长江证券承销保荐有限公司 关于北京昊创瑞通电气设备股份有限公司 长江证券承销保荐有限公司（以下简称"保荐机构"）作为北京昊创瑞通电 气设备股份有限公司（以下简称"公司"）首次公开发行股票并在创业板上市的 保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规 则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》及《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务（2025 年修订）》等有关规定，就公司使用募集资 金置换已支付发行费用的自筹资金事项进行了核查，具体核查情况及核查意见如 下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意北京昊创瑞通电气设备股份有限公司 首次公开发行股票注册的批复》（证监许可〔2025〕1516 号）同意，公司首次公 开发行人民币普通股（A 股）股票 2,790.00 万股，发行价格为 21.00 元/股，募 集资金总额为人民币 58,590.00 万元，扣除发行费用 6,974.83 万元（不含增值 税）后，实际募集资金净额为人民币 51,615.17 万元。 上述募集资金已于 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥242,187,452.09, representing a year-on-year increase of 2.85%[5] - The net profit attributable to shareholders for Q3 2025 was ¥30,686,805.67, a decrease of 19.32% compared to the same period last year[5] - The basic earnings per share for Q3 2025 was ¥0.3738, down 19.32% year-on-year[5] - Total revenue for the current period reached ¥692,986,556.95, an increase from ¥673,264,845.48 in the previous period, representing a growth of approximately 1.07%[22] - The company's net profit for the current period is 92,296,632.73 CNY, compared to 91,240,143.27 CNY in the previous period, reflecting an increase of approximately 1.16%[23] - The company reported total operating income of 677,449,990.25 CNY, up from 649,819,887.98 CNY in the previous period, representing an increase of about 4.1%[25] - The total profit before tax for the current period is 106,468,382.53 CNY, slightly down from 106,737,380.62 CNY in the previous period, indicating a decrease of about 0.25%[23] Assets and Liabilities - Total assets at the end of Q3 2025 reached ¥1,291,436,980.61, an increase of 81.39% compared to the end of the previous year[5] - Total assets increased to ¥1,291,436,980.61 from ¥711,957,556.56, reflecting a growth of approximately 81.3%[21] - Current assets rose significantly to ¥1,229,845,158.78, up from ¥654,483,952.12, marking an increase of about 87.5%[20] - The total liabilities decreased to ¥245,560,362.05 from ¥275,935,053.38, a reduction of about 11%[21] Cash Flow - The company's cash flow from operating activities for the first nine months of 2025 was ¥91,194,052.99, up 111.00% year-on-year[13] - Operating cash flow for the current period is 91,194,052.99 CNY, significantly up from 43,220,486.81 CNY in the previous period, indicating a year-over-year increase of over 111%[25] - Total cash and cash equivalents at the end of the period reached 826,362,369.13 CNY, compared to 231,816,537.50 CNY at the end of the previous period, marking an increase of approximately 256%[26] - Cash and cash equivalents surged to ¥826,362,369.35 from ¥279,588,883.58, an increase of approximately 195.5%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 27,592[15] - The largest shareholder, Duan Youtao, holds 28.36% of shares, totaling 31,200,000 shares[15] - The second-largest shareholder, Zhang Lingli, holds 24.00% of shares, totaling 26,400,000 shares[15] - The total number of restricted shares at the beginning of the period was 82,100,000, with 4,851,934 new restricted shares added, bringing the total to 86,951,934[17] - The company has no preferred shareholders or preferred stockholders in the top 10 list[16] - The company has a significant number of shares held by institutional investors, including Goldman Sachs and Merrill Lynch, with holdings of 232,975 and 157,171 shares respectively[15] - The company plans to release restricted shares for major shareholders on September 26, 2026, and September 26, 2028[17] - There are no changes in the number of shares lent or returned by the top 10 shareholders due to margin trading[16] Inventory and Receivables - The company reported a decrease in inventory by 34.07% to ¥110,181,562.94, primarily due to the recognition of operating revenue[10] - Accounts receivable increased to ¥205,357,782.57 from ¥166,154,087.94, showing a rise of about 23.6%[20] - The company experienced a 37.65% increase in receivables financing, reaching ¥1,583,130.83, attributed to an increase in bank acceptance bills received[10] Capital and Investments - The company's total equity attributable to shareholders increased by 139.87% to ¥1,045,876,618.56 compared to the end of the previous year[5] - The company’s equity attributable to shareholders rose to ¥1,045,876,618.56 from ¥436,022,503.18, an increase of about 140%[22] - The company’s capital reserve increased by 2135.54% to ¥512,586,510.61, mainly due to the premium from the IPO[10] - The company has made a significant investment of 180,000,000.00 CNY in new projects during the current period, compared to no investment in the previous period[25] - Research and development expenses increased to ¥23,878,636.40 from ¥21,480,677.20, reflecting a growth of approximately 11.1%[22] Other Information - The company has not disclosed any new product developments or market expansion strategies in the provided documents[18] - No significant mergers or acquisitions were mentioned in the conference call content[18] - The company has not reported any other comprehensive income for the current and previous periods, maintaining a consistent position[23] - The company has not undergone an audit for the third quarter financial report, which remains unaudited[27]

Group 1 - The core viewpoint of the news is that Haocreat Ruitong experienced a decline in stock price while showing significant trading activity in margin financing and securities lending [1][2] - On October 27, Haocreat Ruitong's stock fell by 3.49%, with a trading volume of 548 million yuan [1] - The margin financing data indicates that on the same day, the company had a financing purchase amount of 47.60 million yuan and a net financing purchase of 13.30 million yuan, with a total margin balance of 88.61 million yuan, accounting for 6.38% of the circulating market value [1] Group 2 - As of September 26, the number of shareholders of Haocreat Ruitong reached 29,500, an increase of 246,050% compared to the previous period [2] - For the first half of 2025, the company reported an operating income of 451 million yuan, representing a year-on-year growth of 2.97%, and a net profit attributable to the parent company of 61.61 million yuan, which is a 15.80% increase year-on-year [2] - The company's main business involves the research, production, and sales of smart distribution equipment, with revenue composition as follows: smart ring network cabinets 39.90%, smart pole switches 31.87%, box-type substations 23.33%, and others 4.90% [1]

Group 1 - The stock of Haocreative Technology fell by 3.49% today, with a turnover rate of 39.38% and a trading volume of 548 million yuan, indicating significant market activity [2] - Institutional investors net bought 21.88 million yuan, while brokerage seats collectively net sold 9.97 million yuan, reflecting mixed investor sentiment [2] - The stock has appeared on the Dragon and Tiger list 9 times in the past six months, with an average price increase of 0.63% the day after being listed and a 0.17% increase over the following five days [3] Group 2 - Today's main capital outflow for the stock was 42.96 million yuan, with large orders contributing to a net outflow of 14.21 million yuan and 28.75 million yuan respectively [3] - The top five trading departments accounted for a total transaction amount of 127 million yuan, with a net buying amount of 11.91 million yuan [2] - Specific trading details show that institutional specialized seats were prominent in both buying and selling activities, with total buying amounting to 57.47 million yuan and selling amounting to 35.59 million yuan, resulting in a net buying of 21.88 million yuan [2][3]

- The report tracks the recent IPO market performance, focusing on the net gains from new stock listings across 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 trading day, excluding lock-up restrictions[1][11][39] - The cumulative IPO net gains for A-class accounts with a scale of 2 billion reached 2.44%, while B-class accounts of the same scale achieved 2.19% as of October 24, 2025[11][39] - For larger accounts with a scale of 10 billion, the IPO net gains were significantly lower, with A-class accounts at 0.77% and B-class accounts at 0.70%[11][39] - The average first-day price increase for Sci-Tech Innovation Board stocks was 218.45%, while ChiNext stocks saw an average increase of 244.28%[1][16] - The report provides detailed calculations for theoretical IPO gains, using formulas such as: $ Full subscription quantity = Maximum subscription limit × Average offline subscription rate $ $ Full subscription gains = (First-day average price - IPO price) × Full subscription quantity $[35][39] - The highest full subscription gains among recent IPOs were achieved by United Power, Jindal Zhixin, and C Marco, with gains of 50.81, 12.58, and 11.03 million yuan respectively[35][38] - The report also includes monthly tracking of IPO gains for A-class accounts across different scales, showing a cumulative gain rate of 6.17% for 2 billion accounts since 2024, and 2.44% for 2025 alone[39][41] - Similar tracking for B-class accounts reveals a cumulative gain rate of 5.11% for 2 billion accounts since 2024, and 2.19% for 2025 alone[47][45] - The report highlights the IPO subscription process, including strategic placement, offline inquiry, and online pricing methods, with detailed statistics on subscription rates, oversubscription multiples, and effective subscription ratios for recent IPOs like Xi'an Yicai and Bibet[24][25]

Core Insights - On October 24, Haocreat Ruitong experienced a decline of 9.88% with a trading volume of 762 million yuan [1] - The company had a net financing purchase of 811,400 yuan on the same day, with total financing and margin trading balance reaching 75.31 million yuan [1][2] - As of September 26, the number of shareholders increased significantly by 246,050% to 29,500, with an average of 780 circulating shares per person [2] Financing Summary - On October 24, Haocreat Ruitong had a financing purchase amount of 44.48 million yuan, with a current financing balance of 75.31 million yuan, accounting for 5.23% of the market capitalization [1] - The company reported no short selling activity on the same day, with zero shares sold or repaid [1] Business Performance - For the first half of 2025, Haocreat Ruitong achieved a revenue of 451 million yuan, reflecting a year-on-year growth of 2.97% [2] - The net profit attributable to the parent company was 61.61 million yuan, showing a year-on-year increase of 15.80% [2] Company Overview - Haocreat Ruitong Electric Equipment Co., Ltd. is located in Fengtai District, Beijing, and was established on February 13, 2007 [1] - The company specializes in smart distribution equipment and digital solutions for distribution networks, with main revenue sources including smart ring network cabinets (39.90%), smart pole switches (31.87%), and box-type substations (23.33%) [1]

Core Viewpoint - In the past week, 51 stocks had a turnover rate exceeding 100%, indicating significant trading activity in the market [1] Group 1: High Turnover Stocks - Yunhan Chip City (301563) had the highest weekly turnover rate at 277.04% [1] - Haocreat Ruitong (301668), Daosheng Tianhe (601026), and Jianda Zhixin (301584) also reported turnover rates exceeding 200% [1] Group 2: Industry Analysis - The stocks with turnover rates above 100% predominantly belong to the electronics, machinery equipment, pharmaceutical biology, and petroleum and petrochemical industries [1]

Core Points - The Shanghai Composite Index rose by 2.88% this week, with 51 stocks having a turnover rate exceeding 100% [1] - The average increase for stocks with a turnover rate over 100% was 11.49%, with 41 stocks rising and 10 stocks falling [2] Turnover Rate Analysis - A total of 51 stocks had a turnover rate above 100%, while 197 stocks had a turnover rate between 50% and 100%, and 2403 stocks had a turnover rate between 10% and 50% [1] - The mechanical equipment sector had the highest number of stocks with a turnover rate over 100%, totaling 16 stocks, followed by basic chemicals with 5 stocks and petroleum and petrochemicals with 4 stocks [1] Notable Stocks - Yunhan Chip City had the highest turnover rate at 277.04%, with a weekly price increase of 40.55%. It experienced significant trading activity, including three instances of hitting the daily trading limit [1] - Haocreator Technology ranked second with a turnover rate of 253.95% and a price increase of 15.01%. It also had notable trading activity, with institutional net selling of 79.03 million yuan [1][2] - Daosheng Tianhe had a turnover rate of 244.37% but saw a price decline of 11.08%. It recorded a net inflow of 375.37 million yuan from trading [2] Financial Performance - Among the stocks with a turnover rate over 100%, 17 have released their Q3 reports, with Daosheng Tianhe showing the highest net profit growth of 56.89% year-on-year [2] - Yunhan Chip City is projected to have a median net profit of 78.5 million yuan for Q3, reflecting a year-on-year increase of 41.41% [2]

Group 1 - The stock of Haocreative Technology fell by 9.88% with a turnover rate of 51.86% and a trading volume of 762 million yuan, indicating significant market activity [1] - Institutional investors net sold 28.70 million yuan, while brokerage seats collectively net bought 20.58 million yuan [1][2] - The stock has appeared on the daily trading list eight times in the past six months, with an average price increase of 1.22% the day after being listed and an average increase of 2.76% over the following five days [3] Group 2 - The top five brokerage seats accounted for a total transaction volume of 135 million yuan, with a buying amount of 63.58 million yuan and a selling amount of 71.70 million yuan, resulting in a net sell of 8.13 million yuan [2] - Among the brokerage seats listed, four were institutional special seats, which collectively bought 34.30 million yuan and sold 62.99 million yuan, leading to a net sell of 28.70 million yuan [2] - The main capital flow showed a net outflow of 5.28 million yuan, with large orders experiencing a net inflow of 11.41 million yuan and a net outflow of 16.69 million yuan [3]

Core Points - The stock of Haocreative Technology increased by 13.61% with a turnover rate of 65.53% and a trading volume of 983 million yuan, showing a volatility of 22.43% [2] - Institutional investors net sold 25.12 million yuan, while the total net selling from brokerage seats amounted to 10.25 million yuan [2] - The stock has appeared on the daily trading list seven times in the past six months, with an average price increase of 3.07% the day after being listed and an average increase of 12.91% over the following five days [2] Trading Data - The top five brokerage seats accounted for a total trading volume of 178 million yuan, with buying transactions amounting to 71.14 million yuan and selling transactions totaling 107 million yuan, resulting in a net selling of 35.36 million yuan [2] - Specific trading data shows that four institutional seats were involved in both buying and selling, with total buying amounting to 61.81 million yuan and total selling reaching 86.93 million yuan, leading to a net selling of 25.12 million yuan [2] Fund Flow - The stock experienced a net outflow of 2.37 million yuan in principal funds today, with a significant outflow of 16.61 million yuan from large orders, while large orders saw a net inflow of 14.24 million yuan [2] - Over the past five days, the net inflow of principal funds amounted to 32.45 million yuan [2]