative loss of 1.422 billion yuan in non-recurring net profit since 2019 [7][8]. - In 2024, Yihuatong's revenue dropped by 54.21% to 367 million yuan, with a net loss of 456 million yuan and a non-recurring net loss of 543 million yuan [7][8]. - In the first half of 2025, Yihuatong reported a revenue of 71.93 million yuan, a year-on-year decline of 53.25%, and a net loss of 1.63 billion yuan, a decrease of 15.51% compared to the previous year [8]. Group 2: Industry Context - The hydrogen fuel cell vehicle application landscape in China is evolving from a single focus on buses to multiple application scenarios, including logistics, sanitation, and marine applications [1][8]. - Yihuatong's strategic move to acquire Xuyang Hydrogen Energy aimed to enhance its position in the hydrogen energy supply chain, but the deal has now been terminated [2][4]. - Xuyang Hydrogen Energy has also faced declining performance, with revenues falling from 405 million yuan in 2023 to 320 million yuan in 2024 [4].

Core Viewpoint - WM Motor is undergoing restructuring and has announced a revival and future development plan, aiming to resume production and clear debts [1][4]. Group 1: Production and Development Plans - WM Motor's investor, Xiangfei, plans to resume production of the EX5 and E.5 models at the Wenzhou base by September 2025 [2][5]. - The company has outlined a "three-step" development plan from 2025 to 2030, with the first phase focusing on revival, targeting annual production and sales of 10,000 units, and striving for 20,000 units [2][5]. - The second phase (2027-2028) aims for sales targets between 250,000 to 400,000 units and the preparation for an IPO [3][5]. - The final phase (2029-2030) includes a goal of achieving a production volume of 1 million units and revenue of 120 billion yuan, establishing a smart mobility ecosystem [3][6]. Group 2: Financial and Operational Challenges - WM Motor has faced significant financial losses, with net losses of 4.145 billion yuan, 5.084 billion yuan, and 8.206 billion yuan from 2019 to 2021, totaling 17.435 billion yuan [8]. - The company’s delivery volume has significantly declined, with only 29,500 units delivered in 2022, a 33.3% year-on-year decrease [10]. - The company has been criticized for its slow response to market competition, as rivals like NIO, Li Auto, and Xpeng continue to grow rapidly [10].