2022年-2024年及2025年上半年，超纯股份营业收入分别为1.36亿元、1.69亿元、2.57亿元及2.06亿元， 净利润分别为5755.23万元、6480.52万元、8226.30万元及6082.16万元。 瑞财经 刘治颖 12月30日，成都超纯应用材料股份有限公司（以下简称：超纯股份）深交所创业板IPO 获受理，保荐机构为华泰联合证券有限责任公司，保荐代表人为袁琳翕、张冠峰，会计师事务所为天健 会计师事务所（特殊普通合伙）。 超纯股份是一家专注于特殊涂层工艺及其关联技术和材料的国家级专精特新重点"小巨人"企业，主要面 向芯片制造、精密光学等领域，提供经材料改性、精密表面加工、精密清洗和特殊涂层工艺后的精密零 部件产品及服务。 根据弗若斯特沙利文数据，2024年半导体设备特殊涂层零部件本土企业中，超纯股份市场份额排名第 一，在中国大陆市场份额为5.7%。 | 项目 | 2025.6.30/ 2025年1-6月 | 2024.12.31/ 2024 年度 | 2023.12.31/ 2023 年度 | 2022.12.31/ | | --- | --- | --- | --- | --- | | | | ...

Investment Rating - The investment rating for the company is to actively participate in the IPO [29] Core Viewpoints - The company, established in 2002 and headquartered in Lishui, Zhejiang, specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, with a strong focus on independent research and technological innovation [3][7] - The company has achieved rapid revenue growth, with projected revenue of 249 million yuan in 2024, reflecting a CAGR of +10.99% over the past three years, and a net profit of 71.53 million yuan, with a CAGR of +30.49% [8][19] - The company has a strong market position, with a well-established customer base including major domestic clutch manufacturers and automotive brands [8][23] Summary by Sections 1. Company Overview - The company is recognized as a "little giant" in the dry friction plate industry, holding 80 national patents, including 12 invention patents [3][7] - It has a solid reputation and extensive customer resources, serving notable clients such as ZF, Fawer, and various automotive manufacturers [8][23] 2. Issuance Plan - The IPO will adopt a direct pricing method with an issue price of 11.66 yuan per share, raising approximately 244 million yuan [14] - The initial issuance scale is 2.092 million shares, accounting for 25% of the total share capital post-issuance, with a low proportion of circulating shares at 22.5% [14][10] 3. Industry Situation - The dry friction plate market is projected to reach 1.57 billion yuan in 2024, with growth driven by increasing demand in both passenger and commercial vehicles [19][17] - The domestic market is experiencing a trend towards localization, with domestic suppliers gaining competitive advantages over imported components [19][16] 4. Competitive Advantages - The company has significant product advantages, with high-quality dry friction plates that meet and exceed national standards [21] - It possesses strong technical and research capabilities, participating in the formulation of industry standards and collaborating with academic institutions for material research [22] - The company has built a robust customer base over two decades, enhancing its market presence and reputation [23] 5. Comparable Companies - The company is relatively small in size but maintains a high gross margin compared to its peers, indicating strong operational efficiency [26][28]

中化新网讯 日前，贵州省工业和信息化厅正式公布省级专精特新中小企业认定名单，贵州黔希化工有 限责任公司凭借在煤化工细分领域的深耕积淀、突出的创新能力及优质的发展质效，斩获该称号。 未来，黔希化工将以此次认定为契机，一方面，充分利用政府相关优惠政策争取建设项目资金扶持、贷 款贴息等政策性资金，缓解公司部分资金压力;另一方面，持续强化科技创新主体地位，深化产学研协 同创新，在煤炭绿色高效利用、煤化工固废高值利用、下游产业链延伸等领域持续突破，为黔西市煤化 工产业基地建设及区域经济高质量发展注入更多动能。 ...

Core Viewpoint - Ningxia has made significant strides in nurturing specialized and innovative small and medium-sized enterprises (SMEs), with 29 national-level "little giant" enterprises and 579 specialized and innovative SMEs by 2025, reflecting a robust foundation for high-quality economic development [1][2]. Group 1: Industrial Development - By 2025, Ningxia's industrial sector has successfully cultivated 29 national-level specialized and innovative "little giant" enterprises and 579 specialized and innovative SMEs, indicating a solid step in nurturing quality SMEs [1]. - The region's approach involves a clear path of "policy guidance—gradual cultivation—innovation-driven—ecological empowerment," leading to the emergence of numerous enterprises that excel in niche markets and possess strong innovation capabilities [1][3]. Group 2: Policy Framework - The strategic plan for fostering specialized and innovative SMEs includes an implementation opinion set to be released in 2024, aiming to cultivate 100 innovative SMEs, 50 specialized and innovative SMEs, and 1-3 "little giant" enterprises annually by 2027 [2]. - A series of supportive measures have been introduced to assist enterprises in key areas such as R&D, finance, and transformation, creating a comprehensive support system for climbing the specialized and innovative ladder [3][4]. Group 3: Financial Support and Services - Since 2025, Ningxia has issued 1.1 billion yuan in fixed asset loan interest subsidies for 61 projects, secured 2.3 billion yuan in national bond funding for 23 projects, and provided tax reductions totaling 9.6 billion yuan for 335 enterprises [4]. - The online public service platform for enterprises has been continuously upgraded, facilitating the dissemination of 3,958 policy-related announcements and 959,000 policy information pieces to over 10,000 enterprises [4]. Group 4: Innovation and Technology - The region's innovation efforts have led to significant breakthroughs, such as the near-complete recovery of waste materials in the photovoltaic industry, enhancing material recovery rates from around 70% to nearly 100% [5][6]. - Ningxia's specialized and innovative enterprises have achieved an average R&D intensity exceeding 5%, contributing over 70% of the region's innovation outcomes [7]. Group 5: Collaborative Ecosystem - The establishment of a collaborative ecosystem has enabled specialized and innovative enterprises to effectively address critical challenges in their respective fields, fostering a network of innovation that integrates technology, industry, talent, and policy [6][7]. - The "chain master" model has been successfully implemented, allowing SMEs to integrate into supply chains of major enterprises, enhancing market stability and technological advancement [8][9]. Group 6: Industrial Clusters - Ningxia has developed seven distinctive industrial clusters, including new materials and fine chemicals, with the fine chemical industry cluster in Zhongwei successfully advancing to a national level [9]. - Within these clusters, enterprises benefit from shared resources and knowledge, reducing innovation costs and risks while enhancing overall competitiveness [9].

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant high-quality development in 2025, with a total of 26 companies listed, raising a total of 7.619 billion yuan [1] - The newly listed companies exhibit a trend of quality improvement, with a notable concentration of "specialized, refined, distinctive, and innovative" small giant enterprises, accounting for nearly 70% of the new listings [1] - The BSE's secondary market remains active, with the North China 50 Index increasing by 38.8% and the specialized index rising by 44.01% [1] Group 1 - The listing of Hengtongguang marks the 26th company to join the BSE in 2025, focusing on passive optical devices in the optical communication sector [1] - A total of 26 companies raised 7.619 billion yuan, indicating a robust fundraising environment [1] - The new listings include 18 specialized small giant enterprises across key sectors such as high-end manufacturing, new materials, TMT, biomedicine, and rail transportation [1] Group 2 - The average first-day stock price increase for new shares exceeds 300%, with some stocks experiencing intraday gains over 1000% [2] - The total funds for individual new shares approached 1 trillion yuan, reflecting strong investor interest in innovative small and medium-sized enterprises [2] - As of December 31, 2025, the total number of listed companies on the BSE reached 288, with a total market capitalization of 869.4 billion yuan [2]

Core Viewpoint - Unisoc plans to acquire a controlling or full stake in Ruineng Semiconductor Technology Co., Ltd. through a combination of share issuance and cash payment, marking a significant move in its semiconductor industry strategy [1] Group 1: Acquisition Details - Unisoc's stock and convertible bonds will be suspended from trading starting December 30, with a detailed transaction plan expected within 10 trading days [1] - The acquisition is characterized as a related party transaction and does not constitute a major asset restructuring or change of control [1] - Ruineng Semiconductor, established in August 2015, is a leading player in the domestic power semiconductor sector, with a registered capital of 362 million yuan [2] Group 2: Business Model and Operations - Ruineng Semiconductor focuses on the R&D, production, and sales of power semiconductor discrete devices, including thyristors, power diodes, and silicon carbide diodes, serving high-growth sectors like consumer electronics and renewable energy [2][3] - The company has built an integrated operating system covering chip design, wafer manufacturing, and packaging, with a strong emphasis on chip design and wafer manufacturing [3] - Ruineng's sales strategy combines a primary focus on distribution with supplementary direct sales, establishing a global sales network to mitigate market coverage costs and payment risks [3] Group 3: Strategic Importance - The acquisition is a strategic move to fill Unisoc's business gap in the power semiconductor field, which is crucial for energy conversion and control in emerging industries like electric vehicles and renewable energy [5] - This move allows Unisoc to expand its semiconductor product line and enhance its full industry chain layout from design to production and sales [5] - The global sales channels and R&D capabilities of Ruineng will aid Unisoc in further market expansion and technological innovation [5] Group 4: Financial Performance - For the first three quarters of 2025, Unisoc reported revenues of 4.904 billion yuan, a year-on-year increase of 15.05%, and a net profit of 1.263 billion yuan, up 25.04% [4] - The third quarter alone saw revenues of 1.857 billion yuan, reflecting a 33.60% year-on-year growth, with net profit soaring by 109.55% to 571 million yuan [4] Group 5: Strategic Alignment - The acquisition aligns with Unisoc's recent strategic initiatives, including the establishment of a central research institute focused on AI chips and high-performance sensors [6] - This dual approach of integrating advanced technology research with mature industry consolidation positions Unisoc to capitalize on the semiconductor industry's technological upgrades and domestic substitution opportunities [6] - Analysts suggest that Unisoc's diverse product offerings and market expansion efforts are likely to drive rapid revenue and profit growth in the future [6]

Core Viewpoint - Spring Medical is a leading domestic orthopedic medical device manufacturer, focusing on the research, production, and sales of implantable orthopedic medical devices, including joint prosthetics and spinal implants [2][5]. Company Overview - Spring Medical, established on February 12, 1998, and listed on December 30, 2021, is located in Tongzhou District, Beijing. The company specializes in implantable orthopedic medical devices [7][8]. - The main products include joint prosthetics covering hip, knee, shoulder, and elbow joints, as well as a full range of spinal implant systems [8]. Product Development - The company has developed products such as hip and knee surgical robots and medical image processing software for surgical planning, indicating its investment in smart medical technology [2][3]. - Spring Medical is in the design and inspection phase for customized porous tantalum dental implants [2]. Industry Recognition - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for small and medium enterprises that excel in niche markets and innovation [3]. Financial Performance - For the period from January to September 2025, Spring Medical achieved a revenue of 756 million yuan, representing a year-on-year growth of 48.75%, and a net profit attributable to shareholders of 192 million yuan, with a year-on-year increase of 213.21% [8]. - The company has distributed a total of 359 million yuan in dividends since its A-share listing, with 309 million yuan in the last three years [9]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 4.12% to 6,164, while the average circulating shares per person decreased by 3.95% [8]. - Notable new institutional shareholders include Hong Kong Central Clearing Limited and China Europe Economic Growth Mixed Fund A [9].

Core Viewpoint - The company, Wuhan LianTe Technology Co., Ltd., is experiencing a decline in stock price and trading volume, while its core business in optical communication modules shows significant growth potential driven by advancements in technology and market demand [1][4]. Company Overview - Wuhan LianTe Technology was established on October 28, 2011, and went public on September 13, 2022. The company specializes in the research, production, and sales of optical communication transceiver modules [7]. - The main revenue composition includes 92.72% from optical modules of 10G and above, 5.57% from modules below 10G, and 1.71% from material sales and leasing [7]. Market Position and Technology - The company has developed core capabilities in optical chip integration, high-speed optical devices, and high-speed optical module design and production [2]. - The optical module market is primarily driven by data communication, telecommunications, and emerging markets, with the data communication sector being the fastest-growing segment [2]. - The company’s products are critical components for data centers and 5G communication applications, benefiting from low power consumption designs that enhance performance [3]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 847 million yuan, representing a year-on-year growth of 31.75%, and a net profit of 81.8 million yuan, up 31.39% year-on-year [8]. - As of September 30, 2025, the company had a shareholder base of 24,900, an increase of 7.14% from the previous period [8]. Shareholder and Market Activity - The company has distributed a total of 46.85 million yuan in dividends since its A-share listing [9]. - The stock has seen a net outflow of 28.08 million yuan from major investors, indicating a reduction in holdings over the past few days [4][5].

Core Viewpoint - The company, Wuzhou Medical, experienced a decline of 1.44% in stock price on December 31, with a trading volume of 118 million yuan and a market capitalization of 2.89 billion yuan [1] Group 1: Company Overview - Wuzhou Medical specializes in the research, production, and sales of disposable sterile infusion medical devices, including various types of syringes, infusion sets, blood transfusion sets, and other medical supplies [2] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] - As of October 20, the company reported a revenue of 345 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 0.82%, while net profit attributable to shareholders decreased by 46.09% to 18.51 million yuan [7] Group 2: Financial Performance - The company's overseas revenue accounted for 96.88% of total revenue, benefiting from the depreciation of the Chinese yuan [3] - The average trading cost of the company's shares is 42.66 yuan, with the stock price approaching a resistance level of 43.15 yuan, indicating potential for upward movement if this level is surpassed [6] - The company has distributed a total of 81.6 million yuan in dividends since its A-share listing [8] Group 3: Market Position and Trends - The company operates under the pharmaceutical and biological industry, specifically in the medical device and consumables sector, and is involved in various concept sectors including overseas expansion and specialized innovation [7] - As of September 30, 2025, the top ten circulating shareholders of Wuzhou Medical saw changes, with notable exits from major funds [9]

Core Viewpoint - The company, Qingdao Degute Energy Equipment Co., Ltd., is focusing on energy-saving and environmental protection equipment, with significant advancements in carbon neutrality, waste treatment, and hydrogen energy sectors, benefiting from the depreciation of the RMB. Group 1: Company Overview - Qingdao Degute was established on April 5, 2004, and went public on March 3, 2021, specializing in the design, manufacturing, and sales of energy-saving and customized equipment [8] - The company's main business revenue composition includes energy-saving heat exchange equipment (76.84%), equipment maintenance and modification (8.40%), and other environmental protection equipment (5.27%) [8] Group 2: Technological Advancements - The company has developed a high-temperature air preheater for gasification, which can increase production by 45% and save fuel by 9.3%-13.2% while reducing carbon emissions [2] - The company has entered the hydrogen energy production sector, providing energy-saving heat exchange and storage equipment, and possesses the design qualifications for pressure vessels [2] Group 3: Market Position and Recognition - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title for small and medium-sized enterprises in China [3] - As of the 2024 annual report, overseas revenue accounts for 59.28% of total revenue, benefiting from the depreciation of the RMB [4] Group 4: Financial Performance - For the period from January to September 2025, the company reported a revenue of 382 million yuan, a year-on-year decrease of 9.29%, and a net profit attributable to shareholders of 72.26 million yuan, down 26.39% year-on-year [9] - The company has distributed a total of 87.67 million yuan in dividends since its A-share listing, with 67.67 million yuan distributed in the last three years [10]