誉帆科技公告称，本次发行价22.29元/股，发行股份2673万股，占发行后总股本25%。初始战略配售 534.6万股，占比20%，最终战略配售股份391.256万股。战略配售回拨后，网下初始发行1416.394万 股，网上初始发行855.35万股。2025年12月19日网上定价初始发行855.35万股。网上有效申购户数 1648.8309万户，有效申购股数107.27亿股。因网上初步有效申购倍数高于100倍，启动回拨机制，网下 最终发行507.694万股，网上最终发行1764.05万股，网上中签率0.0164442901%。2025年12月22日摇号 抽签，23日公布结果。投资者23日需履行缴款义务。 ...

Core Viewpoint - Shanghai Yufan Environmental Technology Co., Ltd. (referred to as "Yufan Technology" or "the Company") is set to list its ordinary shares on the Shenzhen Stock Exchange on December 30, 2025, following approval from the Shenzhen Stock Exchange [1] Group 1: Listing Details - Stock abbreviation: Yufan Technology [4] - Stock code: 001396 [4] - Total share capital after the initial public offering (IPO): 106,902,416 shares [4] - Number of shares offered in the IPO: 26,730,000 shares [4] Group 2: Pricing and Valuation - The IPO price is set at 22.29 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 19.77, lower than the industry average P/E ratio of 35.36 as of December 15, 2025 [8][7] - The Company’s P/E ratio is significantly lower than the average for comparable companies in the professional technical services industry [8][7] Group 3: Market Risks - The initial trading period will not have a price limit for the first five trading days, followed by a 10% price limit thereafter, indicating potential for significant price volatility [3] - The stock will be available for margin trading from the first day of listing, which may introduce additional price fluctuation risks [4] - The number of freely tradable shares post-IPO is limited, with only 22,207,144 shares available, representing approximately 20.77% of the total share capital, which may lead to liquidity risks [6]

Group 1 - The company announced the issuance of 26.73 million shares of RMB ordinary stock, all of which are new shares and do not involve public sale by shareholders [1] - A total of 22.2071 million shares will be listed for trading on the Shenzhen Stock Exchange starting from December 30, 2025, while the listing date for the remaining shares will be determined according to relevant laws and shareholder commitments [1]

Core Viewpoint - Five new stocks will be available for subscription next week, with Shuangxin Environmental Protection ranking sixth in total shares issued among new A-shares in 2025 and first among new stocks on the Shenzhen Stock Exchange [1] Group 1: New Stock Offerings - The new stocks available for subscription include Jianxin Superconductor, Jiangtian Technology, Qiangyi Co., Yufan Technology, and Shuangxin Environmental Protection [1] - Jianxin Superconductor has an issue price of 18.58 yuan per share and a total issuance of 41.92 million shares, with 10.06 million shares available for online subscription [2] - Jiangtian Technology's issue price is 21.21 yuan per share, with a total issuance of 13.21 million shares, and 11.89 million shares available for online subscription [9][10] Group 2: Company Profiles - Jianxin Superconductor specializes in the R&D, production, and sales of core components for MRI equipment, with a global market share of approximately 4.2% [2] - Jiangtian Technology focuses on the R&D and production of label printing products, with major clients including Yangshengtang and Nongfu Spring [10] - Qiangyi Co. is a leading enterprise in the semiconductor probe card industry, with significant growth in revenue expected [14][17] Group 3: Financial Performance - Jianxin Superconductor's revenue for 2022 to 2024 is projected at 3.59 billion yuan, 4.51 billion yuan, and 4.25 billion yuan, with a net profit of 346.35 million yuan, 487.35 million yuan, and 557.84 million yuan respectively [5] - Jiangtian Technology's revenue for the same period is expected to be 3.84 billion yuan, 5.07 billion yuan, and 5.38 billion yuan, with net profits of 744.54 million yuan, 964.61 million yuan, and 1.02 billion yuan [10] - Shuangxin Environmental Protection anticipates a revenue of 37.18 billion yuan for 2025, reflecting a growth of 6.66% [25]

Core Viewpoint - Yufan Technology (001396) is set to go public with its initial public offering (IPO) on December 19, 2023, aiming to enhance its urban pipeline operation and maintenance capabilities, expand its project scope, and build a research and development center [1][4]. Group 1: Company Overview - Yufan Technology was founded in 2012 and is headquartered in Shanghai, recognized as a leading high-tech enterprise in underground pipeline maintenance and a national-level "little giant" enterprise [2]. - The company has developed a comprehensive service system covering detection, special investigation, non-excavation repair, maintenance, and the production and sales of specialized vehicles and repair materials [2]. - Yufan Technology holds 125 patents, including 33 invention patents, and is projected to achieve a market share of 4.8% in the drainage pipeline detection and non-excavation repair industry by 2024, maintaining its position as the market leader [2]. Group 2: Business Achievements - The company has successfully completed significant projects across 32 provinces, municipalities, and autonomous regions in China, establishing a strong brand reputation in the industry [3]. - Yufan Technology has received multiple prestigious awards, including the Shanghai Science and Technology Progress Award and the Huaxia Construction Science and Technology Award [3]. Group 3: Fundraising and Investment Plans - The company plans to issue up to 26.73 million new shares, with net proceeds after issuance costs allocated to projects related to its main business, including urban pipeline operation and maintenance service enhancement (314.45 million yuan), research and development center construction (109.44 million yuan), and working capital (120 million yuan) [5]. - The investment projects align with national and social needs, industry development trends, and the company's strategic planning, aimed at solidifying technical barriers and expanding service coverage [4][5]. Group 4: Technological Innovation - Yufan Technology emphasizes market-oriented technological innovation, focusing on low-carbon and environmentally friendly practices while enhancing existing technology and developing new maintenance techniques [6]. - The company is increasing its investment in research and development, integrating artificial intelligence for data interpretation, and improving efficiency and accuracy in its operations [6].

Group 1 - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (Shuangxin Environmental) and Shanghai Yufan Environmental Technology Co., Ltd. (Yufan Technology) are set to issue new shares and list on the Shenzhen Stock Exchange on December 11, 2025 [1] - Shuangxin Environmental plans to publicly issue 287 million shares, with a total share capital of 1.147 billion shares post-issuance. The initial strategic placement accounts for 86.1 million shares, or 30% of the total issuance [2] - Yufan Technology will publicly issue 26.73 million shares, resulting in a total share capital of approximately 106.9 million shares after the issuance. The initial strategic placement is 5.346 million shares, representing 20% of the total issuance [4] Group 2 - Shuangxin Environmental specializes in the research, production, and sales of polyvinyl alcohol (PVA), special fibers, vinyl acetate (VAC), and calcium carbide, with a complete industrial chain layout for PVA. PVA is a water-soluble biodegradable polymer used in various industries, including fine chemicals, green construction, and pharmaceuticals [3] - Yufan Technology focuses on smart diagnosis and health assessment of drainage pipeline systems, damage treatment, and operational maintenance. The company has established a strong brand presence in China's drainage pipeline maintenance market and is recognized as a national-level specialized and innovative "little giant" enterprise [4]

Group 1: Strong One Co., Ltd. - Strong One Co., Ltd. is offering shares for subscription today with a code of 787809 and an issue price of 85.09 yuan per share [2] - The total number of shares being publicly issued is 32.39 million, with a maximum subscription limit of 7,500 yuan in market value required for top-tier subscription [2] - The company focuses on providing services for semiconductor design and manufacturing, specifically in the research, design, production, and sales of probe cards for wafer testing [2] Group 2: Yufan Technology Co., Ltd. - Yufan Technology Co., Ltd. is also offering shares for subscription today with a code of 001396 and an issue price of 22.29 yuan per share [3] - The total number of shares being publicly issued is 26.73 million, with a maximum subscription limit of 8,500 yuan in market value required for top-tier subscription [3] - The company specializes in smart diagnostics and health assessments of drainage pipeline systems, as well as damage remediation and operational maintenance [4] Group 3: Shuangxin Environmental Protection Co., Ltd. - Shuangxin Environmental Protection Co., Ltd. is offering shares for subscription today with a code of 001369 and an issue price of 6.85 yuan per share [5] - The total number of shares being publicly issued is 287 million, with a maximum subscription limit of 600,000 yuan in market value required for top-tier subscription [5] - The company is engaged in the research, production, and sales of polyvinyl alcohol (PVA) and its related products, having a complete industrial chain layout for PVA [6] Group 4: Youxun Co., Ltd. - Youxun Co., Ltd. is listed today on the Shanghai Stock Exchange's Sci-Tech Innovation Board with a code of 688807 and an issue price of 51.66 yuan per share [7] - The company has an issue price earnings ratio of 60.27 times [7] - The company focuses on the research, design, and sales of optical communication front-end transceiver chips [8]

Core Viewpoint - The article highlights the growth and development of Yufan Technology, a high-tech enterprise specializing in the intelligent diagnosis and health assessment of drainage pipeline systems, as well as damage treatment and operational maintenance. The company aims to leverage its professional strength to lead industry development and has recently gone public on the Shenzhen Stock Exchange, marking a new chapter in its growth [3][8]. Group 1: Company Background and Development - Yufan Technology was founded in 2012 by Zhu Jun, who recognized the significant value in the underground pipeline industry after his experience in the surveying bureau. The company focuses on the maintenance and health assessment of urban drainage networks, which are crucial for public health and safety [4][5]. - The company has established a comprehensive pipeline diagnosis system, expanding its services from initial detection to full-process repair and maintenance, with projects implemented in over 30 provinces and more than 3,000 projects completed [5][6]. Group 2: Technological Advancements - Yufan Technology's core advantage lies in its trenchless repair technology, which minimizes disruption to urban life and reduces carbon emissions during the repair process. This technology allows for repairs without extensive excavation [6][7]. - The company has developed a "technical basket" to provide tailored solutions for various pipeline issues and has authored multiple industry standards, holding 125 patents as of June 30, 2025, including 33 invention patents [7]. Group 3: Future Outlook and Market Strategy - The company plans to raise 544 million yuan through its IPO, which will be used to enhance urban pipeline maintenance capabilities, establish a research and development center, and supplement working capital. Yufan Technology aims to accelerate its national expansion and explore market potential in economically underdeveloped regions [8]. - Future developments in the underground pipeline maintenance industry are expected to shift from reactive repairs to proactive warning systems, utilizing sensors and AI to monitor pipeline conditions and alert personnel to potential issues [8][9].

证券代码：001396 证券简称：誉帆科技 公告编号：2025-001 上海誉帆环境科技股份有限公司 上市首日风险提示公告 经深圳证券交易所《关于上海誉帆科技股份有限公司人民币普通股股票上市的通知》 （深证上〔2025〕1483 号）同意，上海誉帆环境科技股份有限公司（以下简称"公司" 或"本公司"）首次公开发行的人民币普通股股票在深圳证券交易所上市，证券简称为 "誉帆科技"，证券代码为"001396"。本次公开发行的 26,730,000 股人民币普通股股 票全部为新股发行，不涉及股东公开发售股份的情形。本公司首次公开发行股票中的 22,207,144 股人民币普通股股票自 2025 年 12 月 30 日起可在深圳证券交易所上市交易。 其余股票的可上市交易时间按照有关法律法规规章、深圳证券交易所业务规则及公司相 关股东的承诺执行。 本公司郑重提请投资者注意：投资者应充分了解股票市场风险及本公司披露的风险 因素，切实提高风险意识，在新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理 性投资。 现将有关事项提示如下： 一、公司近期经营情况正常，内外部经营环境未发生重大变化，目前不存在未披露 重大事项。 二、经 ...

Group 1 - The core viewpoint of the article is that Yufan Technology, known as the "first stock for underground pipeline operation and maintenance in smart cities," will officially list on the Shenzhen Stock Exchange on December 30, 2025, with an issue price of 22.29 yuan per share and a corresponding price-to-earnings ratio of 19.77 times [1] - Yufan Technology plans to issue 26.73 million new shares, raising a net amount of 515 million yuan, with the issuance method combining strategic placement, offline issuance, and online issuance [1] - The final strategic placement quantity is 4.01256 million shares, accounting for 15.01% of the total issuance, while the offline issuance quantity is 5.07694 million shares with an effective subscription amount of 4,637,380 million shares [1] Group 2 - Yufan Technology is a high-tech enterprise providing underground pipeline repair services for government departments and pipeline ownership units, utilizing advanced technologies such as CCTV, robotics, and non-excavation repair techniques [2] - The company has accumulated 125 patents, including 33 invention patents, and its R&D expenses have consistently accounted for 4.15%-4.70% of its operating income over the years [2] - From 2022 to 2024, Yufan Technology's operating revenue is projected to grow from 513 million yuan to 730 million yuan, with net profit attributable to shareholders increasing from 80.5182 million yuan to 127 million yuan, achieving double-digit year-on-year growth in both revenue and net profit in 2023 and 2024 [2] Group 3 - According to brokerage research reports, Yufan Technology is a rare entity in the underground pipeline operation and maintenance industry, expected to benefit from policy dividends and a trillion-yuan market growth opportunity due to its technological innovation and national business layout [3]