Group 1 - Zhongguangfa Capital Management Co., Ltd. has signed a listing guidance agreement with Oulu Bao (Tianjin) New Materials Technology Co., Ltd., marking a significant step in the latter's development towards an IPO in the U.S. [1] - Zhongguangfa Capital is recognized for its expertise in overseas capital markets, particularly in areas such as IPOs, SPAC mergers, financing, market value management, and mergers and acquisitions [2] - The partnership aims to provide comprehensive, one-stop listing guidance services to Oulu Bao Technology, including financial standardization, corporate governance, and legal compliance [2][6] Group 2 - Oulu Bao Technology, established in May 2004, specializes in the research, manufacturing, and promotion of high-end lubricants and is recognized as a national high-tech enterprise [3] - The company has a strong technical barrier and innovation capability in specialized lubricating materials and functional lubricants, aiming to leverage international capital to accelerate R&D, expand production capacity, and explore overseas market opportunities [5] - The collaboration with Zhongguangfa Capital is seen as a crucial step for Oulu Bao Technology to enhance its global presence, gain brand credibility, and secure funding and talent resources [6]

Core Viewpoint - Beijing Micro Nano Star Technology Co., Ltd. has completed its IPO guidance filing with the Beijing Securities Regulatory Bureau, indicating its intention to go public and expand its operations in the satellite industry [1] Company Overview - Micro Nano Star was established in 2017 with a registered capital of 62.5625 million yuan [1] - The actual controller of the company is Gao Enyu, who holds 25.63% of the shares [1] - The company specializes in the research and manufacturing of satellite systems and ground station products, recognized as a "little giant" enterprise by the national specialized and innovative program [1] Investment and Partnerships - The company has attracted investments from notable firms including Gaofei Asset, CITIC Construction Investment, Biling Home, and Yuanhang Capital [1] Future Business Expansion - As of March 2025, the company plans to expand its business scope to include the production and manufacturing of microsatellites, microsatellite research and testing, and the research and manufacturing of rocket launch equipment [1]

Core Viewpoint - Kangchen Pharmaceutical's stock has shown significant growth this year, with a year-to-date increase of 155.22%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - On September 17, Kangchen Pharmaceutical's stock price decreased by 2.04%, closing at 58.50 CNY per share, with a trading volume of 165 million CNY and a turnover rate of 1.76% [1]. - The company's total market capitalization is 9.322 billion CNY [1]. - Year-to-date, the stock has risen by 155.22%, with a 12.13% increase over the last five trading days, an 8.35% increase over the last 20 days, and an 81.96% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Kangchen Pharmaceutical reported a revenue of 461 million CNY, representing a year-on-year growth of 13.79% [2]. - The net profit attributable to shareholders for the same period was 91.046 million CNY, reflecting a year-on-year increase of 14.95% [2]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders decreased by 10.82% to 9,970, while the average circulating shares per person increased by 12.14% to 15,771 shares [2]. - The company has distributed a total of 437 million CNY in dividends since its A-share listing, with 175 million CNY distributed over the past three years [3]. - Notable institutional shareholders include Penghua Medical Technology Stock A, which increased its holdings by 35.46% to 1.3944 million shares, and new entrants like E Fund Healthcare Industry Mixed A and CITIC Securities Medical Reform A [3].

证券研究报告 | 2025年09月17日 $\begin{array}{l}\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\\ \mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}=\mbox{\rm E}_{\rm E}\end{array}$ 市场表现：20250916 规模指数中中证 2000 指数表现较好，板块指数中科 创 50 指数表现较好，风格指数中中证 500 成长指数表现较好。纺织服装、 计算机、综合金融、消费者服务、汽车行业表现较好，农林牧渔、银行、有 色金属、食品饮料、石油石化行业表现较差。宇树机器人、呼吸机、海航系、 PVC 地板、减速器等概念表现较好，钨矿、稀土、鸡产业、猪产业、生物育 种等概念表现较差。 市场情绪：20250916 收盘时有 89 只股票涨停，有 7 只股票跌停。昨日涨 停股票今日收盘收益为 2.28%，昨日跌停股票今日收盘收益为-2.70%。今日 封板率 74%，较前日提升 6%，连板率 27%，较前日提升 7%，连板率创近 一个月新高。 市场资金流向：截至 ...

Company Overview - Shenzhen Placo New Materials Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 17, 2009. The company was listed on December 30, 2019. Its main business involves the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductance solutions for efficient and environmentally friendly operation of power electronic devices and systems [1][2]. Financial Performance - As of June 30, 2025, Placo New Materials achieved operating revenue of 861 million yuan, representing a year-on-year growth of 8.11%. The net profit attributable to the parent company was 191 million yuan, with a year-on-year increase of 3.28% [2]. - The company has distributed a total of 174 million yuan in dividends since its A-share listing, with 120 million yuan distributed over the past three years [3]. Stock Performance - On September 17, the stock price of Placo New Materials increased by 2.16%, reaching 78.00 yuan per share, with a trading volume of 389 million yuan and a turnover rate of 2.14%. The total market capitalization is 22.582 billion yuan [1]. - Year-to-date, the stock price has risen by 45.22%, with an increase of 8.71% over the last five trading days, 8.79% over the last twenty days, and 80.60% over the last sixty days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Placo New Materials was 20,800, an increase of 3.76% from the previous period. The average circulating shares per person decreased by 3.42% to 11,075 shares [2]. - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund holds 4.6918 million shares, an increase of 301,000 shares compared to the previous period. Guotou Ruijin New Energy Mixed A Fund holds 2.1752 million shares, a decrease of 64,100 shares [3].

Company Overview - Sanyou Medical is located in Jiading District, Shanghai, and was established on April 19, 2005. The company went public on April 9, 2020. Its main business involves the research, development, production, and sales of medical orthopedic implants and ultrasonic power devices and consumables [1] - The revenue composition of Sanyou Medical includes: spinal implant consumables 63.80%, active devices and supporting accessories 31.51%, trauma implant consumables 3.53%, and others 1.16% [1] Financial Performance - As of June 30, 2025, Sanyou Medical achieved an operating income of 250 million yuan, representing a year-on-year growth of 17.77%. The net profit attributable to shareholders was 36.60 million yuan, showing a significant year-on-year increase of 2083.64% [2] - Since its A-share listing, Sanyou Medical has distributed a total of 113 million yuan in dividends, with 39.75 million yuan distributed over the past three years [3] Stock Performance - On September 17, Sanyou Medical's stock price decreased by 2.03%, trading at 19.82 yuan per share, with a total market capitalization of 6.609 billion yuan. The stock has increased by 12.26% year-to-date, but has seen a decline of 4.48% over the last five trading days and 4.62% over the last twenty days [1] - The stock's trading volume included a net inflow of 8.32 million yuan from main funds, with significant buying from large orders [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Sanyou Medical was 7,108, an increase of 12.61% from the previous period. The average number of circulating shares per person was 34,954, a decrease of 11.20% [2] - Among the top ten circulating shareholders, the Rongtong Health Industry Flexible Allocation Mixed A/B fund held 9.98 million shares, a decrease of 1.52 million shares from the previous period, while the Southern Medicine Health Flexible Allocation Mixed A fund held 6.72 million shares, an increase of 164,600 shares [3]

Company Overview - Beijing New Ray Power Technology Co., Ltd. is located in Changping District, Beijing, established on June 11, 1997, and listed on January 13, 2017. The company specializes in modular power supplies, customized power supplies, high-power power supplies, and systems for applications in various industries including telecommunications, aerospace, military, railways, electric power, industrial control, and broadcasting [1][2]. Financial Performance - For the first half of 2025, New Ray achieved operating revenue of 552 million yuan, representing a year-on-year growth of 12.93%. However, the net profit attributable to shareholders was -95.14 million yuan, a decrease of 39.82% compared to the previous year [2]. - Since its A-share listing, New Ray has distributed a total of 170 million yuan in dividends, with 104 million yuan distributed over the past three years [3]. Stock Performance - As of September 17, New Ray's stock price was 18.30 yuan per share, with a market capitalization of 9.928 billion yuan. The stock has increased by 63.39% year-to-date, with an 8.03% rise over the last five trading days, but a decline of 8.50% over the last 20 days [1]. - The stock experienced a net outflow of 289,400 yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 10, the number of shareholders for New Ray was 26,700, an increase of 11.57% from the previous period. The average number of circulating shares per person decreased by 10.37% to 16,887 shares [2]. - Notable institutional shareholders include Huaxia Military Industry Safety Mixed Fund, which increased its holdings by 13.59 million shares, and Changxin National Defense Military Industry Quantitative Mixed Fund, which is a new shareholder [3].

Company Overview - Yirui Technology, established on March 7, 2011, and listed on September 18, 2020, is located in Shanghai and specializes in the research, production, sales, and service of digital X-ray detectors [1] - The company's main revenue sources include detector sales (81.21%), core component sales (7.66%), solution/technical service income (5.89%), accessory sales (4.57%), and rental income (0.66%) [1] Financial Performance - As of June 30, 2025, Yirui Technology reported a revenue of 1.067 billion yuan, representing a year-on-year growth of 3.94%, and a net profit attributable to shareholders of 335 million yuan, with an increase of 8.82% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 789 million yuan, with 557 million yuan distributed over the past three years [3] Stock Market Activity - On September 17, Yirui Technology's stock price decreased by 2.02%, trading at 112.33 yuan per share, with a total market capitalization of 22.491 billion yuan [1] - The stock has seen a year-to-date increase of 66.23%, with a 1.95% rise over the last five trading days, 1.98% over the last twenty days, and 24.88% over the last sixty days [1] - As of June 30, 2025, the number of shareholders increased by 21.67% to 6,990, with an average of 28,643 circulating shares per shareholder, up 15.02% [2] Institutional Holdings - As of June 30, 2025, the ninth largest circulating shareholder is Huabao Zhongzheng Medical ETF, holding 3.926 million shares as a new shareholder, while the Invesco Great Wall New Energy Industry Stock A Class has exited the top ten circulating shareholders [3]

Core Viewpoint - The stock of Yinghuate has shown significant growth in 2023, with a year-to-date increase of 37.12%, indicating strong market performance and investor interest [1]. Group 1: Stock Performance - As of September 17, Yinghuate's stock price reached 46.50 CNY per share, with a trading volume of 24.37 million CNY and a turnover rate of 1.69%, resulting in a total market capitalization of 2.72 billion CNY [1]. - The stock has experienced a 10.79% increase over the last five trading days, a 13.06% increase over the last 20 days, and a 31.84% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Yinghuate reported a revenue of 243 million CNY, representing a year-on-year decrease of 7.54%, while the net profit attributable to shareholders was 9.37 million CNY, down 69.33% year-on-year [2]. Group 3: Shareholder Information - As of August 29, the number of shareholders for Yinghuate increased by 2.70% to 7,567, with an average of 4,140 circulating shares per shareholder, which decreased by 2.63% [2]. - After its A-share listing, Yinghuate has distributed a total of 64.74 million CNY in dividends [3]. - As of June 30, 2025, the top ten circulating shareholders included new entrant Noan Multi-Strategy Mixed A, holding 288,000 shares, while some previous major shareholders exited the list [3]. Group 4: Company Overview - Yinghuate, established on November 29, 2011, and listed on July 13, 2023, specializes in the development, production, and sales of energy-efficient, reliable, and low-noise scroll compressors and related technologies [1]. - The company's revenue composition includes commercial air conditioning applications (36.22%), refrigeration applications (32.09%), heat pump applications (28.75%), and electric vehicle scroll compressors (2.77%) [1]. - Yinghuate is categorized under the mechanical equipment industry, specifically in general equipment and refrigeration and air conditioning equipment [1].

Core Viewpoint - Jinpan Technology's stock has shown significant growth this year, with a 32.85% increase, reflecting strong performance in the power equipment sector [1][2]. Financial Performance - For the first half of 2025, Jinpan Technology achieved revenue of 3.154 billion yuan, representing a year-on-year growth of 8.16% [2]. - The net profit attributable to shareholders for the same period was 265 million yuan, marking a year-on-year increase of 19.10% [2]. Stock Market Activity - As of September 17, Jinpan Technology's stock price was 54.36 yuan per share, with a market capitalization of 24.967 billion yuan [1]. - The stock experienced a net inflow of 4.0982 million yuan from main funds, with significant buying and selling activity noted [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 18,400, with an average of 24,939 circulating shares per person, a slight decrease of 1.06% [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited entering as the fourth-largest shareholder with 12.7274 million shares [3]. Business Overview - Jinpan Technology specializes in the research, production, and sales of power distribution and control equipment, primarily serving the renewable energy, high-end equipment, and energy-saving sectors [1]. - The company's revenue composition includes 87.05% from power distribution equipment, 9.59% from energy storage, and smaller contributions from photovoltaic and installation engineering businesses [1].