Group 1 - The company, Southern Power Grid Digital Research Institute Co., Ltd. (referred to as "Southern Digital"), plans to issue shares on the Shenzhen Stock Exchange's ChiNext board, aiming to raise 2.554 billion yuan [1] - The public offering will consist of no more than 47,694,750 shares, with specific allocations for various projects, including 780.4 million yuan for a digital energy technology research base and 256.6 million yuan for a data circulation and service platform [1] - Other allocations include 507.2 million yuan for a new generation of domestic intelligent management systems and 410.6 million yuan for an advanced AI platform [1] Group 2 - The chairman of the company is Liu Yuquan, with an annual salary of 1.0301 million yuan for 2024, holding a doctoral degree in power systems and automation [2] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of the State Council, with the largest shareholder being Southern Power Grid Digital Electric Group Co., Ltd., holding a 74% stake [2] Group 3 - As of 2025, the company employs 2,576 people, with 31.68% holding master's degrees and 63.00% holding bachelor's degrees [3] - The company reported revenue per employee of 241.27 million yuan and profit per employee of 22.76 million yuan for 2024 [3] - The main business segments of Southern Digital include grid digitization, enterprise digitization, digital infrastructure, and other services [3]

New IPOs and Market Overview - A new IPO for Jingchuang Electric (920035.BJ) is available for subscription, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and monitoring instruments, recognized as a national high-tech enterprise and a "little giant" [1] Jingchuang Electric's Financials and Market Position - The company plans to invest 1.10 billion CNY (62.86%) in core production line upgrades and 0.65 billion CNY (37.14%) in the development of smart instruments and cloud platforms [3] - As of November 17, Jingchuang Electric holds a 13.13% market share in China's cold chain temperature and humidity control market, ranking first domestically and fourth globally [4] Nanfang Digital's Business Model and Financials - Nanfang Digital provides comprehensive digital solutions for the power and energy sectors, focusing on digital transformation [5] - The company has a market capitalization of 18.09 billion CNY, with an issue price of 5.69 CNY per share and a P/E ratio of 71.22 [6][10] Hengkang New Materials' Market Strategy - Hengkang New Materials focuses on R&D and industrial application of key materials for integrated circuits, with a significant increase in sales revenue from 123.58 million CNY in 2022 to 344.19 million CNY in 2024 [16][17] - The company aims to meet domestic demand for integrated circuit materials, achieving over 10% market share in 2024 [17] Beikang Testing's Industry Position - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive service offering and a top market share in China [18][23] - The company plans to allocate 1.44 billion CNY (71.89%) for advanced testing instrument development and 0.56 billion CNY (28.11%) for working capital [22]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, with three new stocks listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and is recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company has established a significant position in technology standards related to cold chain control and monitoring, participating in 38 national and industry standards [2] - Jingchuang Electric has a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [3] Group 3: Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [4] - The company generated revenue of 75,514.01 million yuan from digital grid services in the first half of 2025, accounting for 48.64% of total revenue [5] Group 4: Hengkang New Materials - Hengkang New Materials is involved in the R&D and production of key materials for integrated circuits, with a focus on photolithography materials [7] - The company's sales revenue from self-produced products increased from 12,357.89 million yuan in 2022 to 34,418.93 million yuan in 2024, with a rising proportion of total revenue [7] - Hengkang New Materials has become a major supplier of photolithography materials in China, with an estimated market share exceeding 10% [8] Group 5: Beikang Testing - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive range of services and a strong market position [9] - The company is involved in the development and revision of numerous national and international standards in the non-ferrous metal sector [9] - Despite its leading market position, Beikang Testing faces risks related to market space limitations and a single-source revenue model [10][11]

- 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 market average prices on the first listing day, ignoring lock-up restrictions. For 2025, as of November 14, the IPO yield for Class A accounts with a 2 billion scale is 2.70%, while Class B accounts with the same scale yield 2.28%. For accounts with a 10 billion scale, Class A yields 0.98%, and Class B yields 0.75%[2][10][39] - The report calculates theoretical IPO yields using Class A average winning rates. The formula for calculating full subscription yield is: $ Full subscription quantity = Maximum subscription limit × Class A average winning rate $ $ Full subscription yield = (First board price - IPO price) × Full subscription quantity $ The highest full subscription yields are 98.18 million yuan for Xi'an Yicai-U, 78.03 million yuan for Heyuan Bio-U, and 16.37 million yuan for Bibet-U[37][39][40] - The report measures IPO yields for different account scales, assuming Class A accounts participate in all IPOs, with Sci-Tech Innovation Board and ChiNext quotes fully included. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for recent IPOs are calculated based on Class A average winning rates. For example, Xi'an Yicai-U yields 14.24 million yuan for 2 billion accounts and 94.91 million yuan for 10 billion accounts[39][41][42] - Monthly IPO yields for Class A accounts are tracked, assuming all quotes are included and funds are utilized at 90% efficiency. For 2025, the cumulative yield for 2 billion accounts is 2.70%, with monthly yields varying across different scales. For instance, in October 2025, the yield for 2 billion accounts is 61.05 million yuan, while for 10 billion accounts, it is 219.56 million yuan[42][43][44] - Class B accounts are also analyzed for IPO yields under similar assumptions. For 2025, the cumulative yield for 2 billion accounts is 2.28%. Monthly yields are calculated, such as 25.80 million yuan for 2 billion accounts in October 2025 and 60.53 million yuan for 10 billion accounts[46][47][48]

Core Viewpoint - Nanfang Digital (301638.SZ) announced that its stock will be listed on the Shenzhen Stock Exchange's ChiNext board on November 18, 2025 [1] Company Summary - Nanfang Digital is preparing for its upcoming IPO on the ChiNext board, indicating a strategic move to access capital markets for growth and expansion [1]

Core Viewpoint - The company Nanfang Digital (301638) announced that its stock will be listed on the Shenzhen Stock Exchange's ChiNext board on November 18, 2025 [1] Group 1 - The company is set to go public, indicating a significant milestone in its growth strategy [1]

南方电网数字电网研究院股份有限公司 上市公告书 股票简称：南网数字 股票代码：301638 南方电网数字电网研究院股份有限公司 CSG Digital Power Grid Research Institute Co.,Ltd. （广州市黄埔区中新广州知识城亿创街 1 号 406 房之 86） 首次公开发行股票并在创业板上市之 上市公告书 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 二〇二五年十一月 南方电网数字电网研究院股份有限公司 上市公告书 特别提示 南方电网数字电网研究院股份有限公司（以下简称"南网数字""本公司" "发行人"或"公司"）股票将于 2025 年 11 月 18 日在深圳证券交易所创业板 上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒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，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。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板 ...

南方电网数字电网研究院股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：招商证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，南方电网数字电网研究院股份有限公司（以下 简称"公司"、"本公司"、"发行人"或"南网数字"）发行的人民币普通股股票将于 2025 年 11 月 18 日在深圳证券交易所创业板上市，上市公告书全文和首次公开 发行股票并在创业板上市招股说明书全文披露于中国证券监督管理委员会指定 信息披露网站：巨潮资讯网（www.cninfo.com.cn）、中证网（www.cs.com.cn）、 中国证券网（www.cnstock.com）、证券时报网（www.stcn.com）、证券日报网 （ www.zqrb.cn ） 、 经 济 参 考 网 （ www.jjckb.cn ） 、 中 国 金 融 新 闻 网 （www.financialnews.com.cn）、中国日报网（www.chinadaily.com.cn），供投资 者查阅。 所属网页二维码：巨潮资讯网 一、上 ...

北京市中伦律师事务所 关于南方电网数字电网研究院股份有限公司 首次公开发行股票并在创业板上市的 法律意见书 二〇二五年 十一月 北京市中伦律师事务所 关于南方电网数字电网研究院股份有限公司 首次公开发行股票并在创业板上市的 法律意见书 法律意见书 法规和中国证监会的有关规定，遵循诚实、守信、独立、勤勉、尽责的原则，恪 守律师执业道德和执业纪律，严格履行法定职责，对发行人的行为以及本次发行 并上市申请的合法、合规、真实、有效进行了充分的核查验证，保证本法律意见 书所不存在虚假记载、误导性陈述或者重大遗漏，保证所出具的文件的真实性、 准确性、完整性，并愿意承担相应的法律责任。 致：南方电网数字电网研究院股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受南方电网数字电网研究院 股份有限公司（以下简称"发行人"或"公司"）的委托，担任发行人申请首次 公开发行人民币普通股（A 股）并在深圳证券交易所创业板上市（以下简称"本 次发行并上市"）事宜的专项法律顾问。 本所根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华 人民共和国公司法》（以下简称"《公司法》"）、《首次公开发行股票注册管 理办法》、《 ...

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