背景 公司是内地工業機器人領軍企業。根據弗若斯特沙利文的資料，公司 在内地工業機器人解決方案市場中，連續多年保持本土企業工業機器 人出貨量第一名。根據同一機構的資料，公司於 2025 年上半年取得歷 史性突破，國內市場上工業機器人出貨量超越外資品牌，成為首家登 頂内地工業機器人解決方案市場的國產機器人企業。按收入計，公司 亦躋身於工業機器人公司前列，按 2024 年收入計，公司在全球市場及 内地市場的所有製造商中均排名第六，市場份額分別為 1.7%及 2.0%。 概要 提供自動化解決方案：公司的工業機器人及智能製造系統提供自動化 解決方案，可大幅提升工業環境的生產力、安全性及可靠性。公司的 工業機器人產品組合涵蓋通用型及專用型，能夠獨立且高精度地執行 重複性、體力要求高或危險的任務。在此基礎上，公司亦提供工業機 器人工作站，該工作站是以機器人為中心的生產單元，配備控制器及 其他配套設備，以高效執行特定製造步驟，如焊接、機加工或組裝。 除獨立機器人及工作站外，公司的智能製造系統還將公司自研的機器 人及核心部件與周邊及配套設備整合為完整解決方案。 競爭優勢明顯：公司主要從事工業機器人、智能製造系統及工業機器 人工 ...

公司是領先的無線通信模組及解決方案提供商，以智能模組（尤其是 高算力智能模組）為核心。公司的模組及解決方案廣泛應用於泛物聯 網（「IoT」）、智能網聯車（「ICV」）及無線寬帶領域。 概要 全球市場份額排第四：根據弗若斯特沙利文的資料，於 2024 年，按無 線通信模組業務收入計，公司在全球無線通信模組行業中排名第四， 佔全球市場份額的 6.4%。根據同一資料來源，全球無線通信模組市場 高度集中，三大參與者於 2024 年佔全球市場收入的 65.7%（其中最大 參與者獨佔 42.7%的市場份額），而公司雖排名第四，市場份額僅為 6.4%。 三大競爭優勢：(i)全球領先的無線通信模組及解決方案提供商；(ii)技 術專業知識與持續創新，帶來差異化的技術優勢；(iii)三大核心領域均 衡發展，打造多元化市場覆蓋能力；(iv)與全球頭部客戶長期合作，構 建強大市場競爭力；及(v)紮實的企業文化、高瞻遠矚的管理團隊和多 元化人才儲備，為發展提供堅實支撐。 增長趨勢持續：全球高科技產業的加速發展也推動無線通信模組市場 持續擴容，客戶對高定製化與高附加值方案的需求上升，驅動無線通 信模組企業發展更具技術含量的產品實現更高收 ...

新股預覽 ─ 優樂賽共享（2649.HK） 物流行業 2026 年 2 月 27 日 背景 公司是內地循環包裝服務提供商，主要專注於為汽車行業內的汽車零 部件製造商及 OEM 提供服務。公司主要提供共享運營，這是一種共 用模式，根據這一模式，公司為客戶管理托盤、板條箱或容器等循環 包裝，代表客戶處理循環包裝的儲存、配送及歸還（主要透過分包第 三方物流服務提供商進行）、清潔和維護。除了共享運營，公司還為 傾向於自主管理循環包裝的客戶提供租賃服務、提供倉儲管理和客戶 自有容器管理等增值服務、同時也將容器出售予可獨立管理容器的客 戶。 概要 市場地位處於領先位置：根據弗若斯特沙利文，按 2024 年收入計，公 司是內地循環包裝服務第二大提供商，市場份額為 1.5%；及內地汽車 共享運營服務市場的最大提供商，市場份額為 8.2%。於 2024 年，循 環包裝服務、共享運營服務及汽車共享運營服務分別佔內地整體物流 包裝解決方案市場的 6.4%、2.4%及 1.0%。本集團經營所在行業（包括 內地的循環包裝服務及共享運營服務市場）高度分散且競爭激烈。 致力為客戶降低成本：通過從傳統的一次性包裝過渡至循環容器，公 司助力客 ...

新股預覽 ─ 兆威機電（2692.HK） 機電行業 2026 年 2 月 27 日 背景 按 2024 年收入計，公司是內地最大的一體化微型傳動與驅動系統產品 提供商，是全球第四大一體化微型傳動與驅動系統產品提供商（根據 弗若斯特沙利文報告），市場份額分別為 3.9%及 1.4%。根據弗若斯特 沙利文報告，全球一體化微型傳動與驅動系統市場高度分散。公司設 計、製造微型傳動與驅動系統產品以及該等系統的配套部件，並主要 向位於內地的客戶，其次向海外客戶出售該等產品及部件。 概要 一體化微型傳動與驅動系統產品提供商：按 2024 年收入計，公司是內 地最大的一體化微型傳動與驅動系統產品提供商，是全球第四大一體 化微型傳動與驅動系統產品提供商（根據弗若斯特沙利文報告），該 市場較為分散，市場份額分別為 3.9%及 1.4%。公司秉持發展理念，構 建了「傳動系統+微電機系統+電控系統」的「1+1+1」協同創新戰略， 持續推動微型驅動技術的發展。截至 2025 年 9 月 30 日，公司共擁有 405 項相關專利，專利數量在內地一體化微型傳動與驅動系統行業內 排名第一。 全球藍籌客戶基礎：公司憑藉卓越的產品性能、嚴格的質 ...

Investment Rating - The investment rating for the company is set at ★★★☆☆ for basic factors and valuation, ★☆☆☆☆ for performance growth, ★★☆☆☆ for industry representation, ★★★☆☆ for industry prosperity, and ★★★★☆ for market conditions [5]. Core Insights - The company holds a leading market position with a global market share of 20.6% in the heat shrink materials industry, ranking first globally, and a domestic market share of 58.5% in China [2]. - The company has demonstrated significant competitive advantages as one of the largest providers of heat shrink materials and communication cable products, benefiting from the strong expansion of high-speed data communication and power transmission [2]. - The company possesses a broad intellectual property portfolio, including 540 invention patents and 1,490 utility model patents in China, showcasing its strong technical capabilities and industry leadership [3]. Financial Summary - The company's revenue for the fiscal year ending December 31 is projected to grow from 53.37 billion RMB in 2022 to 69.20 billion RMB in 2024, with net profit increasing from 6.60 billion RMB to 9.21 billion RMB during the same period [4]. Market Offering - The company plans to issue 1.40 billion shares, with a maximum fundraising amount of 28.12 billion HKD at an offering price of 20.09 HKD per share [6]. - The subscription period for the shares is from February 5 to February 10, with the listing date set for February 13 [6].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate level of confidence in its performance and growth potential [4]. Core Insights - The company is a leading player in the mainland market, focusing on developing Atlas graph solutions and industry-grade AI solutions through graph-model fusion technology. It ranks fifth among industry-grade AI providers in mainland China with a market share of 2.8% and holds the first position among graph-centric AI providers with approximately 50% market share [2][3]. - The company has achieved a breakthrough in reducing hallucinations in AI systems by leveraging its expertise in knowledge graph construction across multiple application scenarios, supported by controlled and verified datasets from clients [2]. - The industry for industry-grade AI solutions in mainland China is projected to grow significantly, with the market size expected to increase from approximately RMB 65.4 billion in 2025 to about RMB 286.1 billion by 2029, reflecting a compound annual growth rate (CAGR) of 44.6%. Specifically, the market for integrated knowledge graph AI systems is anticipated to grow from RMB 200 million in 2024 to RMB 13.2 billion by 2029, with a CAGR of 140.0% [3]. Financial Summary - The company's financial performance shows a revenue increase from RMB 3.13 billion in 2022 to RMB 3.76 billion in 2023, with a projected revenue of RMB 5.03 billion in 2024. However, the net profit is expected to remain negative, with losses of RMB 1.76 billion in 2022, RMB 2.66 billion in 2023, and a reduced loss of RMB 0.94 billion in 2024 [4]. Offering Details - The company plans to issue 0.28 billion shares, with a price range of HKD 25.6 to 28.0, aiming for a maximum fundraising amount of HKD 7.85 billion. The offering period is from February 5 to February 10, with the listing date set for February 13 [5].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is a leading provider of intelligent equipment for emerging industries, focusing on lithium batteries, photovoltaic cells, and various manufacturing sectors, including 3C products, smart logistics, hydrogen production, and automotive manufacturing [1]. - The company is recognized as the second-largest supplier of new energy intelligent equipment globally, with a market share of 2.9% in 2024, and the largest supplier of lithium battery intelligent equipment, holding a 15.5% market share [2]. - The customer base includes prominent companies such as CATL, Tesla, Volkswagen, BMW, and Panasonic, showcasing the company's strong industry connections [2]. - The company benefits from a robust international presence and a diversified development strategy, allowing it to capture growth opportunities across various industries while mitigating risks associated with single-industry cycles [3]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported revenues of 138.36 billion RMB, which increased to 164.83 billion RMB in 2023, but is projected to decline to 117.73 billion RMB in 2024. The profit for the same periods was 23.18 billion RMB, 17.71 billion RMB, and is expected to drop to 2.68 billion RMB in 2024 [4].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is recognized as the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024, according to Frost & Sullivan [2]. - The memory interconnect chip market is projected to grow significantly, from USD 1.2 billion in 2024 to USD 5 billion by 2030, with a compound annual growth rate (CAGR) of 27.4% [3]. - The company is strategically positioned to address critical interconnect market demands, which are foundational for cloud computing, data centers, and AI infrastructure [3]. Summary by Relevant Sections Company Overview - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1]. Market Position - The company has established a significant first-mover advantage in the memory interconnect sector by setting and leading industry standards, which presents high barriers to entry for new competitors [2]. Financial Performance - The company's revenue for the fiscal year ending December 31 is projected to be RMB 36.39 billion in 2024, showing a recovery from RMB 22.86 billion in 2023 [4]. - The net profit is expected to increase to RMB 14.12 billion in 2024, up from RMB 4.51 billion in 2023 [4]. Talent and Team - The company emphasizes attracting high-level R&D and management talent to maintain its technological leadership and enhance global competitiveness, which is crucial for its long-term sustainable development [3].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is focused on large-scale commercialization of AI inference SoCs, which is crucial for maintaining financial stability while executing a rigorous product strategy. The company has delivered over 165 million SoCs since its inception, with significant growth expected in sales of visual terminal computing SoCs and edge computing SoCs in 2024, projected to increase by approximately 69% and 400% respectively compared to 2023 [2][3]. - The proprietary technology platform of the company integrates a general architecture that allows for efficient reuse of IP cores across various applications. This scalable approach enables rapid development and commercialization of SoCs, enhancing the company's leadership position in the AI inference SoC market while reducing R&D costs and accelerating product development cycles [3]. - The product matrix is diversified, primarily including SoCs designed for visual terminals, edge inference, and smart vehicles. The company is expected to become the largest supplier of mid-to-high-end visual edge AI inference chips in 2024, demonstrating its market competitiveness and core technological advantages [3]. Financial Data Summary - Revenue for the fiscal year ending December 31 is projected to grow from 0.50 billion RMB in 2022 to 2.30 billion RMB in 2023, and further to 4.73 billion RMB in 2024. However, the net profit is expected to remain negative, with losses increasing from -6.12 billion RMB in 2022 to -8.61 billion RMB in 2024 [4].

新股預覽 ─ 卓正醫療（2677.HK） 醫療服務行業 2026 年 1 月 29 日 背景 根據弗若斯特沙利文的資料，以 2024 年的收入計，公司是內地第三大 私立中高端綜合醫療服務機構，市場份額為 2.0%。此外，根據弗若斯 特沙利文的資料，內地的私立中高端綜合醫療服務市場高度分散，而 按截至 2024 年 12 月 31 日所覆蓋的內地城市數量及 2024 年的付費患 者就診人次計，公司在所有私立中高端綜合醫療服務機構集團中分別 排名第一及第二。公司一直在戰略上專注於服務中高端醫療服務市 場，以通常具有較強購買力、偏好更個性化醫療服務的大眾富裕人群 為目標客戶。 概要 評級 | 基本因素及估值 | ★★★★☆ | | --- | --- | | 業績成長性 | ★★★★☆ | | 業內代表性 | ★☆☆☆☆ | | 行業景氣度 | ★★★☆☆ | | 市況景氣度 | ★★★★★ | 統計資料摘要及招股時間表 品牌知名度高：通過十多年來對專業醫療服務的執著追求和承諾，公 司已將「卓正醫療」打造成公司經營所在市場的一個成熟品牌。公司 相信，公司的聲譽一直並將繼續建立在公司的服務質量之上，而公司 最有效的營 ...