Group 1 - The article discusses the IPO of Meidele, a leading supplier of intelligent conveyor systems in China, with an issuance price of 41.88 yuan and a total market value of 2.35 billion yuan [2][3] - The company has a primary revenue composition of 87.09% from modular conveyor systems and 12.91% from industrial components, serving major clients in the new energy battery and automotive sectors [2] - The company forecasts a revenue of 1.138 billion yuan for 2024, reflecting a growth of 12.78%, while the revenue for 2023 is projected at 1.009 billion yuan, showing a decline of 2.13% from the previous year [3] Group 2 - The article also covers the IPO of Zhenstone Co., which specializes in fiber-reinforced materials for the clean energy sector, with an issuance price of 11.18 yuan and a total market value of 16.54 billion yuan [5] - Zhenstone has established itself as a core supplier of fiber-reinforced materials for wind turbine blades, with 99% of its fiberglass procurement coming from China Jushi [5] - The company has developed photovoltaic frames that have passed TOV certification, demonstrating superior aging resistance and positioning itself as an early player in composite materials [5] Group 3 - The article mentions the IPO of Aisheren, the largest manufacturer of medical care pads in China, with an issuance price of 15.98 yuan and a total market value of 0.811 billion yuan [7] - Aisheren's core products excel in moisture permeability, water absorption, and load-bearing capacity, and the company has over 20 years of industry experience [7] - The aging global population presents significant growth opportunities for Aisheren's business in the future [7]

Group 1: New Stock Subscription - The new stock available for subscription today is Meidele, which focuses on the research, design, manufacturing, and sales of intelligent manufacturing equipment, particularly modular conveyor systems and industrial components [2][5] - Meidele's products are integrated with smart production equipment and are widely used in industries such as new energy, automotive parts, electronics, and logistics [2] - Major clients include leading companies in the industry such as BYD, CATL, and Xinzhi Group [2] Group 2: Financial Performance of Meidele - Meidele's projected revenues for 2022, 2023, and 2024 are 1.031 billion, 1.009 billion, and 1.138 billion yuan respectively, with net profits of 222.5 million, 205.2 million, and 210.8 million yuan [2] - For 2025, Meidele expects revenues between 1.3 billion and 1.4 billion yuan, representing a year-on-year growth of 14.26% to 23.05%, and net profits between 270 million and 300 million yuan, indicating a growth of 28.11% to 42.34% [2] Group 3: New Stock Listing - The new stock listed today is Aisheren, which is the largest manufacturer of medical care pads in China and a leading exporter of medical dressings [2][6] - Aisheren's projected revenues for 2022, 2023, and 2024 are 573.6 million, 574.7 million, and 691.6 million yuan respectively, with net profits of 62.8 million, 66.96 million, and 80.71 million yuan [3] - The company has a total market value of 1.082 billion yuan and is underwritten by Dongwu Securities [6]

Group 1: Company Overview of Meidel - Meidel, established in 2009, is a leading supplier of intelligent conveyor systems in China, focusing on the research, design, manufacturing, and sales of smart manufacturing equipment, particularly modular conveyor systems and industrial components [2][5] - The company’s products are integral to factory automation and are widely used in industries such as new energy, automotive parts, electronics, and warehousing logistics [5] - As of September 30, 2025, Meidel holds 201 patents, including 21 domestic invention patents and 159 utility model patents, and is recognized as a national high-tech enterprise [5] Group 2: Financial Metrics and Market Position of Meidel - Meidel's IPO price is set at 41.88 yuan per share, with an issuance price-to-earnings ratio of 14.99, compared to the industry average of 47.36 [3] - The company’s revenue and net profit for 2022 are projected to show a growth rate of 15% and 10% respectively, with a forecasted decline of 10% in 2024 [3][6] - The company plans to allocate 1.20 billion yuan (18.60%) to the Dalian Meidel Phase IV construction project and 2.00 billion yuan (31.01%) to the development of high-end intelligent conveyor systems [4] Group 3: Customer Base and Risks of Meidel - Meidel has a high customer concentration risk, with sales to the top five customers accounting for 59.34% of total revenue in 2022, which is projected to rise to 62.75% by mid-2025 [6] - The concentration is attributed to the high market concentration in the new energy battery sector, where leading companies have significant demand for conveyor systems [6] Group 4: Company Overview of Aishalon - Aishalon, founded in 2003, specializes in the research, production, and sales of disposable medical consumables in the rehabilitation and medical protection fields [7][11] - The company is recognized as the largest manufacturer of medical care pads in China and is rapidly advancing towards the top four in the industry [11] Group 5: Financial Metrics and Market Position of Aishalon - Aishalon's IPO price is set at 15.98 yuan per share, with an issuance price-to-earnings ratio of 14.99, compared to the industry average of 29.79 [8] - The company plans to invest 3.00 billion yuan (100%) into the Caprol public health medical supplies industrial park construction project [10] Group 6: Customer Base and Risks of Aishalon - Aishalon faces a high customer concentration risk, with sales to the top five customers making up 81.99% of total revenue in 2022, increasing to 88.40% by mid-2025 [12] - The primary customer, Medline Group, represents a significant portion of sales, with its share ranging from 71.51% to 77.73% over the forecast period [12]

今日爱舍伦(920050.BJ)上市，美德乐(920119.BJ)申购。 ...

Investment Rating - The report indicates a strong enthusiasm for new stock offerings on the Beijing Stock Exchange (BSE), with a sufficient reserve of new stocks available for issuance [2][11]. Core Insights - In 2025, the BSE listed 26 new stocks, raising a total of 7.527 billion yuan, with a significant increase in issuance speed in the second half of the year. The amount of frozen funds for participating in new stock offerings nearly doubled from 451.8 billion yuan at the beginning of the year to 846.1 billion yuan by year-end [2][12]. - The average first-day price increase for newly listed stocks on the BSE remains high, sustaining investor enthusiasm for participating in new stock offerings. The report suggests that to stabilize allocation, investors should consider increasing their cash account size due to rising thresholds for stock acquisition [2][18]. - There are currently 210 new stocks awaiting approval on the BSE, with 28 already having passed the review process [19]. Summary by Sections New Stock Offerings on BSE - The BSE's new stock offerings have seen a significant increase in participation, with the total frozen funds rising dramatically throughout 2025. The report highlights that the minimum threshold for acquiring stocks has increased significantly, making it necessary for investors to allocate more funds to ensure stable allocations [2][12][19]. Recent New Stock Performance - The report tracks the performance of new stocks across various boards, indicating that the average first-day price increase for stocks on the Sci-Tech Innovation Board is 258.09%, while for the Growth Enterprise Market, it is 231.27% [31][38]. - The report also provides insights into the effective bidding account numbers for recent new stocks, showing a robust interest from investors [38]. Recent Market Trends - The report notes that the average return from participating in new stock offerings for A-class accounts with a scale of 200 million yuan is 3.82%, while for B-class accounts, it is 2.89% [25][32]. - The report emphasizes the importance of monitoring the performance of new stocks and suggests that investors should be aware of the potential for high returns, particularly in the current market environment [31][51].

Core Insights - Two new stocks were issued today: Nongda Technology issued 16 million shares at a price of 25.00 yuan, raising 400 million yuan; Zhenstone Co. issued 261 million shares at a price of 11.18 yuan, raising 2.919 billion yuan [1][2] - As of January 19, a total of 7 companies have gone public this year, raising a cumulative amount of 6.828 billion yuan, with an average fundraising of 975 million yuan per company [1][2] Fundraising Overview - The fundraising amounts for the new stocks this year are as follows: - Zhenstone Co. raised the most at 2.919 billion yuan, primarily for the construction of fiberglass product production bases and composite material production bases [1] - Hengyun Chang raised 1.561 billion yuan for projects related to semiconductor and vacuum equipment core components [1] - Other notable fundraisers include C Zhixin (1.240 billion yuan), Nongda Technology (400 million yuan), and Aisheren (270 million yuan) [1] Issuance Price and Distribution - The average issuance price of new stocks this year is 26.95 yuan, with the highest price being 92.18 yuan for Hengyun Chang [2] - The geographical distribution of new stock issuances shows a concentration in Zhejiang, Shandong, and Jiangsu, with the highest fundraising amounts from Zhejiang (3.163 billion yuan), Guangdong (1.561 billion yuan), and Chongqing (1.240 billion yuan) [2]

Group 1 - Aishalon (920050) will be listed on the Beijing Stock Exchange on January 21, and will simultaneously delist from the New Third Board [1] - The issuance price is set at 15.98 yuan per share, with a total of 16.9198 million shares issued, raising a total of 270 million yuan [1] Group 2 - Aishalon focuses on the medical health sector, primarily engaged in the research, production, and sales of disposable medical consumables for rehabilitation care and medical protection [3] - The company provides ODM/OEM services for internationally renowned medical device brands and has seven self-operated factories located in Jiangsu and Thailand [3] - Aishalon's products are exported to over 50 countries and regions, including Europe, America, Japan, South Korea, the Middle East, and Africa [3] Group 3 - Revenue projections for Aishalon are 574 million yuan, 575 million yuan, and 692 million yuan for the years 2022, 2023, and 2024, respectively [3] - The net profit attributable to the parent company is expected to be 62.8181 million yuan, 66.957 million yuan, and 80.7111 million yuan for the same years [3]