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]

Core Insights - Beijing Junfa Technology Group Co., Ltd. has been recognized as a "specialized, refined, characteristic, and innovative" small and medium-sized enterprise, highlighting its achievements in technological innovation and specialization [1][3] - The certification aims to encourage SMEs to operate professionally and produce refined, distinctive products, with Junfa Technology being selected for its leading technology in the comprehensive utilization of coal mine gas [3][6] Company Achievements - Junfa Technology has developed innovative technologies for the safe and efficient utilization of low-concentration coal mine gas, including "stable combustion," "flame-free oxidation," and "new (composite) oxidation" technologies, achieving industrial application success [6] - The company's technological achievements have been recognized as "internationally leading," and it has been included in significant national projects and standards, filling industry gaps [6][7] Market Opportunities - The company is committed to promoting clean and efficient energy utilization through technological innovation, collaborating with major enterprises to establish industrial application demonstration projects, generating over 600,000 kWh of electricity daily [6][7] - With the implementation of national energy standards and regulations, the market potential for comprehensive utilization of coal mine gas is vast, positioning 2025 as a pivotal year for Junfa Technology's industrial development [7]

Group 1 - The report highlights the transformation of the Beijing Stock Exchange (BSE) from a pilot phase to a structured market, achieving a total market capitalization exceeding 800 billion yuan and an average market value of approximately 3 billion yuan per listed company [11][23][25] - The BSE has established itself as a key platform for innovative small and medium-sized enterprises (SMEs), with over 50% of listed companies classified as national-level "specialized, refined, distinctive, and innovative" enterprises [5][14][25] - The average daily trading volume has surged from less than 1 billion yuan to nearly 30 billion yuan, indicating a significant increase in market liquidity and investor participation [5][14][25] Group 2 - The report discusses the ongoing reforms in the BSE's institutional framework, including the implementation of a registration system that emphasizes both growth potential and regulatory compliance for SMEs [30][32] - The introduction of a market maker system has improved trading depth and pricing efficiency, addressing previous challenges related to liquidity and price discovery [32][34] - The information disclosure system has been enhanced to ensure higher quality disclosures from listed companies, promoting better communication with investors and improving research coverage [35][36] Group 3 - The market ecosystem of the BSE is evolving from a policy-driven model to a structure-driven market, with a diversified investor base and increasing participation from institutional investors [36][39] - The BSE is witnessing a significant concentration of companies in high-tech sectors such as advanced manufacturing, new materials, and medical devices, reflecting a strategic alignment with national industrial policies [37][39] - The report emphasizes the importance of the North BSE 50 Index as a pricing anchor, which is expected to enhance the stability of valuations and attract passive investment [36][39] Group 4 - The report outlines the challenges faced by the BSE, including low institutional participation and the need for a more robust valuation system to support long-term investment strategies [40][41] - Future reforms are suggested to focus on attracting more long-term capital, optimizing the market maker mechanism, and enhancing collaboration with other major stock exchanges [41][42] - The BSE is positioned to transition from a policy experiment to a strategic market platform, with an emphasis on structural expansion and improved mechanisms [41][42]

Core Viewpoint - 聚和材料 is a leading enterprise in the photovoltaic silver paste sector, established in 2015 and listed on the Shanghai Stock Exchange in December 2022, with a strong technical and scale advantage in the market [1] Group 1: Business Performance - In Q3 2025, 聚和材料 achieved a revenue of 10.641 billion yuan, ranking 4th among 19 companies in the industry, with the industry leader, 帝科股份, generating 12.724 billion yuan [2] - The net profit for the same period was 234 million yuan, also ranking 4th, with the highest net profit in the industry being 668 million yuan from 福斯特 [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of 聚和材料 was 59.07%, higher than the previous year's 46.03% and above the industry average of 49.56% [3] - The gross profit margin for Q3 2025 was 6.85%, down from 8.92% year-on-year but slightly above the industry average of 6.43% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 125.42% to 25,900, while the average number of circulating A-shares held per shareholder decreased by 55.64% to 6,987.35 [5] Group 4: Strategic Developments - In September 2025, the company planned to acquire the SKE blank mask business to expand into the semiconductor sector, with the target company having an annual production capacity of approximately 10,000 pieces [6] - The company expects to maintain a stable market share of approximately 35% in the silver paste market, with projected shipments exceeding 2,000 tons for the year [6]

Core Viewpoint - The company, Zhejiang Wande Kai Fluid Equipment Technology Co., Ltd., is experiencing challenges with declining revenue and profit, while also benefiting from the depreciation of the RMB and its status as a "specialized, refined, distinctive, and innovative" enterprise [2][3][7]. Company Overview - Zhejiang Wande Kai is located in Longxi Town, Yuhuan City, Zhejiang Province, and was established on October 31, 2016. It was listed on September 19, 2022. The company specializes in the design, development, production, and sales of plumbing equipment [7]. - The main business revenue composition includes valves (57.70%), pipe fittings (40.79%), and other products (1.51%) [7]. - As of September 30, the number of shareholders is 10,300, a decrease of 5.82% from the previous period, with an average of 2,421 circulating shares per person, an increase of 6.18% [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 616 million yuan, a year-on-year decrease of 16.85%, and a net profit attributable to the parent company of 83.59 million yuan, down 27.80% year-on-year [7]. - The company has distributed a total of 120 million yuan in dividends since its A-share listing [8]. Market Position and Trends - The company benefits from an overseas revenue ratio of 82.39%, which is positively impacted by the depreciation of the RMB [3]. - It has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, which is significant for enhancing the competitiveness of small and medium-sized enterprises [3]. Trading Activity - On October 31, the stock price of Wande Kai fell by 1.00%, with a trading volume of 46.8043 million yuan and a turnover rate of 6.17%, resulting in a total market capitalization of 2.997 billion yuan [1]. - The stock has shown no significant trend in major capital inflows, with a net inflow of 464,400 yuan, accounting for 0.01% of the total [4][5].