Core Viewpoint - Haocreat Ruitong Electric Equipment Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a closing price of 61.06 yuan, reflecting a significant increase of 190.76% on its first day of trading [1]. Company Overview - Haocreat Ruitong specializes in smart distribution equipment and digital solutions for distribution networks, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [1]. Shareholding Structure - The major shareholders are Duan Youtao and Zhang Lingli, who together control 75.03% of the company. Duan Youtao holds 38.00% directly and 4.87% indirectly through a partnership, while Zhang Lingli holds 32.16% directly. They are a married couple, with Duan serving as Chairman and General Manager, and Zhang as a Director and Deputy General Manager [1]. Fundraising and Financials - The company raised a total of 585.90 million yuan, with a net amount of 516.15 million yuan after deducting issuance costs. This net amount exceeded the original plan by 39.62 million yuan [3]. - The funds will be allocated to projects including the production of smart ring main units, smart pole-mounted switches, and the establishment of a smart distribution research center, as well as to supplement working capital [3]. Financial Performance - From 2022 to 2024, the company reported revenues of 559.80 million yuan, 672.37 million yuan, and 867.25 million yuan, respectively, with net profits of 68.76 million yuan, 87.41 million yuan, and 111.29 million yuan [4]. - For the first half of 2025, the company achieved a revenue of 450.80 million yuan, a year-on-year increase of 2.97%, and a net profit of 61.61 million yuan, reflecting a growth of 15.80% [6]. Customer Concentration - The State Grid Corporation is the largest customer, accounting for a significant portion of sales, with revenues from this customer being 350 million yuan, 498 million yuan, and 619 million yuan over the past three years, representing 91.87%, 88.92%, and 91.99% of total sales, respectively [11]. - The gross profit from sales to the State Grid has consistently exceeded 93% over the last three years, indicating a heavy reliance on this customer [11]. Market Position and Challenges - The company faced challenges due to quality issues, resulting in a six-month suspension of bidding qualifications for certain products from the State Grid's subsidiaries, which negatively impacted its operational performance and brand reputation [11].

Group 1 - The company N Haocreat (301668) was listed today, opening with a rise of 176.19%, and closing with an increase of 190.76%, with a total trading volume of 18.81 million shares and a turnover of 1.188 billion yuan, resulting in a turnover rate of 81.60% [2] - The company primarily engages in the research, production, and sales of smart distribution equipment, with key products including smart ring network cabinets, smart pole-mounted switches, and box-type substations [2] - The total number of shares issued in this offering was 27.90 million, with an online issuance of 11.56 million shares at a price of 21.00 yuan per share, resulting in a price-to-earnings ratio of 21.02, compared to the industry average of 22.81 [2] Group 2 - The company raised a total of 586 million yuan from the initial public offering, with the funds primarily allocated to the production construction project of smart ring network cabinets, the establishment of a smart distribution research and development center, the production construction project of smart pole-mounted switches, and to supplement working capital [2]

| 代码 | 简称 最新价（元） | 上午收盘涨跌幅（%） | 半日换手率（%） | | --- | --- | --- | --- | | 301668 | N昊创 64.45 | 206.90 | 64.44 | 公司主要从事智能配电设备的研发、生产和销售，主要产品包括智能环网柜、智能柱上开关和箱式变电 站等。 统计显示，公司本次发行总量为2790.00万股，其中，网上发行量为1156.20万股，发行价格为21.00元/ 股，发行市盈率21.02倍，行业平均市盈率22.81倍，网上发行最终中签率为0.0161087915%。公司首发 募资金额为5.86亿元，募资主要投向智能环网柜生产建设项目、智能配电研发中心建设项目、智能柱上 开关生产建设项目、补充流动资金等。（数据宝） N昊创(301668)今日上市，开盘上涨176.19%，截至上午收盘涨幅扩大至206.90%，半日成交量1485.30万 股，成交额9.40亿元，换手率64.44%。 今日上市新股表现 （文章来源：证券时报网） ...

（文章来源：证券时报网） N昊创今日上市，开盘价58.00元，上涨176.19%。 公司主要从事智能配电设备的研发、生产和销售，主要产品包括智能环网柜、智能柱上开关和箱式变电 站等。 证券时报·数据宝统计显示，公司本次发行总量为2790.00万股，其中，网上发行量为1156.20万股，发行 价格为21.00元/股，发行市盈率21.02倍，行业平均市盈率22.81倍，网上发行有效申购户数为1292.40万 户，网上发行最终中签率为0.0161087915%。公司首发募集资金5.86亿元，募集资金主要投向智能环网 柜生产建设项目、智能配电研发中心建设项目、智能柱上开关生产建设项目、补充流动资金等。（数据 宝） 近期上市新股首日表现 | 代码 | 简称 | 上市日期 | 发行价（元） | 发行市盈率（倍） | 首日开盘涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | 301668 | N昊创 | 2025.09.26 | 21.00 | 21.02 | 176.19 | 电力设备 | | 301584 | C建发致 | 2025.09.25 ...

Core Viewpoint - Haocreat Ruitong has been listed on the Shenzhen Stock Exchange's ChiNext board with a price of 21.00 yuan per share and a price-to-earnings ratio of 21.02 times [1] Company Overview - Haocreat Ruitong was established on February 13, 2007, originally as Beijing Haocreat Ruitong Electric Equipment Co., Ltd. It was restructured into Beijing Haocreat Ruitong Electric Equipment Co., Ltd. on November 26, 2020 [1] - The company specializes in smart distribution equipment and digital solutions for distribution networks, focusing on the research, development, production, and sales of smart distribution equipment [1]

Group 1 - No new IPOs were announced on September 26, indicating a pause in the market for new stock offerings [1] - One new stock was listed today, Haocreat Technology (301668), on the ChiNext board, suggesting ongoing activity in the growth sector [1]

格隆汇9月26日｜今日昊创瑞通(301668.SZ)上市，无新股申购。 ...

Core Viewpoint - The company, Haocreative Ruitong, is focused on expanding its customer base beyond the State Grid and Southern Power Grid while maintaining strong relationships with these key clients, aiming for a decrease in customer concentration over the long term [1][2]. Group 1: Market Demand and Customer Base - The demand for Haocreative Ruitong's products is expected to continue growing, particularly from the State Grid and Southern Power Grid, which will remain the primary customers in the short term [1]. - The company plans to enhance its sales team and channels, strengthen brand building, and actively seek new customers, particularly in sectors outside of the power grid [2]. - Sales revenue from customers outside the State Grid and Southern Power Grid is projected to grow significantly, with expected revenues of 62.01 million, 49.11 million, and 111.33 million CNY for the years 2022-2024, reflecting a compound annual growth rate of 33.98% [1]. Group 2: Product Development and Innovation - Haocreative Ruitong specializes in smart distribution equipment and digital solutions for distribution networks, with key products including smart ring main units, smart pole-mounted switches, and box-type substations [3]. - The company has invested significantly in R&D, with expenditures of 17.30 million, 23.36 million, and 32.32 million CNY over the reporting period, achieving a compound growth rate of 36.69% [3]. - The company has developed critical technologies such as fault location and self-healing technology for distribution networks, which enhance the intelligence of its products [3][4]. Group 3: Financial Performance - Haocreative Ruitong reported revenues of 559.80 million, 672.37 million, and 867.25 million CNY, with a compound growth rate of 24.47%, and net profits of 68.76 million, 87.41 million, and 111.29 million CNY, with a compound growth rate of 27.22% [6]. - For the first half of 2025, the company achieved a revenue of 450.80 million CNY, representing a year-on-year growth of 2.97%, and a net profit of 61.61 million CNY, up 15.80% year-on-year [6]. Group 4: Future Plans and Strategic Direction - The company plans to issue 27.90 million shares at a price of 21.00 CNY per share, aiming to raise approximately 585.90 million CNY for projects related to smart distribution equipment and R&D [6][7]. - The strategic focus is on becoming a leader in the smart distribution equipment sector, aligning with national strategies for carbon neutrality and smart grid development [7]. - Haocreative Ruitong aims to leverage advancements in IoT, edge computing, and AI to enhance its product offerings and market position [7].

Core Viewpoint - The new stock offering of Haocreator (stock code: 301668) is attracting investor interest, with a subscription price set at 21.00 yuan and a price-to-earnings ratio of 21.02, which is lower than the industry average of 22.81, indicating potential investment value [1]. Company Summary - Haocreator focuses on the research, production, and sales of smart distribution equipment, which is widely used in the power and energy sectors, aiming to promote the development of smart grids [1]. - The company is expected to benefit from the increasing demand for intelligent and automated equipment, positioning itself favorably in future market competition [1]. Industry Summary - The smart equipment industry, in which Haocreator operates, is believed to have significant growth potential, with analysts predicting a notable improvement in future performance [1]. - There are currently no new bond offerings in the market, which may weaken demand for bond investments, prompting investors to keep an eye on upcoming bond issuance [2].

Core Viewpoint - Haocreat Ruitong (301668.SZ) is a high-tech enterprise focused on smart distribution equipment and digital solutions for distribution networks, aiming to enhance the flexibility and efficiency of power systems [1][2]. Group 1: Company Overview - Established in 2007, Haocreat Ruitong specializes in the R&D, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations [1]. - The company is recognized as a national-level "little giant" enterprise, a national green factory, and a high-tech enterprise, and has received various certifications for its management systems [1]. Group 2: Product and Technology - Haocreat Ruitong has obtained 132 patents and 30 software copyrights, including 15 invention patents, and has participated in the formulation of 2 national standards [2]. - The "HZW-12/T630-20 outdoor pole-mounted vacuum circuit breaker" was recognized in 2024 for its advanced technical performance, with integrated design and high-precision sensor technology [2]. Group 3: Client Base and Market Expansion - Major clients include State Grid, Southern Power Grid, and other significant enterprises in the energy sector, with plans to expand into the industrial sector, becoming a qualified supplier for China National Petroleum Corporation by December 2024 [2]. Group 4: Quality Control and Challenges - The company has faced quality issues due to supplier defects and operational errors, with revenue impacts of 2.2974 million, 1.8234 million, and 5.2009 million yuan for the years 2022-2024, representing 0.41%, 0.27%, and 0.60% of total revenue respectively [2][3]. - Despite facing penalties from various power companies, Haocreat Ruitong maintains good relationships with clients and views these issues as common in the industry, emphasizing the need for stringent quality control as the company scales [3].