出品：新浪财经上市公司研究院 东兴证券、信达证券、中金公司合并为一家新券商后，资产规模破万亿元。但细分投行业务，中金公司吸收合并东兴证券、信达证券后，股权投行储备项目 增加不了多少，尤其是信达证券目前股权投行储备项目仅剩一家—贝肯能源定增。 贝肯能源定增减持资本局迷雾重重，公司高管陈东拟全额认购新股并成为新的实控人，但其年薪不足百万元且0持股，如何支付3.53亿元的认购款？在未来 新掌门"低价"包圆认购新股之前，贝肯能源现实控人正密集减持套现。试问，认购对象陈东是否存在代持计划或其他利益输送行为？这需要保荐机构信达证 券充分核查尽调。 股权投行储备项目仅剩一家 贝肯能源定增减持资本局迷雾重重 公开资料显示，信达证券目前储备的股权投行项目（包括IPO、定增、配股、可转债）仅有1家（以交易所受理为标准，不包含已终止和已发行项目），这 家项目就是贝肯能源的定增。 定增预案显示，贝肯能源董事会在5月7日通过了《〈向特定对象发行A股股票预案〉的议案》。定增预案显示，公司拟向陈东发行不超过5400万股股票，发 行价格为6.59元/股，发行募集资金总额不超过3.53亿元。 截至定增募集说明书签署日，陈平贵合计控制贝肯能源1 ...

Core Viewpoint - Xiamen Haicheng Energy Storage Technology Co., Ltd. (Haicheng Energy Storage) is attempting to go public on the Hong Kong Stock Exchange after previous failed attempts, amidst legal disputes with CATL and increasing reliance on government subsidies for profitability [1][9][10]. Group 1: Company Overview - Haicheng Energy Storage focuses on providing comprehensive energy storage solutions centered around energy storage batteries and systems, and has quickly risen to become one of the top three global players in the energy storage market within six years [1][10]. - The company reported total assets of 34.696 billion yuan by mid-2025, indicating significant growth [1]. Group 2: Financial Performance - Revenue figures for Haicheng Energy Storage from 2022 to 2025 show a positive trend: 3.615 billion yuan in 2022, 10.202 billion yuan in 2023, 12.917 billion yuan in 2024, and 6.971 billion yuan in the first half of 2025 [10]. - The company achieved a net profit of 288 million yuan in 2024, marking a turnaround from previous losses, although this profit was heavily supported by government subsidies amounting to 414 million yuan, which constituted 144% of the net profit [9][12]. Group 3: Legal Challenges - Haicheng Energy Storage is facing multiple lawsuits from CATL, including claims of unfair competition and patent infringement, which could pose significant obstacles to its IPO [6][18]. - The company has been involved in at least ten legal disputes, with CATL seeking substantial damages and injunctions against competitive activities [6][18]. Group 4: Market Dynamics - The global energy storage market is projected to grow significantly, with a compound annual growth rate of 37.7% expected from 2023 to 2027, potentially exceeding 800 billion yuan by 2027 [12]. - Haicheng Energy Storage's overseas revenue has increased dramatically, accounting for 28.6% of total revenue in 2024, with a gross margin of 42.3% compared to just 8.1% for domestic operations [18]. Group 5: Strategic Initiatives - The company is expanding its production capacity overseas, with a new manufacturing facility in Texas, USA, set to begin operations in mid-2025, aimed at meeting growing demand from international markets [23]. - The first major use of funds from the IPO is intended for enhancing energy storage battery production capacity, particularly in overseas markets [23].

Core Viewpoint - Jiangsu TuoQiu Agricultural Chemical Co., Ltd. (hereinafter referred to as "TuoQiu") has initiated IPO counseling with the intention to list on the Beijing Stock Exchange, with Pacific Securities as the counseling institution [2]. Company Overview - TuoQiu was established in April 2003 with a registered capital of approximately 190 million yuan [2][3]. - The company is primarily engaged in the production and sales of pesticide raw materials and formulations, pesticide intermediates, and pharmaceutical intermediates, with leading products including Bromopropylate, Fipronil, Multi-effect Su, and Pyrazole [2]. Shareholding Structure - The actual controller, Liao Dazhang, directly holds 33.72% of TuoQiu's shares and indirectly holds an additional 27.19% through two investment companies, totaling 60.91% [3][4]. - Liao Dazhang's family members also hold shares, with his brother Liao Daqian holding 8.71% and his spouse Zhou Wenlan holding 5.91% [5][6]. Financial Performance - For the first half of 2025, TuoQiu reported operating revenue of approximately 498.13 million yuan, a decrease of 2.81% year-on-year [7]. - The net profit attributable to shareholders increased significantly by 300.73% to approximately 33.69 million yuan [7]. - The gross profit margin improved to 15.44%, up from 9.56% in the previous year [7]. Product Performance - The revenue from insecticides increased by 48.01% year-on-year, driven by higher sales volumes of Fipronil series products, although costs also rose by 45.21% [8].

Group 1 - The event "Path to New Opportunities - Wuxi Enterprises A-share and Hong Kong Stock IPO Professional Training" was held, focusing on IPO-related matters and current domestic and foreign capital market policies [1] - Wuxi has 167 listed companies, ranking second in Jiangsu Province, with 46 companies preparing for A-share listings, indicating a strong pipeline of potential IPOs [1] - The A-share market is thriving, with a multi-tiered capital market system that supports companies at different lifecycle stages, providing various options for potential listings [1] Group 2 - The Beijing Stock Exchange (BSE) features a high proportion of private and technology-oriented enterprises, with nearly 90% being private and over 80% being tech-focused [2] - The Hong Kong stock market serves as a crucial link for mainland enterprises to access global capital, with compliance and listing scheme design being key concerns for companies planning to list in Hong Kong [2] - Key factors for successful overseas listings include understandable business models, verifiable compliance, and sustainable profitability, as discussed by industry experts [2] Group 3 - Representatives from participating companies expressed that the training provided valuable insights into listing options, paths, and standards [3]

Core Viewpoint - Midea Group's subsidiary, Ande Intelligent Logistics, is preparing for an IPO in Hong Kong, but has seen a significant increase in bank loans while simultaneously distributing large dividends [1][3]. Financial Performance - Ande Intelligent Logistics reported a revenue of 10.885 billion yuan for the first half of 2025, a 20% increase from 9.053 billion yuan in the same period last year [3]. - The company's revenue has consistently grown from 14.173 billion yuan in 2022 to 16.224 billion yuan in 2023, and 18.663 billion yuan in 2024, indicating a strong business growth trend [3]. Debt and Cash Flow - As of June 2025, Ande Intelligent Logistics' bank loans surged to 1.4 billion yuan, with leasing liabilities reaching 1.22 billion yuan [3]. - The net cash flow from operating activities for the first half of 2025 was only 406 million yuan, a decline of 35.9% year-on-year [3]. Dividend Policy - The total dividends distributed by Ande Intelligent Logistics from 2022 to the first half of 2025 amounted to 582 million yuan [3]. - In the first half of 2025, the company distributed 227 million yuan in dividends, which accounted for over 91% of its net profit of 248 million yuan [3]. Shareholding Structure - As of the last feasible date, Midea Group, through its wholly-owned subsidiary, holds 52.94% of the issued share capital of Ande Intelligent Logistics, making it the primary beneficiary of the dividends [4].

Core Viewpoint - Impression Holdings is attempting a second IPO on the Hong Kong Stock Exchange, primarily to fund projects related to its flagship performance "Impression·Da Hong Pao" and other business developments, despite ongoing performance challenges and a heavy reliance on a single revenue source [1][2]. Financial Performance - The company's revenue from 2022 to 2025 shows fluctuations, with figures of 0.63 billion, 1.44 billion, 1.37 billion, and 0.56 billion respectively, indicating a significant increase in 2023 followed by a decline in 2024 and a slight recovery in 2025 [3]. - The net profit figures for the same period are -2.599 million, 47.504 million, 42.809 million, and 10.226 million, reflecting a transition from loss to profit in 2023, but subsequent declines in 2024 and 2025 [3]. Revenue Structure - The company heavily relies on its performance and service segment, with revenue contributions of 0.58 billion, 1.36 billion, 1.30 billion, and 0.52 billion, accounting for 91.9%, 94.8%, 94.7%, and 93.0% of total revenue respectively [5]. - The flagship performance "Impression·Da Hong Pao" alone generated ticket revenues of approximately 0.58 billion, 1.36 billion, 1.30 billion, and 0.49 billion from 2022 to 2025, representing 91.4%, 94.3%, 94.6%, and 87.8% of total revenue [6][8]. Business Diversification Efforts - The company has attempted to diversify its revenue streams by launching new projects, including the "Impression Cultural Town" and "Tea Soup Hotel," but these initiatives have not significantly contributed to revenue and have incurred losses [9][10]. - The "Impression Cultural Town" saw a revenue decline from 3.6 million in 2023 to 3.4 million in 2024, while the "Tea Soup Hotel" also experienced a drop from 3.9 million to 3.8 million during the same period, with the hotel business consistently operating at a loss [10]. Dividend Policy - Despite the low profitability, the company has maintained a high dividend payout, distributing 32.4 million in 2024 and 41.1 million in 2025, which raises concerns about the sustainability of such a policy given its financial performance [12][13]. - The high dividend payout ratio suggests that the company may be in a mature phase, lacking new investment opportunities, which could negatively impact its image as it seeks to raise capital through an IPO [13].

Core Viewpoint - Yipin Group, China's second-largest goat milk powder brand, is preparing for an IPO in Hong Kong, facing scrutiny from the China Securities Regulatory Commission regarding its historical development, employee stock ownership, information security, and foreign investment access [2] Financial Performance - Yipin Group's revenue for 2022 to 2025 (H1) is reported as 1.402 billion, 1.614 billion, 1.762 billion, and 806 million yuan respectively, with corresponding net profits of 227 million, 168 million, 172 million, and 57 million yuan [3] - Revenue growth peaked at 15.17% in 2023 but is projected to slow to 9.16% in 2024, with a significant decline of 10.36% in H1 2025 [3] - Net profit saw a year-on-year decrease of 25.21% in 2023, a slight increase of 2.5% in 2024, followed by a drastic drop of 42.57% in H1 2025 [3] Product Structure - The product structure is heavily reliant on infant formula goat milk powder, which accounted for 55.1%, 57.4%, 58.6%, and 55.6% of revenue from 2022 to H1 2025 [4] - The special medical food segment has a gross margin of 76.1%, significantly higher than the overall company gross margin of 49.9%, but its smaller scale limits its impact on reducing dependency on traditional milk powder [4] Research and Development - Yipin Group's R&D expenses have decreased significantly, from 19.91 million yuan in 2022 to 8.418 million yuan in 2023, and further down to 8.014 million yuan in 2024, with the R&D expense ratio dropping from 1.42% in 2022 to 0.45% in 2024 [5] - As of June 30, the company had 322 million yuan in cash and cash equivalents against short-term borrowings of 502 million yuan, resulting in a cash coverage ratio of approximately 64% [5] Inventory Management - Inventory turnover days have increased, reported at approximately 276, 296, 307, and 361 days from 2022 to 2025, attributed to strategic decisions made in 2023 to stockpile raw materials in response to new national standards [5] Supplier and Customer Relationships - The chairman's associated company has been a major supplier for 11 years, with procurement amounts from this supplier being 47.977 million yuan in 2023, accounting for 4% of total procurement [10] - One of the top five customers is also an associated party, involved in retail distribution of Yipin Group's products in Jiangsu, maintaining a relationship for seven years [14]

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for the second time after its initial attempt in April 2023 failed, marking the fifth attempt by founder Jiang Yun to take the company public after 14 years of efforts in the IPO marathon [1][4]. Company Overview - Founded in 2001, Sichuan Xinhehua has been deeply engaged in the traditional Chinese medicine (TCM) sector for 24 years, focusing on the research, production, and sales of both toxic and non-toxic TCM pieces, with a product matrix of 770 types [1]. - The company ranks second in the national TCM market with a market share of 0.4% based on projected revenue for 2024, and its products are exported to markets such as Vietnam and Malaysia [1]. Ownership Structure - The company exhibits a typical family-controlled structure, with founder Jiang Yun holding 31.5% directly and controlling an additional 15.6% through Guojia Investment, totaling 47.1% ownership [2]. - Family members are actively involved in management, with Jiang Yun's son, Jiang Ercheng, serving as Executive Director and Deputy Director of R&D [2]. IPO Attempts - Sichuan Xinhehua has made multiple attempts to go public, starting with its first application to the Shenzhen Stock Exchange in March 2011, which was voluntarily withdrawn in August 2012 [3]. - The company made a second attempt in 2020, but withdrew its application in April 2021 due to market conditions [3]. - In October 2023, the company initiated a new application for the Shenzhen Stock Exchange but voluntarily terminated the process in April 2024 [3]. Financial Performance - The company's revenue has grown from 780 million yuan in 2022 to 1.249 billion yuan in 2024, representing a cumulative growth of 60.1% over three years, although the growth rate has slowed significantly [4]. - Profit figures for 2022, 2023, and 2024 were 77.39 million yuan, 104 million yuan, and 89.11 million yuan respectively, with the decline in 2024 attributed to rising raw material costs and management expenses [5].

Core Insights - SHEIN's Singapore headquarters reported a revenue exceeding $37.04 billion for 2024, marking a nearly 20% year-on-year increase, while net profit fell over 15% to $1.099 billion [1] - The total assets of SHEIN's Singapore headquarters reached $15.27 billion in 2024, a more than 70% increase from $8.85 billion in 2023 [1] - Concerns have been raised regarding SHEIN's potential tax avoidance by shifting significant revenue to Singapore, alongside speculation about its intentions to relocate its headquarters back to China to facilitate a Hong Kong IPO [1][2] Financial Performance - SHEIN's Singapore headquarters paid over $188 million in local taxes for 2024, equivalent to over 1.34 billion RMB [2] - From 2021 to 2023, SHEIN's net profits in Singapore were reported as 1.41 billion RMB, 4.55 billion RMB, and 9.32 billion RMB, totaling over 15 billion RMB, with cumulative local tax payments exceeding 3.3 billion RMB [2] Regulatory Challenges - SHEIN is facing increasing scrutiny and challenges in overseas markets, particularly in France, where it has encountered a €190 million (approximately 1.59 billion RMB) fine for compliance issues [2] - The company's expansion into physical retail in France has sparked backlash, leading to the withdrawal of several local brands from its partnered stores [2] - The combination of compliance issues and rising sales costs may further pressure SHEIN's profitability, as indicated by the 15% decline in net profit reported for 2024 [2]

Core Viewpoint - Hunan Chuyuan New Materials Co., Ltd. has entered a critical phase in its IPO process, backed by the substantial assets of Hunan Wujian Group, which has diversified into various sectors over the years [1][2]. Company Background - Hunan Wujian Group, founded in 1979 by five brothers, has grown from a small aluminum product factory to a private giant with total assets exceeding 70 billion [1]. - Chuyuan New Materials was established in 2017 to expand the photopolymer film business, initially as a subsidiary of Wujian Group [2]. Business Development - The company began production in 2020 and acquired key customer resources through the purchase of a distributor in 2021 [2]. - In 2023, the company completed its restructuring and officially initiated its IPO preparations [2]. Leadership Transition - The leadership transition within the company reflects a typical family business succession, with key family members actively involved in operations and decision-making [2][3]. - The actual controller, Xiao Zhiyi, has played a pivotal role in the company's development and is a representative of the second generation of the Xiao family [3]. Market Position - Under Xiao Zhiyi's leadership, Chuyuan New Materials has established a significant market presence, with a projected global market share of 13.2% by 2024, ranking first among domestic companies and third globally [3]. Financial Performance - The company's revenue is expected to grow from 910 million to 1.057 billion from 2022 to 2024, indicating a growth rate above the industry average [3]. Technology and R&D Concerns - There are concerns regarding the actual contributions of core technical personnel, with discrepancies noted between their claimed roles and their patent contributions [4][5]. - The sudden increase in patent applications during the IPO preparation period raises questions about the authenticity of the company's long-term technological accumulation [6]. Financial Risks - The company's accounts receivable have significantly increased, from 363 million to 539 million, with a rising proportion of revenue attributed to credit sales, indicating potential cash flow issues [8][9]. - The collection period for major clients has extended, raising concerns about the company's credit policies and financial health [9]. Strategic Partnerships - In 2021, the company established a partnership with Hunan University, which may indicate reliance on external academic resources for technological development [10].