Group 1 - 18 companies listed on the ChiNext board have announced their first-quarter performance forecasts, with 14 expecting profit increases, 1 expecting profit, and 1 expecting a decline [1] - The median expected net profit growth for the companies forecasting profit increases is significant, with the highest being 568.02% for Hanyu Pharmaceutical [1] - The sectors represented include pharmaceuticals, electronics, automotive, environmental protection, and defense, indicating a diverse range of industries performing well [1] Group 2 - The company HanShuo Technology is forecasting a profit decline of 26% [2] - The latest closing price for HanShuo Technology is 54.02, with a year-to-date decline of 19.28% [2]

New IPOs - In March 2025, 14 new stocks were issued in the A-share market, raising a total of 7.9 billion yuan, a month-on-month increase of 104.6%[6] - The average fundraising rate for new stocks was 85%, up 6 percentage points from the previous month[7] - The average first-day increase for new stocks was 227%, with a 2 billion yuan allocation yielding a profit of 1.468 million yuan[45] REITs - In March 2025, there were 2 REITs issued, with an average of 93 institutions participating in the offline inquiry, resulting in an average subscription multiple of 128.8 times, a record high since 2024[2] - The average pricing level for REITs rose to the 78th percentile of the inquiry range, an increase of 14 percentage points month-on-month[2] - The first-day average increase for REITs was 27.3% in the first quarter of 2025, with no instances of "zero break" on the first day of listing[2] Market Trends - The average initial PE ratio for new stocks in March 2025 was 21 times, a month-on-month increase of 22%, with a 46% discount compared to comparable companies[16] - The number of offline inquiry participants increased, with the average number of participants for the Sci-Tech Innovation Board and the Growth Enterprise Market reaching 5,767 and 6,530, respectively, both hitting new highs for the year[21] Risk Factors - Potential risks include changes in the pace of IPO reviews, adjustments to issuance systems, fluctuations in investor participation, and the quality and quantity of declared projects[2]

证券代码：301275 证券简称：汉朔科技 公告编号：2025-002 表决结果：同意 3 票；反对 0 票；弃权 0 票。 公司本次使用部分暂时闲置募集资金进行现金管理的事项不会对公司经营 活动造成不利影响，符合公司利益，不存在损害公司及全体股东利益的情形。本 议案的内容和决策程序符合《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》《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》等有关法律法规的规定。 具体内容详见同日刊载于巨潮资讯网(http://www.cninfo.com.cn)上的《关于 使用部分暂时闲置募集资金进行现金管理的公告》。 汉朔科技股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 汉朔科技股份有限公司（以下简称"公司"）第二届监事会第八次会议于 2025 年 4 月 1 日以现场结合通讯方式在公司会议室召开，会议通知已于 2025 年 3 月 赵建国先生通过通讯方式参加会议）。会议由监事会主席赵建国先生召集并主持。 本次会议的召开符合《中华人民共和国公 ...

Core Insights - The company is a leading provider of electronic price tags and digital solutions for retail, established in 2012, with a focus on enhancing operational efficiency through IoT technology [1][2][3] Group 1: Business Overview - The company offers a comprehensive solution centered around electronic price tags, integrating smart marketing and AI solutions, supported by an efficient supply chain [1] - The electronic price tag terminal products include five main series: Nebular, Stellar, Nowa, Polaris, and Lumina, with sales contributing significantly to the company's revenue [1] - Revenue grew from 1.19 billion in 2020 to 4.49 billion in 2024, with a compound annual growth rate (CAGR) of 39.33% [1] Group 2: Market Presence - The company's overseas revenue reached 94.10% in 2024, with Europe being a key sales region [2] - The global penetration rate of digital retail stores is increasing, with electronic price tags being a crucial IoT terminal for this transformation [4] Group 3: Technological Innovation - The company has partnered with Microsoft to enhance its cloud and AI capabilities, developing a high-performance SaaS platform for rapid deployment of electronic price tags [3] - The introduction of AI-driven solutions, such as smart shopping carts and marketing tools, aims to improve customer interaction and marketing efficiency [3] Group 4: Financial Projections - Future growth is anticipated for electronic price tags, with expected annual growth rates of 20%, 19%, and 18% from 2025 to 2027 [5] - The company forecasts revenue of 5.39 billion, 6.42 billion, and 7.57 billion for 2025, 2026, and 2027, respectively, with net profits projected at 898 million, 1.13 billion, and 1.37 billion [5]

尤其难得的是， 这三个IPO企业个个是硬科技赛道稀缺的行业灯塔。 英诺赛科 成为全球首家实现量产8 英寸硅基氮化镓IDM的领军企业，上市后市值 超过500亿港币； 珂玛科技 是中国先进陶瓷材料的龙头，目前市值达260亿元； 汉朔科技 则卡位物联网，以数字化门店解决方案第一股登陆创业板，上 市首日市值冲300亿元。 将投中网设为"星标⭐"，第一时间收获最新推送 长达8年的暗夜长跑，恰是中国硬科技投资的生动注脚。 作者丨簪竹 来源丨投中网 8个月内3家被投企业IPO，总市值过1000亿，2024年新增募资额20亿，新一期基金完成首关，来自深圳的华业天成，在这个"资本寒冬"，交出了一份令 人羡慕的成绩单。 如果考虑华业天成的出手阶段之早、投入筹码之重，这三个IPO的含金量还会上升。三家企业之中，珂玛科技上市前仅开放过一轮融资，华业天成是其 中除CVC外主要的财务投资人之一；汉朔科技则在2017年就已入场，此后又追投两轮；英诺赛科是在2019年市场未形成共识的高风险阶段就投入，后两 轮加码。它们成功上市后，回报倍数都非常可观。 华业天成也因此成为"现象级"焦点，背后不仅是数字的胜利，更是一场关于时间的隐喻。 这三个上 ...

Investment Rating - The report indicates a positive outlook for the securities sector, with a current PB valuation of 1.47x, suggesting a high safety margin compared to historical averages [39]. Core Insights - The securities sector has shown a recovery, with a weekly increase of 2.86%, outperforming the broader market by 1.28% [5]. - The average stock price increase for listed brokerages was 3.2% during the week, with notable performers including China Galaxy and Xinda Securities, which saw gains exceeding 10% [11]. - The report emphasizes the ongoing support from national policies aimed at stabilizing growth and boosting the capital market, which is expected to enhance the sector's performance in the medium to long term [42]. Summary by Sections Market Review - The securities sector's performance has improved, with a year-to-date decline of only 2.02% as of March 14, 2025, compared to the gains of the CSI 300 and other indices [5]. - The sector has outperformed 25 other primary industries during the recent week [5]. Important Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) has emphasized the importance of implementing policies that support market stability and growth, particularly in light of recent national meetings [14][15]. - A notification from the Ministry of Natural Resources and the Ministry of Finance outlines the use of local government special bonds to support land reserves, which may indirectly benefit the securities market [16][17]. Key Market Data - The A-share market remains active, with an average daily trading volume of 1.75 trillion yuan, reflecting an 82.44% year-on-year increase [25]. - A total of 35.1 billion yuan was raised through equity financing in the A-share market during the week, with significant contributions from IPOs [31]. Valuation and Investment Recommendations - The current PB valuation of the securities sector is 1.47x, which is below the historical average of 1.85x, indicating potential for growth [39]. - Investment recommendations focus on leading brokerages with strong fundamentals, those likely to benefit from mergers and acquisitions, and firms excelling in wealth management [42].

Investment Rating - The report indicates a medium to high risk level for the new stock issuance market [4][17]. Core Insights - In the week from March 10 to March 14, 2025, two new stocks were listed, with an average first-day price change of 133.88%. Both stocks, Yongjie New Materials and Hanshuo Technology, saw first-day gains exceeding 100% [2][3]. - Compared to the previous week, the number of new stocks listed decreased by one, while the total fundraising amount increased by 471 million yuan [3]. - The monthly overview from March 1 to March 14 shows five new stocks listed, raising a total of 3.879 billion yuan, with no first-day breakouts and five stocks experiencing gains over 100% [8]. Weekly New Stock Performance - The two new stocks listed during the week had the following details: - Yongjie New Materials: Issued at 20.6 yuan, with a first-day closing increase of 124.42% [4]. - Hanshuo Technology: Issued at 27.5 yuan, with a first-day closing increase of 143.35% [4]. - The average first-day price change for the week was 133.88%, down from 156.97% in the previous week [3][4]. Monthly New Stock Overview - The monthly data from March 1 to March 14 indicates: - Total new stocks: 5 (2 on the main board, 3 on the growth enterprise market) - Total fundraising: 3.879 billion yuan - First-day breakout rate: 0% - Stocks with first-day gains over 100%: 5 [8]. Upcoming New Stock Listings - For the week of March 17, 2025, one new stock is scheduled to be listed on the growth enterprise market: Hongjing Optoelectronics, with an issue price of 41.9 yuan and a PE ratio of 23.3 [11].

本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 找钢集团 港股｜挂牌上市 据IPO早知道消息，找钢产业互联集团（以下简称"找钢集团"）于2025年3月10日正式以"6676"为股 票代码在港交所主板挂牌上市，这也是中国境内第一家通过De-SPAC模式在港上市的企业。 在本次De-SPAC上市过程中，找钢集团通过PIPE投资者募集资金约5.326亿港元，PIPE投资者包括 徐州臻心、东英资管、东方资产管理、托克香港、宁海真为、许昌产业投资、Spring Prosper Pte. Ltd.及郑州诚信等。 成立于2012年的找钢集团通过连接钢铁交易行业的主要参与者至自己的数字化平台，率先在中国提 供涵盖钢铁交易全价值链的一站式B2B综合服务，包括线上钢铁交易、物流、仓储及加工、SaaS产 品和大数据分析。同时，找钢集团正逐步拓展至电子元器件、电工电气、五金机电产品、有色金属等 非钢铁工业原材料市场。 一周IPO动态，覆盖港股、美股、A股。 根据灼识咨询的资料，按2023年线上钢铁交易吨量计算，找钢集团是中国最大的三方钢铁交易数字 化平台。2023年，找钢集团的数字化平台录得三方钢铁交易吨量 ...

Core Viewpoint - The article emphasizes the role of 光速光合 in fostering innovation and sustainable development through investments in technology companies like 汉朔科技, which specializes in digital solutions for retail [1][2]. Investment Philosophy - 光速光合's investment philosophy is centered around "thinking, focusing, exploring, and innovating," aiming to find opportunities that align with the responsibilities of the current era [2]. 汉朔科技 Overview - 汉朔科技 has developed a comprehensive business system centered on electronic price tags and SaaS cloud platform services, achieving a revenue of 4.486 billion yuan and a net profit of 710 million yuan in 2024 [3]. - The company has established a strong industry position, holding approximately 28% of the global electronic price tag market share and 62% in the domestic market, making it a leader in China's electronic price tag industry [5]. Market Entry and Growth - 汉朔科技 officially listed on the Shenzhen Stock Exchange, becoming the first stock in the A-share market focused on comprehensive digital solutions for retail stores [4]. - The company has been expanding its global footprint since 2014, forming strategic partnerships with major retailers worldwide, including Auchan, Ahold, and Aldi [16]. Technological Advantages - 汉朔科技's electronic price tags offer advantages over traditional paper tags, such as real-time updates, energy efficiency, and ease of management [11]. - The company has developed its own wireless communication protocol, HiLPC, which supports high concurrency and stability, allowing for efficient management of numerous electronic price tags in retail environments [12][13]. Future Directions - 汉朔科技 is exploring the integration of new energy solutions and digital energy management systems into its service offerings, aiming to enhance its product ecosystem [18]. - The company is also looking to extend its core capabilities into various sectors, including smart offices, intelligent manufacturing, and logistics, demonstrating its adaptability and innovation potential [18].

- The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Model Construction Process - The report estimates the full hit yield for each stock using the average hit rate of Class A institutions. The calculation method for the full hit yield of each stock is: $$ \text{Full hit quantity} = \text{Maximum subscription limit} \times \text{Average hit rate of Class A institutions} $$ $$ \text{Full hit yield} = (\text{First board price} - \text{Initial price}) \times \text{Full hit quantity} $$ [36][38] Model Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42] Factor Construction Process - The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Factor Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42]