Core Viewpoint - Haocreat Ruitong Electric Equipment Co., Ltd. has successfully listed on the Shenzhen Stock Exchange's ChiNext board, with a closing price of 61.06 yuan, reflecting a significant increase of 190.76% on its first day of trading [1]. Company Overview - Haocreat Ruitong specializes in smart distribution equipment and digital solutions for distribution networks, focusing on the research, production, and sales of products such as smart ring main units, smart pole-mounted switches, and box-type substations [1]. Shareholding Structure - The major shareholders are Duan Youtao and Zhang Lingli, who together control 75.03% of the company. Duan Youtao holds 38.00% directly and 4.87% indirectly through a partnership, while Zhang Lingli holds 32.16% directly. They are a married couple, with Duan serving as Chairman and General Manager, and Zhang as a Director and Deputy General Manager [1]. Fundraising and Financials - The company raised a total of 585.90 million yuan, with a net amount of 516.15 million yuan after deducting issuance costs. This net amount exceeded the original plan by 39.62 million yuan [3]. - The funds will be allocated to projects including the production of smart ring main units, smart pole-mounted switches, and the establishment of a smart distribution research center, as well as to supplement working capital [3]. Financial Performance - From 2022 to 2024, the company reported revenues of 559.80 million yuan, 672.37 million yuan, and 867.25 million yuan, respectively, with net profits of 68.76 million yuan, 87.41 million yuan, and 111.29 million yuan [4]. - For the first half of 2025, the company achieved a revenue of 450.80 million yuan, a year-on-year increase of 2.97%, and a net profit of 61.61 million yuan, reflecting a growth of 15.80% [6]. Customer Concentration - The State Grid Corporation is the largest customer, accounting for a significant portion of sales, with revenues from this customer being 350 million yuan, 498 million yuan, and 619 million yuan over the past three years, representing 91.87%, 88.92%, and 91.99% of total sales, respectively [11]. - The gross profit from sales to the State Grid has consistently exceeded 93% over the last three years, indicating a heavy reliance on this customer [11]. Market Position and Challenges - The company faced challenges due to quality issues, resulting in a six-month suspension of bidding qualifications for certain products from the State Grid's subsidiaries, which negatively impacted its operational performance and brand reputation [11].

9月11日，可申购创业板的昊创瑞通（301668.SZ），公司成立于2007年，是一家专注于智能配电设备及 配电网数字化解决方案的高新技术企业，主要从事智能配电设备的研发、生产和销售，产品包括智能环 网柜、智能柱上开关和箱式变电站等。 公开资料显示，智能配电设备是开展配电网智能化升级和建设新型电力系统，提高电力系统灵活感知和 高效运行，适应数字化、自动化、网络化电力系统发展要求，建设智能调度体系，实现源网荷储互动、 多能协同互补及用能需求智能调控的关键设备，是实现配电网数字化转型的重要支撑。 招股书介绍，昊创瑞通是全国低压成套开关设备和控制设备标准化技术委员会委员单位和电器工业标准 化示范企业，通过了质量管理体系、环境管理体系、知识产权管理体系和能源管理体系等认证。公司同 时还是国家级专精特新"小巨人"企业、国家级绿色工厂、高新技术企业、北京市企业技术中心。 需要注意的是，昊创瑞通产品曾有过质量问题。招股书显示，2022-2024年，公司曾因供应商零部件存 在瑕疵、对客户实际需求理解存在偏差、运输过程中存在操作不当等因素发生产品质量问题，所涉及的 收入金额分别为229.74万元、182.34万元和520.09 ...

Core Viewpoint - The company Haocreative Ruitong (301668.SZ) has recently gone public on the ChiNext board, focusing on smart distribution equipment and digital solutions for distribution networks, with a strong emphasis on innovation and technology [1][5]. Company Overview - Haocreative Ruitong was established in 2007 and specializes in the research, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations [1]. - The company is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise and has achieved various certifications, including quality management and environmental management systems [5]. Financial Information - The initial public offering (IPO) price was set at 21.00 yuan per share, with a market capitalization of 2.1 billion yuan [2]. - The company's earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 21.02, which is slightly below the industry average P/E ratio of 22.81 [2]. Fundraising and Investment Plans - The company plans to allocate the raised funds as follows: - 1.57 billion yuan (32.94%) for the production construction project of smart ring main units - 1.03 billion yuan (21.51%) for the production construction project of smart pole-mounted switches - 1.17 billion yuan (24.56%) for the construction of a smart distribution research and development center [4]. Market Position and Client Base - Haocreative Ruitong's primary clients include major state-owned enterprises such as the State Grid and China Southern Power Grid, as well as other significant players in the energy sector [6]. - The company has a high customer concentration risk, with sales to State Grid subsidiaries accounting for 88.92%, 91.99%, and 77.38% of total revenue from 2022 to 2024 [6].

Core Viewpoint - The company Haocreative Ruitong (301668.SZ) has successfully listed on the ChiNext board, focusing on smart distribution equipment and digital solutions for distribution networks, indicating a growing market for intelligent power systems [1][5]. Company Overview - Haocreative Ruitong was established in 2007 and specializes in the R&D, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations [1]. - The company is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, a national green factory, and a high-tech enterprise, with certifications in quality, environmental, intellectual property, and energy management systems [5]. Financial Information - The initial offering price was set at 21.00 CNY per share, with an institutional quotation of 21.46 CNY per share, leading to a market capitalization of 2.31 billion CNY [2]. - The company's issuance price-to-earnings ratio is 21.02, compared to the industry average of 22.81 [2]. Fundraising and Investment Plans - The company plans to allocate raised funds as follows: - 1.57 billion CNY for the smart ring main unit production project, with a daily increase of 32.94% - 1.03 billion CNY for the smart pole-mounted switch production project, with a daily increase of 21.51% - 1.17 billion CNY for the smart distribution R&D center construction project, with a daily increase of 24.56% [4]. Market Position and Client Base - Haocreative Ruitong's primary clients include major state-owned enterprises such as the State Grid and Southern Power Grid, as well as companies in the industrial sector [6]. - The company has a high customer concentration risk, with sales to State Grid subsidiaries accounting for 88.92%, 91.99%, and 77.38% of total revenue from 2022 to 2024 [6].

作为国家级专精特新"小巨人"企业、国家级绿色工厂、高新技术企业、北京市企业技术中心，昊创瑞通 持续在智能配电设备方面的研发和创新积累，自主研发了配电网故障定位与自愈技术、配电设备状态感 知元件物联网化和一体化设计技术、新型高精度电力传感器技术和常压密封空气绝缘技术等关键技术， 形成了核心技术体系，并将相关技术应用于智能环网柜、智能柱上开关和箱式变电站等主要产品，赋予 相关产品测量数字化、控制网络化、状态可视化、功能一体化和信息互动化等特征，实现配电设备的智 能化。 需要特别强调的是，公司"HZW-12/T630-20型户外柱上真空断路器"于2024年被中国电力企业联合会鉴 定为"产品综合技术性能达到国际先进水平，其中内置固封极柱及隔离开关一体化、小型化的集成设计 和高精度抗干扰零序电流传感器技术达到国际领先水平"，同时被纳入《北京市2024年第二批首台(套) 重大技术装备目录(医药健康等其他领域)》，"环保型空气绝缘交流金属封闭开关设备"于2025年被中国 电力企业联合会鉴定为"产品综合技术性能达到国际先进水平"。 智能配电设备是开展配电网智能化升级和建设新型电力系统，提高电力系统灵活感知和高效运行，适应 数 ...

Core Viewpoint - Beijing Haochuang Ruitong Electric Equipment Co., Ltd. (referred to as "Haochuang Ruitong") has announced its initial public offering (IPO) and plans to list on the Shenzhen Stock Exchange's Growth Enterprise Market, with a share price set at 21.00 yuan per share and a total issuance of 27.9 million shares, raising approximately 586 million yuan [1][3]. Group 1: IPO Details - The total fundraising amount for Haochuang Ruitong is approximately 586 million yuan, with a net amount of about 516 million yuan after expenses [3]. - The company initially planned to raise around 477 million yuan, indicating that the final net amount slightly exceeds the original fundraising target [3]. - The funds will be allocated to various projects, including 117 million yuan for smart ring network cabinet production, 103 million yuan for smart pole switch production, 117 million yuan for a smart distribution research center, and 100 million yuan for working capital [3]. Group 2: Company Background - Haochuang Ruitong was established in February 2007, primarily engaged in the manufacturing of electrical machinery and equipment [3]. - The company has a registered capital of 82.1 million yuan, with major shareholders including Duan Youtao, Zhang Lingli, and Wang Jingwei [3][4]. - The actual controllers of the company are Duan Youtao and Zhang Lingli, who collectively hold 75.03% of the shares [4][5]. Group 3: Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are approximately 560 million yuan, 672 million yuan, and 867 million yuan, respectively [5]. - Net profits for the same years are estimated to be around 68.76 million yuan, 87.41 million yuan, and 111 million yuan, with non-recurring net profits slightly higher [5]. - As of the end of 2024, total assets are expected to reach approximately 711.96 million yuan, with a net profit of about 111.29 million yuan and a basic earnings per share of 1.36 yuan [6].

Core Viewpoint - The company, Haocreator Ruitong, has initiated its subscription process for an IPO, offering a total of 27.90 million shares at a price of 21.00 yuan per share, with a price-to-earnings ratio of 21.02 times [1][2]. Group 1: IPO Details - The total number of shares issued is 27.90 million, with 6.696 million shares available for online subscription [1][2]. - The subscription code for the IPO is 301668, 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 subscription date is set for September 11, 2025, and the announcement of the winning numbers and payment date is September 15, 2025 [2]. Group 2: Company Overview - The company specializes in smart distribution equipment and digital solutions for distribution networks, focusing on the research, development, production, and sales of smart distribution devices [1]. Group 3: Financial Indicators - Total assets for 2024 are projected at 7.12 billion yuan, an increase from 6.67 billion yuan in 2023 and 4.62 billion yuan in 2022 [3]. - Net assets are expected to reach 4.36 billion yuan in 2024, up from 3.23 billion yuan in 2023 and 2.34 billion yuan in 2022 [3]. - Operating income is forecasted to be 8.67 billion yuan in 2024, compared to 6.72 billion yuan in 2023 and 5.60 billion yuan in 2022 [3]. - Net profit is anticipated to be 1.11 billion yuan in 2024, an increase from 0.87 billion yuan in 2023 and 0.69 billion yuan in 2022 [3]. - The basic earnings per share are projected at 1.36 yuan for 2024, compared to 1.06 yuan in 2023 and 0.84 yuan in 2022 [3].

Group 1 - The company, Beijing Haocreat Ruitong Electric Equipment Co., Ltd., focuses on smart distribution equipment and digital solutions for distribution networks, with main products including smart ring main units, smart pole-mounted switches, and box-type substations [2] - As of the signing date of the prospectus, the major shareholders are Duan Youtao and Zhang Lingli, who together control 75.03% of the company, with Duan Youtao serving as the chairman and general manager, and Zhang Lingli as a board member and vice general manager [2] - The company plans to raise approximately 47.65 million yuan for projects related to smart ring main unit production, smart pole-mounted switch production, and the establishment of a smart distribution research center, along with supplementary working capital [2] Group 2 - The company is set to issue shares at a price of 21.00 yuan per share, with an expected total fundraising amount of 58.59 million yuan, after deducting estimated issuance costs of approximately 6.97 million yuan, the net amount raised is expected to be around 51.62 million yuan [2] - The total number of shares to be issued is 27.9 million, with 6.696 million shares allocated for online issuance and 17.632 million shares for offline placement [1] - The company is listed on the Shenzhen Stock Exchange under the stock code 301668, with the online issuance date scheduled for September 11, 2025 [1]

Core Viewpoint - The company, Haocreat Ruitong (301668.SZ), is set to be publicly offered on the ChiNext board, focusing on smart distribution equipment and digital solutions for distribution networks, with a strong emphasis on innovation and technology [1][5]. Group 1: Company Overview - Established in 2007, Haocreat Ruitong specializes in the research, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations [1]. - The company is recognized as a national-level "little giant" enterprise, a national green factory, and a high-tech enterprise, holding 132 patents and 30 software copyrights [5]. Group 2: Financial Information - The offering price is set at 21 CNY per share, with an institutional quotation of 21.46 CNY per share [2]. - The company's earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 21.02, compared to the industry average P/E ratio of 22.81 [2]. Group 3: Fundraising and Investment Plans - The company plans to allocate raised funds as follows: 1.57 billion CNY for smart ring main unit production, 1.03 billion CNY for smart pole-mounted switch production, 1.17 billion CNY for a smart distribution R&D center, and 1.00 billion CNY for working capital [4]. Group 4: Market Position and Clientele - Major clients include State Grid, Southern Power Grid, and China National Petroleum Corporation, indicating a strong foothold in both traditional and industrial sectors [6]. - The company has faced quality issues in the past, with reported revenue impacts of 2.2974 million CNY, 1.8234 million CNY, and 5.2009 million CNY from 2022 to 2024, representing 0.41%, 0.27%, and 0.60% of total revenue respectively [6][7]. Group 5: Quality Control and Challenges - The company acknowledges past quality issues as occasional and typical within the industry, maintaining good relationships with clients despite penalties from major power companies [7]. - As the company expands, it recognizes the increasing importance of quality control and the potential risks associated with material procurement and production management [7].

Group 1 - The core viewpoint of the article is the introduction of Beijing HCRT Electrical Equipments Co., Ltd., a leading domestic supplier of smart distribution equipment, which is set to launch its IPO on September 11 [3][4]. - The company was established in 2007 and focuses on the research, production, and sales of smart distribution equipment, including smart ring network cabinets, smart pole switches, and box-type substations [4][5]. - The company has shown steady revenue growth in recent years, with projected revenues of 5.6 billion yuan, 6.72 billion yuan, and 8.67 billion yuan for the years 2022, 2023, and 2024 respectively [5][6]. Group 2 - Financial projections indicate that total assets will grow from 6.6654 billion yuan in 2023 to 7.4481 billion yuan by mid-2025, while net assets are expected to increase from 3.2286 billion yuan to 4.9857 billion yuan in the same period [5][6]. - The company aims to raise a total of 5.86 billion yuan through this IPO, with funds allocated for the production of smart ring network cabinets, smart pole switches, and the establishment of a smart distribution research and development center [6][10]. - The IPO price is set at 21 yuan per share, corresponding to a price-to-earnings ratio of 21.02, which is lower than the average static P/E ratio of comparable listed companies at 22.7 [7][10].