Core Viewpoint - Tai Li Technology's listing on the ChiNext board is a significant milestone in its development, aiming to leverage raised funds for enhancing production efficiency, R&D capabilities, product optimization, sales network expansion, and brand building [1][3]. Company Overview - The company has established a fully automated production line at its Hubei factory, developing intelligent equipment such as bag folding machines and quality inspection machines, which has significantly improved production efficiency and reduced labor by over 200 workers [2]. - Tai Li Technology's vacuum storage bags have maintained a market share of over 22% on Tmall for three consecutive years, ranking first in the industry, while its vertical wall storage products hold approximately 1.4% market share, placing it among the top five [2]. Strategic Focus - In the next three years, the company will focus on four key areas: bedroom storage, kitchen and bathroom space utilization, food preservation, and outdoor safety protection, leveraging its advantages in new materials and vacuum technology to develop smart home products [2]. - The company plans to enhance its online sales strategy through platforms like Tmall, JD.com, and Amazon, while also accelerating its expansion into overseas markets [2]. Financial Performance - From 2022 to 2024, the company's revenue growth and gross margin are expected to exceed the industry average [3]. - The company is set to issue 27.07 million new shares, accounting for 25% of the total share capital post-issue, with an offering price of 17.05 yuan per share [3].

Core Viewpoint - Tai Li Technology has initiated its subscription process, offering a total of 27.07 million shares at a price of 17.05 yuan per share, with an issuance price-to-earnings ratio of 21.55 times [1][2]. Group 1: Issuance Information - The total number of shares issued is 27.07 million, with 6.9025 million shares available for online subscription [1][2]. - The subscription code for the shares is 301595, and the maximum subscription limit for a single account is 6,500 shares, with subscriptions required to be in multiples of 500 shares [1][2]. - The issuance price is set at 17.05 yuan, and the reference industry price-to-earnings ratio is 23.09 [2]. Group 2: Fundraising Purpose - The funds raised will be allocated to several projects, including: - Construction of the Tai Li Wuhan Production and Logistics Center, with an investment of 320.23 million yuan [2]. - Supplementing working capital with 100 million yuan [2]. - Establishment of a research and development center with an investment of 73.81 million yuan [2]. - Upgrading information systems with 48.19 million yuan [2]. Group 3: Financial Indicators - The company has shown growth in total assets, increasing from 53.9 billion yuan in 2022 to 72.4 billion yuan in 2024 [3]. - Net assets have also increased from 30.3 billion yuan in 2022 to 49.1 billion yuan in 2024 [3]. - Operating income rose from 63.8 billion yuan in 2022 to 102 billion yuan in 2024, while net profit increased from 5.9 billion yuan in 2022 to 8.8 billion yuan in 2024 [3]. - The weighted return on equity was 19.75% in 2024, down from 24.31% in 2023 [3].

Market Performance - On May 7, 2025, A-shares saw collective gains with the Shanghai Composite Index rising by 0.8% to 3342.67 points, the Sci-Tech 50 Index increasing by 0.36% to 1030.19 points, the Shenzhen Component Index up by 0.22% to 10104.13 points, and the ChiNext Index gaining 0.51% to 1996.51 points [1] - Hong Kong stocks opened higher but narrowed gains, with the Hang Seng Index closing up 0.13% at 22691.88 points and a total turnover of HKD 2400.5 million; the Hang Seng China Enterprises Index fell by 0.23% to 8242.25 points, and the Hang Seng Tech Index dropped by 0.75% to 5200.04 points [1] - U.S. stocks also experienced gains, with the Dow Jones Industrial Average rising by 284.97 points (0.70%) to 41113.97 points, the Nasdaq up by 48.50 points (0.27%) to 17738.16 points, and the S&P 500 increasing by 24.37 points (0.43%) to 5631.28 points [1] New Stock Offerings - Two new stocks are available for subscription today: - Taili Technology, with a subscription price of CNY 17.05 per share and a price-to-earnings ratio of 21.55, focuses on new material research and vacuum technology applications, offering a range of home storage products and related functional materials [3] - Weigao Blood Purification, priced at CNY 26.5 per share with a price-to-earnings ratio of 24.82, specializes in the research, production, and sales of medical products for blood purification, including hemodialysis devices and peritoneal dialysis solutions, making it one of the most comprehensive manufacturers in this field in China [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has issued a new action plan aimed at promoting high-quality development in the public fund industry, emphasizing the need for improved salary management linked to fund performance [4][5] - Fund managers whose products underperform the benchmark by more than 10 percentage points over three years will see a significant reduction in their performance-based compensation, while those who exceed benchmarks may receive reasonable increases [5] - The action plan includes 25 measures designed to shift the focus of the industry from scale to returns, addressing market and social concerns and aiming for a turning point in high-quality development [5] Industry Insights - According to preliminary data from the China Passenger Car Association, the wholesale sales of new energy passenger vehicles in April 2025 are estimated at 1.14 million units, representing a year-on-year increase of 42% and a month-on-month increase of 1% [6] - Cumulatively, from January to April 2025, the total wholesale volume reached 4 million units, also reflecting a year-on-year growth of 42% [6]

Market Overview - US stock markets collectively rose, with the Dow Jones up 0.7%, Nasdaq up 0.27%, and S&P 500 up 0.43% [1] - Nvidia increased by 3.1%, Amazon by 2%, and Meta Platforms by 1.62%, while Google A dropped by 7.26% [1] Federal Reserve - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, aligning with market expectations [2] Technology Developments - Trump plans to abolish AI chip restrictions imposed during Biden's administration [3] - Apple is preparing a major overhaul of Safari, targeting AI search capabilities, which poses a significant challenge to Google's market position [6] - OpenAI is in discussions with the FDA to incorporate AI in drug evaluation processes [7] - OpenAI plans to expand its "Stargate" project beyond the US [5] Defense Spending - Germany's Defense Minister aims to increase annual defense spending to over €60 billion starting in 2025 [4] Investment Activities - Uber is committing an additional $100 million equity investment in WeRide [8] Domestic Developments - The Chinese government is enhancing financial support for small and micro enterprises in sectors like accommodation, catering, and tourism [9] - The China Securities Regulatory Commission has issued a plan to promote high-quality development of public funds, linking fund manager compensation to performance [9] Market Strategies - Everbright Securities indicates signs of improvement in tariff issues and anticipates more favorable domestic policies, suggesting a potential upward trend in the market [10] - Huawei is set to launch its HarmonyOS-based PC, marking a significant entry into the desktop operating system market [10] - XPeng Motors is considering an IPO for its flying car subsidiary, XPeng Heavens, potentially in Hong Kong or the US [10][11] Robotics and AI - Lenovo has launched the first personal and enterprise "super intelligent agent" at the TechWorld conference [12] - The world humanoid robot competition will take place in Beijing in August 2025, marking a significant event in the robotics industry [13] Company Announcements - Hainan Development plans to acquire a 51% stake in Wangying Technology for ¥450 million [16] - Qingdao Beer intends to acquire 100% of Jimo Yellow Wine to enhance product lines and market channels [16] - Xinjian Mining's acquisition of Xinjiang Meisheng Mining is aimed at expanding its resource base [16] - Baijia Shenzhou reported a turnaround from loss to profit in Q1, driven by sales growth of its self-developed products [17] Stock Performance - Notable stock performances include Tongyi Aerospace up 25.11%, Changshan Pharmaceutical up 20.02%, and Huawei Harmony up 14.01% [18] Upcoming Market Events - Several companies will have their shares unlocked, including Guotai Haitong with a market value of ¥4.83 billion on May 8 [19][20]

重要的消息有哪些 1．5月8日（周四）申购提示：新股方面，太力科技申购代码301595，发行价17.05元/股，申购上限0.65万股。威高血净申购代码732014，发行价26.50元/股，申购上 限1.10万股。投资有风险，申购需谨慎。 2．国务院新闻办公室将于2025年5月8日（星期四）上午10时举行新闻发布会，请司法部副部长王振江和全国人大常委会法工委、国家发展改革委、金融监管总 局、全国工商联负责人介绍《中华人民共和国民营经济促进法》有关情况，并答记者问。 3．5月7日，外交部发布消息，何立峰副总理将于5月9日—12日访问瑞士，期间与美方举行会谈。外交部发言人林剑表示，美方近期不断表示，希望同中方进行谈 判。这次会谈是应美方请求举行的，中方坚决反对美国滥施关税这一立场没有任何变化。同时我们也多次说过，中方对对话持开放态度，但任何对话都必须建立在 平等、尊重、互惠的基础上，任何形式的施压、胁迫，对中国都是行不通的。中方将坚定维护自身的正当利益，维护国际的公平正义。 4．中国人民银行7日发布公告，从5月8日起，下调公开市场7天期逆回购操作利率0.1个百分点。自5月15日起，下调金融机构存款准备金率0.5个百 ...

Group 1: Tai Li Technology - Tai Li Technology focuses on new materials research and vacuum technology applications, offering a variety of home storage products and related functional materials [1][4] - The company is the exclusive supplier of compression bags for China's aerospace program, with products used in space 25 times, addressing risks associated with the vacuum environment [4] - Tai Li Technology has implemented a multi-channel strategy, transitioning from traditional distribution to primarily online sales, covering major platforms domestically and internationally [4] - The company has acknowledged past issues with "brushing" and "cashback for reviews," which have been rectified, and it has ceased such practices since 2022 [5] Group 2: Weigao Blood Purification - Weigao Blood Purification specializes in the research, production, and sales of medical products for blood purification, including dialysis machines and related products [5][6] - The company has a market share of 32.5% in the domestic blood dialysis market, leading the industry, and holds a 31.8% share in blood dialysis tubing [9] - Weigao Blood Purification has developed a neutral peritoneal dialysis solution in collaboration with a well-known international company, holding a 3.6% market share in the domestic peritoneal dialysis market [9] - The company plans to invest in various projects, including intelligent production and digital information technology platforms, with a total fundraising target of approximately 12.56 billion yuan [8]

Core Viewpoint - Tai Li Technology (301595.SZ) has initiated its subscription with an issue price of 17.05 yuan per share and a price-to-earnings ratio of 21.55 times, focusing on new material research and vacuum technology applications [1] Company Overview - Tai Li Technology is a high-tech enterprise specializing in the research and development of new materials and the industrial application of vacuum technology, with a product range that includes vacuum storage, wall-mounted storage, modified atmosphere preservation, outdoor equipment, and safety protection [1] - The company exports its products to over 160 countries and regions globally and serves as a global supplier for major retailers such as IKEA, Walmart, and Carrefour [1] - Tai Li Technology is the exclusive supplier of compression bags for China's aerospace missions, with its products having been used in space 25 times, contributing to the safety of manned space missions [1] Financial Performance - The company reported revenues of approximately 623 million yuan, 638 million yuan, 835 million yuan, and 544 million yuan for the years 2021, 2022, 2023, and the first half of 2024, respectively [2] - Net profits for the same periods were approximately 43.58 million yuan, 58.87 million yuan, 84.98 million yuan, and 51.78 million yuan [2] Financial Indicators - As of June 30, 2024, total assets amounted to 707.77 million yuan, with equity attributable to shareholders of the parent company at 452.33 million yuan [3] - The company's asset-liability ratio was 34.27% as of June 30, 2024, down from 36% at the end of 2023 [3] - The operating income for the first half of 2024 was 543.62 million yuan, with a net profit of 51.78 million yuan [3] - The basic and diluted earnings per share were both 0.64 yuan, with a return on equity of 12.20% [3] Sales Channels - Tai Li Technology's sales are primarily online, utilizing platforms such as Tmall, Douyin, JD.com, and Amazon, with offline sales through supermarkets and distributors [1] - Online sales accounted for a significant portion of the company's main business revenue, with percentages increasing from 77.37% in 2021 to 83.06% in the first half of 2024 [2] E-commerce Costs - The proportion of e-commerce platform fees relative to online main business revenue was 29.11%, 28.24%, 33.99%, and 36.52% over the reporting periods [4] - The company has indicated potential risks associated with rising e-commerce platform fees, which could impact profitability if costs increase significantly [4]

Group 1 - Shareholders of Huakang Clean intend to reduce their holdings by no more than 3% of the company's shares [1] - Shareholders of Zhongtian Jingzhuang plan to collectively reduce their holdings by no more than 3% of the shares [2] - New shares for Weigao Blood Products and Taili Technology are available for subscription on the Shanghai and Shenzhen stock exchanges [1][2] Group 2 - Fengyu Convertible Bond and Wanshun Convertible Bond have not reached the bottom for adjustment [2] - Qifan Convertible Bond, Lanfan Convertible Bond, and Shenghong Convertible Bond will not undergo adjustments [2]

重要的消息有哪些 1．5月8日（周四）申购提示：新股方面，太力科技申购代码301595，发行价17.05元/股，申购上限0.65 万股。威高血净申购代码732014，发行价26.50元/股，申购上限1.10万股。投资有风险，申购需谨慎。 2．国务院新闻办公室将于2025年5月8日（星期四）上午10时举行新闻发布会，请司法部副部长王振江 和全国人大常委会法工委、国家发展改革委、金融监管总局、全国工商联负责人介绍《中华人民共和国 民营经济促进法》有关情况，并答记者问。 3．5月7日，外交部发布消息，何立峰副总理将于5月9日—12日访问瑞士，其间与美方举行会谈。外交 部发言人林剑表示，美方近期不断表示，希望同中方进行谈判。这次会谈是应美方请求举行的，中方坚 决反对美国滥施关税这一立场没有任何变化。同时我们也多次说过，中方对对话持开放态度，但任何对 话都必须建立在平等、尊重、互惠的基础上，任何形式的施压、胁迫，对中国都是行不通的。中方将坚 定维护自身的正当利益，维护国际的公平正义。（央视新闻） 4．中国人民银行7日发布公告，从5月8日起，下调公开市场7天期逆回购操作利率0.1个百分点。自5月 15日起，下调金融机构存 ...

证券研究报告 2025 年 5 月 6 日 星期二 【新股发行跟踪（20250506）】 从周度上市新股表现来看，上上周无新股首日破发。 表 1：周度新股上市概况 | 期间 | | 新股上市数（主 | | 首发募资 | 首日破 | 首日涨超 | 首日涨跌幅范围 | 首日涨跌幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 板/双创） | | （亿元） | 发率 | 100%数量 | | 均值 | | | 4-28 | 至 4-30 | 0 | (0/0) | 0.00 | 0% | 0 | (0.00%，0.00%) | 至 4-28 | 4-30 | | 4-21 | 至 4-25 | 3 | (2/1) | 48.02 | 0% | 1 | (24.06%，179.39%) | 至 4-21 | 4-25 | | 4-14 | 至 4-18 | 3 | (2/1) | 11.71 | 0% | 3 | (165.08%，312.58%) | 至 4-14 | 4-18 | | 4-7 至 | 4-11 | 3 ...