Core Viewpoint - The challenges faced by Better Electronics in its IPO process are attributed to regulatory concerns over "fabricated listing" and recent penalties imposed on its sponsoring representatives, indicating potential issues with information disclosure and compliance [2][4][9]. Group 1: IPO Process and Regulatory Issues - Better Electronics terminated its IPO review in August 2024 after failing to address regulatory concerns regarding "fabricated listing" [2][5]. - The company had initially submitted its IPO application in June 2023 and completed the first round of inquiries by January 2024, but faced delays and ultimately withdrew its application [5][6]. - The company reported revenue growth from 449 million to 627 million from 2021 to 2023, with a compound annual growth rate (CAGR) of 18.19%, and a net profit CAGR of 64.80% during the same period [5][6]. Group 2: Financial Performance and Compliance - Better Electronics' financial data indicated it met the previous IPO requirements, but the introduction of stricter regulations in April 2024 raised the bar for net profit thresholds, complicating its IPO prospects [6][10]. - The company faced scrutiny over a significant increase in net profit in 2022, which was linked to an acquisition of Dongguan Boyue Electronics, raising questions about the legitimacy of its financial performance [7][9]. - The acquisition contributed significantly to Better Electronics' revenue and profit, with Dongguan Boyue accounting for approximately 30% of its revenue and nearly 48% of its net profit in 2022 [7][11]. Group 3: Consequences of Regulatory Actions - The penalties imposed on sponsoring representatives Zhang Tengfu and Wang Jianwei are seen as a reflection of Better Electronics' compliance issues during its IPO process [4][9][15]. - Following the termination of its IPO, Better Electronics attracted interest from Yangjie Technology, which proposed a cash acquisition valued at 2.218 billion, exceeding the valuation from its halted IPO [12][13]. - Despite the attractive acquisition offer, Better Electronics ultimately declined the proposal due to significant differences in business operations and management philosophy [13][14].

2021年12月30日，品高股份在上交所科创板上市，发行股份数量为2826.3819万股，发行价格为 37.09元/股，保荐机构（主承销商）为民生证券股份有限公司（现为国联民生证券股份有限公司），保 荐代表人为袁莉敏、刘思超。 （责任编辑：徐自立） 中国经济网北京11月5日讯 品高股份(688227.SH)今日收报34.16元，跌幅4.55%。目前该股处于破 发状态。 品高股份首次公开发行股票的发行费用合计1.31亿元，其中承销及保荐费用1.04亿元。 品高股份首次公开发行股票募集资金总额为10.48亿元，扣除发行费用后，募集资金净额为9.17亿 元。品高股份最终募集资金净额比原计划多3.48亿元。品高股份于2021年12月27日披露的招股说明书 显示，该公司拟募集资金5.69亿元，分别用于信息技术创新云平台、专属信息化云服务平台、品高大厦 建设、补充流动资金。 ...

（责任编辑：魏京婷） 天力锂能首次公开发行股票募集资金总额为173,850.00万元，募集资金净额为155,033.16万元。天力 锂能最终募集资金净额较原计划多71,387.50万元。天力锂能于2022年8月23日披露的招股说明书显示， 该公司拟募集资金83,645.66万元，计划用于淮北三元正极材料建设项目、新乡三元正极材料建设项目。 天力锂能首次公开发行股票的发行费用总额为18,816.84万元，其中，保荐及承销费用16,315.75万 元。 2024年，天力锂能实现营业收入17.54亿元，同比减少28.23%；归属于上市公司股东的净利润-4.29 亿元，上年同期为-5.02亿元；归属于上市公司股东的扣除非经常性损益的净利润-4.28亿元，上年同期 为-4.83亿元；经营活动产生的现金流量净额-3.05亿元，上年同期为1.24亿元。 中国经济网北京11月4日讯 天力锂能(301152.SZ)日前披露2025年三季度报告。 天力锂能于2022年8月29日在深交所创业板上市，公开发行股票3,050.0000万股，发行价格为57.00 元/股，保荐机构（主承销商）为民生证券股份有限公司（现为国联民生证券股份有 ...

回溯来看，今年2月国联证券收购民生证券后更名为国联民生，4月国泰君安吸收合并海通证券后更名为 国泰海通，5月宏信证券在控股股东变更后更名为天府证券，7月瑞信证券在实控人变更后更名为北京证 券，9月恒泰证券更名为金融街证券。半年多时间里，券商密集更名。 检视上一次券商更名案例还要追溯至2023年12月，2024年全年则无一例。上海证券报记者梳理相关公告 发现，今年来券商更名虽情形各异，但表面动因可归纳为三大方向，分别是股权变更、吸收合并及主动 的经营调整。 张大伟 制图 ◎刘禹希 记者 徐蔚 2025年，证券行业迎来更名大年。据上海证券报记者统计，年内已有6家券商完成名称变更。从并购重 组催生的国联民生、国泰海通，到股权变更后亮相的天府证券、北京证券，再到剥离多元业务、聚焦主 业的国盛证券，这些新名称的背后，并非简单的品牌焕新，而是在牌照红利消退、业务同质化严重 等"旧烦恼"下，叠加监管"打造航母级券商"引导与地方国资整合诉求后，券商展开的一场关于生存与转 型的集中探索，折射出整个证券行业在时代变革中的战略重构。 三重驱动因素 10月26日，国盛金控发布公告称，公司名称正式由国盛金融控股集团股份有限公司变更为国 ...

Investment Rating - The investment rating for Guolian Minsheng is "Buy" (maintained) [2][11]. Core Insights - Guolian Minsheng reported a significant increase in net profit of 345.3% year-on-year for the first three quarters of 2025, reaching 1.76 billion yuan. The operating revenue also saw a substantial growth of 201.2%, amounting to 6.04 billion yuan [7]. - The company's total assets and net assets reached 189.32 billion yuan and 52.02 billion yuan respectively, reflecting year-on-year increases of 84.0% and 183.3% [7]. - The business structure has been optimized, with brokerage and capital business contributions increasing. Brokerage, net interest, and net investment income accounted for 26%, 2%, and 49% of net profit respectively [7]. - The report anticipates net profits for 2025-2027 to be 2.1 billion, 2.4 billion, and 2.7 billion yuan, with growth rates of 419%, 15%, and 15% respectively [7]. Financial Performance Summary - For 2023A, the operating revenue is projected at 2,955.46 million yuan, with a growth rate of 12.68%. The net profit is expected to be 671.32 million yuan, reflecting a decline of 12.51% [2]. - The earnings per share (EPS) is expected to improve significantly, with a price-to-earnings (P/E) ratio projected at 96.89 for 2023A, decreasing to 31.53 by 2025E [2]. - The price-to-book (P/B) ratio is expected to decrease from 3.66 in 2023A to 1.27 in 2025E, indicating a more favorable valuation over time [2]. Business Structure and Revenue Breakdown - The brokerage business has seen a remarkable increase, contributing 15.7 billion yuan in revenue, a year-on-year growth of 293.0%. Investment income also surged by 220.3% to 29.7 billion yuan [7]. - The investment banking business accounted for 11% of total revenue, showing a slight decrease of 1.8 percentage points year-on-year, while asset management business dropped to 9%, down 15.4 percentage points [7]. - The overall business performance is driven by the recovery in market conditions and the synergistic effects post-merger, with all business segments showing growth [7].

公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,6 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 2. 股份分類 | 普通股 ...

业绩数据的跨越式增长，成为整合成效最直接的注脚。报告显示，2025年前三季度，国联民生实现营业 收入60.38亿元，净利润17.63亿元，两项核心指标均位居上市券商前列。单看第三季度，公司依然保持 强劲增长势头，营业收入20.27亿元、净利润6.36亿元，同比增幅分别达到120.55%和106.24%，展现出 整合后业务发展的稳定性与持续性。 资产规模的爆发式扩张同样令人瞩目。截至2025年三季度末，国联民生总资产规模突破1893亿元，较 2024年末的972.08亿元近乎翻倍，增幅高达94.76%；归属于上市公司股东的所有者权益达520.20亿元， 同比增长179.91%，资本实力实现质的飞跃。盈利能力的同步提升更显整合质量，前三季度基本每股收 益0.31元，同比增长121.43%，标志着公司从规模扩张向价值创造的高效转型。 核心业务的全面发力，构成了业绩增长的坚实支撑。作为券商传统优势板块，手续费及佣金净收入表现 突出，前三季度达到29.15亿元，同比增长145.34%。其中，经纪业务成为最大亮点，手续费净收入 15.65亿元，同比激增293.05%，这一数据背后是客户交易活跃度的显著提升，反映出合并后客 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by strong performance in brokerage and investment businesses, despite some challenges in the investment banking sector [1][5]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 6.038 billion yuan, representing a year-on-year increase of 201% [1]. - The net profit attributable to shareholders reached 1.763 billion yuan, up 345% year-on-year [1]. - In Q3 alone, the net profit was 636 million yuan, showing a year-on-year increase of 106% but a quarter-on-quarter decrease of 15% [1]. Group 2: Brokerage Business - The brokerage net income saw a significant increase, with a total of 1.565 billion yuan for the first three quarters, marking a year-on-year growth of 293% [2]. - In Q3, the brokerage net income was 661 million yuan, which is a 456% increase year-on-year and a 52% increase quarter-on-quarter [2]. - The overall market for equity trading remained active, with an average daily trading volume of 1.93 trillion yuan, up 110% year-on-year [2]. Group 3: Investment Business - The company's financial investment assets slightly decreased, totaling 87 billion yuan at the end of Q3, down 6% from the previous quarter [3]. - The trading financial assets decreased by 4% to 71.9 billion yuan, while other debt investments saw a significant drop of 67% to 1.5 billion yuan [3]. - Investment income for the first three quarters was 2.967 billion yuan, up 219% year-on-year, with Q3 income at 870 million yuan, reflecting a 57% year-on-year increase but a 37% quarter-on-quarter decline [3]. Group 4: Investment Banking and Asset Management - The investment banking net income for the first three quarters was 688 million yuan, with Q3 net income at 157 million yuan, showing a year-on-year increase of 66% but a quarter-on-quarter decrease of 56% [4]. - The company is in the process of integrating investment banking operations, with a migration of clients and business from Minsheng Securities to Guolian Minsheng [4]. - Asset management net income for the first three quarters was 527 million yuan, with Q3 income at 170 million yuan, showing a slight year-on-year decrease of 1% and a quarter-on-quarter decrease of 13% [4]. Group 5: Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.42, 0.48, and 0.55 yuan, reflecting a downward revision of 6%, 5%, and 4% respectively [5]. - The target price is set at 15.23 yuan for A shares and 8.35 HKD for H shares, with a price-to-book (PB) ratio premium due to expected synergies from the merger [5]. - The company maintains a buy rating based on the anticipated recovery in the investment banking sector and overall market conditions [5].

红板科技的保荐机构（主承销商）为国联民生证券承销保荐有限公司，保荐代表人为曾文强、帖晓 东。这是国联民生今年保荐成功的第3单IPO项目。4月18日，国联民生保荐的沈阳宏远电磁线股份有限 公司首发过会；7月10日，国联民生保荐的超颖电子电路股份有限公司首发过会。 公司专注于印制电路板的研发、生产和销售，产品定位于中高端应用市场，具有高精度、高密度和 高可靠性等特点，是行业内HDI板收入占比较高、能够批量生产任意互连HDI板和IC载板的企业之一。 公司实际控制人为叶森然。本次发行前，公司控股股东香港红板（全称"红板有限公司"）持有公司 95.12%的股份，SameTimeBVI持有香港红板100.00%的股份，叶森然持有SameTimeBVI的100.00%的股 份，因此，叶森然间接控制公司95.12%的股份，支配公司95.12%的股份表决权，为公司的实际控制 人。叶森然系中国香港籍人士。 红板科技拟在上交所主板上市，拟发行不超过21,791.7862万股，占公司发行后总股本的比例不低于 10%；本次发行全部为公开发行新股，不进行公司股东公开发售股份，拟募资205,687.74万元，用于年 产120万平方米高精密 ...