Core Viewpoint - Zhongcheng Consulting Group Co., Ltd. (stock code: 920003) was listed on the Beijing Stock Exchange, opening at 42.00 CNY and closing at 38.54 CNY, with a significant increase of 170.08% and a trading volume of 462 million CNY, reflecting strong market interest and volatility [1]. Company Overview - Zhongcheng Consulting specializes in providing professional technical services including engineering cost, bidding agency, engineering supervision and management, BIM services, and overall consulting services [1]. Shareholding Structure - The controlling shareholder of Zhongcheng Consulting is Xu Xuele, who directly holds 29,109,222 shares (57.40% before issuance) and has an indirect control of 15,000,000 shares, resulting in a total control of 86.98% of voting rights [2]. - After the issuance, Xu Xuele's direct shareholding decreased to 44.98%, with an indirect control of 23.18%, totaling 68.16% of voting rights [3]. Financial Performance - From 2022 to 2024, Zhongcheng Consulting reported revenues of 303.43 million CNY, 368.39 million CNY, and 395.63 million CNY, with net profits of 64.36 million CNY, 81.06 million CNY, and 105.39 million CNY respectively [7]. - For the first half of 2025, the company achieved a revenue of 191.13 million CNY, a decrease of 4.08% year-on-year, and a net profit of 53.29 million CNY, down 2.66% year-on-year [8]. Fundraising and Investment Plans - The company raised approximately 199.78 million CNY through the issuance of 14 million shares at a price of 14.27 CNY per share, with net proceeds of about 173.16 million CNY after deducting issuance costs [5]. - The raised funds will be allocated to projects including engineering consulting service network construction and R&D and information technology projects, with total planned investments of 199.89 million CNY [6]. Future Projections - For the first nine months of 2025, Zhongcheng Consulting expects revenues between 26 million CNY and 27 million CNY, representing a decline of 2.56% to 6.17% compared to the previous year [12]. - The projected net profit for 2025 is estimated at 101.02 million CNY, a decrease of 4.14% from 2024 [12].

New Stock Issuance - 恒坤新材 (787727) issued at a price of 14.99[1] - 南网数字 (301638) issued at a price of 5.69[1] - 德力佳 (603092) issued at a price of 46.68[1] - 中诚咨询 (920003) issued at a price of 14.27[1] Market Alerts - 合富中国 (603122) announced on November 7, 2025[1] - *ST元成 (603388) reported severe abnormal fluctuations on November 7, 2025[1] - 海峡创新 (300300) announced on November 4, 2025[1] - 江波龙 (301308) announced on October 30, 2025[1] - 兰石重装 (603169) announced on November 5, 2025[1] - 振华股份 (603067) announced on November 7, 2025[1] - ST起步 (603557) announced on November 7, 2025[1] - *ST宝鹰 (002047) announced on November 7, 2025[1] - 保变电气 (600550) announced on November 7, 2025[1] - 统一股份 (600506) announced on November 7, 2025[1]

Group 1 - The company N Zhongcheng (920003) was listed on the Beijing Stock Exchange, opening with a significant increase of 194.32%, and closing with a rise of 174.21% at midday, with a trading volume of 8.6221 million shares and a turnover of 350 million yuan, resulting in a turnover rate of 64.76% [1] - The company's main business includes providing professional technical services such as engineering cost, bidding agency, engineering supervision and management, BIM services, and overall consulting services [1] Group 2 - The company's net profits for 2022, 2023, and 2024 are projected to be 64.3581 million yuan, 81.0585 million yuan, and 105 million yuan respectively [2] - The company issued 14 million shares at a price of 14.27 yuan, with an issuance price-to-earnings ratio of 9.69 times. The strategic placement of shares totaled 1.4 million shares, accounting for 10% of the initial issuance [2] - The effective subscription amount for the online issuance was 4724579.04 million shares, with a subscription multiple of 3749.67 times and 482,100 effective subscription accounts, resulting in an online allocation ratio of 0.03% [2]

Core Points - N Zhongcheng (920003) was listed on the Beijing Stock Exchange today, opening at 42.00 yuan, an increase of 194.32% from its issue price [2] - The company specializes in providing engineering cost, bidding agency, engineering supervision and management, BIM services, engineering design, and comprehensive consulting services [2] - The company's listing application was accepted by the Beijing Stock Exchange on December 28, 2023, taking a total of 680 days from acceptance to listing [2] Financial Highlights - The company issued 14 million shares at an issue price of 14.27 yuan, with a price-to-earnings ratio of 9.69 times [2] - The strategic placement of shares totaled 1.4 million shares, accounting for 10% of the initial issuance [2] - The effective subscription amount for the online issuance was 47,245,790.4 million shares, with a subscription multiple of 3,749.67 times and 482,100 accounts participating, resulting in an allocation ratio of 0.03% [2] Profit Forecast - The company's net profits for 2022, 2023, and 2024 are projected to be 64.36 million yuan, 81.06 million yuan, and 105 million yuan, respectively [3]

Core Points - Zhongcheng Consulting Group Co., Ltd. is set to be officially listed on the Beijing Stock Exchange on November 7, 2025, with a total of 14 million shares being publicly issued at a price of 14.27 yuan per share, resulting in a total share capital of 64.71 million shares [1] - The company specializes in providing comprehensive engineering consulting services, including project cost estimation, bidding agency, engineering supervision and management, BIM services, and engineering design [2] - The company has consistently ranked among the top in Jiangsu Province for engineering cost consulting revenue from 2021 to 2024, indicating a strong regional presence and industry position [2] Company Overview - Zhongcheng Consulting was established on January 21, 2002, and became a joint-stock company on July 25, 2016, with a registered capital of 50.71 million yuan [3] - The company is headquartered in Suzhou, Jiangsu Province, and is controlled by Xu Xuele and Lu Jun, with Xu holding 57.40% of the shares [3][4] - The company has a diverse project experience covering various building types and infrastructure sectors, supported by 18 patents, including 4 invention patents and 14 utility model patents [3] Financial Performance - The company has shown steady growth in revenue and net profit from 2022 to 2024, with revenues of 303 million yuan, 368 million yuan, and 396 million yuan, and net profits of 64 million yuan, 81 million yuan, and 105 million yuan respectively [4] - The company meets the listing standards with a market value exceeding 200 million yuan and net profits over 15 million yuan in the last two years [4] Fundraising and Future Plans - Zhongcheng Consulting plans to raise approximately 200 million yuan through the issuance of shares, which will be used for expanding its engineering consulting service network and enhancing research and development capabilities [5] - The engineering consulting market is expected to grow due to increasing demand for professional services in project planning and management, driven by infrastructure investment and urbanization [6] - The company aims to leverage its industry experience and technological strengths to enhance its competitive position in the expanding market [6]

Group 1: Delijia (603092) - Delijia primarily engages in the research, production, and sales of high-speed heavy-duty precision gear transmission products, with a focus on wind turbine gearboxes as its core product [2] - The company raised a total of 1.867 billion yuan (186,720.47 million yuan) in this issuance, with a net amount of 1.774 billion yuan (177,425.74 million yuan) intended for projects including the annual production of 1,000 units of large onshore wind power gearboxes and 800 units of large offshore wind power gearboxes in Shantou [2] - The actual controller of Delijia is a couple, Liu Jianguo and Kong Jinfeng, who collectively hold 41.98% of the company's shares, with Nanjing Chenrui Management Consulting Co., Ltd. being the controlling shareholder with a 30.53% stake [2] Group 2: Zhongcheng Consulting (920003) - Zhongcheng Consulting provides professional technical services including engineering cost, bidding agency, engineering supervision and management, BIM services, and overall consulting services [3] - The company raised a total of 199.78 million yuan (19,978.00 million yuan) in this issuance, with a net amount of 173.16 million yuan (17,316.40 million yuan) aimed at projects for building an engineering consulting service network and for R&D and information technology construction [3] - The actual controllers of Zhongcheng Consulting are the couple Lu Jun and Xu Xuelai, with Xu holding a direct stake of 57.40% and an indirect stake of 29.58%, giving them a combined control over 86.98% of the voting rights [3]

Group 1 - The company is a subsidiary of Southern Power Grid, focusing on digital solutions for the power energy sector, with a total market value of 15.38 billion yuan and an issuance price of 5.69 yuan [2][3] - The company's main revenue sources include digitalization of the power grid (39.23%), enterprise digitalization (33.41%), and digital infrastructure (25.29%) [2] - The company has achieved significant technological advancements, including the development of core chips for industrial control and proprietary sensors, moving from imported general-purpose products to self-developed specialized products [3] Group 2 - The company operates in the semiconductor materials sector, with a total market value of 5.725 billion yuan and an issuance price of 14.99 yuan, focusing on photolithography materials and precursors [4] - Recent financial performance shows a revenue increase of 49.01% projected for 2024, with previous years showing a revenue of 3.677 billion yuan in 2023 and 3.218 billion yuan in 2022 [4] - The company has successfully initiated small-scale sales of ArF photoresist and is in the customer validation phase for SiARC and TopC materials [4] Group 3 - The company specializes in wind power transmission equipment, holding a market share of 16.22% in China and ranking second nationally, with a total market value of 18.67 billion yuan and an issuance price of 46.68 yuan [5] - The company has established long-term partnerships with major players in the wind energy sector, including Goldwind Technology and Envision Energy, enhancing its market position [5] - Future growth is anticipated from offshore wind power gearbox orders, which are expected to contribute significantly to the company's performance [5] Group 4 - The company provides engineering cost management, bidding agency, and consulting services, with a total market value of 0.7237 billion yuan and an issuance price of 14.27 yuan [6] - The company has been recognized for its comprehensive consulting capabilities in the engineering sector, ranking among the top in various categories from 2021 to 2024 [6] - The company aims to expand its services from Suzhou to the Yangtze River Delta and nationwide, enhancing its market reach [6]

New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanguang Digital (301638.SZ) on the ChiNext Board [1] - Hengkun New Materials focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][3] - Nanguang Digital provides comprehensive digital construction solutions for the power and energy sectors, aiming to drive digital transformation in the electricity industry [4] Hengkun New Materials - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million yuan in 2022 to 344.19 million yuan in 2024 [2] - The company has a high customer concentration, primarily serving major domestic wafer manufacturers, with significant clients being among the top ten wafer fabs in China [2][3] - Hengkun New Materials has achieved a domestic market share of over 10% in 2024 for its photoresist materials, indicating its strong position in the market [3] Nanguang Digital - The company’s revenue from digital grid construction in the first half of 2025 is projected to be 75.51 million yuan, accounting for 48.64% of total revenue, with enterprise digitalization and digital infrastructure contributing 40.98 million yuan and 38.65 million yuan, respectively [5] - Nanguang Digital has developed key technologies such as the "Dihong" IoT operating system and the "Fuxi" dedicated control chip for the power industry, enhancing its technological capabilities [4] - The company is involved in several national key research and development projects, showcasing its commitment to advancing technology in the energy sector [4] DeLijia - DeLijia specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [7] - The company’s revenue from onshore wind power is projected to be 3.625 billion yuan in 2024, representing 98.57% of its total revenue [7] - DeLijia has established strong partnerships with leading wind turbine manufacturers, earning recognition as a top supplier in the industry [7][8] Zhongcheng Consulting - Zhongcheng Consulting ranks among the top engineering cost consulting firms in Jiangsu Province, with its revenue from engineering cost consulting being 566.96 million yuan in the first half of the year, accounting for 53.39% of total revenue [9][10] - The company has a strong team of qualified professionals, including 130 first-class cost engineers and 190 registered supervising engineers [9] - Zhongcheng Consulting faces risks related to accounts receivable, with the value of accounts receivable increasing significantly from 141.08 million yuan in 2022 to 209.01 million yuan in 2024 [11]

New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanfang Digital (301638.SZ) on the ChiNext Board [1] - Hengkun New Materials focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][4] - Nanfang Digital provides comprehensive digital construction solutions for clients in the power and energy sectors, aiming to drive digital transformation in the electricity industry [7][8] Hengkun New Materials - The offering price is 14.99 CNY per share, with a market capitalization of 57.25 billion CNY and an issuance P/E ratio of 71.42, compared to the industry average of 60.47 [4] - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million CNY in 2022 to 344.19 million CNY in 2024 [5][6] - Hengkun New Materials has a high customer concentration, primarily serving top domestic wafer manufacturers, and has achieved a market share exceeding 10% in the domestic market for photoresist materials [5][6] Nanfang Digital - The offering price is 5.69 CNY per share, with a market capitalization of 153.80 billion CNY and an issuance P/E ratio of 32.22, significantly lower than the industry average of 71.22 [8][10] - The company’s revenue from digital grid construction reached 75.51 million CNY in the first half of 2025, accounting for 48.64% of total revenue, with significant contributions from enterprise digitalization and digital infrastructure [11][12] - Nanfang Digital has developed key technologies for the power industry, including an IoT operating system and a dedicated AI model, and has participated in multiple national key R&D projects [11] DeLijia - DeLijia, listed on the main board, specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [13][16] - The offering price is 46.68 CNY per share, with a market capitalization of 186.70 billion CNY and an issuance P/E ratio of 34.98 [16] - The company has established strong partnerships with leading wind turbine manufacturers and is projected to hold a 16.22% market share in China’s wind power transmission equipment sector by 2024 [19] Zhongcheng Consulting - Zhongcheng Consulting, listed on the Beijing Stock Exchange, focuses on engineering consulting services and has ranked among the top in Jiangsu province for several years [20][23] - The offering price is 14.27 CNY per share, with a market capitalization of 1300.18 billion CNY and an issuance P/E ratio of 9.69, significantly lower than the industry average of 40.16 [23] - The company’s revenue from engineering cost consulting accounted for 53.39% of total revenue in the first half of the year, with a notable increase in accounts receivable posing a potential risk [25]