Group 1 - The core viewpoint of the article emphasizes the continuous optimization of the technology finance policy system by the state, which provides direction for empowering technology enterprises [1] - Beijing has cultivated a number of competitive technology enterprises, achieving significant results in technology innovation and finance, with three trillion-level and seven hundred billion-level industrial clusters formed [1] - Beijing Bank has positioned serving technological innovation as its strategic core, providing over 1.4 trillion yuan in credit to 58,000 technology SMEs and supporting a large number of specialized and innovative enterprises [1] Group 2 - Beijing has launched a comprehensive financial service plan for intellectual property, creating an internal evaluation model for patent value, which facilitates efficient financing for intangible assets [3]

截至10月31日，除*ST广道外，279家北交所上市公司已完成三季报披露，平均实现营业收入5.20亿元， 同比增长5.99%。从业绩情况看，230家公司实现盈利，盈利面82.44%；169家公司营业收入同比增长， 131家公司净利润同比增长。 中央财经大学研究员张可亮在接受《证券日报》记者采访时表示，从已披露的三季报来看，北交所公司 整体业绩展现出较强的韧性和成长特性，可以用"稳健增长，分化明显"来概括。 张可亮表示，整体营收和净利润保持了正向增长。在经济面临一定压力的大环境下，作为服务创新型中 小企业的市场，北交所公司能实现整体增长实属不易，这充分说明了这批以"专精特新"为代表的企业具 备较强的市场适应能力和创新活力。 在张可亮看来，三季报"成绩单"验证了北交所优质企业的基本面韧性。对于投资者而言，当前北交所市 场呈现出"高成长性"与"高性价比"并存的组合。投资的关键在于深耕基本面研究，摒弃"炒小炒新"的旧 思路，真正去挖掘那些业绩能持续兑现、具备核心竞争力的优质公司。随着制度红利的不断释放，北交 所的价值发现功能会越来越完善，其投资价值也必将得到市场的认可。 "当前，北交所上市公司获公募基金加速增配、机构 ...

Core Viewpoint - Jianbang Co., Ltd. is a high-tech enterprise engaged in the research, production, and sales of polymer material environmental additives, with a listing on the Shanghai Stock Exchange scheduled for July 5, 2024 [1] Group 1: Business Performance - For Q3 2025, Jianbang's revenue was 469 million yuan, ranking 58th among 79 companies in the industry, while the industry leader, Sinochem International, reported revenue of 35.716 billion yuan [2] - The company's net profit for the same period was 107 million yuan, placing it 23rd in the industry, with the top performer, Hangyang Co., Ltd., achieving a net profit of 850 million yuan [2] Group 2: Financial Ratios - Jianbang's debt-to-asset ratio was 7.81% in Q3 2025, an increase from 7.27% year-on-year, significantly lower than the industry average of 34.74%, indicating strong solvency [3] - The company's gross profit margin was 29.06% in Q3 2025, down from 34.49% year-on-year, but still above the industry average of 19.93%, reflecting robust profitability [3] Group 3: Executive Compensation - Chairman Zhu Jianbo's salary for 2024 was 1.0125 million yuan, a decrease of 276,500 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, Jianbang had 15,400 A-share shareholders, a 0.12% increase from the previous period, with an average of 4,042.36 circulating A-shares held per shareholder, up by 55.56% [5]

Core Insights - Galaxy Microelectronics, established in October 2006 and listed on the Shanghai Stock Exchange in January 2021, specializes in semiconductor discrete devices with strong R&D capabilities and product quality reaching advanced domestic levels [1] Financial Performance - For Q3 2025, Galaxy Microelectronics reported revenue of 745 million, ranking 11th among 18 companies in the industry, with the industry leader, Wentaik Technology, achieving revenue of 29.769 billion [2] - The net profit for the same period was 39.2462 million, placing the company 12th in the industry, while the top performer, Wentaik Technology, reported a net profit of 1.505 billion [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 38.53%, an increase from 35.82% year-on-year, exceeding the industry average of 24.02% [3] - The gross profit margin was 23.71%, down from 26.91% year-on-year, and also below the industry average [3] Executive Compensation - The chairman, Yang Senmao, received a salary of 846,900, a decrease of 11,100 from the previous year, while the general manager, Liu Jun, earned 901,300, down 137,400 from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.81% to 8,319, with an average holding of 15,500 shares, a decrease of 3.67% [5]

策 略 研 究 新股申购 2025 年 10 月 31 日 北矿检测（920160）：有色金属检 测"小巨人"，募投研发生产精密仪 器 ——北交所新股申购策略报告之一百四十八 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 告 相关研究 - ⚫ 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务， 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年 ...

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential upward trend despite recent technical corrections in the market [3][4]. Core Insights - The market experienced a technical correction on October 30, 2025, with the North Exchange A-share trading volume reaching 42.9 billion yuan, an increase of 8 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1553.32, down 1.30%, with a PE_TTM of 74.99 times [1][7]. - The report highlights that 65 out of 280 companies listed on the North Exchange saw their stock prices rise, while 212 experienced declines. The top five gainers included Fujida (19.8%), Jiahe Technology (13.1%), and Jiuling Technology (9.9%), while the top five losers included Luqiao Information (-16.4%) and Litong Technology (-13.1%) [1][16]. - The core driving force behind the current market trend is the positive signals released by regulators during the Financial Street Forum on October 29, 2025. The chairman of the North Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore fixed-price trading after hours, which is expected to lower investment thresholds and attract passive capital [3][4]. Summary by Sections Market Review - On October 30, 2025, the North Exchange A-share trading volume was 42.9 billion yuan, up 8 billion yuan from the previous day. The North Exchange 50 Index closed at 1553.32, down 1.30%, while the specialized and innovative index closed at 2660.10, down 1.05% [1][7]. Important News - The Ministry of Finance and other departments announced an upgrade to the duty-free shop policy effective November 1, 2025, aimed at boosting consumption by optimizing tax policies and expanding product categories [19]. - A new policy financial tool worth 500 billion yuan has been fully deployed, expected to drive total project investments exceeding 7 trillion yuan, focusing on technology innovation and consumption expansion [20]. Key Company Announcements - Huifeng Diamond reported a third-quarter revenue of 117 million yuan, a year-on-year decrease of 27.62%, with a net profit of 12 million yuan, down 278.48% [21]. - Kaite Co. announced a third-quarter revenue of 796 million yuan, an increase of 43.84%, with a net profit of 130 million yuan, up 37.24% [28].

Core Viewpoint - Anjieshi, a leading domestic endoscopic medical device company, focuses on the research, production, and sales of minimally invasive endoscopic diagnostic and therapeutic instruments, showcasing technological innovation and product differentiation advantages [1] Group 1: Company Overview - Anjieshi was established on December 6, 2010, and was listed on the Shanghai Stock Exchange on May 19, 2023, with its registered and operational base in Hangzhou, Zhejiang Province [1] - The company operates in the pharmaceutical and biological industry, specifically in medical devices and consumables, and is categorized under several concept sectors including medical devices and specialized innovation [1] Group 2: Financial Performance - For Q3 2025, Anjieshi reported a revenue of 459 million yuan, ranking 31st among 50 companies in the industry, while the industry leader, Yingke Medical, achieved a revenue of 7.425 billion yuan [2] - The net profit for the same period was 177 million yuan, placing the company 21st in the industry, with the top performer, Lepu Medical, reporting a net profit of 999.6 million yuan [2] Group 3: Financial Ratios - Anjieshi's debt-to-asset ratio stood at 4.17% in Q3 2025, down from 4.67% year-on-year, significantly lower than the industry average of 23.66%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 70.51%, slightly down from 72.13% year-on-year, but still above the industry average of 48.78%, reflecting robust profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 16.49% to 5,567, while the average number of circulating A-shares held per shareholder decreased by 14.15% to 7,439.63 [5] - Notable new shareholders include Ping An Low Carbon Economy Mixed A and Hong Kong Central Clearing Limited, indicating growing interest in the company [5] Group 5: Business Outlook - Short-term performance may face pressure due to decreased purchasing willingness among distributors ahead of centralized procurement in some regions and the impact of US-China tariffs on the US market [6] - Despite challenges, the company is launching new products such as replaceable hemostatic clips and bipolar electrosurgical knives, which are expected to enhance market share [6] - The company aims to expand its domestic hospital coverage, which exceeded 2,540 hospitals by mid-2025, and is progressing with local operations in overseas markets [6][7] - Revenue projections for 2025 to 2027 are 763 million, 936 million, and 1.144 billion yuan, with net profits of 320 million, 378 million, and 442 million yuan respectively [6][7]

Core Viewpoint - 柏楚电子 is a leading domestic company in laser cutting control systems, showcasing strong financial performance and growth potential in the industry [1][2][5]. Financial Performance - In Q3 2025, 柏楚电子 achieved revenue of 1.62 billion yuan, ranking 15th in the industry, while the net profit was 926 million yuan, ranking 3rd [2]. - The company’s revenue growth is attributed to increased domestic demand for high-power thick plate cutting, expansion of overseas business, and improved penetration of cutting head products [5][6]. Profitability and Debt Management - As of Q3 2025, 柏楚电子's asset-liability ratio was 4.94%, significantly lower than the industry average of 34.38%, indicating strong debt management [3]. - The gross profit margin stood at 78.09%, which, despite a decrease from 81.63% year-on-year, remains well above the industry average of 34.46% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 56.82% to 12,400, while the average number of shares held per shareholder decreased by 36.16% [5]. Management Compensation - The chairman 唐晔 received a salary of 473,000 yuan in 2024, a slight decrease from 474,200 yuan in 2023 [4]. Market Position and Future Outlook - The company leads the domestic market for high-power laser cutting control systems and has a strong position in the mid-low power market [6]. - Analysts maintain positive profit forecasts for 2025-2027, with expected net profits of 1.061 billion, 1.293 billion, and 1.586 billion yuan respectively, and continue to recommend a "buy" rating [6].

Core Insights - Xilong Science is a leading domestic chemical reagent company with a full industry chain advantage, highlighting its investment value [1] Group 1: Financial Performance - In Q3 2025, Xilong Science achieved a revenue of 5.324 billion, ranking first among 35 companies in the industry, while the industry average was 1.399 billion [2] - The net profit for the same period was -60.94 million, placing it last in the industry, with the industry average net profit at 155 million [2] Group 2: Financial Ratios - As of Q3 2025, Xilong Science's debt-to-asset ratio was 56.30%, higher than the previous year's 53.08% and the industry average of 28.64% [3] - The gross profit margin for Q3 2025 was 7.52%, which, although an increase from 6.81% year-on-year, remained below the industry average of 31.60% [3] Group 3: Executive Compensation - The chairman, Huang Shaoqun, received a salary of 420,000, unchanged from 2023, while the president, Zhao Ye, saw an increase in salary to 623,700 from 499,900, reflecting a rise of 123,800 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.33% to 85,100, while the average number of circulating A-shares held per shareholder increased by 2.38% to 5,503.91 [5]

Core Insights - Shanghai Zhuoran Engineering Technology Co., Ltd. (Zhuoran Co.) reported steady growth in its Q3 2025 performance, achieving a revenue of 599 million yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 59.77 million yuan [1] - For the first three quarters of 2025, Zhuoran Co. accumulated a total revenue of 1.565 billion yuan and a net profit of 190 million yuan, reflecting a substantial year-on-year growth of 400.18% and a 74.55% increase in net profit attributable to shareholders [1] - The company's performance highlights its operational resilience in a complex market environment and underscores its potential for sustained growth, laying a solid foundation for achieving annual performance targets [1] Financial Performance - In Q3 2025, Zhuoran Co. achieved a revenue of 599 million yuan, marking a 5.39% increase year-on-year [1] - The net profit attributable to shareholders for Q3 reached 59.77 million yuan [1] - Cumulatively, for the first three quarters of 2025, the company reported a total revenue of 1.565 billion yuan and a net profit of 190 million yuan, with a year-on-year growth of 400.18% and a 74.55% increase in net profit attributable to shareholders [1] Strategic Adjustments - Zhuoran Co. announced a strategic adjustment by selling its stake in Zhuohe (Daishan) Energy Technology Co., which significantly increased asset disposal gains and had a temporary impact on revenue [2] - This transaction is seen as a key step in the company's strategy to focus on its core business segments and enhance asset efficiency [2] - By divesting non-core assets, the company aims to concentrate resources on areas with higher growth potential and strategic value, thereby strengthening its core competitiveness [2] Innovation and Recognition - Zhuoran Co. was recognized as a "specialized, refined, distinctive, and innovative" enterprise by the state, reflecting its deep expertise and innovative breakthroughs in the energy and chemical equipment sector [2] - The company achieved a significant milestone by obtaining 6 invention patents and 1 utility model patent in the current quarter, indicating ongoing investment in innovation [2] - This recognition marks Zhuoran Co.'s transition from "manufacturing" to "intelligent manufacturing," positioning it as a benchmark for high-quality development in its niche [2]