Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

》》政策 国家发改委：加快构建全国一体化算力网 打造集算力统筹监测、统一调度、弹性供给、安全保障于一 体的新型算力网基础设施 登录新浪财经APP 搜索【信披】查看更多考评等级 本周硬科技领域投融资重要消息包括：8部门：增加人工智能终端产品有效供给；AI创企Modular融资 2.5亿美元；智元恒岳计划要约收购上纬新材37%股份。 国家发展改革委等6部门印发《关于加强数字经济创新型企业培育的若干措施》。强化算力资源供给支 撑。深入实施"东数西算"工程，落实有关政策文件要求，坚持国家枢纽节点算力规模部署，持续优化热 点应用区域需求保障。加快构建全国一体化算力网，支持地方协同参与、共同建设，在国家统一标准指 导下，推动全国算力资源有序池化，并网运行，打造集算力统筹监测、统一调度、弹性供给、安全保障 于一体的新型算力网基础设施。引导各类算力资源与数创企业需求高效精准对接，鼓励国家枢纽节点面 向数创企业提供低成本、广覆盖、可靠安全的算力服务，降低算力使用门槛。 8部门：增加人工智能终端产品有效供给 开展智能网联汽车准入和上路通行试点 商务部等8部门联合印发《关于大力发展数字消费共创数字时代美好生活的指导意见》。《指导意 ...

H-C Cmsemicon" 中 冒 半 导 体 中微半导体（深圳 ( C 9月23日，中微半导体（深圳）股份有限公司（以下简称"中微半导"）正式向香港交易所递交了上市申请，拟通过募集资金用于提升研发能力、加强技术开 发平台、进行策略性投资及收购、发展全球业务及设立香港研发中心，以及用作营运资金及一般企业用途。 凭借对国内客户需求的深刻理解、丰富的技术储备、长期积累的市场渠道资源及稳定的业务基础，中微半导体已建成包含众多知名企业的稳固客户基础。在 业绩记录期间，公司服务了超过1000家客户，包括业界领先的企业、知名消费品牌以及著名的汽车制造商，为未来的成长与市场扩展奠定了坚实的基础。依 托深厚的技术积累与前瞻性的商业洞察，公司已在人工智能（AI）、数据中心、机器人等细分领域实现产品落地。当前，人工智能、机器人等前沿技术的 发展已成为推动MCU行业进步的核心趋势与重要突破点；未来，公司将继续通过持续研发投入，积极推动MCU产品在上述前沿领域的快速渗透。 中微半导体的成熟交付能力、强劲的客户留存率，以及在各个营运环节及合作伙伴领域的整合，为持续扩张奠定了稳固基础。2022年、2023年及2024年以及 截至202 ...

Core Viewpoint - Zhongwei Semiconductor (Shenzhen) Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to issue H-shares and list on the main board, which has attracted market attention due to its status as a leading domestic MCU chip design company [1] Financial Health - As of June 30, 2025, the company's debt-to-asset ratio is only 9.26%, significantly lower than the industry average, indicating a rare level of financial stability [2] - The company holds substantial cash and financial assets, with cash and cash equivalents amounting to 428 million yuan and total financial assets exceeding 2 billion yuan, primarily in bank wealth management products and large certificates of deposit [2] - The company's liquidity ratios are impressive, with a quick ratio of 9.60 and a current ratio of 10.70, reflecting strong short-term debt repayment capabilities [2] - In the first half of 2025, the company achieved operating revenue of 504 million yuan, a year-on-year increase of 17.56%, and net profit of 86.47 million yuan, up 100.99% year-on-year [2] Market Position and Revenue Sources - The company's business is highly concentrated in the domestic market, with negligible overseas revenue, contrasting with its stated goal of a "global strategic layout" [3] - In the first half of 2025, revenue from MCU solutions was 378 million yuan, accounting for 75.1% of total revenue, while SoC solutions contributed 112 million yuan (22.3%), and ASIC solutions only 11.05 million yuan (2.2%) [3] - The company's products are primarily focused on home appliances and consumer electronics, ranking first in the Chinese smart home appliance MCU chip market and second in the consumer electronics MCU chip market by revenue in 2024 [3] IPO Fund Utilization Concerns - The IPO proceeds are intended for enhancing R&D capabilities, strategic investments and acquisitions, global business development, and general corporate purposes [4] - Market analysts question the necessity of equity financing for a company with substantial cash reserves and low debt levels, suggesting that the company could fund its growth plans using its own resources [4] - Critics express concerns that large-scale equity financing could dilute existing shareholders' equity and reduce return on equity, given the company's already healthy financial status [4] Competitive Landscape and Market Growth - The domestic MCU market is highly competitive, with over 400 manufacturers, leading to intense price competition and low profit margins in the low-end market [5] - According to Frost & Sullivan, the Chinese MCU market is projected to grow from 56.8 billion yuan in 2024 to 96.9 billion yuan in 2029, with a compound annual growth rate of 11.3%, driven primarily by the automotive electronics sector [6] - The company is actively transitioning to the high-end market, focusing on automotive-grade control chips, with significant revenue growth in industrial control products (31.6% year-on-year) and automotive electronics (44.3% year-on-year) in the first half of 2025 [6] Strategic Considerations - Supporters of the IPO argue that it is part of the company's strategic layout, facilitating smoother connections with overseas investors and strengthening global business capabilities [7] - However, critics view it as a potential over-financing move, raising concerns about the efficient use of funds and the risk of idle capital if the company cannot effectively deploy the raised capital [7] - The company must demonstrate the rationale behind its financing plans and ensure efficient fund utilization to avoid falling into the "over-financing" criticism [7]

在科创板上市3年后，中微半导（688380.SH）向港交所主板发起"冲锋"。 9月24日晚间，中微半导公告显示，公司已于9月23日向香港联合交易所有限公司递交了发行H股股票并 在香港联交所主板挂牌上市的申请。 业绩方面，2025年上半年，中微半导实现营业收入5.04亿元，同比增长17.56%；净利润8646.96万元， 同比增长100.99%。 按照当前业绩增长趋势，中微半导2025年全年营业收入有望超过10亿元。 截至2025年上半年底，中微半导研发人员达211人，占公司总人数49.07%，研发人员总薪酬达3920.03万 元，人均薪酬18.58万元，月均超过3万元。 半年报中，中微半导介绍，上半年，公司8位MCU（微控制单元）的龙头地位进一步巩固，成为32位 MCU自主可控替代的重要供应商。 2025年营收有望超10亿 中微半导2022年8月在科创板上市，公司是中国领先的智能控制方案解决商，专注于数字和模拟芯片的 研发、设计与销售，为客户提供"MCU+驱动+底层算法"的一站式整体解决方案。 9月24日晚间，中微半导发布公告称，公司已于9月23日向香港联合交易所有限公司递交了发行H股股票 并在香港联交所主板 ...

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 数据宝统计，截至14:53，中微半导成交额11.57亿元，创2022年8月9日以来新高。最新股价上涨 4.82%，换手率17.17%。上一交易日该股全天成交额为11.50亿元。 据天眼查APP显示，中微半导体(深圳)股份有限公司成立于2001年06月22日。注册资本40036.5万人民 币。（数据宝） ...

Key Points - Huasoft Technology is currently producing and selling light initiator products in small batches based on customer orders [1] - Kaineng Health plans to establish a wholly-owned subsidiary in Hainan or Hunan provinces to engage in the cell industry and related mergers and acquisitions [1] - Linyang Energy has won a bid for a 142 million yuan project with the State Grid [1] - New Zhizhi Software intends to acquire 49% equity of Shenzhen Hengdao for 48.2356 million yuan [1] - Xindian Software plans to repurchase shares worth between 30 million to 50 million yuan [1] - Shanjin International has submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange [1] - Zhongwei Semiconductor has also submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [1] - Huadong Heavy Machinery's Wu Qingming Yu No. 6 and Tianchen Jinting No. 1 plan to reduce their holdings by no more than 1.5% [2] - Xinde New Materials' Shang Rong Baoying and its concerted parties plan to reduce their holdings by no more than 3% [2] - Huayi Pharmaceutical's shareholder Wang Xiaopeng plans to reduce his holdings by no more than 12.708 million shares [2] - International Industry plans to raise no more than 660 million yuan through a private placement to its controlling shareholder [2] - Ruima Precision has been awarded a project for automotive air suspension system products [2] - Wanhui High-tech expects a net profit increase of 69.81% to 109.77% for the first three quarters [2]

本次发行如果最终实施，鉴于本次发行的认购对象仅限于符合相关条件的境 外投资者及依据中国相关法律法规有权进行境外证券投资的境内合格投资者，公 司将不会在境内证券交易所的网站和符合监管机构规定条件的媒体上刊登该申 请资料，但为使境内投资者及时了解该等申请资料披露的本次发行以及公司的其 他相关信息，现提供该申请资料在香港联交所网站的查询链接供查阅： 中文： https://www1.hkexnews.hk/app/sehk/2025/107699/documents/sehk2509230170 5.pdf 证券代码：688380 证券简称：中微半导 公告编号：2025-039 中微半导体（深圳）股份有限公司 关于向香港联交所递交H股发行并上市的申请 并刊发申请资料的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 中微半导体（深圳）股份有限公司（以下简称"公司"）已于2025年9月23日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行H股股票并 在香港联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在 ...

格隆汇9月24日丨中微半导(688380.SH)公布，公司已于2025年9月23日向香港联合交易所有限公司（以 下简称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市（以下简称"本次发行"）的申 请，并于同日在香港联交所网站刊登了本次发行的申请资料。该申请资料为公司按照香港证券及期货事 务监察委员会及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和变动， 投资者不应根据其中的资料作出任何投资决定。 ...