Market Performance - On January 29, 2026, the North Exchange 50 index decreased by 1.69%, closing at 1,536.00 points[1] - The overall trading volume on the North Exchange was 29.703 billion CNY, with a turnover rate of 4.79%[1] - The total market capitalization of the North Exchange was 937.031 billion CNY, with a circulating market value of 583.083 billion CNY[1] Sector Performance - The top-performing sectors included Oil & Petrochemicals (+30.0%), Media (+19.8%), and Food & Beverage (+5.1%) on the same day[1] - The sectors with the largest declines were Non-ferrous Metals (-3.3%), Electric Power Equipment (-2.5%), and Social Services (-1.9%)[1] Stock Performance - Among the 291 listed companies, 85 saw an increase, 3 remained flat, and 203 experienced a decline[1] - The leading gainers included Keli Co. (+29.99%), Liujin Technology (+19.82%), and Meibang Technology (+12.70%) while the largest decliners were Nongda Technology (-12.93%), Guangxin Technology (-9.91%), and Aweite (-7.91%)[1] Valuation Metrics - The overall valuation of the North Exchange was approximately 48.50 times earnings, which is higher than the ChiNext's 45.59 times but lower than the Sci-Tech Innovation Board's 79.67 times[1] - The highest average P/E ratio by sector was in Non-ferrous Metals at 140.1 times, followed by Oil & Petrochemicals at 106.2 times and Food & Beverage at 90.1 times[1] Risks - Potential risks include lower-than-expected policy support, insufficient technological innovation, intensified market competition, and market volatility[1][16]

Market Overview - The agricultural chemical sector experienced a decline of 1.56% on January 29, with Nongda Technology leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Guangxin Co., Ltd. (Code: 6655209) with a closing price of 15.50, up 10.01% and a trading volume of 779,400 shares, totaling 1.156 billion yuan [1] - Limin Co., Ltd. (Code: 002734) closed at 20.99, up 6.98% with a trading volume of 835,600 shares, totaling 1.696 billion yuan [1] - Major decliners included: - Nongda Technology (Code: 920159) with a closing price of 46.05, down 12.93% and a trading volume of 81,600 shares, totaling 3.81 billion yuan [2] - Zhongnong United (Code: 003042) closed at 22.87, down 10.00% with a trading volume of 455,700 shares [2] Capital Flow - The agricultural chemical sector saw a net outflow of 1.974 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.463 billion yuan [2] - The capital flow for specific stocks showed: - Limin Co., Ltd. had a net inflow of 1.89 billion yuan from institutional investors, but a net outflow of 819.96 million yuan from retail investors [3] - Guangxin Co., Ltd. experienced a net inflow of 139 million yuan from institutional investors, with a net outflow of 668.65 million yuan from retail investors [3]

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Company") has listed on the Beijing Stock Exchange, becoming the first company in Shandong to go public in 2023, with a significant stock price increase of 111.56% on its debut, despite concerns over its declining revenue and rising net profit [2][3]. Group 1: Company Performance - The Company specializes in the research, production, and sales of new fertilizers and their intermediates, with products including humic acid fertilizers and controlled-release fertilizers [3]. - The Company reported a decline in revenue from 26.76 billion yuan in 2022 to an expected 23.63 billion yuan in 2024, while net profit increased from 1.01 billion yuan in 2022 to 1.45 billion yuan in 2024 [3][4]. - In the first half of 2025, the Company achieved revenue of 14.95 billion yuan and a net profit of 1.26 billion yuan [3]. Group 2: Regulatory Concerns - Regulatory authorities have raised questions regarding the Company's unusual performance trend of declining revenue coupled with increasing net profit, prompting the Company to explain the reasons behind this discrepancy [3][4]. - The Company attributed the net profit growth to an increase in gross margin and a significant rise in business activities following the removal of uncontrollable factors, despite rising sales and management expenses [4]. Group 3: Market Risks - The Company faces risks related to high customer concentration and intensified industry competition, with a significant portion of its revenue dependent on a few major clients, including China Post Group [5][6]. - The fertilizer market in China has grown from 2,352 billion yuan in 2015 to an expected 3,191 billion yuan by 2025, with a low industry concentration and fierce competition among over 3,000 licensed compound fertilizer manufacturers [6][7]. - The Company has acknowledged the need for continuous product innovation and quality control to maintain its competitive edge in a rapidly evolving market [7].

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Company") has listed on the Beijing Stock Exchange, becoming the first company in Shandong to go public in 2023, with a significant stock price increase despite concerns over its financial performance and market risks [1][2]. Financial Performance - The Company has experienced a decline in revenue from 26.76 billion yuan in 2022 to an expected 23.63 billion yuan in 2024, while net profit has increased from 1.01 billion yuan in 2022 to 1.45 billion yuan in 2024 [2][3]. - In the first half of 2025, the Company reported revenue of 14.95 billion yuan and a net profit of 1.26 billion yuan [2]. - The Company attributes the net profit growth to an increase in gross margin and effective management of expenses, despite rising sales and administrative costs [3]. Market Position and Risks - The Company operates in the new fertilizer sector, focusing on products like humic acid fertilizers and controlled-release fertilizers, and ranks second in the industry for humic acid compound fertilizer production [2]. - The Company faces high customer concentration risk, with its largest client, China Post Group, accounting for a significant portion of its revenue, which raises concerns about dependency on a few key customers [4]. - The fertilizer industry is characterized by intense competition, with over 3,000 companies holding production licenses, leading to a fragmented market and challenges in maintaining competitive advantage [5][6]. Industry Outlook - The Chinese fertilizer market is projected to grow from 2,964 billion yuan in 2021 to 3,191 billion yuan by 2025, with a compound annual growth rate of 1.8% [4]. - The industry is undergoing a transformation driven by stricter environmental regulations and a focus on product innovation, which may impact the Company's ability to compete effectively [5][6].

Group 1 - Beijing Stock Exchange (BSE) welcomed its fourth listing of the year with Shandong Agricultural University Fertilizer Technology Co., Ltd. becoming the first A-share listed company from Shandong province in 2023 [1] - The opening price of Agricultural University Technology was 49.90 yuan, closing at 52.89 yuan, marking a significant increase of 111.56% with a turnover rate of 95.03% [2] - The first-day performance of new listings on BSE has been robust, with substantial trading enthusiasm continuing from the previous year, as evidenced by the record-breaking subscription funds for new shares [3] Group 2 - The number of listed companies on BSE reached 291, with a total market capitalization exceeding 9,468 billion yuan, nearing the 10 trillion yuan milestone [4] - The explosive growth of subscription funds for new shares on BSE reflects its four-year development, with average subscription funds increasing from 231 billion yuan in 2022 to 9,100 billion yuan in 2026, representing a nearly 40-fold increase [3] Group 3 - Zhejiang Hengdao Technology Co., Ltd. successfully passed the listing committee's review, with a focus on the authenticity and sustainability of its performance, particularly regarding accounts receivable [5][6] - Hengdao Technology's revenue from 2022 to the first half of 2025 was reported as 1.43 billion yuan, 1.68 billion yuan, 2.34 billion yuan, and 1.47 billion yuan, with net profits of 387.4 million yuan, 486.6 million yuan, 688.7 million yuan, and 403.1 million yuan respectively [6] - The company faces significant accounts receivable risks, with over 50% of its receivables being overdue from 2022 to 2024, raising concerns about the adequacy of its bad debt provisions [7] Group 4 - BSE is enhancing its role as a vital channel for financing small and medium-sized enterprises, focusing on the quality of listed companies and fostering long-term capital [8]

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (Nongda Technology) was listed on the Beijing Stock Exchange, with a closing price of 52.89 yuan, marking a 111.56% increase from its opening price of 49.90 yuan, and a total market capitalization of 4.02 billion yuan [1]. Group 1: Company Overview - Nongda Technology specializes in the research, production, sales, and technical services of new fertilizers and intermediate products [1]. - The company is controlled by Mingquan Investment, with Ma Xuewen and his associate Mark holding a combined 76.10% of the shares prior to the issuance [1]. - After the issuance, Ma Xuewen and Mark still control 60.08% of the shares, with Ma serving as Chairman and General Manager, and Mark as a Director and Secretary of the Board [1]. Group 2: Financial Performance - The company reported a total revenue of 149,454.60 million yuan for the first half of 2025, a decline from previous years: 236,319.15 million yuan in 2024, 263,742.14 million yuan in 2023, and 267,560.38 million yuan in 2022 [5]. - Net profit for the first half of 2025 was 12,564.94 million yuan, compared to 14,528.27 million yuan in 2023 and 10,122.45 million yuan in 2022 [5]. - The company’s cash flow from operating activities showed a net cash flow of 10,599.80 million yuan in 2022, which decreased to 2,499.37 million yuan in the first nine months of 2025 [7][8]. Group 3: Future Projections - For the fiscal year 2025, Nongda Technology expects to achieve revenue between 220,000.00 million yuan and 240,000.00 million yuan, reflecting a potential decrease of 6.91% to an increase of 1.56% compared to 2024 [9][10]. - The projected net profit for 2025 is estimated to be between 14,000 million yuan and 16,000 million yuan, indicating a possible decline of 3.64% to an increase of 10.13% from the previous year [9][10].

Core Viewpoint - Agricultural University Technology (N农大, 920159.BJ) was listed on the Beijing Stock Exchange on January 28, with a significant increase of 136%, reaching a price of 59 yuan and a market capitalization exceeding 4.48 billion yuan, with a price-to-earnings ratio of 32.52 [2]. Company Overview - Agricultural University Technology was established in June 2002, focusing on the research, production, sales, and technical services of new fertilizers and their intermediates [2]. - The company's main products include humic acid-enhanced fertilizers, controlled-release fertilizers, water-soluble fertilizers, and coated urea as new fertilizer intermediates [2]. Financial Performance - In the most recent fiscal year, Agricultural University Technology achieved a revenue of 1.897 billion yuan and a net profit attributable to shareholders of 145 million yuan [2].

Group 1: Hengyun Chang (恒运昌) - Hengyun Chang is a leading supplier of core components for semiconductor equipment in China, focusing on the research, production, and sales of plasma RF power systems and related devices [1] - The company holds the largest market share among domestic plasma RF power system manufacturers in China, according to Frost & Sullivan [1] - The company plans to invest 1.4 billion CNY in the industrialization of semiconductor RF power systems and 6.9 billion CNY in the intelligent core components of semiconductor and vacuum equipment [3][4] - Hengyun Chang has 108 authorized invention patents and 133 pending invention patents, and is recognized as a national high-tech enterprise [4] - Major clients include top domestic semiconductor equipment manufacturers, with significant revenue contributions from clients like Tuojing Technology, which accounted for over 50% of sales in recent years [5] Group 2: Nongda Technology (农大科技) - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid fertilizers and controlled-release fertilizers [6] - The company plans to invest 2.01 billion CNY in a project to produce 300,000 tons of humic acid smart high-tower compound fertilizer [11] - Nongda Technology has been recognized as the industry leader in the production and sales of coated urea from 2020 to 2022, and ranks second in the production and sales of humic acid compound fertilizers [13] - The company has developed several core technologies and has participated in over 40 national and provincial key research projects [11] - Major clients include large agricultural input companies and government clients, contributing to the green transformation of the fertilizer industry [12]

Group 1 - Hengyun Chang was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board today with a stock code of 688785 and an issuance price of 92.18 yuan per share, resulting in a price-to-earnings ratio of 48.39 times [2] - The company, originally founded as Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. in March 2013, specializes in the research, production, and sales of plasma radio frequency power systems and related components [2] - Agricultural University Technology was listed on the Beijing Stock Exchange today with a stock code of 920159 and an issuance price of 25.00 yuan per share, resulting in a price-to-earnings ratio of 13.40 times [3] - The company, established in June 2002, focuses on the research, production, and sales of new fertilizers and intermediate products [4] Group 2 - North Chip Life announced a total of 27,360 winning numbers for its online issuance, with each winning number eligible to subscribe for 500 shares [5] - The winning numbers include various combinations across different digit lengths, indicating a structured allocation for investors [6]

Group 1: Hengyun Chang (688785) - Hengyun Chang is a core component supplier for semiconductor equipment, focusing on the research, production, sales, and technical services of plasma RF power systems, plasma excitation devices, plasma DC power supplies, and various accessories [2] - The company raised a total of 1.5606589 billion yuan, with a net amount of 1.4137576 billion yuan after deducting issuance costs, which will be used for projects including the industrialization of semiconductor RF power systems and the establishment of an intelligent production operation base for core components [2] - Shenzhen Hengyun Chang Investment Co., Ltd. holds 25.8179% of the shares, making it the controlling shareholder, while Le Weiping directly holds 23.0866% of the shares and controls a total of 72.8727% of the voting rights [2] Group 2: Nongda Technology (920159) - Nongda Technology specializes in the research, production, sales, and technical services of new fertilizers and new fertilizer intermediates [3] - The company raised a total of 400 million yuan, with a net amount of 358.0656 million yuan after deducting issuance costs, which will be allocated to projects such as the annual production of 300,000 tons of humic acid intelligent high-tower compound fertilizer and the construction of a 150,000-ton bio-fertilizer production line [3] - Mingquan Investment is the controlling shareholder, with Ma Xuewen and his associate Mark controlling 76.10% of the total share capital before the issuance, which decreased to 60.08% after the issuance [3]