Core Viewpoint - The company is focusing on the development and application of its core technology, the AEBS system, in the intelligent driving sector, which has already achieved mass production [1] Group 1: Product Features - The AEBS system includes functionalities such as Automatic Emergency Braking (AEBS), Forward Collision Warning (FCW), Pedestrian Collision Warning (PCW), and Lane Departure Warning (LDW) [1] - The system can be upgraded to include Level 2 ADAS features like Lane Keeping Assistance (LKA) and Adaptive Cruise Control (ACC) based on customer requirements [1] Group 2: Current Applications - Currently, the company's intelligent driving products and technologies are primarily applied in driving scenarios and have not been utilized in robotic services [1]

Fundraising Overview - The company, Guangzhou Ruili Kemi Automotive Electronics Co., Ltd., has successfully completed its initial public offering (IPO) of 45,044,546 shares at a price of 42.28 RMB per share, raising a total of 1,904.48 million RMB, with a net amount of 1,755.98 million RMB after deducting issuance costs of 148.50 million RMB [1][2] Fund Utilization and Management - As of September 25, 2025, all raised funds have been deposited, and the accounting firm Zhonghui has verified the fund's arrival, issuing a verification report [2] - The company has established special accounts for the raised funds in several banks, including Guangzhou Bank, Bank of China, and China Minsheng Bank, among others [2][3] Regulatory Compliance - The company has signed a tripartite supervision agreement regarding the management of the raised funds, involving the company, its sponsor CITIC Securities, and the banks holding the special accounts [3][4] - The agreement stipulates that the funds in the special accounts can only be used for designated projects and cannot be used for other purposes [4][5] Monitoring and Reporting - The sponsor is responsible for ongoing supervision of the fund's storage, management, and usage, with the right to conduct on-site inspections and inquiries [5][6] - Monthly account statements must be provided by the banks to both the company and the sponsor, ensuring transparency in fund management [6][7] Agreement Validity - The tripartite agreement will remain effective until all funds have been fully utilized and the sponsor's supervision period has ended [7][8]

证券代码：001285 证券简称：瑞立科密 公告编号：2025-002 广州瑞立科密汽车电子股份有限公司 关于签订募集资金专户监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意广州瑞立科密汽车电子股份有限公司 首次公开发行股票注册的批复》（证监许可[2025]1170 号）同意注册，广州瑞立 科密汽车电子股份有限公司（以下简称"公司"或"瑞立科密"）首次公开发行 人民币普通股（A 股）股票 4,504.4546 万股，每股面值 1 元，每股发行价格为 42.28 元，募集资金总额为人民币 190,448.34 万元，扣除发行费用 14,850.39 万元 （不含增值税）后，募集资金净额为人民币 175,597.95 万元。 上述募集资金已于 2025 年 9 月 25 日全部到位，中汇会计师事务所（特殊普 通合伙）已对本次发行募集资金到位情况进了审验，并出具了中汇会验 [2025]10935 号验资报告。公司在本次募集资金验资结束后，已按照《广州瑞立 科密汽车电子股份有限公司首次公开发行股票 ...

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first listing day, ignoring lock-up restrictions. As of October 10, 2025, the IPO yield for a Class A account with a scale of 2 billion is 2.34%, while for a Class B account of the same scale, it is 2.10%. For accounts with a scale of 10 billion, the yield is 0.74% for Class A and 0.67% for Class B[10][11][12] - The report provides a rolling tracking of the average first-day increase in stock prices for 20 newly listed stocks. The average increase for Sci-Tech Innovation Board stocks is 218.45%, while for ChiNext stocks, it is 244.28%[15][16][22] - The report calculates the theoretical IPO yield for different account scales using the average winning rate of Class A accounts. The formula for calculating the full subscription yield is: $ Full\ subscription\ quantity = Maximum\ subscription\ limit \times Average\ winning\ rate $ $ Full\ subscription\ yield = (First\ board\ price - Initial\ price) \times Full\ subscription\ quantity $ The yield for most stocks ranges between 5 to 20 thousand yuan, with the highest being United Power (50.81 thousand yuan), Guangdong Jianke (17.63 thousand yuan), and Jianda Zhixin (12.58 thousand yuan)[35][36][38] - The report estimates monthly IPO yields for Class A accounts of different scales, assuming all stock quotes are shortlisted, with a 90% fund utilization rate. For a 2 billion Class A account, the cumulative yield since 2024 is 6.07%, and since 2025, it is 2.34%[39][40][41] - Similarly, the report estimates monthly IPO yields for Class B accounts of different scales. For a 2 billion Class B account, the cumulative yield since 2024 is 5.02%, and since 2025, it is 2.10%[44][45][46]

Core Viewpoint - The company is actively engaged in the advanced driving assistance systems (ADAS) sector, with its automatic emergency braking system (AEBS) being a key product that has entered mass production and sales [2]. Group 1: Company Developments - The AEBS product primarily serves commercial vehicle customers, indicating a focus on enhancing safety in this segment [2]. - Currently, there is no substantial business collaboration between the company and the automotive brand Seres (赛力斯问界) [2]. Group 2: Industry Context - The company's initiatives in the ADAS field reflect a broader trend in the automotive industry towards improving vehicle safety through advanced technology [2].

Group 1: IPO Market Trends - In September 2025, the A-share market saw 12 new IPOs, raising a total of 11.9 billion yuan, a 308% increase month-on-month[9] - The Shanghai and Shenzhen markets issued 8 new stocks in September, with a total fundraising of 10.6 billion yuan, marking a 607% increase month-on-month[9] - The average first-day closing price increase for new stocks in the Shanghai and Shenzhen markets was 207%, maintaining a "zero break" status for the year[33] Group 2: Valuation and Investor Participation - The average first-day PE ratio for new stocks was 24 times, with a 31% discount compared to comparable companies, indicating a narrowing valuation gap[20] - The average subscription rate for A/B class investors in the Shenzhen market was 0.0216%/0.0182%, reflecting a decrease of 1% and 15% respectively month-on-month[27] - The average number of offline inquiry products in the Shenzhen market reached a new high, with 8,275 products participating in September[24] Group 3: Regulatory Environment and Future Outlook - As of September 2025, there were 118 IPO projects pending approval in the Shanghai and Shenzhen markets, with a total proposed fundraising of 208.8 billion yuan[59] - The approval and registration process for IPOs has accelerated, with 12 projects reviewed and 13 registered in September, both hitting yearly highs[54] - Risks include potential changes in the IPO review pace, adjustments in issuance systems, and fluctuations in investor participation[48]

Core Viewpoint - The company stated that its braking system is currently not applicable to dexterous hands, focusing instead on active safety and intelligent driving in vehicles [1]. Group 1: Company Technology and Applications - The company's braking system is primarily used in the fields of active safety for motor vehicles and intelligent driving [1]. - The company has accumulated technology in core electronic braking components such as electronic control units (ECU), actuators, and sensors, which shows potential for technological expansion into execution and precision control fields [1]. - The company will continue to monitor developments in the dexterous hand application area [1].

Core Insights - The company is currently focused on the research and application of core components for intelligent vehicle chassis, with no current plans to enter the humanoid robot sector [1] Company Focus - The company has stated that it will continue to monitor emerging fields such as humanoid robotics for potential future opportunities [1]

- The report tracks the performance of new stock issuances in September 2025, noting that 11 new stocks were listed, raising a total of 11.689 billion yuan, a 185.58% increase from the previous month[1][12][13] - Among these, 8 stocks were issued offline, raising 10.628 billion yuan, a 314.65% increase from the previous month[1][12][13] - The number of accounts participating in initial inquiries has steadily increased, with 9194 accounts for the main board and 8306 for the dual innovation board (comprising the ChiNext and STAR Market)[2][24][25] - The average first-day increase for main board stocks was 131.33%, while for the dual innovation board, it was 251.91%[2][24][25] - The offline subscription rates for A and C class investors were 0.11‰ and 0.11‰ for the main board, and 0.22‰ and 0.20‰ for the dual innovation board, respectively[2][24][25] - The report provides a detailed calculation method for new stock issuance returns, using the formula: $$ \text{Single account stock issuance return} = \min(\text{account size}, \text{subscription limit}) \times \text{winning rate} \times \text{return rate} $$ $$ \text{A/B/C class investors' full return} = \text{subscription limit} \times \text{A/B/C class offline winning rate} \times \text{return rate} $$[41] - For September 2025, the return rates for a 5 billion yuan account were 0.026% for A class and 0.025% for C class on the main board, and 0.125% for A class and 0.103% for C class on the ChiNext board[42][43][44][45][46][47] - The cumulative return rates for 2025 were 1.285% for A class and 1.164% for C class accounts[48][49][50] - In a full subscription scenario, the returns for A class accounts were 133,000 yuan on the main board and 877,000 yuan on the ChiNext board, while for C class accounts, the returns were 127,000 yuan on the main board and 727,000 yuan on the ChiNext board[51][52][54] - The report also evaluates the performance of fund products and institutions in new stock issuances, listing the top-performing funds and institutions based on their participation and winning rates[57][58][60][61][62][64][65][66][67]

Core Points - C Ruili (001285) saw a significant increase of 49.93% on its first trading day, with a turnover rate of 67.41% and a transaction volume of 1.888 billion yuan [2] - The stock had a financing buy-in amount of 84.2992 million yuan on its debut, accounting for 4.46% of the total trading volume, with a latest financing balance of 72.0163 million yuan, representing 2.80% of the circulating market value [2][3] - The stock attracted a net inflow of 303 million yuan from major funds on its first day, with large orders contributing 23.4 million yuan and special large orders adding 69.6521 million yuan [3] Company Overview - C Ruili's main business includes the research, development, production, and sales of active safety systems for motor vehicles and precision aluminum alloy die-casting parts, along with technical services [3] Market Activity - On the first trading day, the top five trading departments on the stock's leaderboard had a total transaction volume of 185 million yuan, with a net buying amount of 59.3474 million yuan [3] - One institutional special seat was noted, with a total net selling of 15.3605 million yuan [3]