Group 1: Company Overview - Rui Li Ke Mi is a national high-tech enterprise specializing in the research, production, and sales of core components related to active safety systems for motor vehicles [1][3] - The company has developed capabilities in various active safety systems including ABS, ESC, EBS, EPB, and ECAS, and its products are widely used in commercial vehicles, passenger cars, and motorcycles [1][3] Group 2: Financial Performance - For the years 2022 to 2024, Rui Li Ke Mi is projected to achieve operating revenues of 1.33 billion, 1.76 billion, and 1.98 billion CNY, respectively, with net profits of 97 million, 236 million, and 269 million CNY [4] - The company has experienced significant fluctuations in its financial performance, with a notable reliance on raw materials such as chips and aluminum ingots, which account for over 35% of its procurement [4] Group 3: Market Position - Rui Li Ke Mi has maintained a leading position in the commercial vehicle pneumatic electronic braking system sector, ranking first in production and sales of ABS products for ten consecutive years from 2014 to 2023 [3] - The company's brand "Kormee" has become a top-tier brand in the industry, and it has established partnerships with major domestic vehicle manufacturers and exports to Europe and the United States [3] Group 4: Investment and Future Plans - The company plans to invest 8.81 billion CNY in the development of an intelligent electronic control system headquarters in the Greater Bay Area and 3.08 billion CNY in a research and development center [2][3] Group 5: Company Overview (Yunhan Xincheng) - Yunhan Xincheng is an innovative high-tech enterprise that integrates electronic component distribution with industrial internet, focusing on the R&D, production, and procurement needs of small-batch electronic components [4][10] - The company is recognized as a leading B2B enterprise in the electronic components sector in China [4][10] Group 6: Financial Performance (Yunhan Xincheng) - Yunhan Xincheng's projected operating revenues for 2022 to 2024 are 4.33 billion, 2.64 billion, and 2.58 billion CNY, with net profits of 136 million, 79 million, and 88 million CNY, respectively [10][11] Group 7: Investment and Future Plans (Yunhan Xincheng) - The company intends to allocate funds towards upgrading its big data center and component trading platform, building an electronic industry collaborative manufacturing service platform, and establishing intelligent shared warehousing [7][10]

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. is set to list its ordinary shares on the Shenzhen Stock Exchange on September 30, 2025, with an initial offering price of 42.28 yuan per share [1][2]. Summary by Sections Listing Overview - Stock Name: Ruili Kemi [3] - Stock Code: 001285 [3] - Total Shares After IPO: 180.178184 million shares [3] - Number of Shares Offered: 45.044546 million shares [3] Initial Trading Risks - The initial trading period will have no price limit for the first five trading days, followed by a 10% limit thereafter, which may lead to significant price volatility [2]. - The company will have a limited number of freely tradable shares at the beginning, with only 40,623,291 shares available, representing approximately 22.55% of the total shares post-IPO, indicating potential liquidity risks [4]. Valuation Metrics - The diluted price-to-earnings (P/E) ratio based on the IPO price is 29.64, which is lower than the industry average P/E ratio of 54.54 as of September 15, 2025 [7]. - The average P/E ratio for comparable companies in the same industry is 34.27, suggesting that the company's valuation may be attractive compared to peers [7]. Financial Performance Considerations - The company may experience a decline in earnings per share and return on equity in the short term due to the increase in share capital from the IPO, as the benefits from the raised funds will take time to materialize [8]. - There is a risk that the stock price may fall below the offering price after listing, emphasizing the need for investors to be aware of market risks and to adopt a value investment approach [9].

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. has received approval for its initial public offering (IPO) of A-shares and will be listed on the main board, with the underwriting led by CITIC Securities [1][9]. Group 1: IPO Details - The total number of shares to be issued is 45,044,546, with an issue price of RMB 42.28 per share, representing 25% of the company's total shares post-issue [1][2]. - The initial strategic placement involves 4,504,454 shares, accounting for 10% of the total issuance, with a final strategic placement of 3,547,776 shares, approximately 7.88% of the total issuance [2][8]. Group 2: Subscription and Allocation - The online subscription received a high initial effective subscription multiple of 9,771.89 times, leading to a mechanism that reallocates 40% of the shares from offline to online, resulting in 32,815,000 shares for online investors [3][4]. - The final allocation for offline investors is 8,681,770 shares, approximately 20.92% of the adjusted total issuance, while online investors will receive 32,815,000 shares, about 79.08% [3][5]. Group 3: Payment and Restrictions - Investors must ensure that subscription funds are fully paid by September 23, 2025, or their allocations will be void [4][6]. - Online shares will have no restrictions on circulation, while offline shares will have a 6-month lock-up period for 10% of the allocated shares [5][8]. Group 4: Strategic Placement - The strategic placement is primarily for senior management and core employees through a dedicated asset management plan, with initial and final placements confirmed [8][9]. - The total amount paid by strategic placement investors has been confirmed, and excess funds will be refunded by September 25, 2025 [8].

格隆汇9月30日｜今日瑞立科密(001285.SZ)、云汉芯城(301563.SZ)上市，无新股申购。 ...

Core Viewpoint - Rui Li Ke Mi (001285) is set to go public with an IPO on the Shenzhen Stock Exchange, aiming to raise funds for its automotive safety systems and related projects [1][4] Group 1: Company Overview - Rui Li Ke Mi specializes in the research, production, and sales of active safety systems for motor vehicles, including key components like ABS, ESC, EBS, EPB, and ECAS [1] - The company has established itself as a leading player in the commercial vehicle active safety system market in China, with its brand "Kormee" recognized as a top industry brand [2] Group 2: Market Position and Performance - From 2014 to 2023, Rui Li Ke Mi's ABS products have ranked first in both production and sales for ten consecutive years, with a leading market share from 2021 to 2023 [2] - The company reported revenues of 1.977 billion yuan in 2024, with projected revenues of 1.55 billion to 1.73 billion yuan for the first nine months of the year, reflecting a year-on-year growth of 13.82% to 27.04% [3] Group 3: Research and Development - Rui Li Ke Mi invests significantly in R&D, with expenditures of approximately 93.73 million yuan, 96.79 million yuan, and 115.83 million yuan from 2022 to 2024, respectively [2] - The company holds 459 authorized patents, including 58 invention patents, and has developed 22 core technologies closely related to its main business [2] Group 4: Future Prospects and Funding - The funds raised from the IPO will be allocated to projects such as the establishment of a smart automotive electronic control system headquarters in the Greater Bay Area, R&D center construction, and working capital supplementation [4]

Core Insights - The company, 瑞立科密, is conducting an initial public offering (IPO) and has presented its online roadshow on September 18, focusing on its core business and technology [1] - The funds raised will be invested in projects that enhance the company's main business, including the establishment of a headquarters for automotive intelligent electronic control systems in the Greater Bay Area, a research and development center, and information technology projects [1] - These investments aim to upgrade and expand the active safety systems for motor vehicles, thereby strengthening the company's core competitiveness and optimizing its asset-liability structure for sustainable development [1] Company Overview - 瑞立科密 was established in 2001 and is recognized as a national high-tech enterprise specializing in the research, production, and sales of core components related to active safety systems for motor vehicles [1] - The main business includes the development, production, and sales of active safety systems for motor vehicles and precision aluminum alloy die-casting parts, along with technical services [1]

Core Viewpoint - 瑞立科密 is a leading domestic enterprise in the active safety system for commercial vehicles, focusing on the research, development, production, and sales of core components related to vehicle active safety systems and aluminum alloy precision die-casting [1][2]. Company Overview - 瑞立科密's main business includes the development, production, and sales of active safety systems and aluminum alloy precision die-casting parts, along with technical services [1]. - The company has achieved significant technological breakthroughs and market penetration, providing cost-effective solutions to vehicle manufacturers [1]. Market Position - 瑞立科密 has established partnerships with major domestic vehicle manufacturers such as FAW Jiefang, China National Heavy Duty Truck Group, Dongfeng Motor Group, and others, and has also entered international markets [2]. - The company has ranked first in the production and sales of air pressure electronic control braking products, including ABS, for ten consecutive years from 2014 to 2023 [2]. Financial Performance - Projected revenues for 瑞立科密 are approximately 1.326 billion RMB, 1.76 billion RMB, and 1.977 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of about 105 million RMB, 239 million RMB, and 275 million RMB during the same period [3]. - The total assets of the company are expected to reach approximately 2.837 billion RMB by the end of 2024, with a significant increase in equity attributable to shareholders [4]. Investment Projects - The funds raised from the current issuance will be allocated to several key projects, including the establishment of a smart electric control system R&D headquarters in the Greater Bay Area, a research and development center, and information technology construction, totaling an investment of approximately 152.16 million RMB [3].

Core Viewpoint - Guangzhou Ruilekemi Automotive Electronics Co., Ltd. has received approval for its initial public offering (IPO) and listing on the main board of the Shenzhen Stock Exchange, with the stock code "001285" [1] Group 1 - The IPO price has been set at RMB 42.28 per share [1] - The total number of shares to be issued is approximately 45.04 million shares [1] - The approval has been granted by both the Shenzhen Stock Exchange Listing Review Committee and the China Securities Regulatory Commission [1]

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. (referred to as "Ruili Kemi") is accelerating its IPO process, showcasing its leadership in the commercial vehicle active safety systems sector after over 20 years of development [1] Company Overview - Ruili Kemi has transformed from a follower to a leader in the commercial vehicle active safety systems market, becoming a benchmark in the domestic automotive active safety field [1] - The company holds 459 authorized patents and has drafted 9 national and industry/group standards, establishing itself as an "invisible champion" [1] Technological Capabilities - Ruili Kemi's technological moat is built on sustained high-intensity R&D investment and deep technical accumulation, with core technologies possessing complete independent intellectual property rights [1] - The company independently controls the electronic control system strategies and complex drive design technologies, owning the source code of its proprietary technologies [1] - Its ECU controllers include software algorithms and control strategies that cover key technologies such as electromechanical coupling braking dynamic frequency anti-lock control [1] Industry Position - As one of the few domestic suppliers covering five core systems: ABS, ESC, EBS, EPB, and ECAS, Ruili Kemi is breaking the foreign monopoly in the active safety sector [1] - The company has received numerous accolades, including the National Science and Technology Progress Award (Second Class) and the National Commercial Science and Technology Progress Award (First Class) [1] Future Outlook - By the end of 2024, Ruili Kemi is expected to hold 58 invention patents, 93 computer software copyrights, and 22 core technologies, indicating strong future growth potential [1] - The company has been recognized as a national-level "specialized, refined, and innovative" small giant enterprise and a national-level manufacturing single champion demonstration enterprise [1]

Core Viewpoint - Rui Likomi (001285) is focused on customer needs and has developed a robust quality management system over more than 20 years, enabling it to meet the demands of large automotive manufacturers [1] Company Overview - Rui Likomi was established in 2001 and specializes in the research, production, and sales of core components related to active safety systems for motor vehicles, as well as aluminum precision die-casting parts [1] - The company is recognized as a national high-tech enterprise [1] Quality Management and Certifications - The company has established a comprehensive quality management system that includes R&D, supply chain, management, sales, and after-sales service [1] - It has obtained various certifications, including EU E-mark product certification, IATF16949 quality management system certification from TÜV Rheinland, CMMI Level 3 certification, ISO 14001 environmental management system certification, and ISO 45001 occupational health and safety management system certification [1] Production Capabilities - Rui Likomi possesses advanced production and testing equipment, along with an automated production model, which allows it to handle large volume orders from major automotive manufacturers [1] - The strong production capacity enables the company to meet requirements in terms of supply quantity, product quality, and delivery timelines, thereby attracting more high-quality customer resources [1]