Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. (stock code: 603248) was listed on the Shanghai Stock Exchange, opening at 28.45 yuan and closing at 36.81 yuan, marking an increase of 264.46% with a total market value of 16.933 billion yuan [1]. Company Overview - The company specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components and injection molding machine parts, establishing itself as a global leader in the industry [1]. - Before the IPO, Xihua Investment held 77.98% of the company's shares, making it the controlling shareholder [1]. Shareholding Structure - Post-IPO, Xihua Investment directly holds 61.02% of the shares, maintaining its status as the controlling shareholder, with Wang Rongzheng and Lu Yanyun as the actual controllers of the company [2]. IPO Details - The IPO involved issuing 100 million shares, accounting for 21.74% of the total shares post-issue, at a price of 10.10 yuan per share, raising a total of 1.01 billion yuan [3]. - The funds raised will be allocated to the wind power core equipment industrialization project and the construction of a research and development center, with a total planned investment of 1.4978426 billion yuan [4]. Financial Performance - From 2022 to 2024, the company's revenue was 941.748 million yuan, 907.7006 million yuan, and 954.781 million yuan, respectively, while net profits were 184.4969 million yuan, 176.6493 million yuan, and 141.9295 million yuan [5]. - The company experienced a decline in net profit for two consecutive years, with a net profit of 141.9295 million yuan in 2024, down from 176.6493 million yuan in 2023 [5]. Cash Flow and Dividends - The net cash flow from operating activities for 2022 to 2024 was 80.8533 million yuan, 122.6923 million yuan, and 63.3349 million yuan, respectively [6]. - In 2022, the company distributed cash dividends amounting to 350 million yuan [7]. Recent Performance - In the first three quarters of 2025, the company achieved a revenue of 950.8068 million yuan, a year-on-year increase of 35.35%, and a net profit of 161.5717 million yuan, up 55.22% [9]. - The operating cash flow for the first nine months of 2025 was -46.0732 million yuan, compared to 34.3635 million yuan in the same period of the previous year [11].

转自：证券时报 人民财讯12月23日电，N锡华涨超350%，触发二次临停。上交所决定，自2025年12月23日14时30分开 始暂停N锡华(603248)交易，自2025年12月23日14时40分起恢复交易。 ...

Core Viewpoint - Xihua Technology officially listed on the Shanghai Stock Exchange on December 23, 2025, with an initial price of 10.10 yuan per share, and the opening price on the first day reached 28.45 yuan per share, reflecting a significant increase of 181.68% [1] Company Overview - Xihua Technology specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components and auxiliary components for injection molding machines [3] - The company has over 20 years of industry experience, emphasizing technological innovation as the foundation for its development, particularly excelling in "thick-section" ductile iron technology [3] Product Characteristics - The products of Xihua Technology are characterized by high strength, high plasticity, high precision, and high reliability, suitable for complex environmental conditions such as offshore typhoons, seawater corrosion, high-altitude cold, and desert sandstorms [5] - Key technical indicators such as tensile strength, low-temperature impact, and elongation meet or exceed industry standards [5] Industry Recognition - The company has received several honors, including being recognized as a national-level "specialized, refined, and innovative" small giant enterprise, a national high-tech enterprise, and a technology center recognized by Jiangsu Province [5] - Xihua Technology has established long-term relationships with major clients in the industry, including top global wind turbine gearbox manufacturers and leading companies in the injection molding sector, with most partnerships lasting over ten years [5] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 950.81 million yuan, representing a year-on-year growth of 35.35%, and a net profit of 161.57 million yuan, with a year-on-year increase of 55.22% [5] - The net profit attributable to the parent company, excluding non-recurring gains and losses, reached 161.32 million yuan, showing a remarkable growth rate of 58.62% [5] Future Outlook - The company plans to continue focusing on the high-end equipment component sector, driven by customer demand, and aims to seize opportunities in the renewable wind energy industry through technological innovation and capacity expansion [6] - Xihua Technology is committed to enhancing its R&D capabilities, expanding its product line, and increasing its operational scale to become a leading global manufacturer in the field of high-end equipment components [6]

Core Viewpoint - N Xihua was listed today with an opening price of 28.45 yuan, representing an increase of 181.68% from the issue price of 10.10 yuan [1] Company Overview - The company specializes in the research, development, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components and injection molding machine components [1] - N Xihua is recognized as a global leader in the manufacturing of high-end equipment components, known for its reliable quality and superior technology [1] - The company's products are mainly used in large wind power equipment and injection molding machines, and it is one of the few companies in China that can provide full-process services for wind power gearbox components [1] Financial Highlights - The total number of shares issued by the company is 100 million, with 49.62 million shares allocated for online issuance [1] - The issue price was set at 10.10 yuan per share, with an issuance price-to-earnings ratio of 33.12, compared to the industry average of 43.21 [1] - The total funds raised from the initial public offering (IPO) amount to 1.01 billion yuan, which will be primarily invested in the industrialization project of core wind power equipment, working capital, and the construction of a research and development center [1]

Group 1 - Three new stocks were listed on the A-share market: Tian Su Measurement (301449), Na Baichuan (301667), and Xi Hua Technology (603248) [1] - Tian Su Measurement opened at 78.5 CNY per share, reflecting a 113.32% increase from its issue price of 36.8 CNY [1] - Na Baichuan opened at 60 CNY per share, showing a significant 165.13% rise from its initial offering price of 22.63 CNY [1] - Xi Hua Technology opened at 28.45 CNY per share, marking an increase of 181.68% from its issue price of 10.1 CNY [1] Group 2 - Tian Su Measurement is a national, comprehensive independent third-party measurement and testing service provider, focusing on calibration, testing, and certification services [1] - Na Baichuan specializes in thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries, including battery liquid cooling plates and engine radiators [1] - Xi Hua Technology is engaged in the research, manufacturing, and sales of specialized components for large high-end equipment [1]

Group 1: Company Listings - Xihua Technology (603248) was listed on the Shanghai Stock Exchange, while Tianshu Measurement (301449) and Nabai Chuan (301667) were listed on the Shenzhen Stock Exchange [1][2][3] Group 2: Xihua Technology (603248) - Xihua Technology focuses on the R&D, manufacturing, and sales of specialized components for large high-end equipment, primarily wind power gearbox components [2] - Before the issuance, Xihua Investment held 28,071.13 million shares, accounting for 77.98% of the total shares, making it the controlling shareholder [2] - The total amount raised from the issuance was 101,000.00 million, with a net amount of 92,576.57 million, intended for wind power core equipment industrialization and R&D center construction projects [2] Group 3: Tianshu Measurement (301449) - Tianshu Measurement is a nationwide independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [3] - Before the issuance, natural person shareholder Gong Tianbao held 3,390.00 million shares, representing 69.31% of the total shares, making him the controlling shareholder [3] - The total amount raised from the issuance was 60,000.00 million, with a net amount of 52,463.14 million, aimed at enhancing measurement capabilities and constructing regional laboratories and a digital center [3] Group 4: Nabai Chuan (301667) - Nabai Chuan specializes in the R&D, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [4] - Before the issuance, Chen Rongxian was the controlling shareholder, with the family collectively holding 55.58% of the shares [4] - The total amount raised from the issuance was 63,177.08 million, with a net amount of 55,555.22 million, intended for the production project of 3.6 million sets of water-cooled plates and to supplement working capital [5]

Market Performance - On December 22, 2025, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3917.36 points, up 0.69%, the Shenzhen Component Index at 13332.73 points, up 1.47%, and the ChiNext Index at 3191.98 points, up 2.23%. Over 2900 stocks rose, and the total trading volume in the Shanghai and Shenzhen markets was 1.86 trillion yuan, an increase of 130 billion yuan from the previous trading day [1] - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.43% at 25801.77 points and a total trading volume of 169.77 billion HKD. The Hang Seng Tech Index rose by 0.87% to 5526.83 points [1] - In the U.S. stock market, all three major indices continued to rise for three consecutive days, with the Dow Jones Industrial Average up 0.47% to 48362.68 points, the S&P 500 up 0.64% to 6878.49 points, and the Nasdaq Composite up 0.52% to 23428.83 points [1] New Stock Listings - Xihua Technology, with stock code 603248, was listed at an issue price of 10.1 yuan per share and an earnings ratio of 33.12 times. The company specializes in the R&D, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components [2] - Tian Su Measurement, with stock code 301449, was listed at an issue price of 36.8 yuan per share and an earnings ratio of 21.78 times. It is a national independent third-party measurement and testing service provider, serving various sectors including biomedicine, automotive, new energy, and rail transportation [2] Important News - The Shanghai Futures Exchange announced adjustments to trading limits for silver futures contracts, effective December 24, 2025. Non-futures company members and certain foreign participants will have a maximum daily opening position limit of 10,000 contracts for the AG2602 contract [3] - The Ministry of Commerce of China will implement temporary anti-subsidy measures on imported dairy products from the EU starting December 23, 2025, due to preliminary findings of subsidies causing substantial harm to the domestic dairy industry [3]

在200米高空稳定运行的20兆瓦风电机组，其核心奥秘不仅在于迎风旋转的叶片，更隐藏在机舱深处的 齿轮箱中。"齿轮箱堪称风机的'心脏'，齿轮箱部件则是支撑心脏稳健跳动的'筋骨与瓣膜'。"锡华科技 董事长王荣正在接受上海证券报记者专访时表示。 04:50 3 31 C 在200米高空稳定运行的20兆瓦风电机组，其核心奥秘不仅在于迎风旋转的叶片，更隐藏在机舱深处的 齿轮箱中。"齿轮箱堪称风机的'心脏'，齿轮箱部件则是支撑心脏稳健跳动的'筋骨与瓣膜'。"锡华科技 董事长王荣正在接受上海证券报记者专访时表示。 12月23日，锡华科技登陆沪市主板。这家创立于2001年的企业，在中国风电行业快速发展期见证并参与 了由小到大的产业全过程。 "回想创业初期，国内风电机组单机容量仅为0.75兆瓦至0.8兆瓦，如今已跃升至20兆瓦。"王荣正感慨 道。二十余年来，锡华科技始终专注于风电齿轮箱专用部件的研发、生产与销售，已成长为该领域的核 心供应商之一。公司也正凭借着多年的技术积累与持续创新，在风电大型化与深远海化的浪潮中稳步前 行。 择"难"而行，以技术筑牢护城河 1981年，王荣正考入大学，攻读焊接工艺与设备专业。彼时，他亲身感受 ...

Group 1 - The company focuses on passive optical devices in the optical communication field, with a total market value of 1.827 billion yuan and an issuance price of 31.59 yuan per share [2][3] - The company has achieved significant revenue growth, with projected net profit of 1.315 billion yuan in 2024, representing a 114.51% increase, and revenue of 613 million yuan in 2023, up 29.05% [3] - The company plans to use the raised funds for the expansion of its manufacturing base in Guilin, expansion of its production base in Vietnam, and to supplement working capital [3] Group 2 - The company is one of the top three leaders in the domestic polyvinyl alcohol industry, with a focus on high-value-added products and strategic partnerships with international firms [7] - The company has a rich customer base, exporting products to over 40 countries, and is actively developing DMC industrialization projects for lithium battery applications [7] Group 3 - The company specializes in wind turbine gearboxes and injection molding machines, providing comprehensive services and has established deep ties with major clients [9] - The company is positioned as a national independent calibration service provider with strong advantages in the new energy battery testing sector, aiming for significant growth by 2024 [10]

锡华科技公告称，公司股票将于2025年12月23日在上交所主板上市，股票代码603248。首次公开发行后 总股本4.6亿股，发行股票数量1亿股，均为新股。本次发行后，无限售条件流通股6930.8918万股，占总 股本15.07%。公司提醒投资者注意上市初期投资风险，如涨跌幅限制放宽、流通股少、股价可能下 跌、融资融券等风险。 ...