Company Overview - Qiangyi Co., Ltd. has initiated its public offering, with a total share capital of 97.1694 million shares before the issuance and plans to issue 32.3899 million shares, accounting for 25.00% of the post-issuance total share capital [1] - The company specializes in the design and manufacturing of probe cards and core components, being one of the few domestic manufacturers with independent MEMS probe manufacturing technology capable of mass production and sales [1] Financial Highlights - Total assets for 2024 are reported at 1,276.659 million yuan, an increase from 960.015 million yuan in 2023 and 933.9023 million yuan in 2022 [1] - Net assets for 2024 stand at 1,122.598 million yuan, up from 883.7078 million yuan in 2023 and 858.6000 million yuan in 2022 [1] - Operating revenue for 2024 is 641.3604 million yuan, significantly higher than 354.4391 million yuan in 2023 and 254.1571 million yuan in 2022 [1] - Net profit attributable to shareholders for 2024 is 233.0970 million yuan, compared to 18.6577 million yuan in 2023 and 15.6224 million yuan in 2022 [1] - Basic and diluted earnings per share for 2024 are both 2.40 yuan, a substantial increase from 0.19 yuan in 2023 and 0.16 yuan in 2022 [1] - The weighted average return on equity for 2024 is 23.30%, a significant rise from 2.15% in 2023 and 3.59% in 2022 [1] - Net cash flow from operating activities for 2024 is 279.6716 million yuan, compared to 48.3970 million yuan in 2023 and a negative 37.7458 million yuan in 2022 [1] - Research and development expenditure for 2024 is 78.5373 million yuan, which is 12.25% of operating revenue, down from 26.23% in 2023 and 18.12% in 2022 [1] Fundraising and Investment Plans - The company plans to raise funds for two main projects: 120 million yuan for the Nantong probe card R&D and production project, and 30 million yuan for the construction of its headquarters and R&D center in Suzhou [1] IPO Details - The IPO price is set at 85.09 yuan per share, with an issuance price-to-earnings ratio of 48.55, compared to the industry average of 57.92 [1] - The subscription date is December 19, 2025, with a maximum subscription limit of 0.75 million shares per account and a required market value of 75,000 yuan in the Shanghai market for top-tier subscriptions [1]

Core Viewpoint - The article highlights the competitive nature of the offline subscription for Muxi Co., with significant interest from institutional investors, indicating a strong demand for shares in the technology sector [1][2]. Group 1: Subscription and Allocation Details - Muxi Co. had a total of 401 million shares issued at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan, with a total offline subscription amounting to 571.69 million shares [1]. - The offline allocation structure shows that 269 institutional investors participated, with public funds, insurance asset management, and securities asset management dominating the allocation [3][4]. - A total of 85.83% of the offline subscription volume came from A-class investors, who received 98.04% of the total offline allocation, indicating a strong preference for long-term holding [3][4]. Group 2: Institutional Participation - Major public funds accounted for over half of the total allocation, with 94 public funds participating and receiving 1.339 million shares, amounting to approximately 1.402 billion yuan [4][5]. - Notable public funds such as E Fund, Southern Fund, and ICBC Credit Suisse were among the top participants, with significant allocations [4][5][6]. - Insurance funds also played a crucial role, collectively acquiring about 404.70 million shares, with an average of 5,000 shares per product, indicating a strategic long-term investment approach [7][8]. Group 3: Private Fund Participation - Private funds, particularly quantitative funds, adopted a strategy of broad participation with smaller allocations, resulting in limited but widespread involvement [10][12]. - A total of 110 private funds participated, acquiring approximately 367,500 shares, which accounted for a small portion of the total allocation [12][13]. - The article notes a trend where larger private funds dominate the allocation, while smaller funds tend to participate in a more fragmented manner [12][13]. Group 4: Market Implications - The allocation structure reflects a growing trend in the technology IPO market, where long-term institutional investors are complemented by more agile private funds, creating a balanced investment ecosystem [13]. - The combination of long-term capital from public and insurance funds with the liquidity provided by private funds is seen as a stabilizing factor for stock prices post-IPO [9][13].

Company Overview - Youxun Co., Ltd. is a leading manufacturer in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [1] - The company is recognized as a "national champion enterprise" in its industry [1] IPO Details - The company is set to publicly issue 20 million shares, representing 25% of the total shares post-issuance, with a subscription price of 51.66 yuan per share [1] - The earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 60.27, compared to the industry average P/E of 58.09 [1] - The maximum subscription limit for a single account is 4,500 yuan in market value, with subscriptions required to be in multiples of 500 shares [1] Fundraising Allocation - The funds raised will be allocated to three main projects: - Development and industrialization of next-generation access network and high-speed data center chips, with an investment of 46,780.65 million yuan [1] - Research and industrialization of vehicle-mounted chips, with an investment of 16,908.47 million yuan [1] - Research and development of 800G and above optical communication chips and silicon photonic components, with an investment of 17,217.38 million yuan [1] Financial Performance - Total assets for 2024 are projected at 81,745.51 million yuan, up from 58,739.99 million yuan in 2023 and 42,281.94 million yuan in 2022 [1] - Net assets are expected to reach 72,512.19 million yuan in 2024, compared to 50,730.57 million yuan in 2023 and 33,363.49 million yuan in 2022 [1] - Operating revenue is forecasted at 41,055.91 million yuan for 2024, an increase from 31,313.34 million yuan in 2023 and 33,907.23 million yuan in 2022 [1] - The net profit attributable to shareholders is projected at 7,786.64 million yuan for 2024, compared to 7,208.35 million yuan in 2023 and 8,139.84 million yuan in 2022 [1] - The return on equity (ROE) is expected to be 12.05% in 2024, down from 17.50% in 2023 and 26.90% in 2022 [1] - Research and development expenses are projected at 7,842.86 million yuan, representing 19.10% of operating revenue for 2024 [1]

Company Overview - Angrui Microelectronics is set to launch its public offering, with a total share capital of 74.6488 million shares before the issuance, and plans to issue 24.8829 million shares, representing 25.00% of the post-issue total share capital [1] - The company specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1] IPO Details - The subscription code for the public offering is 787790, with a subscription price of 83.06 yuan per share [1] - The online issuance will consist of 3.9810 million shares, and the maximum subscription limit for a single account is 0.35 million shares, requiring a minimum market value of 35,000 yuan in the Shanghai market for the highest subscription [1] Fundraising Allocation - The company plans to allocate funds as follows: - 1.0961225 billion yuan for the R&D and industrialization upgrade of 5G RF front-end chips and modules - 408 million yuan for the R&D and industrialization upgrade of RF SoC - 563.1707 million yuan for the construction of the headquarters and R&D center [1] Financial Performance - Key financial indicators for the company are as follows: - Total assets for 2024 are projected at 1.7212036 billion yuan, up from 1.7141510 billion yuan in 2023 - Net assets are expected to decrease to 977.2571 million yuan in 2024 from 1.0400325 billion yuan in 2023 - Operating revenue is forecasted to rise to 2.1013197 billion yuan in 2024, compared to 1.6948705 billion yuan in 2023 - The net profit attributable to shareholders is projected to be -64.7092 million yuan in 2024, an improvement from -450.1332 million yuan in 2023 - Basic and diluted earnings per share are both expected to be -0.8700 yuan in 2024, improving from -6.0300 yuan in 2023 - The weighted average return on equity is projected at -6.42% for 2024, an improvement from -43.16% in 2023 - Net cash flow from operating activities is expected to be -186.7206 million yuan in 2024, worsening from -67.0907 million yuan in 2023 - R&D investment is projected at 313.8440 million yuan in 2024, down from 396.3284 million yuan in 2023, with R&D investment as a percentage of operating revenue at 14.94% in 2024, down from 23.38% in 2023 [1]

Group 1 - The company Anruiwei is set to launch its public offering, with a total share capital of 74.6488 million shares before the issuance and plans to issue 24.8829 million shares, representing 25% of the post-issue total share capital [1] - The subscription price is set at 83.06 yuan per share, with a maximum subscription limit of 3,500 yuan in market value required for top-tier subscriptions [1] - The company specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1] Group 2 - The company aims to raise funds for three main projects: 1) 5G RF front-end chip and module R&D and industrial upgrade project (109,612.25 million yuan), 2) RF SoC R&D and industrial upgrade project (40,800.82 million yuan), and 3) Headquarters and R&D center construction project (56,317.07 million yuan) [1] - Key financial indicators for 2024 show total assets of 1,721,203.6 million yuan, net assets of 977,257.1 million yuan, and operating income of 2,101,319.7 million yuan [2] - The company reported a net profit attributable to shareholders of the parent company of -6,470.92 million yuan for 2024, with a basic and diluted earnings per share of -0.87 yuan [2] Group 3 - To participate in the Sci-Tech Innovation Board IPOs, individual investors must meet specific criteria, including maintaining an average asset of at least 500,000 yuan in their securities and funds accounts for the past 20 trading days [3] - Investors must have been engaged in securities trading for over 24 months and hold a minimum market value of 10,000 yuan in Shanghai-listed stocks [3] - The subscription process allows for a maximum of one subscription unit (500 shares) for every 5,000 yuan in market value, with the total subscription not exceeding one-thousandth of the initial public offering amount [3]

Summary of Key Points Core Viewpoint - The company Bai'ao Saitou is set to launch its public offering, with a total share capital of 399 million shares before the issuance and plans to issue 47.5 million shares, representing 10.63% of the post-issue total share capital. The offering price is set at 26.68 yuan per share, with a high price-to-earnings ratio of 519.12 times, indicating a premium valuation compared to the industry average of 39.31 times [1]. Company Information - Bai'ao Saitou specializes in providing innovative model animals and preclinical pharmaceutical research and development services based on its self-developed gene editing technology [1]. New Share Issuance Details - The public offering will consist of 47.5 million shares, with 7.6 million shares available for online subscription. The subscription code is 787796, and the maximum subscription limit for a single account is 7,500 shares, requiring a minimum market value of 75,000 yuan in the Shanghai market [1]. Fundraising Allocation - The funds raised from the public offering will be allocated to several projects: - Early drug research and development service platform construction: 59.797 million yuan - Antibody drug research and evaluation project: 39.513 million yuan - Preclinical and clinical research projects: 40 million yuan - Supplementing working capital: 50 million yuan [1]. Financial Performance - The company reported total assets of 2.415 billion yuan in 2024, a decrease from 2.449 billion yuan in 2023 and 2.799 billion yuan in 2022. - Net assets increased to 834.0588 million yuan in 2024 from 785.8889 million yuan in 2023, but down from 1.1462665 billion yuan in 2022. - Operating revenue rose to 980.4539 million yuan in 2024, compared to 716.9118 million yuan in 2023 and 533.8808 million yuan in 2022. - The net profit attributable to shareholders was 33.5418 million yuan in 2024, a significant recovery from losses of 38.295 million yuan in 2023 and 60.1947 million yuan in 2022 [2]. Research and Development Investment - Research and development investment amounted to 323.9245 million yuan in 2024, accounting for 33.04% of operating revenue, a decrease from 66.17% in 2023 and 130.96% in 2022 [2].

Core Viewpoint - The offline subscription for new shares in the Sci-Tech Innovation Board is experiencing a significant shift, with A-class investors receiving a dominant share of allocations compared to B-class investors due to new subscription rules [1][5][6]. Group 1: Allocation Results - A-class investors received 98.44% of the allocation, while B-class investors only received 1.56% in the recent subscription by Moer Thread [2][3]. - The allocation for B-class investors was notably low, with some receiving as few as 39 shares [1]. - Previous new shares in the Sci-Tech Innovation Board also showed a similar trend, with B-class allocations generally below 5% [3][4]. Group 2: Subscription Rules - The new subscription rules implemented for the Sci-Tech Innovation Board involve a "contractual lock-up" method, which sets different lock-up periods and ratios for A-class and B-class investors [5][6]. - A-class investors can choose from multiple lock-up tiers, while B-class investors are restricted to the lowest tier [5]. - The allocation ratios are designed to favor A-class investors significantly, with A1-class investors' allocation being at least nine times that of B-class investors [6]. Group 3: Impact on Investment Returns - The new rules are expected to impact the potential returns for B-class investors, as the disparity in allocation ratios may reduce their profitability from new share subscriptions [6][7]. - Research indicates that under the new allocation method, A1-class investors could see a return contribution of approximately 0.116% per new share, while B-class investors might only see a return contribution of 0.014% [8].

Company Overview - Hengkun New Materials is set to begin subscription tomorrow, with a total share capital of 382 million shares before the issuance and plans to publicly issue 67.3979 million shares, accounting for 15.00% of the total share capital post-issuance [1] - The subscription price is set at 14.99 yuan, with an issuance price-to-earnings ratio of 71.42 times, compared to the industry average of 60.47 times [1] - The company’s products are essential materials for integrated circuit wafer manufacturing, primarily used in advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [1] Subscription Details - The subscription code is 787727, with an online issuance of 10.7835 million shares and a maximum subscription limit of 10,500 shares per account [1] - The subscription date is November 7, 2025, with the announcement of the winning numbers and payment date on November 11, 2025 [1] Financial Highlights - Total assets for 2024 are reported at 2.645 billion yuan, an increase from 2.091 billion yuan in 2023 and 1.633 billion yuan in 2022 [1] - Net assets have grown to 1.500 billion yuan in 2024 from 1.382 billion yuan in 2023 and 1.273 billion yuan in 2022 [1] - Operating revenue for 2024 is 547.9388 million yuan, up from 367.7078 million yuan in 2023 and 321.7652 million yuan in 2022 [1] - The net profit attributable to shareholders for 2024 is 96.9192 million yuan, compared to 89.8493 million yuan in 2023 and 100.9030 million yuan in 2022 [1] - Research and development investment for 2024 is 88.6085 million yuan, representing 16.17% of operating revenue, an increase from 14.59% in 2023 and 13.28% in 2022 [1] Fundraising Allocation - The company plans to allocate 399.8022 million yuan to the second phase of the integrated circuit precursor project and 606.8928 million yuan to the advanced materials project for integrated circuits [1]

Core Viewpoint - Hengkun New Materials has initiated its public offering, with a total share capital of 382 million shares before the issuance, and plans to issue 67.4 million shares, accounting for 15% of the post-issue total share capital [1] Group 1: IPO Details - The public offering price is set at 14.99 yuan per share, with an issuance price-to-earnings ratio of 71.42 times, compared to the industry average of 60.47 times [1] - The maximum subscription limit for a single account is 10,500 shares, with subscriptions required to be in multiples of 500 shares [1] - The online subscription date is November 7, 2025, with the announcement of the winning numbers and payment date on November 11, 2025 [1] Group 2: Company Products and Applications - The company's products are primarily used in the production processes of advanced NAND and DRAM storage chips, as well as logic chips at 90nm technology nodes and below, including lithography and thin film deposition [1] Group 3: Fundraising Allocation - The company plans to allocate 399.8 million yuan to the second phase of the integrated circuit precursor project and 606.9 million yuan to the advanced materials project for integrated circuits [1] Group 4: Financial Performance - Total assets for 2024 are projected at 2.645 billion yuan, an increase from 2.091 billion yuan in 2023 and 1.633 billion yuan in 2022 [2] - Net assets are expected to reach 1.501 billion yuan in 2024, up from 1.382 billion yuan in 2023 and 1.273 billion yuan in 2022 [2] - Operating revenue is forecasted at 547.9 million yuan for 2024, compared to 367.7 million yuan in 2023 and 321.8 million yuan in 2022 [2] - The net profit attributable to shareholders is projected at 96.9 million yuan for 2024, slightly up from 89.8 million yuan in 2023 but down from 100.9 million yuan in 2022 [2] - Research and development investment is expected to be 88.6 million yuan in 2024, representing 16.17% of operating revenue [2]

Core Viewpoint - The company, Bibet, is set to launch its public offering with a total share capital of 360 million shares, aiming to issue 90 million shares, which represents 20% of the post-issue total share capital, at a price of 17.78 yuan per share [1] Company Overview - Bibet focuses on the treatment of major diseases such as tumors, autoimmune diseases, and metabolic diseases, with core products classified as Class 1 new chemical drugs [1] - The main therapeutic areas include malignant lymphoma, breast cancer, non-small cell lung cancer, ovarian cancer, psoriasis, and diabetes-related non-alcoholic fatty liver disease [1] Public Offering Details - The public offering will consist of 90 million shares, with 14.4 million shares available for online subscription [1] - The subscription code is 787759, and the maximum subscription limit for a single account is 14,000 shares, requiring a market value of 140,000 yuan in the Shanghai market for the highest subscription [1] - The announcement of the winning numbers and payment date is set for October 21, 2025 [1] Fundraising Allocation - The funds raised will be allocated as follows: - New drug research and development project: 94,912.34 thousand yuan - Construction of the Qingyuan R&D center and formulation industrialization base: 55,548.57 thousand yuan - Supplementing working capital: 50,000.00 thousand yuan [1] Financial Performance - The company reported total assets of 33,247.71 thousand yuan in 2024, down from 44,187.25 thousand yuan in 2023 and 58,721.68 thousand yuan in 2022 [2] - Net assets decreased to 29,022.01 thousand yuan in 2024 from 31,811.96 thousand yuan in 2023 and 46,833.49 thousand yuan in 2022 [2] - The company has not generated any operating revenue, with a net loss attributable to shareholders of 5,599.83 thousand yuan in 2024, an improvement from a loss of 17,275.51 thousand yuan in 2023 and 18,833.88 thousand yuan in 2022 [2] - Research and development expenses were 12,028.74 thousand yuan in 2024, down from 15,765.12 thousand yuan in 2023 and 16,674.07 thousand yuan in 2022 [2]