Core Insights - The refinancing scale in the Shanghai Stock Exchange (SSE) for 2025 has reached nearly 690 billion yuan, significantly supporting the optimization of capital structures and enhancing technological innovation and industrial upgrades for listed companies [1][2]. Group 1: Refinancing Efficiency - The efficiency of refinancing reviews in the SSE has improved significantly in 2025, with a notable acceleration in the review process following the implementation of the "1+6" policy measures on June 18 [3]. - As of December 19, 2025, the average review cycle for refinancing projects has been compressed to around 2 months, with some projects, such as those from Xianghe Industrial and Haitian Flavoring, being approved in as little as 40 days [3]. - The SSE has enhanced communication and consultation efficiency, further shortening the review cycle by actively reminding and responding to major issues during the review process [3]. Group 2: Simplified Procedures - The simplified refinancing procedure has emerged as a "fast track" for refinancing, allowing companies to autonomously decide on fundraising purposes without needing exchange review, thus significantly improving financing efficiency [4]. - Recently, Zhimin Technology successfully raised 208 million yuan through the simplified procedure for research and industrialization projects in the fields of unmanned equipment and commercial aerospace [4]. - The simplified procedure has enabled companies to complete financing within the year, addressing urgent funding needs and enhancing certainty in financing [4]. Group 3: Light Asset and High R&D Standards - The "light asset, high R&D input" standard has empowered high-tech companies to meet their funding needs for research and development, with 14 companies in the SSE adopting this standard since its introduction in October 2024 [6]. - These companies have collectively planned to raise 35.12 billion yuan, representing 38% of the number of companies and 76% of the total financing amount in the SSE for 2025 [6]. - The standard has effectively supported the financing development of high-growth "hard tech" enterprises, with companies like Cambricon and Dizhe Pharmaceutical successfully raising funds under this standard [7]. Group 4: Diverse Listing Standards - Companies utilizing the "light asset, high R&D input" standard have demonstrated the diverse and inclusive characteristics of the SSE, with applicants spanning all five listing standards [8]. - Notable companies include Lexin Technology and Zhongke Xingtu, which have successfully registered under various listing standards, showcasing the adaptability of the SSE to different business models [8].

Core Insights - The refinancing review process has been significantly expedited, with an average approval cycle of around 2 months, marking a reduction from previous timelines [1][2][3] - The "light asset, high R&D investment" standard has become a primary choice for companies on the Sci-Tech Innovation Board for refinancing, with 14 companies adopting this standard since its introduction in October 2024, aiming to raise a total of 35.12 billion yuan [1][6] Group 1: Refinancing Review Process - A total of 37 refinancing projects were approved in the Shanghai market from the fourth quarter of 2025 to December 19, with the fastest project taking only 40 days for approval [1][3] - The simplified refinancing procedure allows companies to autonomously decide on fundraising uses, enhancing efficiency by eliminating the need for exchange review inquiries [2][3] - The implementation of the simplified procedure has been extended from the Sci-Tech Innovation Board to the main board, further facilitating refinancing processes [2] Group 2: Adoption of New Standards - The "light asset, high R&D investment" standard has been adopted by 14 companies, with the total proposed financing amounting to 35.12 billion yuan, representing 38% of the number of companies and 76% of the financing amount in 2025 [1][6] - Companies like Zhimin Da have successfully issued new shares under this standard, significantly shortening the review time and addressing urgent financing needs [1][6][8] - The standard has allowed companies to exceed the previous 30% limit on liquidity ratios, thereby increasing R&D investment and innovation capabilities [6] Group 3: Impact on Companies - Companies such as Microchip Biotech and Lianrui New Materials have reported that rapid approval of their refinancing projects will enhance their funding sources and accelerate innovation in drug development [4][3] - The successful adoption of the "light asset, high R&D investment" standard has enabled companies to align their fundraising efforts with national economic development strategies [6][7] - The focus on real business and funding needs has been emphasized by companies to ensure the success of their refinancing applications [8]

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 55.86 CNY [5][20]. Core Insights - The company focuses on the development, production, and service of high-reliability embedded computers, with products widely used in high-end equipment, particularly in the defense sector, which is expected to maintain strong demand [2][21]. - The projected net profit for the company from 2025 to 2027 is estimated at 1.14 billion, 1.7 billion, and 2.02 billion CNY, with corresponding EPS of 0.66, 0.98, and 1.16 CNY [14][20]. - The global military embedded systems market is expected to grow from 1.81 billion USD in 2024 to 3.23 billion USD by 2032, with a CAGR of 7.5% [10][20]. Financial Summary - Total revenue is projected to increase from 663 million CNY in 2023 to 1.208 billion CNY in 2027, with a significant growth rate of 70.7% in 2025 [4][11]. - Net profit attributable to the parent company is expected to recover from 19 million CNY in 2024 to 202 million CNY in 2027, reflecting a substantial growth trajectory [4][11]. - The company’s gross margin is anticipated to improve from 44.84% in 2025 to 50.75% in 2027, indicating effective cost control and operational efficiency [16][17]. Market Position and Growth Drivers - The company is positioned as a leader in high-reliability embedded computers, serving critical sectors such as aerospace and defense, with a focus on customized solutions [21][30]. - The demand for embedded computers in military applications is expected to rise due to the increasing complexity and technological advancement of military equipment [10][20]. - The company is actively pursuing opportunities in commercial aerospace and unmanned systems, which are projected to become significant growth areas [10][20]. Order and Revenue Growth - The company reported a significant increase in orders, with a 73.71% year-on-year growth in backlog orders, driven by rising customer demand [10][20]. - The embedded computer market for airborne and missile applications is expected to see substantial growth, with projected increases of 43.62% and 192.7% respectively from 2025 to 2027 [15][20]. Cost Management and Profitability - The company has successfully optimized its cost structure, leading to improved profitability metrics, with net profit margins expected to rise from 15.3% in 2025 to 16.7% in 2027 [16][39]. - The management has implemented effective cost control measures, resulting in a decrease in operating expenses as a percentage of revenue [39][42]. Investment and Future Outlook - The company is focusing on R&D investments to enhance its product offerings in unmanned systems and commercial aerospace, which are expected to drive future revenue growth [10][20]. - The strategic initiatives include launching fundraising projects aimed at developing embedded computing solutions for new markets, positioning the company for long-term growth [10][20].

华泰联合证券有限责任公司 关于成都智明达电子股份有限公司 调整募集资金投资项目拟投入募集资金金额的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 成都智明达电子股份有限公司（以下简称"智明达"或"公司"）2025 年度向特定对 象发行股票并在科创板上市的保荐机构，根据《上市公司募集资金监管规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律、行政 法规、部门规章及业务规则，对智明达拟使用募集资金置换先期投入的事项进行 了审慎核查，并发表本核查意见，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意成都智明达电子股份有限公司向特定 对象发行股票注册的批复》（证监许可[2025]2505 号）同意注册，成都智明达电 子股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（A 股） 6,278,999 股，每股面值人民币 1.00 元，每股发行价格为人民币 33.19 元，共计 募集货币资金人 民币 208,399,976.81 元，扣除与发行 有关的费用人民币 3,000,094.42 元（不含增值税）后，公司实际募集资金净 ...

华泰联合证券有限责任公司 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 成都智明达电子股份有限公司（以下简称"智明达"或"公司"）2025 年度向特定对 象发行股票并在科创板上市的保荐机构，根据《上市公司募集资金监管规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律、行政 法规、部门规章及业务规则，对智明达拟使用部分闲置募集资金进行现金管理的 事项进行了认真、审慎的核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意成都智明达电子股份有限公司 向特定对象发行股票注册的批复》（证监许可[2025]2505 号），公司向特定对象 发行人民币普通股（A 股）6,278,999 股，每股面值人民币 1.00 元，每股发行价 格为人民币 33.19 元，共计募集货币资金人民币 208,399,976.81 元，扣除与发行 有关的费用人民币 3,000,094.42 元（不含增值税）后，公司实际募集资金净额为 人民币 205,399,882.39 元。上述募集资金已于 2025 年 11 月 26 日全部到位，由 信永中和会计师事务所 ...

华泰联合证券有限责任公司 关于成都智明达电子股份有限公司 使用募集资金置换先期投入的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 成都智明达电子股份有限公司（以下简称"智明达"或"公司"）2025 年度向特定对 象发行股票并在科创板上市的保荐机构，根据《上市公司募集资金监管规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律、行政 法规、部门规章及业务规则，对智明达拟使用募集资金置换先期投入的事项进行 了审慎核查，并发表本核查意见，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意成都智明达电子股份有限公司向特定 对象发行股票注册的批复》（证监许可[2025]2505 号）同意注册，成都智明达电 子股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（A 股） 6,278,999 股，每股面值人民币 1.00 元，每股发行价格为人民币 33.19 元，共计 募集货币资金人 民币 208,399,976.81 元，扣除与发行 有关的费用人民币 3,000,094.42 元（不含增值税）后，公司实际募集资金净额为人民币 2 ...

No 8 Chaovangmen Beig Donachena District. Be certified public accountants 100027. P.R.Chin 成都智明达电子股份有限公司 以募集资金置换预先投入募投项目自筹资金 及已支付发行费用的鉴证报告 成都智明达电子股份有限公司 以募集资金置换预先投入募投项目自筹 资金及已支付发行费用的 鉴证报告 | 索引 | 页码 | | --- | --- | | 鉴证报告正文 | 1-2 | | 以募集资金置换预先投入募投项目自筹资金及已支付 | 1-3 | | 发行费用的专项说明 | | 联系申话: +86(010) 6554 2288 信永中和会计师事务所|北京市东城区朝阳门北大街 telephone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 房 XYZH/2025BJAG1B0454 成都智明达电子股份有限公司 成都智明达电子股份有限公司全体股东: 我们接受委托,对后附的成都智明达电子股份有限公司(以下简称"智明达")编制的 截至 2025 年 12 月 5 日止《成都智明达电子股份有限公司以募集资金置换预先投 ...

成都智明达电子股份有限公司 章程 （修订稿） （2025 年 12 月） 目 录 第四章 股东和股东会 第五章 董事会 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知和公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 军工事项特别条款 第十二章 附则 第一章 总则 第一条 为维护成都智明达电子股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民 ...

Company Overview - Zhimin Da (SH 688636) announced its fourth board meeting on December 12, 2025, to discuss changes in registered capital and amendments to the company’s articles of association [1] - As of the report, Zhimin Da has a market capitalization of 7 billion yuan [1] Financial Performance - For the year 2024, Zhimin Da's revenue composition is as follows: embedded computers account for 99.46% and other businesses account for 0.54% [1]

重要内容提示： 本次拟使用募集资金人民币6,919,455.00元置换预先投入的自筹 资金人民币6,919,455.00元。 本次募集资金置换的时间距募集资金到账时间未超过6个月，符合 相关法规的要求。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意成都智明达电子股份有限公司向特 定对象发行股票注册的批复》（证监许可[2025]2505号）同意注册，成都智明 达电子股份有限公司（以下简称"公司"或"智明达"）向特定对象发行人民 币普通股（A股）6,278,999股，每股面值人民币1.00元，每股发行价格为人民 币33.19元，共计募集货币资金人民币208,399,976.81元，扣除与发行有关的费 用人民币3,000,094.42元（不含增值税）后，公司实际募集资金净额为人民币 205,399,882.39元。上述募集资金已于2025年11月26日全部到位，并由信永中 和 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） 于 2025 年 11 月 27 日 出 具 "XYZH/2025BJAG1B0440号"的验资报告审验，上述募集资金已经全部存放于募 集资金专户管理。公司已与保荐机构华泰联 ...