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，云英谷科技股份有限公司（以下简称"云英谷"）日前更新招股书，继续推进港交 所主板上市进程，中金公司和中信证券担任联席保荐人。 成立于2012年的云英谷作为一家专注于显示驱动芯片设计的高科技企业，致力于赋能世界智能终端 显示体验升级。 根据弗若斯特沙利文的报告，按2024年销量统计，云英谷是全球智能手机AMOLED显示 驱动芯片 市 场的第五大供应商，也是中国大陆最大的供应商。同时，云英谷是全球Micro-OLED显示背板/ 驱动市场最大的设于中国的独立供应商：2024年市场份额达40.7%，位居全球第二。 经过多年技术积累与产品迭代，云英谷已稳居显示驱动芯片行业核心位置，其不仅是 中国大陆首家 通过品牌客户认证的 AMOLED 显示驱动芯片企业，也是唯一一家对品牌公司累计出货量超过千万 颗的大陆厂商。 截至2024年12月31日，云英谷AMOLED显示驱动芯片已向全球多家头部智能手机品牌厂商量产出 货，并成功应用于超10个产品系列。目前，云英谷合作品牌合计占据全球智能手机四分之一以上的 市场份额，充分 ...

Group 1 - The core viewpoint of the article is that Youjia Innovation (2431.HK) has signed a memorandum of understanding with Eda Capital to expand its L4 autonomous driving business into the Middle East, specifically focusing on Saudi Arabia's logistics and transportation needs driven by the Vision 2030 initiative [2][3]. - The collaboration aims to explore the large-scale deployment of L4 autonomous vehicles in the Middle East, with a target of deploying up to 1,000 unmanned vehicles by 2030 [2][3]. - Youjia Innovation will leverage its self-developed L4 autonomous driving technology to provide the Xiaozhu unmanned vehicle and a complete set of technical solutions tailored for the Saudi market [3][5]. Group 2 - The Xiaozhu unmanned vehicle will be optimized for Saudi Arabia's extreme high temperatures and sandstorm conditions to ensure stable operation in diverse environmental scenarios [4]. - Eda Capital, as the first institution focusing on cross-border investment between Saudi Arabia and China, will utilize its local resources and insights to facilitate the deployment of unmanned vehicle solutions [4][5]. - The partnership is seen as a significant breakthrough in introducing advanced intelligent driving technology to the Middle East logistics sector, marking an important milestone in Youjia Innovation's international expansion [4][5]. Group 3 - Prior to this collaboration, Youjia Innovation had already exported its intelligent driving and cockpit products to various regions, including the EU, Australia, Mexico, Singapore, South Korea, Dubai, and Turkey, establishing a solid foundation for global compliance operations [4][5]. - Youjia Innovation is advancing its "Going Global 2.0" strategy, transitioning from a product export model to a localized and scalable commercial operation model in overseas markets [5]. - The signing of the memorandum signifies a deep integration of Youjia Innovation's full-stack technical capabilities in L4 autonomous driving with Eda Capital's cross-border resource integration and local operational experience [5].

Core Viewpoint - WOOK is strategically expanding its market presence in Southeast Asia, focusing on Indonesia, Vietnam, Thailand, and the Philippines, leveraging its digital capabilities and supply chain integration to address local market challenges [2][3]. Group 1: Company Overview - WOOK, established in 2014, is a cross-border new retail enterprise based in China, specializing in 3C accessories and small home appliances [2]. - The company has developed a comprehensive digital platform that integrates the entire supply chain from factories to retail endpoints, effectively addressing challenges in the Southeast Asian market [2]. Group 2: Market Position and Performance - As of September 30, 2025, WOOK's platform connects over 40,000 small and medium retailers (SMR) [3]. - WOOK ranks as the number one Chinese cross-border company in the 3C accessories category in Indonesia and sixth in the small home appliances category, based on retail sales value in 2024 [3]. - Revenue from Vietnam, Thailand, and the Philippines increased by 68.5% in the first three quarters of 2025 compared to the same period in 2024 [3]. Group 3: Industry Insights - The Southeast Asian retail market is projected to reach approximately $879.9 billion in 2024 and grow to $1.2 trillion by 2029, driven by a large population and the expansion of emerging or mature middle classes [4]. - Despite rapid growth, traditional retail markets in Indonesia, Vietnam, and the Philippines still account for significant portions of the retail landscape, highlighting the need for integrated digital transformation solutions [4]. Group 4: Financial Performance - WOOK's revenue for 2023 and 2024 was 908 million yuan and 1.049 billion yuan, respectively, reflecting a year-on-year growth of 15.5% [4]. - For the first three quarters of 2025, WOOK's revenue increased by 17.5% to 880 million yuan compared to 749 million yuan in the same period of 2024 [4]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 33.6%, 35.6%, and 36.9%, respectively [4]. Group 5: Funding and Future Plans - WOOK has received investments from notable institutions and industry players, including Alibaba and various venture capital firms [5]. - The net proceeds from the IPO are intended for enhancing supply chain logistics, marketing, brand development, digital upgrades, and local team establishment [5].

Group 1: Consumer Confidence and Market Trends - UBS believes that consumer confidence is improving, with a notable shift in preferences among consumers [3] - The firm conducted discussions with approximately 35 consumer companies and observed a recovery in consumer sentiment despite a short-term downturn in the real estate market [3] - UBS indicates that the valuation of the consumer sector remains attractive, being about one standard deviation below the 10-year average, and has not yet reflected the recovery in consumption [3] Group 2: Sector-Specific Insights - The snack industry is expected to benefit from category expansion and channel restructuring, presenting structural growth opportunities [6] - In the liquor sector, private consumption and potential easing of drinking bans for government institutions may support mid-range liquor demand, with companies accelerating channel transformation for sustainable long-term earnings growth [5] - The ready-to-drink beverage (FMB) segment is projected to capture market share from bottled beverages, driven by rapid store expansion and more efficient business models [5] Group 3: Dairy and Other Beverages - Despite resilience in fresh milk, liquid milk sales are expected to remain weak in 2025, with a slight recovery anticipated in 2026 due to improved raw milk supply and demand, alongside marketing and innovation efforts [5] - The beer segment is experiencing short-term consumption fatigue, but product diversification and home consumption channel expansion continue to drive premiumization [5] Group 4: Other Consumer Goods - The pet food sector shows confidence in domestic market growth despite varying overseas growth prospects [7] - The home appliance industry is expected to see higher growth overseas compared to the domestic market, with strategies to cope with rising material costs differing among companies [9] - In the jewelry sector, brands with differentiated product designs and craftsmanship may pursue consolidation following VAT reforms [10]

本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 估值逻辑将彻底转向数字化资产发行平台的溢价模型。 据IPO早知道消息，1月19日盘后，德祥地产（0199.HK）发布公告， 宣布启动新一轮增发：引 入 香港立法 会议员吴杰庄博士作为新股东， 并且战略股东瑞凯集团（Reynold Lemkins）通过特别 授权大幅增持。若相关权证完全行权，瑞凯的潜在持股比例将达到30.90%，合计投入4.7亿港币 ——瑞凯或将正式跨越全面要约收购的制度红线。 公司股份于1月20日停牌，将于1月21日复牌。 预言兑现：从"试水"到"接棒"的精准步点 据IPO早知道此前信息， 2025年11月，德祥地产向瑞凯集团增发1.008亿新股，募资7056万港 元，交易后瑞凯股份占比10%。 彼时业内人士表示，该交易禁售期一年、公司主动邀请新股东瑞凯 入局董事会、灵活用途的资金安排等信号，反映出此次定增是典型的"分步控股"开篇。 如今看，瑞凯的动作节奏极具老练资本的克制与精准。 第一步以10%股权"投石问路"进入治理层； 第二步则在公司加速出清传统地产负债、财务结构优化的窗口期，通过"高溢价正股+远期权证"的组 合 ...

Core Viewpoint - The article discusses the launch of GLM-4.7-Flash by Zhipu, a new mixed thinking model that offers a balance of performance and efficiency for lightweight deployment, with a total parameter count of 30 billion and an active parameter count of 3 billion [2]. Group 1 - GLM-4.7-Flash officially released on January 20 and is now available for free use on Zhipu's open platform BigModel.cn, replacing the previous GLM-4.5-Flash model [2]. - In mainstream benchmark tests such as SWE-bench Verified and τ²-Bench, GLM-4.7-Flash outperformed models like gpt-oss-20b and Qwen3-30B-A3B-Thinking-2507, achieving open-source SOTA scores in its model category [3].

首先，海外线上数据下滑被高估，全渠道实际保持韧性。其次，新IP梯队已成型，Labubu占比在多 个市场降至30-50%。最后，泡泡玛特向IP生态公司转型的布局（影视内容、乐园扩建等）未被定 价。 此外，另有分析师表示，泡泡玛特此次大力度回购有望为股价托底，2025年报及2026Q1业绩支撑 力极强，当前位置具备极高安全边际。 每股回购价177.7-181.2港元。 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↓↓↓ 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，泡泡玛特于1月19日发布公告称，将斥资2.51亿港元回购140万股股份，每股回 购价177.7-181.2港元。 值得一提的是，这是泡泡玛特自2024年初以来首次回购股份。 对此，摩根士丹利称，此举预计能够吸引更多投资者的关注，特别是那些等待股价催化剂的投资者。 目前泡泡玛特增长强劲，驱动因素清晰，长期逻辑明确。大摩预计，泡泡玛特2025年净利润达126 亿元人民币，且在2025年末有200亿元的净现金，表明公司拥有充足的财务资源给股东带来更多回 ...

Core Insights - The article discusses the strategic partnership between Youjia Innovation (2431.HK) and Sterling Tools Ltd., focusing on the Indian automotive market's shift towards smart technology and local production of automotive components [2][4]. Group 1: Partnership and Market Strategy - Youjia Innovation has signed a memorandum of understanding with Sterling Tools Ltd. to collaborate on smart driving solutions and local production in India, marking a new phase in its overseas strategy [2]. - The partnership aims to leverage both companies' strengths, with Youjia Innovation providing advanced driver-assistance systems (ADAS) and driver monitoring systems (DMS), while Sterling Tools offers local manufacturing expertise and connections to local OEMs [2][4]. - Indian regulations mandate that all new vehicle models must include ADAS and DDAWS features starting January 1, 2027, creating a sustained market demand for smart automotive components and solutions [2]. Group 2: Market Reception and Growth Potential - Youjia Innovation has garnered positive attention from the capital markets, with Ping An International initiating coverage and assigning a "buy" rating with a target price of HKD 19.3, indicating significant upside potential [3]. - The company has a clear growth path in both smart driving and smart cockpit sectors, with ongoing iterations of its iSafety and iPilot solutions aligning with industry trends towards standardization and the demand for smart driving capabilities [3][4]. - The L4 autonomous driving solution, iRobo, has been successfully expanded into various applications, particularly in the commercial sector with the "Xiao Zhu" delivery vehicle, which is expected to reach a delivery volume of 10,000 units by 2026, becoming a new revenue driver for the company [4].

首个管线已进入II期临床阶段。 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，浙江德进生物医药科技有限公司（下称"德进生物"）完成数千万元A轮融 资，由弘晖基金领投，凯乘资本担任首席财务顾问并继续负责后续融资。融资金额将主要用于推进公 司核心产品——基于合成生物学平台开发的重组肉毒素的临床研究、产业化基地建设及国际化布局。 德进生物是一家专注于重组肉毒素研发、生产和销售的创新企业，致力于将合成生物学技术应用于药 学领域，研发和提供性价比卓越的肉毒素系列产品，最终成为该品类主要供应商之一。 在技术创新层面，基于公司自有专利技术，德进生物的首个管线"DJ-01注射剂"已进入II期临床阶 段，安全性和有效性良好；该产品基于基因工程菌株设计与构建技术平台开发，显著降低传统肉毒素 生产中突出的生物安全风险，在大幅提高产品纯度和质量的同时还能保持极具竞争力的成本，充分发 挥出工程菌株设计平台以及重组蛋白技术优势。 在产业化层面，德进生物核心团队成员工作时间均在十年以上，在重组蛋白研发、生物药开发、高活 性药厂建设、药品生产以及医美市场开拓领域拥有丰富经验。在公司建立 ...

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to launch its IPO, aiming to become the "first stock of bulk snack food" in Hong Kong, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market valuation between HKD 491.58 billion and HKD 506.56 billion [2][8]. Group 1: IPO Details - The IPO will issue 14,101,100 H-shares, with 1,410,200 shares available for public offering in Hong Kong and 12,690,900 shares for international offering [2]. - The price range for the shares is set between HKD 229.60 and HKD 236.60 [2]. Group 2: Investor Participation - The IPO has attracted a prestigious cornerstone investor lineup, with eight investors committing approximately USD 195 million, including Tencent and Temasek, each investing USD 45 million [3][4]. - Other notable investors include BlackRock with USD 35 million and Fidelity with USD 30 million [3]. Group 3: Business Model and Market Position - Mingming Hen Mang is the largest leisure food and beverage retail chain in China, operating under the brands "Snacks Are Busy" and "Zhao Yiming Snacks," with a focus on integrated operations and standardized management [5]. - As of September 30, 2025, the company operates 19,517 stores across 28 provinces and all tiered cities in China, aiming to exceed 20,000 stores by 2025 [5]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 46.371 billion, a year-on-year increase of 75.2%, and an adjusted net profit of RMB 1.81 billion, up 240.8% [8]. - From 2022 to 2024, revenue grew from RMB 4.286 billion to RMB 39.344 billion, with a compound annual growth rate (CAGR) of 203% [8]. Group 5: Supply Chain and Digitalization - The company has established partnerships with over 2,500 quality manufacturers, achieving a 24-hour efficient replenishment system supported by a robust supply chain [6]. - Mingming Hen Mang has developed comprehensive digital capabilities across its operations, enhancing efficiency and standardization, and is recognized for its innovative use of data in supply chain management [7].