两大"A+H"上市巨头。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 江苏恒瑞医药股份有限公司 （以下简称 " 恒瑞医药 "）今日（5月19日）提前 结束认购，较原计划的5月20日结束一天结束，其主要由于投资者认购需求强劲。5月23日， 恒瑞 医药 将正式以 "1276"为股票代码在港上市。 险、LMR Partners、洛阳科创集团、中邮、泰康人寿、Lingotto Investment Management等数 十位投资者累计26.28亿美元的基石认购。 今日暗盘，宁德时代收涨超 8%。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 恒瑞医药计划在本次 IPO中发行 224,519,800股H股 。其中，香港公开发售 12,348,600股H股 ， 国际发售 212,171,200股H股 。 在本次发行中，恒瑞医药共引入 7大国内外顶级机构作为基石投资者，累计认购5.33亿美元——其 中， GIC 认购 2.68亿美元， Invesco 和瑞银分别认购 7500万美元和6000万美元，博裕 ...

Core Viewpoint - The article discusses the successful IPO of Guangdong Taili Technology Group Co., Ltd., highlighting its strong revenue growth, innovative product development, and significant online sales presence. Financial Performance - Taili Technology's revenue for 2024, 2023, and 2022 was 637.85 million, 835.27 million, and 1.01962 billion respectively, with net profits of 58.84 million, 84.96 million, and 87.64 million [2] - The company's overall gross margin for 2024 was 57.05% [4] Research and Development - The R&D expense ratio for 2024 was 3.23%, with a team of 153 people, accounting for 13.27% of total employees [3] - The company focuses on vacuum technology, TPE elastomer materials, and nano-fluid composite materials, applicable in various fields including aerospace and healthcare [3] Product Categories and Revenue - The highest revenue-generating products in 2024 were vacuum storage bags and vertical wall storage products, accounting for 36.37% and 35.87% of total revenue respectively [4] - The gross margins for these products were 59.83% and 62.56% [4] Online Sales and Market Channels - Online sales accounted for 81% of total revenue, with direct sales making up 80.84% of online sales in 2024 [4] - The proportion of revenue from Douyin (TikTok) increased from 9.52% in 2022 to 25.04% in 2024 [5] E-commerce Performance - In 2024, the total revenue from domestic e-commerce platforms was approximately 49.96 million, with Douyin and Tmall contributing significantly [7] - The cross-border e-commerce revenue from Amazon was 20.58 million, representing 28.83% of total revenue [7] Market Position and Future Outlook - The founder's commitment to R&D and brand development has positioned Taili Technology favorably in the home goods sector, with expectations for continued growth in innovation and market presence [8]

公司重组肉毒素在严肃医学领域的探索有望与石药国方产生更强的协同效应。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 据 IPO早知道消息， 近日 ，君合盟生物制药（杭州）有限公司（ 下称 "君合盟" ）完成数千万元 战略融资，由石药国方基金独家投资，凯乘资本连续担任独家财务顾问。 本轮融资将用于推进公司 在研产品管线开发，深化在严肃医疗及消费医疗领域的技术布局，加快公司产品管线临床进展、申报 进程及市场推广。 君合盟成立于 2020年11月，是一家专注于重组蛋白创新药物及合成生物学领域创新产品开发的生 物科技公司， 基于 多年的重组蛋白药物研发及产业化经验，实现了覆盖产品开发全流程的核心技 术、平台及人才的积淀，形成了一套完整的技术及产品开发体系。 公司的研发管线 布局围绕严肃医疗、消费医疗、代谢等拥有广阔市场的前沿蛋白药物领域 ，已实现 包括重组 I/III型人胶原蛋白原液及制剂、重组A型肉毒毒素等在内的高端重组蛋白产品的规模化放 大，技术水平及产业化进展处于国际领先水平。其中， 核心产品重组人生长激素注射液已完成 III期 临床；重组A型肉毒毒素已于近日完成成人中重度眉间纹适应 ...

Core Viewpoint - Taily Technology, a leading company in the vacuum storage bag sector, has officially gone public, projecting a revenue of 1.02 billion yuan in 2024, representing a year-on-year growth of approximately 22% [4][6]. Group 1: Company Overview - Taily Technology's revenue for 2024 is projected at 1.02 billion yuan, with a net profit of 87.639 million yuan [4]. - The company has a strong online sales presence, with 80.84% of total revenue coming from its own brand's online sales, and 70.88% of total revenue from direct online sales in the previous year [6][12]. - The proportion of sales from the Douyin platform has increased significantly, from 9.52% in 2022 to 25.04% in 2024 [6]. Group 2: Investment Insights - The investment logic behind Taily Technology's funding was based on the belief that every niche in China's vast consumer market can support a billion-level brand, especially in categories that are currently "category without brand" [12][18]. - The strategic decision to transition to e-commerce channels was highlighted as crucial for Taily Technology's growth [5][12]. - The founder's understanding of brand positioning and commitment to resource allocation for operational capabilities were key factors in the successful implementation of the brand strategy [13][17]. Group 3: Market Trends - The consumer goods sector is experiencing a transformation in offline retail channels, with a focus on the pet industry as a promising investment area, while the restaurant sector is viewed with caution [7][22]. - The pet food market is characterized as a high-frequency necessity, with brand trust being a significant factor in consumer purchasing decisions [27][28]. - The overall consumer market is facing challenges, but there remains optimism about the potential for growth in various segments, driven by the desire for a better quality of life among consumers [32].

打破外资血液透析医疗器械厂商垄断。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 山东威高血液净化制品股份有限公司 （以下简称 " 威高血净 "）于2025年5 月19日正式以"603014"为股票代码在上交所主板挂牌上市。 截至10:00，威高血净报于每股42.47元，较发行价上涨60.26%，市值超174亿元。 打破 外资血液透析医疗器械厂商 垄断 成立于 2004年的 威高血净 专注于 血液透析和腹膜透析两大赛道，辅以透析配套产品的销售，是 国内产品线最为丰富的血液净化医用制品厂商之一 。 其中， 威高血净的血液透析产品主要包括血 液透析器、血液透析管路以及血液透析机等，腹膜透析产品主要包括腹膜透析液等。 事实上， 在血液透析市场，外资血液透析医疗器械厂商主要包括费森尤斯医疗、百特医疗、贝朗医 疗、尼普洛等，曾占据国内血液透析医疗器械市场的主要份额。血液透析耗材方面，随着国产厂商的 研发实力和技术水平不断提高，国产品牌逐步崛起，市场竞争力不断增强，以威高血净为代表的国产 厂商正在血液透析器、血液透析管路等细分领域逐步实现国产替代。 根据 ...

Core Viewpoint - The article discusses the upcoming IPOs of several companies, including CATL and Hengrui Medicine, highlighting their financial performance, market positioning, and investor interest. Group 1: CATL - CATL plans to list on the Hong Kong Stock Exchange on May 20, 2025, with the stock code "3570" [3] - The company aims to issue 117,894,500 H-shares, raising approximately HKD 30.718 billion (around USD 3.941 billion) at an issue price of HKD 263 per share [3] - This IPO will be the largest in Hong Kong since Kuaishou in 2021, with cornerstone investors committing a total of USD 2.628 billion [4] - As of December 31, 2024, CATL has equipped over 17 million electric vehicles with its batteries, capturing a significant market share [4] - The company has established partnerships with nine of the top ten global electric vehicle manufacturers and has seen revenue growth from CNY 328.6 billion in 2022 to CNY 362 billion in 2024 [5] Group 2: Hengrui Medicine - Hengrui Medicine is set to go public on May 23, 2025, under the stock code "1276" [7] - The company plans to issue 224,519,800 H-shares, potentially raising up to HKD 9.89 billion (approximately USD 1.267 billion) at a top-end price of HKD 44.05 per share [7] - Hengrui has attracted cornerstone investments totaling USD 533 million from major institutions, including GIC and Invesco [7] - The company has a diverse product portfolio, with 19 innovative drugs already on the market and over 90 in clinical or later stages [8] - Hengrui's revenue has grown from CNY 21.275 billion in 2022 to CNY 27.985 billion in 2024, with a compound annual growth rate of 14% since 2014 [10] Group 3: Mirxes - Mirxes has passed the hearing for its IPO and focuses on miRNA technology for disease screening solutions [13] - The company has commercialized its core product, GASTROClear™, for gastric cancer screening and has additional products in various stages of development [13][14] Group 4: Shouhui Group - Shouhui Group has also passed the hearing for its IPO and operates as an online insurance intermediary in China [16] - The company has established partnerships with over 110 insurance companies and has distributed more than 1,900 products since its inception [17] - Financially, Shouhui's revenue increased from CNY 806 million in 2022 to CNY 1.634 billion in 2023 [18] Group 5: Saint Bella - Saint Bella has received a notice for its overseas listing and operates a network of high-end confinement centers in China [19] - The company has expanded its services to include family care and women's health products, achieving significant revenue growth [20][21] - From 2021 to 2023, Saint Bella's revenue grew from CNY 259 million to CNY 560 million, with a notable increase in 2024 [21][22]

Core Viewpoint - The Zhiyuan Lingxi X2 robot is set to launch its first round of pre-sales soon, showcasing significant advancements in motion control and interactive capabilities, which position it as a leader in the commercial production of embodied intelligent robots [2][5]. Group 1: Product Development - The Zhiyuan Lingxi X2 robot has undergone two months of iterative development, enhancing its proactive interaction abilities and showcasing a complete reasoning process from information recognition to voice introduction [2]. - The robot is equipped with RGB and RGBD cameras for environmental perception, decision-making, and path planning, demonstrating its advanced autonomous capabilities [2]. - The addition of a dexterous hand as an end effector allows the robot to grasp objects flexibly, laying the groundwork for generalized operational capabilities [4]. Group 2: Performance Enhancements - The Zhiyuan Lingxi X2 features more flexible and stable legs that support quick recovery to standing from any posture, addressing common noise issues associated with humanoid robot movements by incorporating noise control skills [5]. - The robot's new stylized gait learning enhances its movement capabilities, making it more adaptable in various scenarios [5]. Group 3: Market Applications - The Zhiyuan Lingxi X2 will support multiple versions for research and development, focusing on single or combined capabilities in movement, interaction, and operation [5]. - The robot is expected to excel in commercial activities, stage performances, exhibition tours, and companionship in wellness settings, marking a new era for embodied intelligent robots in practical applications [5].

Core Viewpoint - Dingdong Maicai aims to establish itself as a digitally-driven, full-link fresh supply chain company, focusing on long-term stable growth and profitability through supply chain depth and regional strength [2][12]. Financial Performance - In Q1 2025, Dingdong Maicai achieved a GMV of 5.96 billion yuan, representing a year-on-year growth of 7.9% [4]. - Revenue for the same period was 5.48 billion yuan, with a year-on-year increase of 9.1%, marking five consecutive quarters of positive growth [4]. - The company reported a Non-GAAP net profit of 30 million yuan, with a net profit margin of 0.6%, and a GAAP net profit of 8.017 million yuan, with a net profit margin of 0.1% [5]. - Dingdong Maicai has maintained Non-GAAP profitability for ten consecutive quarters and GAAP profitability for five consecutive quarters [6]. Cash Flow and Operational Efficiency - As of the end of Q1, Dingdong Maicai had cash and cash equivalents, short-term restricted funds, and short-term investments totaling 4.29 billion yuan [7]. - The company continues to generate positive operating cash flow [7]. Regional Performance and Expansion - In Q1, Dingdong Maicai's GMV in Shanghai grew by 5.0% year-on-year, while Zhejiang and Jiangsu regions saw GMV increases of 17.8% and 13.9%, respectively [8]. - The company opened 14 new front warehouses in the Jiangsu-Zhejiang-Shanghai area, focusing on optimizing the layout and density of its front warehouse network [8]. User Engagement and Product Strategy - Order volume increased by 12.1% year-on-year, with daily active users rising by 4.5% [9]. - The average monthly order frequency was 4.1 times, up 2.4% year-on-year [9]. - The company has implemented a "4G" strategy focusing on high-quality and differentiated products, leading to successful sales of new items [11][12]. B2B Expansion and Global Reach - Dingdong Maicai is expanding its B2B channels, with Q1 revenue from this segment growing by 64.6% year-on-year [13]. - The company has partnered with various international entities to sell its products in over 30 countries and regions [13]. Future Outlook - Management expects continued year-on-year growth in Q2 2025, with Non-GAAP profitability maintained and significant growth in both scale and profit margins by year-end [14].

作为全球少数具备通用机器人全栈自研能力的团队，魔法原子已实现硬件自研率达 90% ，其自主研 发的通用具身智能系统，可实现在通用场景中的任务规划与自主作业，为机器人在真实场景应用提供 坚实技术底座。 魔法原子在人形机器人领域的量产进度、场景落地实效性及软硬件研发能力，均已建立显著的行业竞 争优势。 随着本轮融资引入多家产业资本，魔法原子将继续推动 "千景共创计划"，与追觅科技、芯联集成、 全球光模块龙头公司等展开深入合作，加速人形机器人在工业场景的规模化落地，助力产线智能化升 级改造 。 其中， 作为魔法原子最重要的早期投资方，追创创投在产业资源方面的深厚积累，极大地推动了魔 法原子的快速落地与量产进程。 短短半年内连续完成了两轮超亿元级融资 。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 魔法原子 日前 完成数亿元新一轮战略融资。本轮投资方包括战略产业资本禾 创致远、芯联资本，财务投资人华映资本、晓池资本、元禾厚望，老股东追创创投和翼朴基金持续追 加投资，新资金将用于具身智能核心技术迭代研发， VLA模型搭建，加速推动机器人在工业、商业 ...

Core Viewpoint - Saint Bella Inc. is positioned as the largest high-end confinement center network in China, with significant growth in both domestic and international markets [2][3]. Group 1: Business Overview - As of December 21, 2024, Saint Bella operates 72 high-end confinement centers under various brands, including 58 self-operated and 14 managed centers [2]. - The company has expanded its global footprint by opening its first overseas management center in Hong Kong in January 2022, a self-owned center in Singapore in October 2023, and a management center in the Greater Los Angeles area in May 2024 [3]. Group 2: Service Offerings - In addition to confinement centers, Saint Bella offers family care services under the "Yujia" brand and functional health foods for women, having acquired the "Guanghetang" brand in October 2021 [3][4]. - Approximately 87% of postpartum care service clients have also paid for other services or products from Saint Bella, indicating a strong customer retention and lifecycle value [4]. Group 3: Financial Performance - Revenue figures for Saint Bella from 2021 to 2023 were 259 million, 472 million, and 560 million CNY, respectively, with a 32% increase in the first half of 2024 to 358 million CNY compared to the same period in 2023 [4][5]. - The total contract value for all business lines from 2021 to 2024 was 390 million, 589 million, 776 million, and 486 million CNY, respectively, with a 34.6% increase in the contract value for confinement centers in the first half of 2024 [5]. Group 4: Profitability - In 2023, Saint Bella achieved profitability with an adjusted net profit of 20.77 million CNY, which increased by 122.4% to 17.15 million CNY in the first half of 2024 compared to the same period in 2023 [5]. Group 5: Investment and IPO Plans - Major investors include Tencent and Gao Rong Capital, holding 11.6% and 8.3% of shares, respectively [6]. - The funds raised from the IPO will be used to expand the postpartum care network, open new confinement centers, integrate competitors, and develop new services and products [6].