Core Viewpoint - Soulgate Inc. (Soul) is seeking to list on the Hong Kong Stock Exchange after previous attempts were unsuccessful, with a new sole sponsor, CITIC Securities [3]. Group 1: Company Overview - Soul, established in 2015, is a leading AI-driven immersive social platform in China, focusing on creating a social playground for users [6]. - The platform allows users to engage without revealing their real names or appearances, fostering a friendly community atmosphere [6]. - As of August 31, 2025, Soul has approximately 389 million registered users, with daily engagement exceeding 50 minutes [6]. Group 2: User Engagement and Metrics - Average daily active users reached 11 million, with 78.7% being Gen Z, ranking first among AI+ immersive social platforms in China [6]. - Users initiate an average of 20.1 sessions per day, also ranking first in the sector [6]. - The platform boasts an 86.0% monthly active user interaction rate, with users sending approximately 75 direct messages daily [6]. Group 3: Financial Performance - Soul's revenue from emotional value services constitutes 90.8% of total revenue, with an average monthly revenue per paying user of RMB 104.4 [6]. - Revenue figures for the years 2022, 2023, 2024, and the first eight months of 2025 are RMB 1.67 billion, RMB 1.84 billion, RMB 2.21 billion, and RMB 1.68 billion respectively [14]. - The net losses for the same periods were RMB 508 million, RMB 129 million, RMB 149 million, and RMB 36 million [14]. Group 4: Shareholder Structure - Zhang Lu controls 28.5% of Soulgate Holding Limited and can exercise 49.90% of voting rights through a trust [10]. - Tencent holds 49.9% of the shares, translating to 28.50% of voting rights after accounting for voting proxies [10]. - Other significant shareholders include Mihayou (5.47%) and Genesis Capital (5.34%) [10]. Group 5: Management Team - The board consists of 9 members, including 3 executive directors: Zhang Lu (CEO), Tao Ming (CTO), and Zhang Gaozheng (VP) [13]. - Non-executive directors include representatives from major investors like Mihayou and Tencent [13]. Group 6: IPO Details - Soul's IPO is sponsored solely by CITIC Securities, with KPMG as the auditor and various law firms providing legal counsel [15].

Core Insights - The commercialization of embodied intelligence is expected to reach a critical milestone in 2025, with major manufacturers securing billion-level orders [1][3] - The industry is projected to exceed a total market capitalization of 3 trillion yuan by October 2025, with significant contributions from the machinery, automotive, and electronics sectors [2] - The development of embodied intelligence models relies heavily on the scale effects of data and computing power [6] Industry Progress by 2025 - Major manufacturers have secured orders exceeding 1 billion yuan, with applications primarily in research, education, cultural entertainment, and data collection [3] - Companies like UBTECH and ZhiYuan Robotics have received over 800 million yuan and 520 million yuan in orders, respectively [3] - The supply chain is becoming clearer as manufacturers prepare for mass production, with Chinese suppliers establishing production bases in Thailand to support Tesla's 2026 production plans [3] Key Directions for 2026 - Tesla is expected to launch the Optimus V3 in Q1 2026, with a target of delivering 1 million humanoid robots, supported by a significant compensation incentive for Elon Musk [5] - The Hong Kong stock market is emerging as a hub for new players in the industry, with companies like UBTECH and Yuejiang listing to attract capital [5] - The fundamental breakthroughs in embodied intelligence models will depend on the scale of data and computing resources available [6]

阿维塔科技向港交所主板递交上市申请，中信证券和中金公司（601995）担任联席保荐人。 阿维塔专注于打造高端情感智能新能源乘用车。自2021年起，公司与长安汽车（000625）、宁德时代 （300750）、华为以及其他生态伙伴合作，通过市场导向管理独立运营。 目前已推出阿维塔06、07、11及12四款主要量产车型。旗舰车型阿维塔11和12荣获2024年德国红点最佳 产品设计奖，阿维塔11还在2025年获得第二十五届中国专利奖外观设计金奖。未来三年将推出多款人民 币30万元以上车型，全面覆盖高端及豪华市场。 自2022年12月开始交付以来，总交付量由2022年的114辆增至2024年的61588辆。截至2025年6月30日六 个月，交付量达到56729辆，同比增长约151.1%。 ...

Core Insights - The report from CITIC Securities indicates a decline in both profit and revenue growth rates for industrial enterprises in October, primarily due to a decrease in domestic and external demand [1] - State-owned enterprises maintained positive profit growth, while foreign-funded enterprises experienced the most significant profit decline [1] - The combination of declining revenue profit margins and a slowdown in industrial value-added growth contributed to the decrease in profit growth for industrial enterprises, highlighting insufficient demand and the lack of a steady recovery in profit margins despite PPI adjustments [1] Industry Analysis - There is a notable divergence in profit growth across industries, with midstream and downstream sectors experiencing a rapid decline in profit growth, suggesting that upstream price increases continue to squeeze profits in these sectors [1] - Conversely, the equipment manufacturing and high-tech manufacturing sectors are showing a positive profit growth trend [1] - Looking ahead, due to the high base of industrial enterprise profits from the same period last year, future profit performance may face pressure; however, emerging industries benefiting from structural booms, such as semiconductors and AI, are expected to maintain resilience in profits [1]

中信证券研报表示，随着头部厂商相继获得亿元级订单，2025年已成为具身智能商业化的关键节点。然 而在商业化向规模化落地的进程中，阶段性瓶颈与下游工厂的订单审慎态度依然存在。在OEM、供应 链及科技巨头的协同推进下，机器替代人力的效率提升、供应链产能布局及多维技术赋能正加速产业升 级，驱动商业模式创新与竞争格局重构。国内具身智能板块总市值已突破3万亿元，伴随国产新势力资 本化加速，板块规模有望持续扩张。 ...

中信证券研报称，随着头部厂商相继获得亿元级订单，2025年已成为具身智能商业化的关键节点。然而 在商业化向规模化落地的进程中，阶段性瓶颈与下游工厂的订单审慎态度依然存在。在OEM、供应链 及科技巨头的协同推进下，机器替代人力的效率提升、供应链产能布局及多维技术赋能正加速产业升 级，驱动商业模式创新与竞争格局重构。国内具身智能板块总市值已突破3万亿元，伴随国产新势力资 本化加速，板块规模有望持续扩张。 ...

人民财讯11月28日电，中信证券研报认为，随着头部厂商相继获得亿元级订单，2025年已成为具身智能 商业化的关键节点。然而在商业化向规模化落地的进程中，阶段性瓶颈与下游工厂的订单审慎态度依然 存在。在OEM、供应链及科技巨头的协同推进下，机器替代人力的效率提升、供应链产能布局及多维 技术赋能正加速产业升级，驱动商业模式创新与竞争格局重构。国内具身智能板块总市值已突破3万亿 元，伴随国产新势力资本化加速，板块规模有望持续扩张。 ...

据天眼查APP显示，中信证券股份有限公司成立于1995年10月25日，注册资本1482054.6829万人民币。 （数据宝） 11月27日中信证券大宗交易一览 | 成交量 （万 | 成交金额 （万元） | 成交价 格 | 相对当日收盘 折溢价（%） | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | | （元） | | | | | 361.20 | 8972.21 | 24.84 | -9.93 | 招商证券股份有限公司北京车 | 万和证券股份有限 | | | | | | 公庄西路证券营业部 | 公司北京分公司 | | 288.00 | 7153.92 | 24.84 | -9.93 | 国金证券股份有限公司上海静 | 万和证券股份有限 | | | | | | 安区南京西路证券营业部 | 公司北京分公司 | （文章来源：证券时报网） 中信证券11月27日大宗交易平台共发生2笔成交，合计成交量649.20万股，成交金额1.61亿元。成交价格 均为24.84元，相对今日收盘价折价9.93%。 进一步统计，近3个月内该股累计发生7笔大宗交易， ...

Core Points - Kangwei Century (688426.SH) closed at 26.49 yuan, with a decline of 4.71%, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 25, 2022, with an initial offering price of 48.98 yuan per share [1] - The total number of shares publicly issued was 23,290,278, accounting for 25% of the total share capital after issuance [1] - The total funds raised amounted to 1,140.76 million yuan, with a net amount of 1,054.30 million yuan after deducting issuance costs, exceeding the original plan by 68.63 million yuan [1] - The funds are intended for projects including the industrialization of medical devices and biological testing reagents, marketing network construction, molecular detection product R&D, and working capital supplementation [1] Financial Details - The issuance costs totaled 86.45 million yuan, with CITIC Securities receiving underwriting fees of 64.49 million yuan [2] - CITIC Securities Investment Co., Ltd., a related subsidiary involved in the underwriting, was allocated 931,611 shares, representing 4.00% of the total shares issued [2] - On June 6, 2023, the company announced a dividend plan of 5.2 yuan (pre-tax) per 10 shares, with a bonus issue of 2 shares [2]

Core Points - Huaru Technology's stock price fell by 3.39% to 22.81 yuan as of the market close [1] - The company went public on June 23, 2022, on the Shenzhen Stock Exchange's ChiNext board, with an initial offering price of 52.03 yuan per share [1] - Currently, the stock is in a state of decline, having broken its initial offering price [1] Fundraising and Financials - Huaru Technology raised a total of 137,203.11 million yuan through its initial public offering, with a net amount of 127,524.55 million yuan [1] - The net fundraising amount exceeded the original plan by 47,524.55 million yuan [1] - The company initially aimed to raise 80,000 million yuan for various projects, including a new generation combat system and a multidisciplinary collaborative design and simulation platform [1] Issuance Costs - The total issuance costs for the initial public offering amounted to 9,678.56 million yuan, with underwriting fees accounting for 8,232.19 million yuan [1] Stock Adjustment - On May 25, 2023, Huaru Technology announced a stock split of 10 shares for every 5 shares held, with a tax-free dividend of 0 yuan [1] - The ex-rights and ex-dividend date was set for June 1, 2023, with the record date on May 31, 2023 [1]