Core Viewpoint - The well-known air conditioning brand Aux is making another attempt to go public by submitting a listing application to the Hong Kong Stock Exchange [2][19]. Company Overview - Aux Electric Co., Ltd. is a significant asset for Zhejiang businessman Zheng Jianjiang, who has successfully listed two other companies: Sanxing Medical on the A-share market and Aux International on the Hong Kong Stock Exchange [3]. - Aux is currently the largest company under Zheng Jianjiang in terms of revenue, and a successful listing could further increase his wealth [3]. Market Position - The air conditioning market is highly concentrated, with the top three players—Midea, Gree, and Haier—accounting for 68.2% of retail volume and 73.6% of retail value in the first half of the year [4]. - Aux has positioned itself as the fifth-largest air conditioning provider globally, holding a market share of 7.1% [9]. Pricing Strategy - Aux has adopted a low-price strategy, targeting the mass market with air conditioners priced below RMB 2,500, where it claims a market share of nearly 30% [9]. - The company's gross margin is around 21%, significantly lower than the three major competitors [9]. Financial Performance - In 2024, Aux is projected to achieve revenue of RMB 29.759 billion and a net profit of RMB 2.91 billion [11]. - Aux's cash flow is robust, with a net cash inflow of RMB 2.518 billion in 2024, and it distributed a one-time dividend of RMB 3.794 billion to shareholders [12]. Historical Context - Aux's journey to listing has been challenging, having previously listed on the New Third Board in 2016 but delisted a year later due to liquidity issues [18]. - The company has faced legal challenges, including multiple patent infringement lawsuits from Gree, which it has lost [8]. Management Structure - The management of Aux is characterized by a family-controlled structure, with Zheng Jianjiang maintaining significant decision-making power [18]. Industry Implications - Aux's attempt to go public is a notable event in the air conditioning industry, especially as it seeks to navigate a saturated market [19].

Core Viewpoint - The recent statements made by Wei Miaomiao, claiming to be the spouse of Huang Angen, have raised significant concerns regarding the legitimacy and operational status of the companies associated with them, particularly Jiangxi Runtian and its potential IPO plans [3][5][8]. Group 1: Company Background - Jiangxi Runtian was founded in 1994 by Huang Angen, who later exited the company after it faced a debt crisis in 2014 [5]. - Runtian received a 200 million yuan investment from Softbank Saifu in 2007 and was listed as a potential IPO candidate in 2008, but the plans were ultimately shelved due to market conditions [5]. - In 2016, Runtian became a state-controlled mixed-ownership enterprise after introducing state capital [5]. Group 2: Current Status and Claims - Runtian issued a statement clarifying that neither Huang Angen nor Wei Miaomiao has any equity or labor relationship with Jiangxi Runtian, and they will pursue legal action against false claims affecting the company's reputation [8]. - Wei Miaomiao mentioned two other companies, Shenzhen Qinwo and Shenzhen Hanshuo Jianyuan, which she claims are preparing for IPOs, but their actual operational status is under scrutiny [3][9]. Group 3: Company Operations and Findings - Investigations revealed that among the three companies associated with Huang Angen, only one is currently operational, and there is uncertainty regarding the IPO plans of the other two [3][9]. - Shenzhen Hanshuo Jianyuan Biotech, established in 2018, is a small enterprise with a registered capital of 1 billion yuan and a paid-in capital of 21 million yuan, with Huang Angen holding a 20% stake [14]. - Wei Miaomiao is listed as the legal representative and actual controller of Hanshuo Jianyuan Health Management and serves as a director at Qinwo Food [17].

Core Viewpoint - Sichuan Jule Food Co., Ltd. (referred to as "Jule") is on the verge of a potential IPO on the Beijing Stock Exchange after a long and challenging journey of seven years and five attempts, marked by multiple failures and regulatory hurdles [1][3]. Company Background - Jule was established in 1985 and entered the dairy industry in 1996, focusing on milk beverages and dairy products, becoming one of the largest dairy companies in Southwest China [4]. - The company has faced significant challenges in its IPO attempts, including failed applications due to incomplete materials, internal control issues, and regulatory warnings [4][5][6]. Recent Developments - Jule's recent announcement of passing the listing guidance acceptance on the Beijing Stock Exchange and quickly disclosing its prospectus marks a significant step forward [3]. - The company has undergone three phases of guidance work in a short time, contrasting with other companies still in compliance work [3]. Financial Performance - Jule's revenue for 2022-2024 is projected to be 14.72 billion, 15.62 billion, and 16.41 billion respectively, with net profits of 1.72 billion, 1.96 billion, and 2.32 billion [11]. - The company has shown improvement in key financial metrics, including gross margin and net profit margin, which are expected to rise from 29.60% to 33.46% and from 11.68% to 13.58% respectively over the same period [11]. Market Position and Challenges - Despite improvements, Jule still lags behind industry giants like Yili and Mengniu, which have revenues in the hundreds of billions [11][12]. - The competitive landscape is intensifying, with major players increasingly focusing on regional markets, putting pressure on local companies like Jule [7][8]. Future Prospects - Jule aims to expand nationally and has made efforts to break regional barriers, including a recent acquisition to establish a presence in Northeast China [8][9]. - The company plans to use IPO proceeds to enhance its production capacity and invest in research and development, particularly focusing on yak milk as a future growth area [10][13]. - The IPO fundraising target has been reduced to 5.52 billion, significantly lower than previous attempts, reflecting the company's evolving financial needs [13].

Core Viewpoint - The prolonged and challenging journey of Chongqing Digital Media Co., Ltd. (重数传媒) in its attempts to go public, particularly its difficulties in listing on the New Third Board and the A-share market, raises questions about its operational independence and compliance with regulatory requirements [2][10][12]. Group 1: Listing Attempts and Challenges - Chongqing Digital Media initiated its first IPO application in September 2016 but faced rejection from the China Securities Regulatory Commission (CSRC) in November 2017 due to concerns over its independence [5][6][13]. - After a two-year hiatus and rectifications, the company attempted a second IPO in December 2020 but was again unsuccessful, primarily due to new regulatory standards that it failed to meet [7][17][18]. - The company has since sought to list on the New Third Board, but its application has faced significant delays, making it a notable outlier among its peers [10][11][12]. Group 2: Financial Performance and Compliance Issues - Despite stable financial performance, with net profits exceeding 100 million yuan annually from 2019 to 2023, the company struggles to meet the regulatory requirements for public listing [10][12][18]. - The company’s R&D expenditures have seen a dramatic increase, with a 141.1% rise in 2023, raising questions about the timing and authenticity of these investments [25][26][29]. - The company distributed substantial cash dividends totaling 246 million yuan in 2023, which may conflict with the North Exchange's regulations regarding dividend distributions relative to net profits [30][31][32].

Core Insights - The article emphasizes the importance of thorough preparation and strategic planning for new material companies aiming to go public, highlighting the unique challenges and requirements of the industry [2][3][4]. Group 1: Listing Vision and Strategy - Companies must clarify their listing vision, whether it is to raise funds for R&D or to expand production capacity to meet market demands [3]. - Assessing the determination to go public is crucial, as the process can take several years and requires sustained investment in R&D and market activities [3][4]. - Developing strategic thinking is essential, as listing is a new starting point that requires careful planning for post-listing growth and market positioning [4]. Group 2: Understanding Challenges - New material companies face unique challenges during the listing process, including financial, legal, and disclosure requirements [4]. - Establishing long-term goals is vital, with clear targets for R&D and market share over the next several years [4]. - Psychological resilience is important to handle pressures from regulatory scrutiny and investor skepticism [4]. Group 3: Building a Professional Team - A dedicated team is necessary for successful listing, including a leadership group with defined roles and responsibilities [5][6]. - The execution team should consist of skilled personnel from various departments to ensure accurate data preparation and compliance with listing requirements [5][6]. - Establishing inter-departmental coordination mechanisms is critical to streamline communication and ensure alignment across functions [6]. Group 4: Enhancing Business Competitiveness - Analyzing market trends is essential for new material companies to align their strategies with industry developments and customer needs [8][9]. - Identifying core competencies, such as unique formulations or strong customer relationships, can provide a competitive edge [8]. - Expanding sales channels and improving customer satisfaction are key strategies for enhancing market presence [9]. Group 5: Financial Management for Listing - Selecting an experienced accounting firm is crucial for navigating the financial complexities of the listing process [13]. - Establishing a financial audit plan tailored to the company's needs can help ensure compliance and accuracy in financial reporting [13]. - Implementing a financial risk warning mechanism can help identify and mitigate potential financial issues before they escalate [14]. Group 6: Tax Management - Forming a tax self-inspection team can help ensure compliance with tax regulations and optimize tax benefits [17]. - Staying updated on tax policies and regulations is essential for maximizing available tax incentives [17][20]. - Establishing a tax risk management system can help identify and address potential tax-related issues proactively [18]. Group 7: Corporate Governance - Defining the responsibilities of the board of directors is essential for effective strategic decision-making and oversight [21][22]. - Optimizing the structure of the supervisory board can enhance financial and operational oversight [21]. - Regular evaluations of corporate governance practices can help identify areas for improvement and ensure compliance with best practices [25]. Group 8: Legal Compliance - Conducting comprehensive legal risk assessments is necessary to identify and mitigate potential legal issues [26]. - Developing strategies to prevent legal risks, particularly in areas like intellectual property and contract management, is crucial [27]. - Establishing a legal affairs management system can streamline the handling of legal matters and ensure compliance with regulations [30]. Group 9: Fundraising Projects - Identifying fundraising project directions that align with the company's strategic goals and market trends is critical for successful fundraising [31]. - Conducting feasibility studies on projects can help assess their technical, economic, and market viability [32]. - Building a project implementation team with clear roles and responsibilities can enhance project execution and monitoring [33]. Group 10: Investor Relations Management - Setting clear goals for investor relations management can enhance the company's visibility and investor confidence [36]. - Utilizing multiple communication channels to engage with investors can improve transparency and information flow [37]. - Organizing investor roadshows can provide opportunities for direct engagement and showcase the company's strengths [38].

Core Viewpoint - TSI Group Co., Ltd. (referred to as "TSI Group") successfully listed on the Shanghai Stock Exchange, with a closing price of 40.75 yuan, representing a significant increase of 274.54% and a total market capitalization of 16.3 billion yuan [1] Company Overview - TSI Group specializes in the research, innovation, and industrialization of dietary nutritional supplements, positioning itself as an international enterprise group [1] - Prior to the issuance, TSI Hong Kong held 27,567.38 million shares, accounting for 78.76% of the total share capital, and remains the controlling shareholder post-issuance with a reduced stake of 68.92% [1] Shareholding Structure - The actual controllers, Zhou Jingshi and Long Ling, held 58.91% and 62.82% of TSI Group and TSI Holdings respectively, controlling a total of 84.47% voting rights before the issuance [2] - Post-issuance, the couple controls 73.91% of the voting rights, maintaining their status as actual controllers [2] Financial Performance - In 2022, 2023, and 2024, the company's operating revenues were 947.24 million yuan, 891.89 million yuan, and 1 billion yuan respectively, with net profits of 143.61 million yuan, 160.51 million yuan, and 175.34 million yuan [5] - The total assets as of December 31 for 2022, 2023, and 2024 were 924.46 million yuan, 1.02 billion yuan, and 1.19 billion yuan respectively, with a decreasing debt ratio from 34.30% to 20.23% [6] Fundraising and Project Allocation - The total number of shares issued was 50.01 million at a price of 10.88 yuan per share, raising a total of 54.41 million yuan, with a net amount of 47.98 million yuan after expenses [3] - The planned allocation of raised funds includes projects for the construction of a nutritional health raw material production base, expansion of production lines, and a technology innovation center, totaling 602.73 million yuan [4] Customer Dependency - TSI Group is the preferred supplier of HMB nutritional raw materials for Abbott Group, with sales to Abbott accounting for 23.44%, 17.38%, and 19.44% of the main business income in the reporting periods [10]

Core Viewpoint - Despite doubling its performance scale compared to a few years ago, the company faces challenges in national expansion, institutional shareholder sell-offs, and a halved valuation, casting a shadow over its fifth IPO attempt [2][22]. Group 1: Company Performance - In 2024, the company reported revenue of 6.288 billion RMB, a year-on-year increase of 11.27%, and a net profit of 409 million RMB, up 9.07% [2][7]. - The company's revenue and net profit growth rates have significantly slowed down, with growth rates dropping to single digits since 2024 [8][12]. Group 2: Leadership Transition - The founder's son took over leadership, but the company has struggled to achieve desired national market penetration, leading to a slowdown in growth [3][6]. - The founder, who was a significant influence, retired in November 2023, and the transition to the next generation has raised concerns about the company's governance structure [6][8]. Group 3: Expansion Strategy - The company has heavily relied on a franchise model to expand nationally, with 48% of its stores located in Anhui province, indicating challenges in achieving a broader market presence [9][14]. - The franchise model aims to leverage franchisees to balance high operational costs, but the company faces difficulties due to regional taste preferences in the Chinese dining market [10][13]. Group 4: Valuation and Investor Sentiment - Institutional shareholders have exited their positions, leading to a significant drop in the company's valuation from approximately 180 billion RMB in 2021 to about 8.5 billion RMB, a decrease of 52.78% [18][20]. - The company's inability to deliver impressive performance through its national expansion strategy has led to skepticism among investors regarding its future prospects [21][22].

Group 1 - The core point of the article is that Baima Tea has received a备案通知书 from the China Securities Regulatory Commission (CSRC), allowing it to proceed with its listing on the Hong Kong Stock Exchange [2][3] - Baima Tea plans to issue no more than 29,133,400 overseas listed ordinary shares and convert 43,986,875 shares held by 106 shareholders from domestic unlisted shares to overseas listed shares [2] - The company has shown steady revenue growth from 2021 to 2023, with revenues of 1.744 billion, 1.818 billion, and 2.122 billion yuan, and net profits of 163 million, 166 million, and 206 million yuan respectively [3] Group 2 - Baima Tea's journey to listing has been complicated, having previously attempted to list on the Shenzhen Stock Exchange in 2013 and later on the New Third Board in 2015, but faced multiple setbacks including withdrawal of applications [4] - The company is characterized as a family business, with significant shareholdings held by family members, including Wang Wenbin and Wang Wenli [5] - The new regulations for overseas listing management, effective from March 2023, have simplified the process for domestic companies seeking to list in Hong Kong [3]

Core Viewpoint - The article discusses the ongoing controversies surrounding Wahaha Group under the leadership of Zong Fuli, particularly focusing on the allegations of asset hollowing and the control of the company's profits by the Zong family through various shadow companies [1][2]. Group 1: Financial Analysis - As of the end of 2022, the total assets of the domestic "Wahaha system" (including external companies) amounted to 37.047 billion yuan, with an operating income of 51.202 billion yuan, operating profit of 6.148 billion yuan, and net profit of 4.767 billion yuan [1]. - In contrast, Wahaha Group (and its 16 directly invested subsidiaries) had total assets of 5.807 billion yuan, with an operating income of 1.403 billion yuan, operating profit of 73.078 million yuan, and net profit of 18.7128 million yuan [1]. - The state-owned assets in Wahaha Group accounted for only 15.67% of the total assets of the "Wahaha system," with operating income and net profit contributions of merely 2.74% and 0.39%, respectively [1]. Group 2: Ownership Structure - The ownership structure of Wahaha Group is clear, with Hangzhou Shangcheng Wen Shang Lv Investment Holding Group Co., Ltd. (state-owned) holding 46%, Zong Fuli inheriting 29.4%, and the employee shareholding meeting holding 24.6% [2]. - The state-owned entity has reported zero investment returns from Wahaha Group from 2021 to 2023, with a book value of only 242 million yuan [2]. Group 3: Corporate Governance and Control - Zong Fuli controls most of the subsidiaries under the "Wahaha system," which are the primary sources of profit for the brand, while Wahaha Group itself has limited influence over the broader commercial empire [1][2]. - The complex ownership structure of the subsidiaries, such as Hong'an Wahaha Beverage Co., Ltd., indicates that Zong Fuli has significant control over these entities, which are crucial for Wahaha's product lines [4][5]. Group 4: Brand and Asset Management - The control of the "Wahaha" brand assets, which includes 387 trademarks, remains with Wahaha Group, but there are ongoing efforts to transfer these trademarks, potentially consolidating Zong Fuli's control over the brand [19][21]. - The estimated value of the "Wahaha" brand is approximately 91.187 billion yuan, highlighting its significance in the company's overall valuation [19]. Group 5: Future Prospects - Zong Fuli's consolidation of power and control over Wahaha may be aimed at preparing the company for a potential public listing, a shift from her father's previous stance against going public [24][25]. - The challenges Zong Fuli faces include modernizing the company's management structure and addressing internal and external pressures, particularly in light of changing consumer preferences and market dynamics [28].

Core Viewpoint - LXJ International Holdings Limited, the parent company of Anhui Laoxiangji Catering Co., Ltd. (referred to as "Laoxiangji"), has filed a prospectus for an IPO on the Hong Kong Stock Exchange, following previous unsuccessful attempts to list on the A-share market. The company has experienced a slowdown in revenue and net profit growth in recent years, raising concerns about its financial health and operational challenges [1][11]. Financial Performance - Laoxiangji's revenue from 2022 to 2024 was reported at RMB 45.28 billion, RMB 56.51 billion, and RMB 62.88 billion, with year-on-year growth rates of 58.38%, 24.80%, and 11.27% respectively [4][5]. - The net profit for the same period was RMB 2.52 billion, RMB 3.75 billion, and RMB 4.09 billion, with year-on-year growth rates of 86.67%, 48.81%, and 9.07% respectively [5][6]. - In the first four months of 2025, revenue and net profit growth further slowed to 9.9% and 7.3% respectively [6]. Profitability Metrics - The gross profit margins for Laoxiangji from 2022 to 2024 were 20.3%, 23.3%, and 22.8%, which are significantly lower than competitors such as Xiaocaiyuan and Green Tea Group, whose margins were 66.14%-68.49% and 63.70%-68.92% respectively [2][9]. - The proportion of raw materials and consumables to revenue increased from 37.0% in 2022 to 42.7% in the first four months of 2025, indicating rising costs impacting profitability [8]. Corporate Structure and Control - Laoxiangji is a family-owned business, with the founding family holding 92.02% of the voting rights. The key stakeholders include Shu Xiaolong (70.78%), Shu Wen (15.02%), and Dong Xue (6.22%) [12][11]. - The company has made multiple attempts to go public, with three A-share applications submitted between 2022 and 2023, ultimately withdrawing due to regulatory challenges and timing issues [11]. Regulatory and Compliance Issues - Laoxiangji has faced multiple administrative penalties related to food safety, with 13 incidents reported from 2022 to 2024, resulting in fines and warnings [2][13]. - Specific violations included using expired ingredients and failing to meet hygiene standards, which have raised concerns about the company's operational practices [13][14].