宁波健信超导科技股份有限公司 首次公开发行股票并在科创板上市 招股意向书附录 | 序号 | 文件名称 | 页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1 | | 2 | 财务报告及审计报告 | 32 | | 3 | 发行人审计报告基准日至招股说明书签署日之间的相关财务 | 180 | | | 报表及审阅报告 | | | 4 | 内部控制审计报告 | 206 | | 5 | 经注册会计师鉴证的非经常性损益明细表 | 214 | | 6 | 法律意见书 | 226 | | 7 | 律师工作报告 | 378 | | 8 | 发行人公司章程（草案） | 540 | | 9 | 中国证监会同意本次发行注册的文件 | 589 | 广发证券股份有限公司 关于宁波健信超导科技股份有限公司 首次公开发行股票并在科创板上市 之 发行保荐书 二〇二五年十二月 宁波健信超导科技股份有限公司 发行保荐书 声 明 广发证券股份有限公司（以下简称"广发证券"、"保荐人"或"保荐机 构"）及具体负责本次证券发行项目的保荐代表人已根据《中华人民共和国公 司法》《中华人民共和国证券法》等有关法律、法规和中国证监 ...

Core Viewpoint - The report from Huazhong Securities indicates that Shengbang Co., Ltd. achieved a net profit attributable to shareholders of 140 million yuan in Q3 2025, representing a year-on-year increase of 34% and a quarter-on-quarter increase of 1% [1] Group 1: Financial Performance - Shengbang Co., Ltd. reported a net profit of 140 million yuan for Q3 2025, showing a robust growth trend with a 34% increase year-on-year and a 1% increase quarter-on-quarter [1] - The company's performance demonstrates strong resilience and steady growth [1] Group 2: Product Development - The company continues to launch high-performance analog chips, including a 24-bit high-precision ADC and a 60nA ultra-low power DC/DC converter [1] - Shengbang's product portfolio includes over 5,900 models across 34 categories, catering to a wide market demand [1] - Several automotive-grade chips have already achieved mass production, enhancing the company's ability to replace imports and strengthen market competitiveness [1] Group 3: Strategic Initiatives - To further support business development, the company submitted an application for H-share issuance and listing to the Hong Kong Stock Exchange on September 28, 2025 [1] - This move is expected to broaden financing channels and enhance international influence, providing strong capital support for the company's competition in the global analog chip market [1] - The company maintains a "Buy" rating, indicating positive outlook and confidence in future performance [1]

Group 1: Company Overview - Zhongying Electronics was established in 1994, focusing on integrated circuit design and sales, listed on the Shenzhen Stock Exchange in 2012, with headquarters in Shanghai and subsidiaries in Xi'an, Hefei, Shenzhen, and Hong Kong [2] - The company operates under a Fabless business model, primarily offering three product lines: industrial control microcontroller chips (MCU), lithium battery management chips (BMIC), and AMOLED display driver chips [2][3] - In the first three quarters of 2025, the company reported revenue of CNY 967 million and a net profit of CNY 57 million [3] Group 2: Financial Performance - The company's net profit decreased from CNY 323 million in 2022 to CNY 186 million in 2023, and is projected to further decline to CNY 134 million in 2024, marking two consecutive years of profit decline [4] - The decline in profit is attributed to falling prices and high wafer foundry costs, leading to a decrease in gross margin [4] - Despite the profit decline, product sales volume has shown steady growth, increasing from 713 million units in 2022 to an expected 885 million units in 2024, with a compound annual growth rate exceeding 10% [4] Group 3: Strategic Goals and Market Position - The strategic goal is to become a world-class MCU manufacturer, focusing on becoming a leader in the MCU and BMIC sectors while positioning itself as a pioneer in domestic chip production [3] - The company plans to implement an overseas expansion strategy, aiming for international branding and localization [3] - In product development, the company is focusing on new applications in white goods, smart homes, smart cars, and robotics, with plans for new products like variable frequency motor MCUs and WiFi/BLE-MCUs [3] Group 4: Cash Flow and Investment - The operating cash flow for 2023 was negative CNY 29.7 million, but is expected to recover to CNY 183 million in 2024 and CNY 171 million in the first three quarters of 2025 [5] - The negative cash flow in 2023 was primarily due to excess wafer purchases to fulfill long-term capacity agreements [5] - Investment cash flow has been negative, with CNY -163 million in 2024 and CNY -99.78 million in 2023, mainly due to higher investment amounts compared to maturity amounts [6] Group 5: Product Revenue Contribution - Revenue contribution from different chip categories has remained relatively stable, with MCUs accounting for 55-60%, BMICs for 25-30%, and AMOLED driver chips for 10-15% from 2022 to 2024 [4] - The company has expanded its customer base for lithium battery management chips from 5 to 6 major domestic brands and is developing new products for various applications [4] Group 6: ESG and Corporate Responsibility - ESG principles are deeply integrated into the company's operations and product design, focusing on reducing power consumption in home appliances and mobile products [7] - The company has completed a digital upgrade and plans to achieve smart operations by 2026, incorporating AI technology to enhance operational efficiency [7] - Corporate social responsibility initiatives include community engagement and educational support projects, such as improving local school facilities in Yunnan [7]

Core Viewpoint - Shenzhen Stock Exchange announced the upcoming IPO review meeting for Guangzhou Huigu New Materials Technology Co., Ltd. on December 9, 2025, highlighting the company's focus on polymer materials and functional coating materials driven by independent research and development [1] Company Overview - Huigu New Materials specializes in high polymer materials, forming an industrial layout system of "1+1+N" with functional resin technology and coating materials as core components [1] - The company serves a diverse client base, including major domestic and international companies such as Gree, Midea, Haier, and Samsung, indicating strong product competitiveness and market recognition [1] Financial Performance - The company's revenue for 2022, 2023, and 2024 was 664 million, 717 million, and 817 million yuan respectively, while net profit increased from 30 million to 146 million yuan, with net profit growth outpacing revenue growth [2] - Gross margin improved from 29.56% to 40.68%, reflecting a trend of "expanding scale and stronger profitability" [2] Industry Recognition - In March 2024, the company was recognized as a national manufacturing single champion by the Ministry of Industry and Information Technology, and its subsidiary was recognized as a "little giant" enterprise in October 2025, underscoring its leadership in industrial innovation [2] Market Position - The company holds over 60% market share in energy-saving coatings for heat exchangers and over 30% in aluminum cap coatings, successfully breaking the long-standing monopoly of companies like Sherwin-Williams and PPG in the new energy battery collector coatings and MiniLED optical coatings [2] Technological Innovation - Technological innovation is the core driving force for Huigu New Materials, with multiple breakthroughs in key industry technologies since its establishment [2] - The company has a provincial-level technology center and employs 206 R&D personnel, with R&D investment consistently above 6% of revenue [2] IPO Details - In the upcoming IPO, Huigu New Materials plans to issue up to 15.78 million shares to raise 900 million yuan, with funds allocated for various projects including an expansion project for eco-friendly coatings and resins, a research center, and working capital [3] - The investment projects are closely aligned with the company's main business and core technologies, aimed at enhancing market competitiveness and core capabilities [3] Future Outlook - The company will continue to focus on the dual core product line strategy of functional resins and coating materials, promoting the localization and green development of key materials [3] - The goal is to deepen the development of composite functional materials and expand applications in home appliances, packaging, new energy, and electronics, establishing itself as a benchmark in the global functional materials sector [3]

Core Viewpoint - Zhongyou Securities research report highlights Zhengyu Industrial's deep focus on the automotive shock absorber sector for nearly thirty years, establishing a synergistic business structure centered on automotive suspension system shock absorbers, high-margin engine seals, and rubber shock products that have turned profitable, indicating strong growth potential [1] Group 1: Business Structure and Strategy - Zhengyu Industrial has developed a business structure that includes core automotive suspension system shock absorbers, high-margin engine seals, and rubber shock products that are now profitable, marking a new growth area [1] - The company is expanding production capacity through its Thailand base and the second phase of its domestic manufacturing park, while also advancing high-end shock absorber technology research and binding with new energy vehicle supply chains [1] - The global layout is aimed at increasing overseas market share, with projections indicating that by the first half of 2025, overseas market share will reach 86.5% [1] Group 2: Financial Performance and Projections - The shock absorber business, which accounts for over 70% of revenue, is a core component of the suspension system, with major clients including ZF Group in Mexico and AutoZone in the United States [1] - The company has undertaken multiple capacity expansions, with production expected to reach 20.61 million units in 2024 and projected to increase to 41 million units by 2029 [1] - The company's stock price is projected to have PE multiples of 22, 19, and 16 times for the years 2025 to 2027, respectively, indicating a favorable investment outlook [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company, Zhengyu Industrial, has been a leader in the automotive shock absorber sector for nearly 30 years, focusing on expanding production capacity and business collaboration [5][14]. - The shock absorber industry is experiencing rapid growth, with engine sealing components becoming a new growth driver due to their high profit margins [6]. - Global automotive ownership is steadily increasing, with significant growth expected in emerging markets like China and India, which will drive demand for the company's products [7][28]. Company Overview - Zhengyu Industrial specializes in automotive shock absorbers, engine sealing components, and rubber shock absorber products, with a strong focus on high-end technology and supply chain integration with new energy vehicle manufacturers [5][14]. - The company has a total market capitalization of 31 billion yuan and a current share price of 12.74 yuan [4]. Financial Performance - The company’s revenue is projected to grow from 27.1 billion yuan in 2025 to 41.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of 39.7% for net profit [8][9]. - The shock absorber business accounts for over 70% of revenue, with a stable gross margin, while engine sealing components are expected to contribute significantly to future growth [6][25]. Market Dynamics - The global automotive market is expected to grow, with the total number of vehicles reaching 1.475 billion by 2024, driven by demand in emerging markets [28][32]. - Zhengyu Industrial's production capacity is set to increase significantly, with projections of producing 41 million shock absorbers by 2029 [7][50]. Product Segmentation - The company’s main revenue source is automotive shock absorbers, which consistently account for over 70% of total revenue, while engine sealing components and rubber shock absorbers are also gaining traction [25][59]. - The company has a diverse product range with over 20,000 models, catering to a wide array of vehicle types globally [37]. Competitive Landscape - Zhengyu Industrial faces competition from both domestic and international players, including Tenneco and ZF Group, but maintains a strong market position due to its extensive product offerings and established customer relationships [38][44].

Core Viewpoint - The discrete device lead frame market is driven by strong demand from high-growth end applications such as electric vehicles, photovoltaic energy storage, 5G communication, and industrial control, maintaining a stable growth momentum. The market is expected to grow from USD 931 million in 2024 to USD 1.25 billion by 2031, with a compound annual growth rate (CAGR) of 4.3% from 2025 to 2031 [4][10]. Market Overview - The lead frame is a critical structure and conductive component for discrete semiconductor devices, made primarily from copper alloys or iron-nickel alloys, and is essential for the performance and reliability of these devices [2]. - The Asia-Pacific region, particularly China, has become a core market and production center, with domestic companies accelerating import substitution through enhanced technical capabilities [4][10]. Industry Development Trends - High precision and high-density upgrades are being driven by the miniaturization and high integration of semiconductor devices, requiring breakthroughs in precision stamping, etching, and plating technologies [9]. - Material innovation is shifting towards high-performance copper and silver alloys, with environmental regulations promoting the use of lead-free and halogen-free materials [9]. - Smart manufacturing and industry integration are being adopted widely, enhancing production efficiency and stability through automated production lines equipped with AI visual inspection and manufacturing execution systems [9]. Industry Opportunities - The rapid development of downstream applications such as electric vehicles and 5G communication devices is significantly increasing the demand for discrete semiconductors, with the share of lead frame demand in the electric vehicle sector expected to grow from 27% in 2024 to 35% by 2030 [10]. - National policies supporting the development of key semiconductor materials are creating substantial market space for domestic companies to replace imported products [10]. - The global semiconductor supply chain restructuring is leading to capacity shifts towards the Asia-Pacific region, providing new market opportunities for Chinese companies through mergers, acquisitions, and joint ventures [10]. Industry Challenges - High technical and process barriers exist, requiring precise molds and complex chemical processing, making it difficult for new entrants to achieve breakthroughs quickly [11]. - Domestic companies are heavily reliant on imported high-purity copper alloys and advanced stamping equipment, which limits technological progress [11]. - High customer certification thresholds create long validation cycles for suppliers, making it challenging for new suppliers to enter the market [11]. Industry Chain Analysis - The upstream includes raw materials such as copper, copper-based alloys, and precious metals, with key suppliers being international giants and domestic producers focusing on mid-to-low-end copper alloy production [13]. - The core manufacturing processes involve precision rolling, mold manufacturing, forming, plating, and quality inspection, with copper-based alloy frames being the mainstream product [13]. - The downstream applications include automotive electronics, industrial control, and emerging fields like 5G communication and IoT, driven by the commercialization of advanced packaging technologies and domestic substitution policies [13].

Group 1 - Aladdin plans to acquire a 35% stake in Shanghai Youke for 61.25 million yuan, which will make Shanghai Youke an associate company of Aladdin after the transaction [1] - The funding for the acquisition will come from Aladdin's own or raised funds, with a cash balance of 613 million yuan as of Q3 2025 and a net cash flow from operating activities of 159 million yuan for the first three quarters [1] - Shanghai Youke specializes in the R&D, production, sales, and service of general laboratory analytical instruments, with key products including UV-visible spectrophotometers and high-precision laboratory electronic balances [1][2] Group 2 - The acquisition aligns with Aladdin's core business in research reagents, allowing for synergistic opportunities such as bundled sales of instruments and reagents, enhancing customer retention [2] - Shanghai Youke's projected revenue and net profit for 2024 are 102 million yuan and 22.48 million yuan, respectively, with total assets of 162 million yuan and net assets of 95.88 million yuan at the end of 2024 [2] - The estimated valuation of Shanghai Youke's 100% equity is 175 million yuan, reflecting an 82.51% increase in net assets as of the end of 2024 [2] Group 3 - Aladdin has been actively pursuing investments and partnerships to expand its product line and business chain, completing six investment projects since 2023 [3] - The company reported a revenue of 169 million yuan for Q3 2025, a year-on-year increase of 21.26%, and a net profit of 29.30 million yuan, up 15.8% [3] - The domestic market for research reagents is experiencing accelerated competition due to the rapid improvement in the quality and variety of domestic products, enhancing the competitiveness of local manufacturers [3]

Core Viewpoint - Hai'an Group has successfully listed on the Shenzhen Stock Exchange, marking a significant milestone as the first IPO from a small county in Fujian province this year, with a notable opening and closing price performance [1][3]. Company Overview - Hai'an Group issued 46,493,334 shares at an initial price of 48 CNY per share, raising approximately 2.232 billion CNY, with a total share capital of 185,973,334 shares post-IPO [3]. - The funds raised will be allocated for expanding production of all-steel giant radial tires and upgrading automated production lines [3]. - Strategic investors, including Zijin Mining and XCMG Machinery, received 8,780,207 shares, accounting for 18.88% of the total issuance, with a 12-month lock-up period [3]. Financial Performance - For the first nine months of 2025, Hai'an Group reported a revenue of 1.618625 billion CNY, a decrease of 4.77% year-on-year, and a net profit of 462.1525 million CNY, down 7.88% year-on-year [3][4]. - The company projects a full-year revenue of 2.25 billion to 2.35 billion CNY for 2025, with a slight fluctuation of -2.17% to 2.18%, and a net profit of 650 million to 710 million CNY, with a fluctuation of -4.28% to 4.56% [3][4]. Industry Position - Hai'an Group specializes in the manufacturing of all-steel giant radial tires, primarily used in heavy-duty mining trucks, with a significant market share in a niche segment dominated by three international brands [6][7]. - The global production of all-steel giant tires is expected to grow from 259,000 units in 2023 to 358,000 units by 2027 [6]. - The company has achieved notable technological advancements, including the development of China's first 57-inch giant tire and the world's largest 4.02-meter diameter tire [7]. Market Expansion - Hai'an Group has successfully penetrated international markets, with over 70% of its main business revenue coming from overseas sales in 2024 [10]. - The company has established a presence in numerous countries, including Russia, where it has gained clients due to the exit of major international brands from the market [10][12]. - The Southeast European and ASEAN regions are targeted for further market expansion, leveraging their resource advantages [12].

中泰证券（600918）认为，国内医疗器械行业处于持续快速发展阶段，短期医保控费和国际形势对医疗 器械领域可能带来负面扰动，但依然看好创新驱动下的进口替代以及全球化发展，当前时间点，预计多 重负面影响正在充分释放，器械板块已进入拐点区间，不同细分拐点节奏或有差异。持续看好：1)国产 企业在政策扶持以及创新驱动下，竞争力不断提升，加速进口替代；2)全球化布局完善，海外市场持续 突破的公司；3)重视AI医疗、脑机接口等主题投资机会。 方正证券认为，医疗器械行业进入调整周期尾声，行业及公司层面边际改善趋势明确，重视底部回升机 会。在医疗行业整顿、招标节奏延迟、集采扩面执行、医保控费等多重压力下，医疗器械板块股价持续 下调；2024年四季度设备更新的加速落地带来短期催化，但由于中标到收入确认存在周期，整体仍处于 底部波动，然而年初以来，该板块已出现一定回升趋势，一方面国家陆续出台政策支持高端创新器械发 展，同时管制价格"内卷"、优化国内招标采购环境，此外设备更新持续驱动采购需求释放；另一方面， 国产医疗器械企业业绩端压力因素逐步消化，加之出海业务的持续布局，二季度出现边际改善趋势。在 创新、出海和业绩修复的多重驱动下 ...