Group 1: Company Listings - South Network Digital (301638) listed on the Shenzhen Stock Exchange, Hengkun New Materials (688727) listed on the Shanghai Stock Exchange, and Beikang Testing (920160) listed on the Beijing Stock Exchange [1] Group 2: South Network Digital (301638) - South Network Digital provides comprehensive digital construction solutions for the power energy sector, aiming to build a world-class digital and intelligent innovation platform for power grids [2] - The controlling shareholder is South Power Grid Digital Grid Group Co., Ltd., which holds 200 million shares, representing a 62.90% pre-IPO ownership [2] - The total amount raised in the public offering is 2.7138315 billion yuan, with a net amount of 2.6384141 billion yuan after deducting issuance costs, allocated for various digital platform projects [2] Group 3: Hengkun New Materials (688727) - Hengkun New Materials focuses on the R&D 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 materials [3] - The controlling shareholder is Yi Rongkun, who directly holds 19.52% of the voting rights and has indirect control over an additional 5.94% through subsidiaries, totaling 40.87% voting rights [3] - The total amount raised in the public offering is 1.0102951 billion yuan, with a net amount of 891734.6 million yuan after deducting issuance costs, intended for integrated circuit precursor projects [3] Group 4: Beikang Testing (920160) - Beikang Testing is a leading domestic service provider for non-ferrous metal inspection and testing, specializing in various areas including ore and mineral product testing, environmental sample analysis, and advanced materials [4] - The controlling shareholder is Mining Technology Group Co., Ltd., which directly holds 86.11% of the shares, with a total ownership of 65.73% post-IPO [4] - The total amount raised in the public offering is 189.744 million yuan, with a net amount of 172.475 million yuan after deducting issuance costs, aimed at developing advanced testing instruments and enhancing testing capabilities [4]

Core Viewpoint - The news discusses the upcoming IPOs on November 18, highlighting key details about several companies, including their issuance prices, market capitalizations, and business focuses. Group 1: Company Information - Jingchuang Electric (Beijing Stock Exchange, 920) has an issuance price of 12.10 CNY and an industry P/E ratio of 13.47. Its main business includes cold chain intelligent control and monitoring products, which account for 88.37% of its revenue [2][3]. - Hai'an Group (Shenzhen Main Board, 00) has an issuance price of 48 CNY, a total market capitalization of 6.695 billion CNY, and an industry P/E ratio of 13.94. The company is a leading manufacturer of giant tire engineering machinery [5][6]. - Hengkun New Materials (Sci-Tech Innovation Board, 688) has an issuance price of 14.99 CNY and a total market capitalization of 6.735 billion CNY, with an industry P/E ratio of 71.42. The company specializes in photolithography materials and has achieved small batch sales of ArF photoresist [8]. - Nanguang Digital (ChiNext, 301) has an issuance price of 5.69 CNY, a total market capitalization of 18.09 billion CNY, and an industry P/E ratio of 32.22. The company focuses on digital solutions for the electric power industry and has developed core chips for industrial control [9]. Group 2: Financial Performance - Jingchuang Electric reported revenues of 396.3 million CNY in 2022, a slight decrease of 1.47%, with projections of 434.5 million CNY in 2023 (+9.63%) and 498.8 million CNY in 2024 (+14.80%) [3]. - The financial details for Hai'an Group and Hengkun New Materials were not provided in the available data, but their issuance prices and market capitalizations indicate strong market interest [5][8]. - Nanguang Digital's financial performance details were not specified, but its focus on breakthrough technologies suggests potential for growth in the energy sector [9].

Group 1 - Two new stocks were listed on November 18: Nanfang Digital on the ChiNext, Hengkang New Materials on the STAR Market, and Beikang Testing on the Beijing Stock Exchange [1] - Nanfang Digital's IPO price was 5.69 CNY per share with an issuance P/E ratio of 32.22, issuing a total of 477 million shares, with 97.74 million shares offered online [1] - Hengkang New Materials' IPO price was 14.99 CNY per share with an issuance P/E ratio of 71.42, issuing a total of 67.40 million shares, with 16.19 million shares offered online [1] - Beikang Testing's IPO price was 6.70 CNY per share with an issuance P/E ratio of 14.99, issuing a total of 28.32 million shares, with 25.49 million shares offered online [1] Group 2 - Nanfang Digital specializes in providing comprehensive digital construction solutions for clients in the electric power and energy industries [1] - Hengkang New Materials focuses on the research, production, and sales of photolithography materials and precursors, including KrF/ArF photoresists and TEOS [1] - Beikang Testing is engaged in the research and development of inspection and testing technology for non-ferrous metal mineral resources, as well as technical services and instrument development [1]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkong New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric Overview - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment smart controllers, monitoring recorders, and environmental detection instruments, and is recognized as a national high-tech enterprise [2] - The company has established subsidiaries in the USA, UK, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers like Panasonic and Haier [2] - As of November 17, Jingchuang Electric holds a market share of 13.13% in China's cold chain temperature and humidity control market, ranking first domestically, and 4.64% globally [3] Group 3: Nanfang Digital Overview - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation and maintaining grid safety [4] - The company has developed key technologies, including the "Dihong" IoT operating system and the "Fuxi" power-specific main control chip, contributing to the domestic energy control field [4] Group 4: Hengkong New Materials Overview - Hengkong New Materials focuses on the R&D and industrial application of key materials for integrated circuits, particularly in photolithography materials [6] - The company's self-produced product sales revenue has increased from 12,357.89 million in 2022 to 34,418.93 million in 2024, with a rising proportion of total revenue [6][7] Group 5: Beikang Testing Overview - Beikang Testing, established in 2016, is a leading institution in the R&D and service of non-ferrous metal inspection and testing technology [9] - The company is involved in the formulation of numerous national and international standards in the field of mineral and metal testing [9][10]

New Stock Subscription - A new stock subscription is available for Jingchuang Electric, a national-level "little giant" in cold chain intelligent controllers, focusing on intelligent control and monitoring products for HVAC/R, pharmaceuticals, food, and environmental testing [1] - The expected revenue for Jingchuang Electric from 2022 to 2024 is projected to be CNY 396.3 million, CNY 434.5 million, and CNY 498.8 million, with net profits of CNY 48.74 million, CNY 55.36 million, and CNY 58.91 million respectively [1] New Stock Listings - Three new stocks are listed today: - Nanfang Digital, which provides digital construction solutions primarily for the power energy sector and is controlled by the State-owned Assets Supervision and Administration Commission [1] - Hengkang New Materials, engaged in the R&D, production, and sales of photolithography materials and precursors, with revenues projected to be CNY 321.8 million, CNY 367.7 million, and CNY 547.9 million from 2022 to 2024 [2] - Beikang Testing, a leading domestic service provider in non-ferrous metal inspection and testing technology, with revenues expected to reach CNY 91.74 million, CNY 110.5 million, and CNY 148 million from 2022 to 2024 [3] Financial Performance - Hengkang New Materials anticipates a revenue increase of 5.10% to 10.02% in 2025, with net profit growth of 0.30% to 5.21% [2] - Beikang Testing's net profits are projected to be CNY 31.96 million, CNY 45.58 million, and CNY 55.13 million from 2022 to 2024 [3] Stock Characteristics - Jingchuang Electric's stock is priced at CNY 12.10 with a P/E ratio of 13.47 [4] - Nanfang Digital's stock is priced at CNY 5.69 with a P/E ratio of 32.22 [5] - Hengkang New Materials' stock is priced at CNY 14.99 with a P/E ratio of 71.42 [7] - Beikang Testing's stock is priced at CNY 6.70 with a P/E ratio of 14.99 [8]

Group 1 - Three companies, Nanfang Digital (301638.SZ), Hengkun New Materials (688727.SH), and Beikong Testing (920160.BJ), are listed today [1] - Jingchuang Electric (920035.BJ) is available for subscription [1]

Group 1: New IPOs - Three new stocks are available for subscription next week, including Beikang Testing, Hengkun New Materials, and Nanfang Digital [1] - Nanfang Digital ranks third in the number of shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, and first among new stocks on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Group 2: Beikang Testing - Beikang Testing is a national-level specialized and innovative "little giant" enterprise, with an issue price of 6.70 yuan per share and an issuance PE ratio of 14.9 times, compared to the industry average of 38.77 times [2] - The total number of shares issued by Beikang Testing is 28.32 million, with 25.49 million available for online subscription [2] - The global inspection and testing market has grown from 107.7 billion euros in 2012 to 278.5 billion euros in 2023, with a compound annual growth rate (CAGR) of 9.02%, while the Chinese market is expected to grow from 206.51 billion yuan in 2016 to 487.60 billion yuan in 2024, with a CAGR of approximately 11.34% [2] Group 3: Financial Performance of Beikang Testing - Beikang Testing's revenue for 2022 to 2025 (first half) is projected to be 91.74 million yuan, 110 million yuan, 148 million yuan, and 85.94 million yuan, respectively, with net profits of 33.15 million yuan, 41.66 million yuan, 50.63 million yuan, and 36.43 million yuan [5] - For the first three quarters of 2025, Beikang Testing expects revenue of 134 million to 139 million yuan, a year-on-year increase of 26.87% to 31.61%, and net profit of 57.4 million to 63.4 million yuan, a year-on-year increase of 34.78% to 48.87% [6] Group 4: Hengkun New Materials - Hengkun New Materials is a supplier for 12-inch integrated circuit wafer factories, with an undisclosed issue price and PE ratio, but a reference industry PE ratio of 60.46 times [7] - The total number of shares issued by Hengkun New Materials is 67.4 million, with 10.78 million available for online subscription [7] - The company’s revenue for 2022 to 2025 (first half) is projected to be 322 million yuan, 368 million yuan, 548 million yuan, and 294 million yuan, with net profits of 91.04 million yuan, 81.53 million yuan, 94.30 million yuan, and 30.74 million yuan [8] Group 5: Financial Performance of Hengkun New Materials - For the first three quarters of 2025, Hengkun New Materials expects revenue of 440 million to 500 million yuan, with a year-on-year change of 12.48% to 27.82%, and net profit of 49 million to 55 million yuan, with a year-on-year change of -26.70% to -17.73% [9] Group 6: Nanfang Digital - Nanfang Digital is a key player in the digital grid construction of the Southern Power Grid, with a total issuance of 477 million shares and an undisclosed issue price and PE ratio, but a reference industry PE ratio of 71.09 times [11] - The company aims to build a world-class digital and intelligent innovation platform for the power grid, with clients including Southern Power Grid and Inner Mongolia Power Group [11] - The digital energy market in China is expected to grow from 315 billion yuan in 2024 to 370 billion yuan in 2025, with a CAGR of 10.86% from 2020 to 2025 [11] Group 7: Financial Performance of Nanfang Digital - Nanfang Digital's revenue for 2022 to 2025 (first half) is projected to be 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan, with net profits of 509 million yuan, 368 million yuan, 562 million yuan, and 6.97 million yuan [12] - For the full year of 2025, Nanfang Digital expects revenue of 6.4 billion to 6.7 billion yuan, a year-on-year increase of 5.10% to 10.02%, and net profit of 562 million to 590 million yuan, a year-on-year increase of 0.07% to 5.06% [13]

Group 1: New IPOs - This week (November 3 to 7), there are three new stocks available for subscription: one on the Sci-Tech Innovation Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][2] - The Beijing Stock Exchange new stock, Beikong Detection, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on the research and industrial application of key materials in the integrated circuit field, aiming to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] Group 2: Company Profiles - Hengkang New Materials is one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, enhancing its product structure and promoting domestic innovation [2] - Nanjing Digital, launching its IPO on November 7, provides comprehensive digital construction solutions for the power energy sector and is expanding its services to other industries such as transportation and urban construction, with a fundraising target of 2.554 billion yuan [2] - Zhi Xin Co., which is set to go public on the Shanghai Main Board, specializes in automotive welding parts and has established itself as a primary supplier for major automotive manufacturers, aiming to raise 1.329 billion yuan [5][6] - Shaanxi Tourism, also seeking to go public on the Shanghai Main Board, integrates tourism performances, cable cars, and dining services, leveraging local attractions to enhance visitor experiences, with a fundraising goal of 1.555 billion yuan [6]

New IPOs and Market Overview - A new IPO for Jingchuang Electric (920035.BJ) is available for subscription, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and monitoring instruments, recognized as a national high-tech enterprise and a "little giant" [1] Jingchuang Electric's Financials and Market Position - The company plans to invest 1.10 billion CNY (62.86%) in core production line upgrades and 0.65 billion CNY (37.14%) in the development of smart instruments and cloud platforms [3] - As of November 17, Jingchuang Electric holds a 13.13% market share in China's cold chain temperature and humidity control market, ranking first domestically and fourth globally [4] Nanfang Digital's Business Model and Financials - Nanfang Digital provides comprehensive digital solutions for the power and energy sectors, focusing on digital transformation [5] - The company has a market capitalization of 18.09 billion CNY, with an issue price of 5.69 CNY per share and a P/E ratio of 71.22 [6][10] Hengkang New Materials' Market Strategy - Hengkang New Materials focuses on R&D and industrial application of key materials for integrated circuits, with a significant increase in sales revenue from 123.58 million CNY in 2022 to 344.19 million CNY in 2024 [16][17] - The company aims to meet domestic demand for integrated circuit materials, achieving over 10% market share in 2024 [17] Beikang Testing's Industry Position - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive service offering and a top market share in China [18][23] - The company plans to allocate 1.44 billion CNY (71.89%) for advanced testing instrument development and 0.56 billion CNY (28.11%) for working capital [22]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, with three new stocks listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and is recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company has established a significant position in technology standards related to cold chain control and monitoring, participating in 38 national and industry standards [2] - Jingchuang Electric has a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [3] Group 3: Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [4] - The company generated revenue of 75,514.01 million yuan from digital grid services in the first half of 2025, accounting for 48.64% of total revenue [5] Group 4: Hengkang New Materials - Hengkang New Materials is involved in the R&D and production of key materials for integrated circuits, with a focus on photolithography materials [7] - The company's sales revenue from self-produced products increased from 12,357.89 million yuan in 2022 to 34,418.93 million yuan in 2024, with a rising proportion of total revenue [7] - Hengkang New Materials has become a major supplier of photolithography materials in China, with an estimated market share exceeding 10% [8] Group 5: Beikang Testing - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive range of services and a strong market position [9] - The company is involved in the development and revision of numerous national and international standards in the non-ferrous metal sector [9] - Despite its leading market position, Beikang Testing faces risks related to market space limitations and a single-source revenue model [10][11]