Event Overview - The first Shanghai International Animation Month will commence on July 4, featuring a collaboration of three major events: CCG EXPO (July 4-6), Bilibili World (July 11-13), and ChinaJoy (August 1-4) [1] - The event will host over a hundred themed activities and more than a thousand limited-edition merchandise, along with a series of cross-dimensional activities and the issuance of "dimension digital consumption vouchers" [1] - Major animation IPs such as Disney, LEGO, and Bandai Namco will participate, alongside domestic productions like "The Little Monster of Langlang Mountain" and "Linglong" [1] ChinaJoy Highlights - ChinaJoy, scheduled for August 1-4, is recognized as a premier event in the digital entertainment industry, covering games, animation, esports, smart hardware, and trendy toys [2] - The event will include several high-profile forums and unique activities such as a digital live shopping festival and the debut of the "China Audio-Visual Game Museum" [2] - A new theme area focusing on smart entertainment robots has opened for exhibitors, presenting significant opportunities for companies in the robotics and gaming sectors [2] CCG EXPO and Bilibili World - CCG EXPO is one of the largest comprehensive animation and gaming exhibitions in China, expecting over 500,000 attendees in 2024 and achieving an online transaction value of 284 million yuan [3] - Bilibili World, a major offline event hosted by the popular video platform Bilibili, anticipates 300,000 attendees and has doubled its exhibitor count, making it the largest anime convention in East Asia [3] Market Potential - The Chinese animation industry is undergoing significant structural changes driven by digital technology and cultural consumption upgrades, leading to a new development phase [4] - The industry has gained international recognition, with projections estimating the total output value of the Chinese animation industry to reach 423 billion yuan by 2025, representing a 457% increase from 2019 [5] Company Involvement - Companies such as 37 Interactive Entertainment, Perfect World, Giant Network, and others have participated in multiple editions of ChinaJoy and CCG EXPO [9] - Shunwang Technology has acquired the organizer of ChinaJoy, Hanwei Xinheng, indicating consolidation within the industry [9]

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]

Core Viewpoint - Meig Smart Technology Co., Ltd. plans to list on the Hong Kong Stock Exchange to enhance its global strategy and brand image, focusing on wireless communication modules and AI applications [1][3]. Industry Overview - The global wireless communication module market is projected to grow from 32.3 billion RMB in 2020 to 43.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of approximately 7.7% [5]. - The market for high-performance intelligent modules is expected to expand significantly, with a CAGR of 29.2%, increasing from 1.4 billion RMB in 2020 to 3.5 billion RMB by 2024 [10]. Company Overview - Meig Smart is a leading provider of wireless communication modules, ranking fourth globally with a market share of 6.4% in 2024 [13]. - The company has pioneered the development of intelligent modules and is the first to run generative AI models on high-performance intelligent modules [14][16]. Financial Performance - Meig Smart's revenue from intelligent modules and solutions is projected to grow from 957.4 million RMB in 2022 to 1.85 billion RMB in 2024, reflecting a CAGR of 39.0% [14]. - Total revenue for Meig Smart decreased from 2.3 billion RMB in 2022 to 2.15 billion RMB in 2023, before rebounding to 2.94 billion RMB in 2024, marking a growth of approximately 37% [20]. Product and Market Segmentation - The company has seen significant growth in revenue from the intelligent connected vehicle sector, increasing from 342.2 million RMB in 2022 to 1.22 billion RMB in 2024, contributing 41.5% of total revenue [19]. - Meig Smart is actively transitioning its wireless communication modules from 4G to 5G, ranking first in the global 5G vehicle module market with a share of 35.1% in 2024 [18]. Customer and Supplier Dynamics - The company has become increasingly reliant on its top five customers, whose revenue contributions rose from 30.4% in 2022 to 47.2% in 2024 [24]. - Meig Smart outsources production to EMS suppliers, leading to a high concentration in its supply chain, with the top supplier accounting for 34.1% of total procurement in 2024 [26][27].

Core Viewpoint - Meige Intelligent Technology Co., Ltd. has officially submitted its application for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading provider of wireless communication modules and solutions, particularly in high-performance intelligent modules [2] Group 1: Market Position and Product Innovation - Meige Intelligent ranks fourth globally in the wireless communication module industry by revenue, holding a market share of 6.4% as of 2024 [2] - The company is recognized as the first globally to launch intelligent module products and to achieve large-scale deployment of 5G intelligent modules in new energy vehicles [2] - In the high-performance intelligent module segment, Meige Intelligent is the first to develop a 48TOPS high-performance intelligent module and has become a designated supplier for leading automotive manufacturers [3] Group 2: Revenue and Customer Segmentation - Revenue from direct sales customers for Meige Intelligent was approximately RMB 2,055.6 million, RMB 1,957.3 million, and RMB 2,785.1 million for the years 2022, 2023, and 2024, respectively, accounting for 89.1%, 91.1%, and 94.7% of total revenue during those periods [4] - Revenue from distribution sales was RMB 250.4 million, RMB 190.1 million, and RMB 156.3 million for the same years, representing 10.9%, 8.9%, and 5.3% of total revenue [4] Group 3: Research and Development Investment - Meige Intelligent's R&D expenses were RMB 185.9 million, RMB 213.9 million, and RMB 208.1 million for the years 2022, 2023, and 2024, constituting 8.1%, 10.0%, and 7.1% of total revenue, respectively [4] - The company's total R&D expenses as a percentage of total revenue are higher than the average level in the global wireless communication module industry as of December 31, 2024 [4]

Group 1 - The core viewpoint of the article is that Meige Intelligent (002881.SZ) has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, aiming for a dual listing in both A-share and H-share markets [1] - Meige Intelligent is a leading global provider of wireless communication modules and solutions, focusing on high-performance intelligent modules to promote the application of AI and 5G communication [1] - According to Frost & Sullivan, Meige Intelligent ranks fourth in the global wireless communication module industry by revenue in 2024 [1] Group 2 - For the fiscal year ending December 31, 2024, Meige Intelligent reported revenue of approximately 2.941 billion RMB, a year-on-year increase of about 37.0%, and a net profit of approximately 134 million RMB, a year-on-year increase of about 114.6% [1] - In the first quarter of 2025, Meige Intelligent's revenue was 999.7 million RMB, a year-on-year increase of 73.6%, and the net profit attributable to shareholders was 46.3 million RMB, a year-on-year increase of 616% [1] - However, the company is experiencing negative cash flow from operating activities, with a net outflow of 66.89 million RMB in the first quarter of 2025 [1] Group 3 - The negative cash flow situation is influenced by a significant increase in accounts receivable, which reached 1.016 billion RMB for the full year of 2024 and 1.296 billion RMB for the first quarter of 2025, representing year-on-year growth of approximately 54.08% and 102.64%, respectively [2] - The prospectus indicates that fluctuations and extensions in the turnover of trade, notes, and other receivables may adversely affect the company's cash flow and liquidity [2] Group 4 - As of the end of the first quarter of 2025, Meige Intelligent's cash and cash equivalents decreased by 7% year-on-year to 452 million RMB [3]

Group 1: Company Listings - Haitan Flavor Industry officially listed on the Hong Kong Stock Exchange on June 19, with a closing price of HKD 36.5, a slight increase of 0.55%, and a market capitalization of HKD 213.1 billion [1] - Zhaowei Electromechanical submitted its prospectus to the Hong Kong Stock Exchange on June 18, targeting high-growth sectors such as smart vehicles and advanced manufacturing, with projected revenues of CNY 1.152 billion, CNY 1.206 billion, and CNY 1.525 billion from 2022 to 2024 [2] - Diguantong International Investment, founded by former Hong Kong Stock Exchange CEO Li Xiaojia, submitted a listing application on June 18, aiming to connect global capital with small and micro enterprises, with a total issuance scale of CNY 4.61 billion expected by December 31, 2024 [3] - Meige Intelligent announced its submission to the Hong Kong Stock Exchange on June 19, focusing on high-performance intelligent modules, with projected revenues of CNY 2.306 billion, CNY 2.147 billion, and CNY 2.941 billion from 2022 to 2024 [4] Group 2: Market Performance - The Hang Seng Index closed at 23,237.74 on June 19, reflecting a decline of 1.99% [5] - The Hang Seng Tech Index closed at 5,088.32, down 2.42% [5] - The National Enterprises Index closed at 8,410.94, decreasing by 2.13% [5]

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]

| 东莞证券股份有限公司 | | | --- | --- | | 关于美格智能技术股份有限公司 | | | 持续督导定期现场核查报告 | | | 保荐机构名称：东莞证券股份有限公司 | 被保荐公司简称：美格智能 | | 保荐代表人姓名： 邱添敏 保荐代表人姓名： 潘云松 | 联系电话：021-58763296 联系电话：021-58763296 | | 现场检查人员姓名：潘云松、葛逸汝、王涛 | | | 现场检查对应期间： 2024 年度 | | | 现场检查时间： 2025 年 4 月 16 日、2025 年 | 6 月 11 日 | | 一、现场检查事项 | 现场检查意见 | | （一）公司治理 | 是 否 不适用 | | 现场检查手段： | | | | 是 | | 等要件是否齐备，会议资料是否保存完整 | | | | 是 | | 性文件和本所相关业务规则履行职责 | | | | 不适用 | | 露义务 | | | | 不适用 | | 程序和信息披露义务 | | | （二）内部控制 现场检查手段： | | | | 是 | | （如适用） | | | | 是 | | 审计部门（如适用） | | | | 是 ...

东莞证券相关人员按照要求完成了对美格智能控股股东、实际控制人、董事、 监事、高级管理人员、部分中层管理人员及其他相关人员的持续培训工作，特向 贵所报送《东莞证券股份有限公司关于美格智能技术股份有限公司 2024 年度持 续督导现场培训报告》。 | 培训日期 | 2025 年 | 月 | 日、2025 | 年 | 6 | 11 | 日 | 4 | 16 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 培训地点 | 美格智能会议室 | | | | | | | | | | | 培训主题 | 2024 年度自律监管案例分析 | | | | | | | | | | | 培训讲师 | 潘云松 | | | | | | | | | | | 参训人员 | 及其他相关人员 | | | | | | 控股股东、实际控制人、董事、监事、高级管理人员、部分中层管理人员 | | | | 东莞证券股份有限公司 关于美格智能技术股份有限公司 2024 年度持续督导现场培训报告 东莞证券股份有限公司（以下简称"东莞证券""保荐机构"）作为美格 ...

| 保荐机构名称：东莞证券股份有限公司 被保荐公司简称：美格智能 | | | | --- | --- | --- | | 保荐代表人姓名： 邱添敏 联系电话：021-58763296 | | | | 保荐代表人姓名： 潘云松 联系电话：021-58763296 | | | | 现场检查人员姓名：潘云松、葛逸汝、王涛 | | | | 现场检查对应期间： 2024 年度 | | | | 现场检查时间： 2025 年 4 月 16 日、2025 年 6 月 11 日 | | | | 一、现场检查事项 | 现场检查意见 | | | （一）公司治理 是 | 否 | 不适用 | | 现场检查手段： | | | | 1） 查看公司公开信息披露文件； | | | | 2） 查阅并复制公司相关三会文件，包括会议通知、议案、表决票、会议记录、决议等； | | | | 3） 查阅公司章程、三会规则及各项公司治理制度的具体内容及执行情况。 | | | | 1.公司章程和公司治理制度是否完备、合规 是 | | | | 2.公司章程和三会规则是否得到有效执行 是 | | | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内容 ...