Core Points - Marco Polo (001386) has been listed on the Shenzhen Stock Exchange, focusing on the research, production, and sales of architectural ceramics, and is one of the largest manufacturers and sellers in China [1] - The company has two main proprietary brands: "Marco Polo Tiles" and "Weimei L&D Ceramics" [1] Shareholding Structure - Guangdong Meiying Industrial Investment Co., Ltd. holds 69,215,850 shares, accounting for 64.36% of the total share capital before the issuance, making it the controlling shareholder [1] - Huang Jianping directly holds 9,724,992 shares, representing 0.90% of the company, and is the controlling shareholder of Meiying Industrial, which in turn controls 64.36% of the voting rights in the company [1] - Huang Jianping's total direct and indirect shareholding is 42.12%, with a control over 95.55% of the voting rights, establishing him as the actual controller of the company [2] Fundraising and Projects - The total amount raised from the issuance is 1,643.015 million yuan, with a net amount of 1,559.9938 million yuan after deducting tax-exempt issuance costs [2] - The raised funds will be allocated to several projects, including the construction of an intelligent ceramic home industry park in Jiangxi, upgrades to green intelligent manufacturing for ceramic production lines, and a comprehensive capability enhancement project for Marco Polo Holdings [2]

Group 1 - The company Dana Biological focuses on early diagnosis of invasive fungal diseases and holds a significant position in its niche market [2] - The company has launched a "5G + Fungal Disease Serological Joint Detection Scheme" to enhance diagnostic capabilities [2] - The company reported revenue of 239.6 million yuan in 2024 (up 1.21%), 236.7 million yuan in 2023 (down 19.78%), and 295.1 million yuan in 2022 (up 26.11%) [3] Group 2 - The company Marco Polo is a leading player in the domestic ceramic tile industry, with its brand value recognized for over a decade [5] - The company is expanding into related home furnishing products, including finished furniture and ultra-thin high-strength ceramic slabs [5] - The company is actively developing new products, including curved line technology ceramic materials, broadening its application range [6]

Group 1 - Marco Polo (001386.SZ) is listed today [1] - Danna Biotechnology (920009.BJ) is open for subscription [1]

Group 1 - ChaoYing Electronics is offering shares for subscription today with a code of 732175, an issue price of 17.08 yuan per share, and a minimum market value requirement of 125,000 yuan for maximum subscription [1][2] - The company, established in November 2015, specializes in the research, development, production, and sales of printed circuit boards [2] - TaiKaiYing is also offering shares today with a subscription code of 920020, an issue price of 7.50 yuan per share, and a minimum market value requirement of 14,934,000 yuan for maximum subscription [3][4] - The company, founded in October 2007, focuses on the design, research, development, sales, and service of mining and construction tires [3][4] Group 2 - Marco Polo has announced a total of 150,560 winning numbers for its subscription, with each winning number allowing the purchase of 500 shares [4][5] - HeYuan Bio has reported a final subscription rate of 0.0543% for its online issuance, with a total of 3,359,036 valid subscription accounts and 39,602,253.85 shares subscribed [6] - The final issuance quantity for offline subscriptions was 50,461,300 shares, accounting for 56.41% of the total issuance, while the online issuance quantity was 21,509,500 shares, accounting for 24.05% of the total issuance [6]

Core Points - The article outlines the procedures and requirements for offline investors to participate in the initial pricing inquiry for a stock issuance scheduled for September 30, 2025 [1][2][3] Group 1: Initial Inquiry Process - The preliminary inquiry will take place on September 30, 2025, from 9:30 AM to 3:00 PM, where eligible offline investors can submit their proposed purchase prices and quantities [1][2] - Offline investors must register with the China Securities Association by September 29, 2025, and complete necessary account setups to participate [1][2][3] Group 2: Pricing and Quotation Requirements - Offline investors are required to submit their pricing basis and suggested price or price range before the inquiry begins, with personal investors needing to confirm their pricing basis with a signature [2][3][4] - Investors can submit up to three different quotes, with the highest quote not exceeding 120% of the lowest quote [3][4] Group 3: Minimum Subscription Requirements - The minimum subscription quantity for designated offline investors is set at 1 million shares, with increments of 100,000 shares thereafter [4][5] - Each designated investor can subscribe for a maximum of 37 million shares, which represents approximately 49.15% of the initial offline issuance [4] Group 4: Compliance and Risk Management - Offline investors must adhere to industry regulations and ensure that their subscription amounts do not exceed their asset scale or fund size [4][6][8] - A verification function for pricing basis has been added to the electronic platform to promote prudent quoting by offline investors [4][6] Group 5: Issuance and Subscription Timeline - The offline subscription period is set for October 13, 2025, where all valid quoting investors must participate [18] - The online subscription will also occur on October 13, 2025, with specific time slots for participation [19][20] Group 6: Allocation and Distribution Mechanism - The issuance will adopt a proportional allocation method, with different categories of investors receiving different allocation ratios [25][26] - If the total valid subscription amount is less than the initial issuance quantity, the issuance will be suspended [27] Group 7: Payment and Compliance - Offline investors must ensure that their subscription funds are fully paid by October 15, 2025, or their allocations will be deemed invalid [29][30] - Investors who fail to comply with payment requirements may face penalties and be reported to the China Securities Association [30][32]

Core Viewpoint - Marco Polo Holdings Co., Ltd. is initiating a public offering, aiming to issue 119.492 million shares at a price of 13.75 yuan per share, resulting in a diluted static P/E ratio of 14.27 times for 2024, which is significantly lower than the industry average of 32.20 times and 27.69 times for comparable companies, indicating reasonable pricing [1] Group 1: Company Overview - Marco Polo owns two major brands, "Marco Polo Tiles" and "Weimei L&D Ceramics," which have high recognition in the industry and are exported globally [2] - The company has achieved significant innovation in product design, with proprietary technologies such as curved rock slabs and AI random infinite patterns, allowing for personalized and artistic new material products [2] Group 2: Industry Trends - The green manufacturing capability is becoming a key competitive factor for building ceramic companies, driven by the "dual carbon" policy and energy consumption control [4] - The new policy for the building materials industry aims for green building materials revenue to exceed 300 billion yuan by 2026, promoting a shift from traditional homogeneous competition to new green building material sectors [4] Group 3: Competitive Advantage - Marco Polo has proactively engaged in green practices in production, utilizing tailings recycling technologies and low-temperature fast firing, achieving a fully green and low-carbon production process [5] - The company has received national "Green Factory" titles for several subsidiaries, reinforcing its commitment to sustainable manufacturing [5] - In 2024, Marco Polo's gross margin reached 38.46%, an increase of 3.36 percentage points from 2022, positioning it as a leader in the industry [5] Group 4: Market Opportunities - The building ceramic industry is expected to see improvements despite recent challenges, with policies aimed at stimulating domestic consumption and enhancing the application of green building materials [7] - Analysts believe the building materials sector is approaching a turning point, with limited downside potential compared to 2024, suggesting a recovery in both fundamentals and valuations [8] - Marco Polo is positioned to benefit from industry structural transformations, being the top revenue earner in the domestic building ceramic sector from 2022 to 2024 [8] Group 5: Consumer Trends - There is a shift in consumer behavior towards purchasing overall space solutions rather than individual products, which is driving the growth of large home decoration enterprises [9] - Marco Polo is actively collaborating with large home decoration companies to expand its sales channels and stabilize performance [10] - With over 8,000 sales terminals, Marco Polo is well-equipped to absorb new production capacity, enhancing its market presence [11] Group 6: Future Outlook - The competitive landscape in the building ceramic industry is expected to evolve towards higher concentration, deeper green practices, and value transformation [11] - Smaller companies lacking green technology may exit the market under pressure from raw material costs and environmental standards, allowing leading firms like Marco Polo to capture market share [11] - As consumer preferences shift towards quality, brand, and environmental considerations, Marco Polo's strengths align with these trends, potentially enhancing its market share and profitability [11]

Core Viewpoint - Marco Polo announced that its stock will be listed on the Shenzhen Stock Exchange main board on October 22, 2025, under the stock name "Marco Polo" with the code 001386 [1] Summary by Relevant Sections - **Initial Public Offering (IPO) Details** - Total share capital after the IPO will be 1.195 billion shares, with 119 million shares being issued [1] - **Investor Warnings** - The company cautions investors about several risks, including the potential for increased volatility due to the lifting of price limits, the stock being eligible for margin trading on the first day of listing, a low number of circulating shares, speculative trading, differences in the issuance price-to-earnings ratio compared to industry peers, the possibility of the stock price falling below the issuance price, and a decline in return on equity [1]

来源：上海证券报·中国证券网 上证报中国证券网讯 据交易所公告，超颖电子今日申购，申购代码：732175，发行价格：17.08元/股， 单一账户申购上限12500股，顶格申购需配市值12.5万元。泰凯英今日申购，申购代码：920020，发行 价格：7.5元/股。马可波罗今日公布网上中签结果。禾元生物公布中签率，为0.0543%。马可波罗、泰 凯英今日缴款。 【新股提示】 申购：超颖电子 泰凯英 【申购】 超颖电子今日申购 顶格申购需配市值12.5万元 据交易所公告，超颖电子今日申购，申购代码：732175，发行价格：17.08元/股，单一账户申购上限 12500股，顶格申购需配市值12.5万元。 泰凯英今日申购 发行价格7.5元/股 据交易所公告，泰凯英今日申购，申购代码：920020，发行价格：7.5元/股。 【缴款】 马可波罗今日缴款 上市：无 中签号：马可波罗 中签率：禾元生物 缴款：马可波罗 泰凯英 据交易所公告，马可波罗公布网上中签结果。中签号码共有150560个，每个中签号码只能认购500股马 可波罗股票。 中签号码如下： 据交易所公告，马可波罗今日缴款。 泰凯英今日缴款 据交易所公告，泰凯英今日 ...

Core Viewpoint - Marco Polo Holdings Co., Ltd. has successfully listed its shares on the Shenzhen Stock Exchange, with a total of 119.492 million new shares issued at a price of 13.75 yuan per share, resulting in a diluted price-to-earnings ratio of 14.27 times for 2024, which is lower than the industry average [1][2]. Financial Performance - The company reported a net profit of 65.47 million yuan for the first half of 2025, with a year-on-year decline of 7.90%, and a revenue of 321.82 million yuan, down 11.82% year-on-year [12]. - For the first nine months of 2025, the company expects revenue between 485 million yuan and 510 million yuan, representing a year-on-year decline of 11.79% to 7.25% [7]. - The company’s net profit for the same period is projected to be between 100 million yuan and 105 million yuan, with a year-on-year decline of 12.06% to 7.66% [7]. Market Environment - The construction ceramics industry is facing intensified competition, with the number of large-scale enterprises decreasing from 1,093 in 2020 to 993 in 2024, a reduction of 100 companies [8]. - The average selling price of the company’s products has been declining, with prices per square meter recorded at 41.62 yuan, 39.48 yuan, and 37.72 yuan over the past three years [11]. Risk Factors - The company is exposed to risks from market competition, particularly in the construction ceramics sector, where it holds a market share of only 3.27% as of 2024 [8]. - The real estate market's volatility poses a risk to the company's performance, as the construction ceramics industry is closely linked to real estate development [8]. - The company faces potential risks related to accounts receivable, with significant amounts owed by real estate clients, which could impact cash flow and operational efficiency [9]. Audit and Compliance - The company has engaged Rongcheng Accounting Firm to audit its financial statements for the years ending December 31, 2022, 2023, and 2024, receiving an unqualified opinion [3]. - As of the date of the announcement, the company has not disclosed any significant undisclosed matters that could impact its financial standing [2].

Group 1: Company Performance - Wanchen Group reported a net profit of 855 million yuan for the first three quarters, a year-on-year increase of 917.04% [4] - China Telecom achieved a revenue of 394.27 billion yuan in the first three quarters, a year-on-year growth of 0.59%, with a net profit of 30.77 billion yuan, up 5.03% [4] - Yingboer reported a revenue of 9.89 billion yuan in the third quarter, a year-on-year increase of 69.4%, with a net profit of 1.12 billion yuan, up 580.62% [4] Group 2: Major Transactions - Zhuhai Mian Group plans to transfer 100% equity of Zhuhai Gree Real Estate Co., Ltd. to Zhuhai Toujie Holdings, which is expected to constitute a major asset restructuring [5] - Yingxin Development signed an agreement to acquire 81.8091% equity of Guangdong Changxing Semiconductor Technology Co., Ltd., which will result in controlling interest [6] - Xiechuang Data announced a server procurement plan totaling up to 4 billion yuan, which is expected to significantly enhance its cloud computing services [7] Group 3: Industry Insights - The internet industry is shifting from competition in large model technologies to the penetration of application scenarios, with a focus on basic cloud infrastructure service providers and advertising sectors [8] - The textile and apparel manufacturing sector is seeing increased attention on "small but beautiful" companies, which are experiencing operational changes and potential valuation re-evaluations due to market normalization and efficiency improvements [8]