Core Viewpoint - The article highlights the impressive performance of newly listed stocks on the Beijing Stock Exchange (BSE) in 2023, particularly focusing on the significant first-day gains of several companies, indicating a strong market sentiment and investor interest in this segment [3][4]. Summary by Sections New Stock Performance - Dingjia Precision (920005.BJ) debuted on the BSE with a first-day increase of 479.12%, while Guangxin Technology (920037.BJ) achieved a 500% rise, marking it as the highest gain this year [3][5]. - In total, seven new stocks were listed on the BSE in the first seven months of the year, with four of them experiencing first-day gains exceeding 400% [3][8]. Market Dynamics - The favorable performance of new stocks is attributed to several factors, including improved quality of new listings, lower issuance price-to-earnings ratios, and a positive secondary market environment [4][10]. - The average first-day gain for new stocks on the BSE has been significantly higher compared to the overall A-share market, where 59 new stocks were listed in the same period [8][10]. Financial Performance - Many of the new stocks reported strong financial results in Q1 2023, with companies like Development Technology achieving a revenue of 810 million yuan and a net profit of 203 million yuan, reflecting year-on-year growth of 35.43% and 60.3% respectively [10][11]. - However, some companies like Jiaoda Iron and Steel reported losses despite revenue growth, indicating mixed financial health among new listings [10]. Future Outlook - Analysts predict an increase in the issuance pace of new stocks on the BSE in the second half of the year, driven by a robust pipeline of quality companies ready for listing [11][12]. - The upcoming listing of Zhigao Machinery, with an issuance price of 17.41 yuan and a P/E ratio of 14.5, is expected to further enhance the market's attractiveness [11].

Core Viewpoint - The new stock market on the Beijing Stock Exchange (BSE) has shown remarkable performance this year, with several newly listed companies achieving significant first-day gains, indicating a strong market sentiment and investor interest [1][5]. Group 1: New Stock Performance - Dingjia Precision (920005.BJ) debuted on the BSE with a first-day increase of 479.12%, making it the second-highest gainer this year [1][2]. - Guangxin Technology (920037.BJ) achieved a first-day gain of 500%, the highest among new stocks this year, with an issuance price of 10 yuan per share and a price-to-earnings ratio of 7.59 [3][5]. - Other notable performers include Tian Gong Co. (920068.BJ) with a 411.93% increase and Xingtou Measurement Control (920116.BJ) with a 407.23% increase, both having issuance prices below 10 yuan [2][3]. Group 2: Market Trends and Analysis - The overall performance of new stocks on the BSE has been impressive, with 4 out of the top 10 new stocks in terms of first-day gains being from the BSE [1][5]. - The first-day gains of new stocks are attributed to factors such as lower issuance prices, improved quality of new companies, and favorable market conditions [1][5]. - Analysts expect an increase in the issuance pace of new stocks on the BSE in the second half of the year, driven by a robust pipeline of quality companies [6][7]. Group 3: Financial Performance - Many of the newly listed companies reported strong financial results in the first quarter, with significant year-on-year growth in revenue and net profit [7]. - For instance, Development Technology achieved a revenue of 810 million yuan and a net profit of 203 million yuan, reflecting growth rates of 35.43% and 60.3%, respectively [7]. - Guangxin Technology also reported a revenue of 175 million yuan and a net profit of approximately 44 million yuan, with growth rates of 54.48% and 128.53% [7].

北京市中伦（深圳）律师事务所 关于成都长城开发科技股份有限公司 2025 年第二次临时股东会的 法律意见书 二〇二五年七月 北京市中伦（深圳）律师事务所 致：成都长城开发科技股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受成都长城开发科技股 份有限公司（以下简称"公司"）委托，指派陈元婕律师、周雨翔律师出席并见证 公司 2025 年第二次临时股东会（以下简称"本次股东会"），并依据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 以及《成都长城开发科技股份有限公司章程》（以下简称"《公司章程》"）等有 关规定，就本次股东会的召集、召开程序、出席现场会议人员的资格、召集人资 格、会议表决程序及表决结果等事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司本次股东会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准 确、完整的要求，有关副本、复印件材料与正本原始材料一 ...

成都长城开发科技股份有限公司 公司章程 成都长城开发科技股份有限公司 SHENZHEN KAIFA TECHNOLOGY (CHENGDU) CO., LTD. 章 程 二 O 二五年七月 | | | 成都长城开发科技股份有限公司 公司章程 第一章 总 则 第一条 为维护成都长城开发科技股份有限公司（以下简称"公司"）、股 东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《北京证券交易所股票上市规则》、《中国共产党章程》（以下简称《党章》） 和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司以发起设立方式设立公司在成都市市场监督管理局注册登记并取得营 业执照，统一社会信用代码为 91510100MA61UCDP2Q。 第三条 公司于 2025 年 2 月 28 日经中国证券监督管理委员会（以下简称"证 监会"）同意注册，首次向社会公众发行人民币普通股 3,346.6667 万股，于 2025 年 3 月 28 日在北京证券交易所（以下简称"北交所"）上市。 第四条 ...

证券代码：920029 证券简称：开发科技 公告编号：2025-123 成都长城开发科技股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 7 月 11 日 2.会议召开地点：四川省成都市高新区天全路 99 号公司会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长莫尚云 6.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序符合《公司法》等法律法规和《公司 章程》的相关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 9 人，持有表决权的股份总数 100,156,671 股，占公司有表决权股份总数的 72.1140%。 其中通过网络投票参与本次股东会的股东共 2 人，持有表决权的股份总数 146,471 股，占公司有表决权股份总数的 0.1055%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1.公 ...

Summary of Key Points Core Viewpoint - In the first half of 2025, a total of 51 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 37.3 billion yuan [1]. Company Listings by Region - Jiangsu Province had 12 companies listed, raising a total of 5.159 billion yuan [2]. - Zhejiang Province had 10 companies listed, raising a total of 9.693 billion yuan [2]. - Guangdong Province also had 10 companies listed, raising a total of 7.153 billion yuan [2]. - Anhui Province had 5 companies listed, raising a total of 3.153 billion yuan [3]. - Other provinces such as Hubei, Jiangxi, Sichuan, and Shandong had 2 companies each listed, while Inner Mongolia, Beijing, Jilin, Shanghai, Heilongjiang, and Hunan had 1 company each listed [1]. Top Fundraising Companies - The top five companies by fundraising amount were: 1. Zhongce Rubber: 4.066 billion yuan (Zhejiang Province) 2. Tianyouwei: 3.740 billion yuan (Heilongjiang Province) 3. Yingshi Innovation: 1.938 billion yuan (Guangdong Province) 4. Kaifa Technology: 1.169 billion yuan (Sichuan Province) 5. Xingfu Electronics: 1.168 billion yuan (Hubei Province) [1].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of 102.00 - 112.30 CNY, indicating a potential premium of 3%-13% over the current stock price of 99.51 CNY [6]. Core Insights - The company has over 20 years of experience in the smart metering market, with more than 90% of its revenue coming from overseas. It has successfully deployed over 90 million smart metering terminals in over 40 countries [1][7]. - The global smart metering market is projected to grow from 23.171 billion USD in 2023 to 36.387 billion USD by 2028, with a CAGR of 9.5% [2][32]. - The company is expanding its market presence in emerging markets, including the Middle East, Central Asia, South America, Southeast Asia, and Africa, while maintaining a strong foothold in Europe [3][48]. Summary by Sections Company Overview - The company, originally part of Shenzhen Technology's metering systems division, has been involved in smart metering since 1998, collaborating with Italy's ENEL. It became an independent entity in 2016 and has a concentrated ownership structure, with the State-owned Assets Supervision and Administration Commission as the ultimate controller [7][48]. Financial Performance - The company expects a revenue of 2.933 billion CNY in 2024, a 15% increase year-on-year, with overseas revenue projected at 2.66 billion CNY, accounting for over 90% of total revenue and growing by 27% [1][13]. - The net profit for 2024 is anticipated to be 589 million CNY, reflecting a 21% year-on-year growth [1][13]. Market Trends - The European smart metering market is entering a new generation of smart meter replacements, with user numbers expected to grow significantly. The company holds a 12.1% market share in Europe, with 16.57 billion CNY in revenue from this region in 2023 [3][50]. - In China, the State Grid and Southern Grid are accelerating the deployment of new generation smart meters, with a projected procurement of 8.939 million units in 2024, a growth of over 25% [2][42]. Business Segments - The company's primary business segment is smart metering terminals, which generated 28.9 billion CNY in revenue in 2024, accounting for 98.5% of total revenue. The AMI system software segment contributed 0.24 billion CNY, or 0.8% of total revenue [19][58]. - The company has established a diverse customer base, including major power companies globally, with the top five customers accounting for 46.58% of total revenue in 2024 [54]. Profitability and Valuation - The company is expected to achieve a net profit of 834 million CNY in 2025, with a projected growth rate of 42% from 2024 to 2025. The PE ratio is forecasted to decrease from 28.4 in 2023 to 13.1 by 2027 [4][59]. - The gross margin is expected to remain stable, with a slight increase in net margin anticipated [23][59].

一、授权现金管理情况 （一）审议情况 证券代码：920029 证券简称：开发科技 公告编号：2025-122 成都长城开发科技股份有限公司 关于开立募集资金现金管理专用结算账户及 使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 为提高资金使用效率，增加公司收益水平，为股东获取更好的投资回报，2025年6月13日， 公司召开第二届董事会第一次会议、第一届监事会第二十二次会议审议通过《关于使用部分 闲置募集资金进行现金管理的议案》，公司拟使用不超过人民币5亿元（含本数）的闲置募集 资金进行现金管理，择机购买安全性高、流动性好、能够保障投资本金安全的产品，包括但 不限于结构性存款、大额存单等产品，且购买的产品不得质押或作其他用途，拟投资产品的 期限最长不超过12个月，在上述额度内，资金可循环滚动使用，不影响募集资金投资计划正 常进行。 决议自公司董事会审议通过之日起12个月内有效，如单笔产品存续期超过前述有效期， 则决议的有效期自动顺延至该笔交易期满之日。 具体内容 ...

证券代码：920029 证券简称：开发科技 公告编号：2025-087 成都长城开发科技股份有限公司 董事会议事规则 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 审议及表决情况 成都长城开发科技股份有限公司于 2025 年 6 月 26 日召开第二届董事会第二 次会议，审议通过了《关于制定及修订公司部分内部管理制度的议案》之子议案 3.2：《关于修订<董事会议事规则>的议案》；议案表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案尚需提交股东会审议。 二、 制度的主要内容，分章节列示： 成都长城开发科技股份有限公司 董事会议事规则 第一条 宗旨 为进一步规范成都长城开发科技股份有限公司（以下简称"公司"）董事会的 议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运 作和科学决策水平，根据《中华人民共和国公司法》（以下简称《公司法》）《上 市公司治理准则》《北京证券交易所股票上市规则》及其他法律、行政法规的规 定，以及《成都长城开发科技股份有限公司章程》（以下简称《 ...

关于召开 2025 年第二次临时股东会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东会届次 证券代码：920029 证券简称：开发科技 公告编号：2025-121 成都长城开发科技股份有限公司 本次会议为 2025 年第二次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 根据《公司法》和《公司章程》的有关规定，公司董事会于 2025 年 6 月 26 日召开第二届董事会第二次会议，审议通过了《关于提请召开 2025 年第二次临 时股东会的议案》。 （三）会议召开的合法合规性 公司本次股东会的召集符合《公司法》等相关法律、法规、规范性文件及《公 司章程》的有关规定。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司股东应选择现场投票或网络投票的其中一种方式参与表决，如果同一 表决权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 7 月 11 日 14: ...