Summary of Key Points Core Viewpoint The North Exchange has seen significant trading activity and new listings, with a total of 268 companies listed and a notable increase in trading volume and value over the past week. The market is also witnessing a steady flow of new IPO applications and approvals, indicating a robust interest in capital raising among companies. Trading Activity - As of June 29, 2025, the North Exchange has 268 listed companies with a total share capital of 37.641 billion shares and a circulating share capital of 23.997 billion shares [2] - For the week of June 23-29, 2025, the trading volume was 7.294 billion shares, an increase of 13.32% from the previous week, while the trading value reached 170.534 billion yuan, up 18.22% [3] Market Index Performance - The North Exchange 50 Index fell by 6.84% to 1439.63 points during the same week, with 48 stocks rising, 0 remaining flat, and 2 declining [3] - Notable stock performances included Tianma New Materials (838971) with an increase of 83.92% and Changhong Energy (833171) rising by 23.14% [3] New Listings and IPOs - One company was listed, and one company passed the listing committee meeting during the week of June 23-29, 2025. Additionally, 48 companies had their listing applications accepted [6][11][15] - Guangxin Technology (920037) successfully listed on June 28, 2025, becoming the 268th company on the North Exchange, with a first-day closing price of 60.00 yuan, reflecting a 500% increase [8][10] Financial Performance of New Listings - Guangxin Technology reported revenues of 3.04 billion yuan, 4.20 billion yuan, and 5.78 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 14.72 million yuan, 49.44 million yuan, and 116 million yuan [10] - The company expects to achieve revenue of 3.60 billion to 3.90 billion yuan in the first half of 2025, representing a year-on-year growth of 38.63% to 50.19% [10] Upcoming IPOs - Companies such as Tian Kang Pharmaceutical (874339) and Guangtai Vacuum (874200) have had their IPO applications accepted, with Tian Kang planning to raise 5.27 billion yuan for vaccine development and production expansion [21][24] - Other companies like Oulun Electric (874628) and North Laboratory (874611) are also in the pipeline for listing, with significant funding plans for their respective projects [29][33] Industry Trends - The North Exchange is experiencing a growing interest in various sectors, including high-performance materials, pharmaceuticals, and smart manufacturing, as evidenced by the diverse range of companies applying for listings [6][15][21][24]

Group 1 - The report indicates that the North Exchange 50 index rose by 6.84%, with an average daily trading amount of 34.05 billion, reflecting an increase of 18.09% week-on-week. The market showed stronger-than-expected performance, driven by financial stocks, leading to a new high for the year in the Shanghai Composite Index [9][18]. - The report highlights that the recent surge in the "stablecoin" concept, spurred by Guotai Junan International obtaining a virtual asset trading service license, has led to significant gains in brokerage and financial IT stocks, with notable increases in companies like Tonghui Information (+44.14%) and military industry stocks [9][12]. - The report notes that the North Exchange's capital operations, including private placements and mergers, have become increasingly active, indicating a strengthening of the capital market functions and a move towards high-quality development [12][14]. Group 2 - The report mentions that there was one new stock listing this week, Guangxin Technology, which saw a staggering first-day increase of 500% and a turnover rate of 75.11% [32][38]. - The North Exchange's PE (TTM) average is reported at 95.17 times, with a median of 54.27 times, indicating a relatively high valuation compared to other exchanges [24][30]. - The report provides insights into the trading volume, which reached 7.29 billion shares, an increase of 13.30% week-on-week, with a total trading amount of 170.245 billion, also up by 18.09% [26][28]. Group 3 - The report highlights that among the 251 stocks that rose this week, *ST Guandao led with a 48.68% increase, while 16 stocks declined, resulting in a rise-to-fall ratio of 15.69 [40][41]. - The report identifies key companies to watch, including Lin Tai New Materials, Minshida, and Kaita Co., suggesting a focus on companies with competitive advantages in the technology and new consumption sectors [14][18]. Group 4 - The report details the new three-board situation, noting that six companies were newly listed and six were delisted, with a total of 6,060 companies on the new three-board as of June 27, 2025 [50][52]. - It mentions that the new three-board raised a total of 0.49 billion in planned financing this week, with completed financing amounting to 1.01 billion [52][54].

Group 1 - The North Exchange (北交所) has shown remarkable performance in the first half of 2025, with the North Exchange 50 Index rising by 38.72%, outperforming major indices including the Hang Seng Index, which increased by 21.06% during the same period [1][3] - Technology innovation companies have been the main driving force behind this surge, demonstrating strong development momentum [1][3] Group 2 - A notable number of stocks on the North Exchange have experienced significant gains, with 26 stocks doubling in value, including Jiuling Technology, Luqiao Information, and Huaguang Source Sea, each with over 200% increase [3] - Among the doubling stocks, 14 are recognized as national-level specialized and innovative "little giant" enterprises, highlighting their technological advantages and market competitiveness in niche sectors [3] Group 3 - The new stock issuance market on the North Exchange has been vibrant in the first half of 2025, with 6 new stocks listed, all showing a first-day increase of over 150% [4] - Guangxin Technology, which debuted on June 26, saw a remarkable first-day increase of 500%, attributed to low price-to-earnings ratio, strong growth expectations, and military industry concepts [4] - The IPO review process has accelerated, with 65 companies' applications received in June alone, including several technology firms [4]

Trading Volume and Market Activity - On June 27, the total trading volume of stocks on the Beijing Stock Exchange reached 1.438 billion shares, with a total transaction value of 34.758 billion yuan, a decrease of 5.541 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 152 stocks closed higher, accounting for 56.93% of the total, with notable gainers including Guangxin Technology, Guoyuan Technology, and Tianma New Materials, which rose by 17.78%, 16.50%, and 11.84% respectively [1] - Conversely, 109 stocks closed lower, with the largest declines seen in Youji Co., *ST Yunchuang, and Tonghui Information, which fell by 14.81%, 8.68%, and 8.27% respectively [1] Stock Performance and Turnover Rates - A total of 106 stocks had transaction values exceeding 10 million yuan, with the highest transaction values recorded for Jinbo Biological, Guangxin Technology, and Tonghui Information at 1.250 billion yuan, 931 million yuan, and 901 million yuan respectively [1] - The trading activity indicated that 70 stocks had a turnover rate exceeding 10%, with 20 stocks exceeding 20%. Additionally, 67 stocks had turnover rates between 5% and 10%, while 128 stocks had rates between 1% and 5% [1] - The stocks with the highest turnover rates included Tonghui Information, Guangxin Technology, and Youji Co., with rates of 53.91%, 47.42%, and 37.19% respectively [1] Notable Stocks and Their Metrics - The closing prices and performance metrics of notable stocks included: - Jinbo Biological: Closing price of 348.80 yuan, up 8.67%, turnover rate of 5.87%, transaction value of 1.250 billion yuan [1] - Guangxin Technology: Closing price of 70.67 yuan, up 17.78%, turnover rate of 47.42%, transaction value of 931 million yuan [1] - Tonghui Information: Closing price of 11.20 yuan, down 8.27%, turnover rate of 53.91%, transaction value of 901 million yuan [1] - Guoyuan Technology: Closing price of 19.70 yuan, up 16.50%, turnover rate of 34.76%, transaction value of 612 million yuan [1] - Tianma New Materials: Closing price of 40.82 yuan, up 11.84%, turnover rate of 18.40%, transaction value of 592 million yuan [1]

Group 1 - Guangxin Technology (920037) experienced a significant increase of 17.78% in its stock price, with a trading volume turnover rate of 47.42% and a total transaction amount of 931 million yuan, showing a price fluctuation of 18.70% [2] - The stock was listed on the North Exchange due to its high turnover rate, with a total net selling amount of 36.39 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 189 million yuan, with a buying amount of 76.18 million yuan and a selling amount of 113 million yuan, resulting in a net selling of 36.39 million yuan [2] Group 2 - The largest buying brokerage was Wanhua Securities Co., Ltd. Taizhou Branch, with a buying amount of 13.75 million yuan, while the largest selling brokerage was Caixin Securities Co., Ltd. Shaoyang Chengbei Road Securities Brokerage, with a selling amount of 48.66 million yuan [2] - Detailed trading information shows that the top five buying brokerages had significant buying amounts, while the top five selling brokerages had substantial selling amounts, indicating active trading behavior [2]

Core Points - Guangxin Technology (920037) experienced a significant increase of 500.00% on its first trading day, with a turnover rate of 75.11% and a transaction volume of 1.274 billion yuan [2] - The stock's first-day margin trading saw a buy amount of 10.1522 million yuan, accounting for 0.80% of the total trading volume, while the latest margin balance stood at 9.0176 million yuan, representing 0.51% of the circulating market value [2] - The company focuses on the research, production, and sales of high-performance insulating fiber materials and their molded products, which are primarily used in power transmission and transformation systems, electrified railways, new energy industries, and military equipment [2] Recent IPO Margin Trading Summary - The first-day performance of recent IPOs shows varying degrees of price increases, with Guangxin Technology leading at 500.00%, followed by Xin Henghui (301678) at 229.06% and Huazhi (603400) at 170.98% [2][3] - The margin balances for these stocks on their first trading days also vary, with Guangxin Technology's margin balance at 9.0176 million yuan, while other notable stocks like Ying Shi Innovation (688775) had a margin balance of 47.63958 million yuan [2][3]

Core Viewpoint - Hunan Guangxin Technology Co., Ltd. (stock code: 920037.BJ) was listed on the Beijing Stock Exchange, with a significant opening price of 50.00 CNY and a closing price of 60.00 CNY, resulting in a 500% increase and a total market capitalization of 5.308 billion CNY [1] Company Overview - Guangxin Technology specializes in the supply of insulating fiber materials and their molded products, primarily used in power transmission and transformation systems, electrified railways, new energy industries, and military equipment [1] - Before the issuance, Wei Dongyun held 45.65% of the company's shares, and Wei Yaqin held 15.15%, together controlling 60.80% of the company [1] Financial Performance - The company reported revenues of 304.29 million CNY in 2022, 420.07 million CNY in 2023, and 577.54 million CNY in 2024, with net profits of 14.72 million CNY, 49.40 million CNY, and 116.17 million CNY respectively [6][7] - The revenue growth rates were 38.05% in 2022 and 37.49% in 2023, while net profit growth rates were significantly higher at 235.55% and 135.14% [6] - For Q1 2025, the company achieved a revenue of 17.51 million CNY, a 54.48% increase year-on-year, with net profit reaching 4.37 million CNY, up 128.53% from the previous year [8] Fundraising and Investment Plans - Guangxin Technology raised a total of 200 million CNY, with a net amount of 171.06 million CNY after deducting issuance costs, which were 28.94 million CNY [4] - The funds will be allocated to the expansion of electrical insulation new materials, the construction of a research and development center, and to supplement working capital [5] Future Projections - The company expects revenues for the first half of 2025 to be between 360 million CNY and 390 million CNY, representing a year-on-year growth of approximately 38.63% to 50.19% [9][10] - Projected net profits for the same period are estimated to be between 90 million CNY and 100 million CNY, indicating a growth of 78.65% to 98.50% [9][10]

Company Overview - N Guangxin (920037) was listed on the Beijing Stock Exchange today, opening at 50.00 yuan, representing a 400.00% increase from the issue price [2] - The company focuses on the research, production, and sales of high-performance insulating fiber materials and their molded products, primarily used in power transmission and transformation systems, electrified railways, new energy industries, and military equipment [2] IPO Details - The company issued 20 million shares at an issue price of 10.00 yuan, with an earnings per share (EPS) ratio of 7.61 times [2] - The online issuance was 16 million shares, which was increased to 19 million shares due to an oversubscription mechanism, with 3 million shares allocated to online investors, accounting for 15.00% of the initial issuance [2] - The total effective subscription for the online issuance was approximately 55,254,937.78 million shares, resulting in a subscription multiple of 2908.15 times and an allocation ratio of 0.03% [2] Financial Performance - The company's projected net profits for 2022, 2023, and 2024 are 14.72 million yuan, 49.44 million yuan, and 116 million yuan, respectively [3]

Core Viewpoint - Guangxin Technology (920037.BJ) has been listed on the Beijing Stock Exchange, focusing on the manufacturing of insulation products, with a strong market position in high-voltage insulation materials [1][3][7]. Company Overview - Guangxin Technology specializes in insulation fiber materials and their molded products, primarily used in power transmission and transformation systems, electrified railways, new energy industries, and military equipment [7]. - The company is one of the few in China capable of producing insulation fiber materials for ultra/high voltage levels (750kV and above) and has broken foreign technology monopolies in this field since 2009 [7]. - It is recognized as a "national-level specialized and innovative" small giant enterprise and has established several provincial research and technology platforms [7]. Financial Performance - The company reported revenues of 304 million yuan, 420 million yuan, and 578 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 14.72 million yuan, 49.4 million yuan, and 116 million yuan [8]. - Research and development expenditures were 12.06 million yuan, 15.18 million yuan, and 15.47 million yuan for the same years, representing 3.97%, 3.62%, and 2.68% of total revenues [8]. Market Position and Relationships - Guangxin Technology has established long-term partnerships with leading transformer manufacturers, becoming a core supplier of insulation materials [8]. - The company’s main raw material, unbleached sulfate needle pulp, constitutes about 60% of production costs, which may affect profitability due to limited bargaining power with major clients [9]. Fundraising and Investment Plans - The company plans to raise funds for various projects, including 130 million yuan for expanding electrical insulation new materials, 40 million yuan for R&D center construction, and 30 million yuan for working capital [6].