Core Insights - The report highlights the performance of Jiangsu's A-share IPO market in August 2025, indicating a total of 17 new A-share companies in the first eight months, ranking first among all provinces in China [19] - Despite leading in the number of new listings, Jiangsu ranks fourth in total fundraising amount, with a total of 21.86 billion yuan raised in the first eight months [19][7] - The newly listed companies are primarily concentrated in strategic emerging industries such as semiconductors, biomedicine, and new materials, reflecting an ongoing optimization and upgrading of the industrial structure in Jiangsu [19] IPO Quantity and Fundraising - In August 2025, Jiangsu added three new A-share companies: Tianfulong from Yangzhou, Youli Intelligent from Suzhou, and Hansang Technology from Nanjing [19] - The total fundraising amount for A-share IPOs in August reached 40.93 billion yuan, with Jiangsu's contributions being 9.44 billion yuan from Tianfulong, 3.09 billion yuan from Youli Intelligent, and 9.32 billion yuan from Hansang Technology [19][15] - In the first eight months, Suzhou led the province with six new A-share companies, followed by Wuxi, Changzhou, and Yangzhou with two each, and other cities like Nantong, Nanjing, Huai'an, Zhenjiang, and Taizhou each contributing one [19][14] Regional Performance - Suzhou also topped the province in total fundraising, accumulating 21.46 billion yuan in the first eight months [19] - The report indicates a strong performance in the A-share market for Jiangsu, showcasing the province's vibrant corporate activity and its attractiveness to investors [19]

证券代码：603406 证券简称：天富龙 一、参加本次股东会的 A 股股东为截至本次股东会股权登记日收市后在中 国证券登记结算有限公司上海分公司登记在册的本公司股东。参加现场会议的股 东或其授权代表（以下简称"股东"）应按规定出示本人身份证或法人单位证明 以及授权委托书等证件，经律师验证合格后方可出席会议。除出席会议的股东或 股东代理人，公司董事、监事、高级管理人员、公司聘请的律师等人员外，公司 有权依法拒绝其他人员进入会场。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，参加 现场会议的股东请按时进入会场，听从工作人员安排入座。会议主持人报告现场 出席会议的股东人数及其所持有表决权的股份总数后宣布会议开始，在此之后进 入会场的股东将无权参与现场投票方式表决。特殊情况，应经会议工作组同意并 向律师申报同意后方可计入现场表决数。 扬州天富龙集团股份有限公司 2025 年第一次临时股东会 会议资料 2025 年 9 月 | | | 扬州天富龙集团股份有限公司 2025 年第一次临时股东会会议须知 为维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证本次 股东会的顺利进行，扬州天富龙集团股 ...

Group 1 - Tianfu Long's stock price increased by 0.09% on September 10, with a trading volume of 86.21 million yuan [1] - The financing data on the same day showed a financing purchase amount of 9.95 million yuan and a financing repayment of 11.37 million yuan, resulting in a net financing outflow of 1.42 million yuan [1] - As of September 10, the total balance of margin trading for Tianfu Long was 90.26 million yuan, accounting for 5.71% of its market capitalization [1] Group 2 - As of August 8, the number of shareholders for Tianfu Long reached 57,500, an increase of 442,423.08% compared to the previous period [2] - For the first half of 2025, Tianfu Long reported an operating income of 1.701 billion yuan, a year-on-year decrease of 4.68%, while the net profit attributable to shareholders increased by 0.41% to 226 million yuan [2] Group 3 - Tianfu Long Group Co., Ltd. is located in Yangzhou, Jiangsu Province, and was established on May 11, 2009, with its listing date on August 8, 2025 [1] - The company's main business involves the research, production, and sales of differentiated polyester staple fibers, with the main revenue sources being differentiated composite fibers (64.50%) and low melting point staple fibers (59.63%) [1]

- The report primarily focuses on IPO performance in August 2025, highlighting that the A-share market saw 8 new listings with a total fundraising amount of 40.93 billion yuan, a significant month-on-month decline in fundraising scale[3][10][18] - The average first-day increase for new IPOs in the Shanghai and Shenzhen markets was 272.76%, with no cases of breaking below the issue price, driven by low issuance PE ratios and the scarcity of new listings[3][14][18] - The report emphasizes the importance of "entry" strategies, recommending participation in low-priced, small-cap IPOs with high first-day increase potential, as well as large-cap IPOs with significant offline allocation[3][19][22]

Quantitative Models and Construction Methods 1. Model Name: IPO Return Estimation Model - **Model Construction Idea**: The model estimates the returns of IPO investments by considering account size, subscription limits, winning rates, and IPO yield rates[47] - **Model Construction Process**: The model calculates the IPO return for a single account using the formula: $ \text{Single Account IPO Return} = \min(\text{Account Size}, \text{Subscription Limit}) \times \text{Winning Rate} \times \text{Yield Rate} $ For full subscription scenarios, the formula is: $ \text{Full Subscription Return} = \text{Subscription Limit} \times \text{Winning Rate} \times \text{Yield Rate} $ - Winning rate is based on actual IPO results - Yield rate is determined by the price difference between the IPO price and the first trading day price for registration-based IPOs, or the price difference on the opening day for non-registration-based IPOs[47] - **Model Evaluation**: The model provides a structured approach to estimate IPO returns under different scenarios, but it relies on historical data and assumptions, which may introduce subjectivity[47][72] --- Model Backtesting Results 1. IPO Return Estimation Model - **Main Board**: - August 2025: A-class return rate: 0.014%, C-class return rate: 0.013%[48] - Full subscription return: A-class: 6.8 million yuan, C-class: 6.4 million yuan[57] - **ChiNext Board**: - August 2025: A-class return rate: 0.066%, C-class return rate: 0.064%[48] - Full subscription return: A-class: 33.2 million yuan, C-class: 32.1 million yuan[57] - **Cumulative 2025 Returns**: - A-class: 1.134%, C-class: 1.035%[54] --- Quantitative Factors and Construction Methods 1. Factor Name: Winning Rate Factor - **Factor Construction Idea**: Measures the probability of winning IPO shares based on investor category and market conditions[30][31] - **Factor Construction Process**: Winning rates are calculated as the ratio of successful allocations to total applications, segmented by investor categories (A-class and C-class) and market boards (Main Board, ChiNext, etc.)[30][31] - **Factor Evaluation**: The factor effectively captures the allocation efficiency and competitiveness of different investor categories in IPOs[30][31] 2. Factor Name: Yield Rate Factor - **Factor Construction Idea**: Represents the profitability of IPO investments based on the price difference between the IPO price and the trading price[47] - **Factor Construction Process**: Yield rate is calculated as: $ \text{Yield Rate} = \frac{\text{Trading Price} - \text{IPO Price}}{\text{IPO Price}} $ - For registration-based IPOs, the trading price is the average price on the first trading day - For non-registration-based IPOs, the trading price is the average price on the opening day[47] - **Factor Evaluation**: The factor provides a direct measure of IPO profitability but may be influenced by market volatility and external factors[47] --- Factor Backtesting Results 1. Winning Rate Factor - **Main Board**: - A-class: 0.12‰, C-class: 0.12‰[30] - **ChiNext Board**: - A-class: 0.25‰, C-class: 0.24‰[30] 2. Yield Rate Factor - **Main Board**: - August 2025: 140.68%[23] - **ChiNext Board**: - August 2025: 302.58%[23]

Meeting Overview - The second meeting of the second board of directors of Yangzhou Tianfulong Group Co., Ltd. was held on August 29, 2025, with all 9 directors present [1] - The meeting was chaired by Chairman Zhu Daqing, with attendance from all supervisors and relevant senior management [1] Resolutions Passed - The board approved the proposal to use raised funds to replace pre-invested project funds and paid issuance expenses, with a unanimous vote of 9 in favor [2] - The board approved the proposal to use part of the idle raised funds and self-owned funds for cash management, also with a unanimous vote of 9 in favor [2] - The board approved the proposal to use self-owned funds and bank acceptance bills to pay part of the project funds and replace them with raised funds, again with a unanimous vote of 9 in favor [2] - The board approved the proposal to change the company's registered capital, company type, cancel the supervisory board, and amend the Articles of Association, with a unanimous vote of 9 in favor [3] - The board approved the proposal to revise and add certain internal governance systems, which will require submission to the shareholders' meeting for approval [3][4] - The board approved the proposal to convene the first temporary shareholders' meeting of 2025, with a unanimous vote of 9 in favor [3]

Meeting Overview - The second session of the second Supervisory Board of Yangzhou Tianfulong Group Co., Ltd. was held on August 29, 2025, in compliance with relevant laws and regulations [1] - The meeting was attended by all three supervisors, with one participating via communication [1] Resolutions Passed - The Supervisory Board approved the proposal to use raised funds to replace self-raised funds that were previously invested in fundraising projects and to cover issuance costs. This replacement occurred within six months of the raised funds being received, complying with regulatory requirements [1] - The Supervisory Board also approved the use of part of the idle raised funds and self-owned funds for cash management, emphasizing that this would not affect the implementation of investment projects [2] - Additionally, the Supervisory Board agreed to use self-owned funds and bank acceptance bills to pay for part of the fundraising project costs, with an equivalent amount to be replaced by raised funds. This decision was made to optimize payment methods and improve fund utilization efficiency [3]

Core Viewpoint - The company plans to utilize part of its idle raised funds and self-owned funds for cash management, focusing on high-safety, liquid, and principal-protected financial products, ensuring that this does not affect the normal operation and investment projects of the company [1][4][6]. Fundraising Overview - The company has successfully raised a total of RMB 944.24 million through the issuance of 40.01 million shares at RMB 23.60 per share, with a net amount of RMB 855.91 million after deducting issuance costs [2][3]. - The excess raised funds amount to RMB 65.91 million, and all raised funds have been verified and accounted for [2][3]. Investment Project Details - The net proceeds from the fundraising will be allocated to projects related to the main business, including a production project for low-melting-point polyester fibers and a research center for recycled short fibers, with a total investment of RMB 114.53 million [3]. Cash Management Plan - The company intends to invest up to RMB 2.60 billion of idle raised funds and up to RMB 14.00 billion of idle self-owned funds in safe, liquid, principal-protected financial products, with individual product terms not exceeding 12 months [1][4][5]. - The cash management plan is designed to enhance fund utilization efficiency and generate additional income for the company and its shareholders [4][6]. Approval Process - The cash management proposal was approved in the board and supervisory meetings held on August 29, 2025, and does not require further shareholder approval [2][7]. Monitoring and Compliance - The company has established a special account for the management of raised funds and signed a tripartite supervision agreement with the bank and sponsor to ensure compliance and protect investor interests [3][5]. - The company will disclose the cash management activities in accordance with relevant regulations and guidelines [5][7].

Core Viewpoint - Yangzhou Tianfulong Group Co., Ltd. has announced changes to its registered capital, company type, the cancellation of the supervisory board, and revisions to its articles of association and governance systems following its initial public offering [1][2]. Group 1: Changes in Registered Capital and Company Type - The company has completed its initial public offering of 40.01 million shares, increasing its registered capital from RMB 360 million to RMB 400.1 million [1][2]. - Following the IPO, the company type has changed from "unlisted limited company" to "listed limited company" [1][2]. Group 2: Cancellation of Supervisory Board - In accordance with the latest provisions of the Company Law of the People's Republic of China, the company will no longer have a supervisory board, with its functions transferred to the audit committee of the board of directors [1][2]. Group 3: Revisions to Articles of Association - The company has undertaken a systematic revision of its articles of association to align with the latest legal requirements and its actual situation, with specific changes detailed in the accompanying comparison table [2][4]. - The revised articles of association will require approval from the shareholders' meeting and will be filed with the market supervision administration [2][4]. Group 4: Governance System Revisions - The company has developed and revised several internal governance systems to enhance operational compliance and internal governance mechanisms [2][4]. - These revisions have been approved by the board of directors, with some requiring further approval from the shareholders' meeting to take effect [2][4].

Summary of Key Points Core Viewpoint - The company plans to use raised funds to replace self-raised funds that were previously invested in fundraising projects and to cover issuance expenses, totaling approximately RMB 603.33 million, which complies with relevant regulations [1][6]. Group 1: Fundraising Overview - The company has been approved to publicly issue 40.01 million shares at a price of RMB 23.60 per share, raising a total of RMB 944.24 million [1]. - After deducting issuance costs of RMB 88.32 million, the net amount raised is RMB 855.91 million, including an oversubscription amount of RMB 65.91 million [1][2]. Group 2: Fund Utilization - The net proceeds from the fundraising will be allocated to projects related to the company's main business, including a project for producing 170,000 tons of low-melting-point polyester fiber and 10,000 tons of high-elastic low-melting-point fiber [2][3]. - The total investment for the projects is RMB 1.145 billion, with RMB 790 million planned to be funded by the raised capital [3][4]. Group 3: Pre-Investment and Issuance Costs - Prior to the arrival of the raised funds, the company used self-raised funds amounting to RMB 592.91 million for project investments and RMB 10.42 million for issuance costs [5][6]. - The company has received approval from relevant departments and shareholders for the investment projects, and the pre-invested amounts are set to be replaced by the raised funds [4][5]. Group 4: Compliance and Opinions - The board of directors and supervisory board have approved the use of raised funds for replacing pre-invested amounts, confirming that the replacement occurs within six months of the funds being received, in line with regulatory requirements [6][7]. - The monitoring and accounting firms have verified that the company's actions comply with regulations and do not harm shareholder interests [6][7].