星标 ★ IPO日报 精彩文章第一时间推送 9月8日晚间，北京浩丰创源科技股份有限公司（以下简称"ST浩丰"，300419）发布公告，公司控股股东北京华软鑫创实业发展有限公司 （以下简称"华软实业"）及实际控制人王广宇正在筹划公司控制权变更相关事宜，可能导致公司控股股东和实际控制人发生变更。 为避免公司股价异常波动，维护投资者利益，公司申请自2025年9月9日开市起停牌，预计停牌时间不超过2个交易日。 张力制图 再次变更控股权 资料显示，ST浩丰2015年上市，主要聚焦在智能金融、智能安全、智能商业等业务领域。 截至最新披露，华软实业持有公司股份5518万股，持股比例为15%，是公司的控股股东，王广宇为公司的实际控制人。 IPO日报发现，华软实业是在四年前成为了公司的控股股东。 也就是说，如果本次交易成功，这是公司上市以来，第二次控制权变更。 2021年9月，浩丰科技的原控股股东、实际控制人孙成文与华软实业签订了《股份转让协议》，孙成文以10.88元/股的价格通过协议转让的方 式向华软实业转让其直接持有的浩丰科技5518万股股份（占上市公司总股本的15.0046%），转让价款总额为6亿元。 ST浩丰不久前公布 ...

星标 ★ IPO日报 精彩文章第一时间推送 制图：佘诗婕 笔者认为，就市场数据来看，当前由于流动性充足，其他板块有望迎来相关资金的关注。比如说固态电池、消 费电子、机器人、猪肉、酒类以及其他滞涨板块。 而"易中天"的表现说明，涨多了的股票依然可能继续下 跌，现在接盘的投资者或许面临接在半山腰的风险。 笔者以为， 总体来看，大盘似乎有在此企稳之意，沪可能3800点左右来回震荡消化，在此构筑一个3800点 为轴的箱体，这个可能性或许不小。 当然，这只是一个假设，是否如此，明天后天可以验证。 我们再来看看今天市场的一些关键数据，上涨家数3957，下跌家数1350，成交量24631亿元，相比上一个交 易日多了约1148亿元。连板股方面：7家2板、3家3板、1家4板，0家5板以上，最高板为首开股份。打板的 赚钱效应2.6%，炸板率26%。总体来看，赚钱效应一般。 目前来看，板块持续性较好的为固态电池和机器人。 从成交量来看，今天有2.4万多亿元，相比上一个交易日放量了一千多亿元，不过值得注意的是，上一个交易 日，场内资金是流入的，而今天场内资金继续上上个交易日之前的趋势，流出近600亿元，说明场内资金依然 把此位置看作 ...

星标 ★ IPO日报 精彩文章第一时间推送 9月7日晚间，浙江向日葵大健康科技股份有限公司（以下简称"向日葵"，SZ300111）公告称，公司正在筹划以发行股份及 （或）支付现金的方式收购漳州兮璞材料科技有限公司（以下简称"兮璞材料"）的控股权及浙江贝得药业有限公司（以下简称"贝 得药业"）40%股权，同时拟募集配套资金。 本次交易尚处于筹划阶段，截至最新披露，兮璞材料及贝得药业的估值尚未最终确定。经初步测算，本次交易预计构成《上市公司 重大资产重组管理办法》规定的重大资产重组。本次交易不会导致公司实际控制人发生变更，不构成重组上市。 制图：佘诗婕 未完成业绩承诺 若交易完成，贝得药业将成为向日葵的全资子公司。 需要指出的是，向日葵目前持有的贝得药业60%股权，就是在2019年收购而来。 彼时，向日葵的主营业务为大规格高效晶体硅太阳能电池及组件的生产、销售。但当时，受国外对来自中国的光伏产品开展反倾 销、反补贴调查，以及国内调控光伏电站及分布式光伏项目指标、调整上网电价及补贴标准等因素影响，公司盈利水平波动较大。 公司认为，医药行业受到国家产业政策的大力支持，市场潜力巨大，周期性相对较弱。基于此，向日葵最初拟 ...

星标 ★ IPO日报 精彩文章第一时间推送 9月3日，港交所官网披露，广东金晟新能源股份有限公司（下称"金晟新能"）向港交所主板提交上市申请，中 金公司和招银国际为其联席保荐人。 公司继此前2022年启动深交所上市辅导、2024年12月20日向港交所递交上市申请失效后，这次第三次谋求上 市。 IPO日报注意到，接连三次闯关的金晟新能近年来收入持续下滑，净利润三年半累计亏损8.08亿元，且亏损持续 扩大。 制图：佘诗婕 累亏8.08亿 金晟新能是锂电池回收及再生利用解决方案提供商，提供一系列再生利用产品，主要包括碳酸锂、硫酸镍及硫酸 钴，公司的产品在下游被广泛用于电动汽车、储能系统和消费电子产品等锂电池主流应用场景，形成了全面且垂 直整合的业务模式、产业链条完整的产业闭环。 根据咨询机构弗若斯特沙利文报告，以2024年再生利用销售收入计，金晟新能是全球第二大的锂电池回收及再 生利用企业，公司也是全球第一大的第三方锂电池回收及再生利用企业。 2022年-2024年及2025年上半年（下称"报告期"），金晟新能实现收入分别约为29.05亿元、28.92亿元、 21.57亿元、9.37亿元，持续下滑，今年上半年同比减 ...

Core Viewpoint - The control change of Zhonghuan Hailu has been terminated after only one week of planning due to a lack of consensus between the controlling shareholder and the transaction party regarding the company's future development arrangements [2][3]. Summary by Sections Control Change Announcement - On August 28, Zhonghuan Hailu announced that its controlling shareholder, Wu Junshan, was planning a change in control, which could lead to a change in the actual controller [3]. - The stock was suspended from trading starting August 29, with an expected resumption within two trading days [3]. Termination of Control Change - The termination of the control change was announced on September 4, with the company stating that it would not adversely affect its production and operational activities or future development strategies [2][4]. - The entire process from the initial announcement to termination took only one week [4]. Stock Performance - Following the announcement of the termination, Zhonghuan Hailu's stock hit the daily limit down, closing at 31.68 yuan [3]. - The stock had previously surged from approximately 11.5 yuan at the beginning of the year to a closing price of 39.6 yuan, representing a nearly 250% increase [4]. Financial Performance - Since its listing in 2021, Zhonghuan Hailu has experienced a continuous decline in revenue and net profit, with a shift from profit to loss starting in 2023 [4]. - The company's revenue from 2020 to 2024 was 1.097 billion, 1.069 billion, 1.042 billion, 625 million, and 579 million yuan, respectively, while net profits were 134 million, 72 million, 40 million, -32 million, and -154 million yuan [4].

Core Viewpoint - Zhongcheng Import and Export Co., Ltd. plans to acquire 100% equity of Zhongji Jiangsu Clean Energy Co., Ltd. for 151 million yuan, aiming to enter the energy storage industry and enhance its growth potential [1][10]. Group 1: Transaction Details - The transaction involves issuing shares to purchase Zhongji Jiangsu, with a transaction price of 151 million yuan and a simultaneous fundraising of up to 151 million yuan for project development and working capital [1]. - The transaction constitutes a related party transaction as Zhongji Jiangsu is controlled by Zhongji Import and Export Group, the indirect controlling shareholder of Zhongcheng [1]. Group 2: Target Company Overview - Zhongji Jiangsu focuses on investment, development, and operation of energy storage projects for commercial users, providing energy management services to reduce energy costs [4]. - The company has seven operational projects and one under construction, primarily located in Jiangsu and Guangdong provinces [4]. Group 3: Financial Performance - Zhongji Jiangsu's projected revenues for 2023, 2024, and the first half of 2025 are 15.4 million yuan, 37.9 million yuan, and 22.4 million yuan, respectively, with net profits of 1.92 million yuan, 14.99 million yuan, and 4.91 million yuan [4][5]. - The company has shown significant revenue growth in recent years [5]. Group 4: Performance Commitments - The transaction includes performance commitments, with net profit targets for 2025-2027 set at no less than 10.16 million yuan, 19.31 million yuan, and 19.02 million yuan, depending on the transaction completion date [6]. - Zhongji Jiangsu has a high dependency on major clients, particularly Ningde Times, which accounted for 99.72%, 91.96%, and 85.15% of its revenue during the specified periods [6][7]. Group 5: Strategic Intent - The acquisition is part of Zhongcheng's strategy to diversify into the energy storage sector, aiming to create a second growth curve and enhance its asset and revenue base [10]. - Post-transaction, Zhongji Jiangsu will become a wholly-owned subsidiary, improving the financial metrics of Zhongcheng [10]. Group 6: Company Performance Context - Zhongcheng has faced challenges in recent years, with fluctuating revenues and consecutive net losses from 2019 to 2024, including a total loss of approximately 1.514 billion yuan [11]. - The company reported a revenue decline of 22.22% in the first half of 2025 compared to the previous year [11].

Market Overview - On September 4, the market experienced a significant decline, with the ChiNext index dropping over 5 points and the Shenzhen index falling over 4 points, indicating a panic sell-off across the board [3][4] - The "Cold King" (Hanwang Technology) led the decline with a drop of 14.45%, closing at 1202 yuan, down nearly 200 yuan from its intraday high of 1389 yuan [3] Trading Data - The trading day saw 2297 stocks rise and 2990 stocks fall, with a total trading volume of 25.819 trillion yuan, an increase of approximately 1.862 trillion yuan compared to the previous day [4] - Despite the increase in trading volume, there was a net outflow of 122.9 billion yuan, indicating that profit-taking was still prevalent among investors [4] Technical Analysis - The Shanghai Composite Index broke below the 20-day moving average, suggesting a potential for further declines, while the ChiNext index fell below the 10-day moving average [3][4] - The market is currently experiencing a normal adjustment phase, with the potential for a short-term bottoming period if the downward trend can be halted [5] Investor Sentiment - The current market sentiment is cautious, with investors advised to protect their capital and wait for new market leaders to emerge [5] - The overall market liquidity remains good, with a trading volume exceeding 2.5 trillion yuan, indicating that there is still money in the market despite the recent downturn [5]

Core Viewpoint - Fukan Biotech (Shanghai) Co., Ltd. has submitted its main board listing application to the Hong Kong Stock Exchange, with several financial institutions acting as joint sponsors [1] Company Overview - Fukan Biotech was established in 2015, focusing on both commercialization and clinical development in the field of cancer treatment, as well as innovative drugs for viral and age-related diseases [4] - The company's core products include CVL009 and CVL218, with CVL009 currently undergoing Phase II clinical trials for specific cancer patients [4] - As of August 22, 2025, Fukan Biotech has a diversified product portfolio consisting of one commercialized product, two core products, two key products, and twelve other candidates [4] Financial Performance - The company reported revenues of 0, 17.825 million, and 34.675 million CNY for the years 2023, 2024, and the first half of 2025, respectively, with corresponding net losses of 94.655 million, 74.525 million, and 35.934 million CNY [6] - Research and development expenses for the same periods were 75.792 million, 54.425 million, and 24.421 million CNY [7] Customer Dependency - Fukan Biotech's revenue is highly dependent on a single customer, with nearly 99% of sales from its commercialized product, Han Naijia®, attributed to its largest customer, Fuhong Hanlin [8] - Fuhong Hanlin is a leading biopharmaceutical company in China, and the collaboration allows for a synergistic effect in breast cancer treatment [8] Market Potential - The global breast cancer drug market is projected to grow from approximately 29.2 billion USD in 2019 to about 41 billion USD by 2024, with a compound annual growth rate (CAGR) of 7.0% [5] - The Chinese breast cancer drug market is expected to expand from around 450 billion CNY in 2019 to approximately 683 billion CNY by 2024, with a CAGR of about 8.7% [5] Funding and Valuation - Fukan Biotech has completed six rounds of financing prior to its IPO, with post-money valuations increasing significantly from 95 million CNY in 2019 to approximately 3.188 billion CNY in 2025 [10][13] - The company's valuation has grown 32.56 times since its angel round financing [13] Ownership Structure - As of August 22, 2025, the founder and key stakeholders control approximately 55.58% of the company's issued share capital [13]

Market Overview - On September 3, the Shanghai and Shenzhen indices opened high but showed weak performance, particularly the Shanghai Composite Index, which indicated a potential top formation [2] - The market saw 823 stocks rise and 4560 stocks fall, with a trading volume of 239.57 billion yuan, down approximately 51.67 billion yuan from the previous day [2] - The military industry sector led the decline, while the photovoltaic sector rebounded, and gold strengthened due to the depreciation of the US dollar [2] Market Sentiment - The net outflow of funds exceeded 100 billion yuan, indicating a continuous withdrawal of profit-taking funds from the market, which poses a risk [2] - The market's profitability indicator showed a poor performance with a profit-making effect of only 0.69% and a high failure rate of 52% for stocks hitting the limit up, suggesting a challenging environment for investors [3] Stock Performance - The market saw a lack of cohesion in the stock performance, with only one stock reaching a high of 9 consecutive boards, indicating a fragmented market and increasing risks [3] - Recent strong selling pressure and reduced trading volume suggest that the market may continue to decline, particularly for stocks that have risen significantly [3] Investment Strategy - Investors are advised to remain cautious and protect their capital, avoiding stocks that are showing signs of weakness and waiting for the market to stabilize before targeting potential upward sectors [3]

Core Viewpoint - China Shipbuilding Industry Corporation (China Shipbuilding) will absorb and merge with China Shipbuilding Heavy Industry Company (China Heavy Industry), leading to the termination of the latter's A-share listing by September 5, 2025, without entering a delisting transition period [1][12]. Group 1: Merger Details - The merger will involve issuing shares at a price of 37.84 yuan per share, with a swap ratio of 1 share of China Heavy Industry for 0.1339 shares of China Shipbuilding, amounting to a total transaction value of 115.15 billion yuan [4]. - The combined entity will have total assets exceeding 400 billion yuan, making it the largest publicly listed shipbuilding company globally [7]. Group 2: Financial Performance - For the first half of 2025, China Heavy Industry reported revenue of 32.62 billion yuan, a year-on-year increase of 47.56%, and a net profit of 1.75 billion yuan, up 227.07% [5]. - In the same period, China Shipbuilding achieved revenue of 40.33 billion yuan, reflecting an 11.96% year-on-year growth, with a net profit of 2.95 billion yuan, increasing by 108.59% [6]. Group 3: Timeline of Events - The merger plan was first disclosed in September 2022, with approval from the State-owned Assets Supervision and Administration Commission in January 2023 [9][10]. - The merger project received approval from the Shanghai Stock Exchange's merger and acquisition committee on July 4, 2023 [11]. - China Heavy Industry submitted its application for voluntary delisting on August 14, 2023, and received the delisting decision on August 29, 2023 [12].