Core Viewpoint - Jule Co., Ltd. has suspended its IPO application on the Beijing Stock Exchange due to the expiration of its financial report, marking the fifth failed attempt to go public, compounded by the recent death of its founder, Tong Enwen [2][4]. Group 1: Company Leadership Changes - Following the death of Tong Enwen, Gao Zhaohui has been elected as the new chairman and legal representative of Jule Co., Ltd., also taking on key roles in various board committees [3]. - Gao Zhaohui, who is Tong Enwen's son-in-law, has extensive experience in notable companies and has been viewed as a successor capable of continuing the company's strategic vision [3][4]. Group 2: Financial Performance - Jule Co., Ltd. has shown consistent revenue growth from 2020 to 2024, with revenues increasing from 994 million to 1.641 billion yuan, and net profits rising from 130 million to 232 million yuan during the same period [5]. - Despite the growth in revenue, the company's R&D expenditure has been low, with amounts of approximately 6.3 million, 4.741 million, and 5.149 million yuan from 2022 to 2024, representing only 0.43%, 0.30%, and 0.31% of revenue, respectively [5]. Group 3: Innovation and R&D Challenges - The Beijing Stock Exchange has raised concerns regarding Jule Co., Ltd.'s innovation capabilities, questioning the company's independent R&D capacity and the relevance of its patents to its core business [6]. - The company has been criticized for its low R&D investment compared to industry standards, which may hinder its ability to meet the exchange's requirements for innovation [8]. Group 4: IPO Application and Market Conditions - Jule Co., Ltd. plans to raise 552 million yuan through its IPO, but this amount has decreased by 811 million yuan from its last application, raising questions about the necessity and rationale of the fundraising projects [8]. - The company aims to invest 278 million yuan in the expansion of its production base, which is projected to generate annual revenues of 935 million yuan upon completion, with an internal rate of return of 24.77% [8].

Core Viewpoint - The company Jule Co., Ltd. has faced significant challenges in its IPO journey, including the recent suspension of its application due to expired financial reports and the death of its founder, Tong Enwen, marking the fifth failed attempt to go public [1][3]. Group 1: Company Developments - Jule Co., Ltd. has announced the election of Gao Zhaohui as the new chairman following the death of Tong Enwen, who was also the founder [2]. - Gao Zhaohui, who is Tong Enwen's son-in-law, has extensive experience in various well-known companies and has been with Jule Co. since 2011 [2]. - The company has established four specialized committees within its board, with Gao Zhaohui holding key positions in three of them [2]. Group 2: Financial Performance - Jule Co., Ltd. has shown revenue growth from 9.94 billion in 2020 to 16.41 billion in 2024, with net profits increasing from 1.3 billion to 2.32 billion during the same period [4]. - The company's R&D expenses have been relatively low, with figures of approximately 630 million, 474.1 million, and 514.9 million from 2022 to 2024, representing only 0.43%, 0.30%, and 0.31% of revenue respectively [4]. Group 3: IPO Challenges - The North Exchange has raised concerns regarding Jule Co.'s compliance with innovation and financial metrics necessary for listing, particularly questioning the company's R&D capabilities and the relevance of its patents [5][6]. - The company plans to raise 5.52 billion through its IPO, but this amount has decreased by 8.11 billion from previous applications, raising doubts about the necessity and rationale of the fundraising projects [8]. - The proposed investment of 2.78 billion for the expansion of the Chengdu dairy production base is expected to generate annual revenue of 9.35 billion, with an internal rate of return of 24.77% [8].

Core Insights - Yantai is one of the first cities in Shandong Province to implement the postdoctoral system, focusing on strategic industrial development and innovation [1] Group 1: Postdoctoral System Implementation - Yantai has established a postdoctoral platform to support the development of key industries such as green petrochemicals, non-ferrous metals, high-end equipment, electronic information, biomedicine, food processing, clean energy, and aerospace [1] - The city has introduced a series of supportive policies for postdoctoral research, particularly aimed at small and medium-sized high-tech enterprises, to enhance their innovation capabilities [1] Group 2: Achievements and Impact - A total of 39 national postdoctoral research stations and 42 provincial innovation practice bases have been established [1] - Nearly 20 million yuan has been allocated in postdoctoral support funds, with 440 postdoctoral researchers recruited, leading to over 400 research projects, 278 patents, and 700 published papers [1] - The initiatives have resolved over 400 technical challenges and directly generated economic benefits exceeding 100 million yuan [1]

Core Viewpoint - Guizhou Southern Dairy Co., Ltd. has suspended its listing application review at the Beijing Stock Exchange due to the need for supplementary audit matters in its financial reports, following significant losses in its production biological assets and challenges in profitability across its subsidiaries [1][2][4]. Financial Performance - The company reported a revenue of 18.17 billion yuan and a net profit of 2.09 billion yuan for 2024, showing a revenue growth of only 0.65% year-on-year and a net profit growth of 4.36% [7][8]. - The revenue from low-temperature dairy products and ambient dairy products was 6.15 billion yuan and 11.74 billion yuan, respectively, with slight year-on-year increases of 1.96% and 1.17% [7]. Market and Operational Challenges - The company has faced a decline in the proportion of self-sourced milk, dropping to 48.90% in 2024 due to increased external sourcing in response to falling fresh milk prices [5][6]. - The company’s sales are heavily concentrated in Guizhou province, with approximately 92% of total revenue generated from this region, indicating a risk of market saturation [7][8]. Subsidiary Performance - The three subsidiaries of the company, which are involved in dairy farming, reported losses in 2024, attributed to a surplus in the fresh milk market and declining prices [4][5]. - The company has been increasing its external milk sourcing to stabilize supply, leading to a significant reduction in the use of self-sourced milk [5][6]. Innovation and R&D - The company has been questioned about its innovation capabilities, with a requirement to demonstrate a minimum R&D expenditure of 3% of revenue or an average of 1 million yuan over the past three years [11][12]. - Despite having advanced production technologies, the company’s R&D expenditure ratio is lower than that of comparable listed companies, raising concerns about its competitive edge [12][13]. Future Strategies - The company plans to expand its market presence through acquisitions, particularly targeting local dairy companies in surrounding provinces [9][10]. - Efforts to diversify sales channels, including e-commerce and community group purchases, are ongoing, but the contribution from outside Guizhou remains low at approximately 4.63% of total revenue [8][10].

Core Insights - The latest economic data released by multiple departments indicates a steady improvement in the innovation vitality of small and medium-sized enterprises (SMEs) in China, with significant growth in various sectors including warehousing, logistics, and consumption [1][3]. Group 1: SME Innovation and Economic Performance - In the first eight months of 2025, the overall economic operation of SMEs in China remained stable, with a notable increase in innovation vitality. The value added of industrial SMEs grew by 7.6% year-on-year, outpacing large enterprises by 3.3 percentage points [3]. - The "specialized, refined, distinctive, and innovative" SMEs, referred to as "little giant" enterprises, saw an 8.7% year-on-year increase in value added [9]. Group 2: Warehousing and Logistics Activity - In September 2025, China's warehousing business activity showed signs of recovery, with the warehousing index rising to 49.6%, an increase of 0.3 percentage points from the previous month. The new orders index returned to the expansion zone, indicating active demand in the warehousing sector [6]. - A total of 169 new international air cargo routes were opened in the first nine months of 2025, with 17 routes added in September alone, enhancing the connectivity of international air freight [10][12]. Group 3: Consumer Activity During Holidays - During the National Day and Mid-Autumn Festival holiday in 2025, UnionPay and NetUnion processed over 415 billion payment transactions, an increase of 95.23 billion transactions compared to the previous year. The total transaction amount reached 13.26 trillion yuan, up by 1.86 trillion yuan [15]. - The postal and express delivery industry processed over 72 billion packages during the holiday period, averaging over 9 billion packages per day, reflecting a strong consumer demand [18]. Group 4: Upcoming Trade Events - The 138th Canton Fair is scheduled to take place from October 15 to November 4, 2025, in Guangzhou, featuring a record total of 74,600 exhibition booths and over 32,000 participating enterprises, with more than 3,600 companies making their debut [18].

Group 1: Small and Medium Enterprises (SMEs) - The overall economic operation of SMEs in China has remained stable in the first eight months of the year, with significant improvement in innovation vitality [1] - The added value of industrial SMEs above designated size increased by 7.6% year-on-year, outpacing large enterprises by 3.3 percentage points [1] - Specialized and innovative SMEs, referred to as "little giants," saw an 8.7% year-on-year increase in added value [1] - The export index for SMEs stood at 51.9% in August, indicating continuous expansion for 17 months [1] Group 2: Logistics and Warehousing - The China Logistics and Purchasing Federation reported a rise in the warehousing index to 49.6% in September, up 0.3 percentage points from the previous month [5] - The new orders index returned to the expansion zone, reflecting increased demand for warehousing services as seasonal factors improved [5] - Various sectors, including non-ferrous metals, mineral products, and pharmaceuticals, showed new orders in the expansion zone [5] Group 3: International Air Cargo - In September, 17 new international air cargo routes were opened, contributing to a total of 169 routes established in the first nine months of the year [6] - The route structure includes 81 routes to Asia, 66 to Europe, 15 to North America, 3 to Oceania, 2 to South America, and 2 to Africa [6] - The cargo structure primarily consists of cross-border e-commerce goods, high-end manufacturing products, high-value goods, auto parts, machinery, and fresh produce [6] Group 4: Payment Transactions and Express Delivery - During the National Day and Mid-Autumn Festival holiday in 2025, UnionPay and NetLink processed 415.52 billion payment transactions, an increase of 95.23 billion compared to the previous year [9] - The total transaction amount reached 13.26 trillion yuan, up by 1.86 trillion yuan from the last holiday [9] - The postal express industry handled 72.31 billion packages during the same holiday period, averaging over 9 billion packages per day [13] - Express companies are actively exploring new scenarios combining express delivery with cultural tourism to convert travel flow into consumption growth [13]

Core Insights - A series of economic data has been released by multiple departments, covering areas such as corporate innovation, warehousing, logistics, and consumption [1] Group 1: Corporate Innovation - The latest data highlights advancements in corporate innovation, indicating a focus on enhancing productivity and competitiveness within the industry [1] Group 2: Warehousing and Logistics - Recent statistics show improvements in warehousing and logistics sectors, suggesting a more efficient supply chain management and distribution network [1] Group 3: Consumption Trends - The data reflects changes in consumer behavior and spending patterns, which may impact various sectors and influence future market strategies [1]

Core Viewpoint - The concept of "chain leader" enterprises emphasizes collaboration and co-creation rather than monopolization, as articulated by Zhai Meiqing, the honorary president of the Guangdong Provincial Chamber of Commerce [1] Group 1: Innovation and Technology - The new generation of Guangdong merchants is encouraged to tackle core technological challenges, likened to being the first to "taste the soup" in business [2] - Xiangjiang Group has developed the world's first industrial production line for lithium carbonate from aluminum hydroxide mother liquor, with an annual capacity exceeding 10,000 tons and a lithium recovery rate over 90%, sufficient to meet the battery needs of 200,000 electric vehicles [2] - The company has achieved significant technological breakthroughs in the new energy materials sector through AI-driven sensor networks that optimize purification processes to meet battery-grade standards [2] Group 2: Strategic Alignment - Innovation must be integrated into national strategies to maintain control over innovation and achieve high-quality development [2] - The role of "chain leader" enterprises includes building platforms, establishing rules, and promoting collaborative innovation across the entire industry chain [2] - The shift from a trial-and-error approach to a focus on independent innovation is essential for navigating the complexities of technological advancement [2]

Core Insights - Guangdong continues to rank first in the national innovation capability for nine consecutive years, showcasing strong performance in enterprise innovation and innovation environment [2][5] - The report indicates a marginal convergence in Guangdong's leading advantage, with a decline in innovation efficiency and growth potential rankings, necessitating a reassessment of its innovation leadership [2][5] Innovation Performance - Guangdong ranks first in enterprise innovation and innovation environment, second in knowledge creation, fourth in knowledge acquisition, and second in innovation performance [2][3] - The province's R&D investment from large-scale industrial enterprises reached 342.66 billion yuan, accounting for 16.34% of the national total, maintaining the top position [3][6] Patent and Product Development - Guangdong leads the nation with 143,141 invention patents granted and 164,853 invention patent applications from large-scale industrial enterprises [3][4] - New product sales revenue in Guangdong reached 5.19 trillion yuan, also the highest in the country, with new products accounting for the third-largest share of operating income [3][4] Manufacturing and Technology - The advanced manufacturing and high-tech manufacturing sectors in Guangdong are projected to increase their value-added shares to 56.7% and 31.6% respectively by 2024 [4] - The province produces 43% of the nation's new energy vehicles, 44% of industrial robots, over 40% of smartphones, and 18% of integrated circuits, indicating a strong industrial cluster [4] Talent and Investment - Guangdong aims to attract over 1 million college graduates by July 2025, with recruitment events planned across major cities [6] - The province's R&D expenditure has reached 510 billion yuan, with a research intensity of 3.6%, leading the nation in several key technology indicators [6] Global Innovation Standing - The "Shenzhen-Hong Kong-Guangzhou" cluster has surpassed the "Tokyo-Yokohama" cluster to become the top global innovation cluster according to the Global Innovation Index [7][8] - This cluster excels in PCT patent applications, scientific publications, and venture capital, indicating a balanced strength across key innovation dimensions [8]

同时，入围企业加快科技成果转化和产业化，在科技创新和产业创新融合方面取得积极进展。从成果转 化看，入围企业共有30万项有效专利实现产业化，产值合计1721.53亿元。 此外，入围企业研发投入规模和强度持续增加，国际竞争力进一步增强。2024年全球研发投入1000强企 业中，有216家来自中国，其中112家是民营企业，平均研发强度达7.42%，高于全球研发投入1000强平 均研发强度1.9个百分点。 中新社西安9月26日电 (记者阿琳娜)2025民营经济创新发展大会暨知名民企助力陕西高质量发展大会26 日在西安举行，会上发布了《2025研发投入前1000家民营企业创新状况报告》。 全国工商联副主席安立佳介绍，2024年，研发投入前1000家民营企业加强自主创新，转变发展方式，主 要呈现创新投入稳中有升、创新方式灵活多样、创新成果量质齐升、国际竞争力稳步提升等特点。 据了解，入围企业研发费用与研发人员数量持续增长，研发强度稳步提升。2024年，前1000家民营企业 研发投入入围门槛为2.07亿元(人民币，下同)，较上年略有提高；研发费用总额1.43万亿元，比上年增 长2.78%；平均研发强度3.59%，高于全国研 ...