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].

来源：叩叩财讯 导读：据叩叩财经了解到，和以往大多数在沪深两市IPO失败后改道北交所以求得上市突破的企业不 同，这些企业在重新申报北交所时，往往会因为北交所的流动性、估值再结合自身的基本面和上市的可 行性等多方面考虑，都会大幅缩减原本计划的IPO融资规模，但这一次，佳宏新材却反其道而行。 作者：何卓蔚@北京 编辑：翟 睿@北京 十个多月前，距离创业板上市本已曙光将现的芜湖佳宏新材料股份有限公司（下称"佳宏新材"）最终还 是倒在了黎明之前。 但佳宏新材最终还是未能利用"时间"换来创业板上市的"空间"。 一次铩羽，自然不会让这家早在2017年就开始寻求资本化突破的企业放弃向A股进军的雄心壮志。 果不其然，在试水创业板IPO受挫后尚未满一年，佳宏新材就又一次迅速完成了重启上市的筹谋，在日 前已正式对A股市场吹响了新一轮的上市冲锋号。 据叩叩财经获悉，在2025年十月国庆假期前夕，佳宏新材已正式向监管层递交了最新一轮上市申报材 料，不过与前次瞄向创业板IPO不同，或为了增加成功上市的胜算，佳宏新材将重启上市的目的地改投 向了门槛更低且审核包容度更大的北交所。 "佳宏新材的确已经在2025年9月下旬向北交所递交了上市申 ...

Group 1: Capital Market Overview - As of the end of August, Yunnan Province has 39 listed companies, including 15 on the Shanghai Stock Exchange, 22 on the Shenzhen Stock Exchange, and 2 on the Beijing Stock Exchange, with a total share capital of 69.381 billion shares and a total market value of 867.224 billion yuan [1] - There are 10 companies in the province that are in the process of preparing for listing [1] Group 2: Financing Situation - By the end of August, 4 listed companies in Yunnan announced refinancing plans, and 2 companies are undergoing major asset restructuring [2] - In the New Third Board market, 1 company was delisted in August, leaving a total of 45 companies listed, including 14 in the innovation layer and 31 in the basic layer [2] Group 3: Bond Issuance and Financing - In August, Yunnan enterprises issued 1 new corporate bond through the exchange market, amounting to 1 billion yuan, bringing the total number of corporate bonds issued this year to 24, totaling 20.962 billion yuan [5] - The total outstanding corporate bonds in the region is 119, amounting to 88.488 billion yuan, and there are 31 outstanding asset-backed securities totaling 6.661 billion yuan [5] Group 4: Securities and Futures Market - The trading volume in the Yunnan securities market in August was 761.351 billion yuan, with stock trading accounting for 474.561 billion yuan and public fund trading at 25.091 billion yuan [6] - The total trading volume for the year in the securities market reached 4,495.956 billion yuan, with customer assets amounting to 567.633 billion yuan [6] - In the futures market, the trading volume in August was 314.75 billion yuan, with a total of 24,616.7 billion yuan for the year [6] Group 5: Private Investment Funds - As of the end of August, there are 61 registered private fund managers in Yunnan, with 152 funds filed and a total management scale of 97.245 billion yuan [7]

Core Viewpoint - The article discusses the upcoming IPO of companies like Zhenai and Shiji Jiayuan, highlighting Xiaomi's investment and the expectation of turning a profit in 2024 [1] Group 1: Company Overview - Zhenai and Shiji Jiayuan are competitors in the online dating industry, both preparing for their IPOs [1] - Xiaomi's involvement as an investor indicates confidence in the growth potential of these companies [1] Group 2: Financial Expectations - The companies are projected to achieve profitability in 2024, suggesting a turnaround from previous financial losses [1]

Group 1 - Public Policy Holding Company (PPHC) plans to raise up to $60 million through an initial public offering (IPO) submitted to the SEC [1] - PPHC is a global communications and public affairs consulting group with a business structure comprising 12 member companies, providing government relations, corporate communications, and compliance services [1] - The company currently serves approximately 1,300 active clients across key industries such as healthcare, finance, energy, technology, and transportation [1] Group 2 - PPHC, headquartered in Washington D.C., was established in 2014 and reported revenue of $166 million for the 12-month period ending June 30, 2025 [2] - The company intends to list on the NASDAQ under the same ticker symbol "PPHC" and has submitted a confidential listing application on September 4, 2025 [2] - Oppenheimer & Co., Canaccord Genuity, and Texas Capital Securities will act as co-managers for the IPO, although specific pricing terms have not yet been disclosed [2]

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 U.S. IPO market remains active despite government shutdown, with 6 traditional IPOs and 2 SPACs launched this week, alongside 13 companies filing for initial public offerings [1][12]. Group 1: IPO Activity - Alliance Laundry Holdings (ALH) raised $826 million, pricing at the upper limit of its range, achieving a market cap of $4.5 billion, and saw a 14% stock price increase [1]. - Phoenix Education Partners (PXED) raised $136 million, pricing at the midpoint of its range, with a market cap of $1.3 billion and a 13% stock price increase [1]. - Ping An Good Doctor (POM) raised $20 million, pricing at the lower limit of its range, with a market cap of $474 million and a 9% stock price increase [2]. - One and One Green Tech (YDDL) raised $10 million, pricing at the midpoint of its range, achieving a market cap of $27 million and a significant 31% stock price increase [2]. - Leifras (LFS) raised $5 million, pricing at the lower limit of its range, with a market cap of $10.5 million, but experienced a 5% stock price decline [2]. - Turn Therapeutics (TTRX) debuted via direct listing at $10, but saw a 26% decline in stock price [3]. Group 2: SPAC Activity - Two SPACs completed their listings: GigCapital8 (GIWWU) raised $220 million and Lake Superior Acquisition (LKSPU) raised $100 million, focusing on energy, social media, and consumer goods [4]. - Five SPACs filed for IPOs, including Xsolla SPAC 1 (XSOLU.RC) and Alussa Energy Acquisition II (ALUBU), both aiming to raise $250 million [8][10]. Group 3: Upcoming IPOs and Market Trends - 13 companies filed for IPOs, including BillionToOne (BLLN), Evommune (EVMN), and Central Bancompany (CBC), each planning to raise $100 million [6]. - The SEC issued new guidelines allowing companies to announce pricing ranges and set final pricing above the range, which may encourage more companies to proceed with listings amid the government shutdown [12].

Core Viewpoint - Natural堂 has officially submitted its IPO application to list on the Hong Kong stock market, aiming to capitalize on the favorable market conditions and competitive pressures from other domestic beauty brands [1][2]. Group 1: IPO and Market Position - Natural堂 is the third-largest domestic cosmetics group in China and the second-largest domestic cosmetics brand based on retail sales projected for 2024 [2]. - The company has seen a significant increase in its online sales channel, with the proportion rising from 59.7% in 2022 to 68.8% in the first half of 2025 [5]. - The CEO, Zheng Chunying, and her family control approximately 87.82% of the voting rights, which may limit the influence of minority shareholders [3]. Group 2: Financial Performance - Natural堂's revenue for 2022, 2023, and 2024 is projected to be 42.92 billion, 44.42 billion, and 46.01 billion respectively, with net profits of 1.39 billion, 3.02 billion, and 1.90 billion [4]. - The company's gross profit margin has improved from 66.5% in 2022 to 70.1% in the first half of 2025, but its net profit margin remains relatively low at 7.8% [6]. - Compared to competitors like Perleya and Shuangmei, which have seen significant revenue and profit growth, Natural堂's growth has been modest, with revenue growth rates of only 3.48% and 3.58% in 2023 and 2024 respectively [4][6]. Group 3: Brand Strategy and Challenges - Natural堂 operates five main cosmetic brands, with the flagship brand contributing over 94% of total revenue, indicating a lack of diversification [5][6]. - The company has not successfully developed new growth brands, unlike competitors who have launched successful new lines, which poses a challenge for future growth [6]. - The conservative management style of the founder may have contributed to the slower growth and lower profitability compared to more aggressive competitors [4][6].

Core Viewpoint - Dongpeng Beverage has submitted an application for listing on the Hong Kong Stock Exchange, aiming to enhance its brand recognition and expand its market presence internationally, particularly in Southeast Asia [2][5]. Fundraising Purpose - The net proceeds from the listing will primarily be used for capacity expansion, supply chain upgrades, brand building, consumer engagement, national strategy implementation, overseas market exploration, digital transformation, product development, and general corporate purposes [4]. Previous Listing Attempts - Dongpeng Beverage previously submitted a listing application to the Hong Kong Stock Exchange on April 3, 2025, but the prospectus became invalid on October 3, 2025. The company had successfully listed on the A-share market in 2021 [4]. Market Strategy - The company aims to leverage the Hong Kong platform to attract global investors and enhance brand awareness, following the internationalization strategies of competitors like Red Bull and Monster [5]. Shareholder Considerations - A significant factor for the Hong Kong listing is the need for shareholders to reduce their holdings, as they have collectively reduced their stakes by over 5 billion yuan since the A-share listing [5]. Regulatory Challenges - Dongpeng Beverage faced regulatory scrutiny from the China Securities Regulatory Commission, requiring additional information regarding its business scope and compliance with foreign investment policies [6]. Financial Performance - Dongpeng Beverage has shown rapid revenue growth, with revenues of approximately 8.5 billion yuan in 2022, 11.26 billion yuan in 2023, and 15.83 billion yuan in the first half of 2025. Gross profits and net profits have also increased significantly during this period [7][8]. Product Strategy - The company has adopted a "1+6 multi-category strategy," focusing on its core product, Dongpeng Special Drink, while expanding into six new categories, including electrolyte drinks and coffee beverages [9]. Channel Development - Dongpeng Beverage is addressing the challenge of maintaining and upgrading its distribution channels while exploring e-commerce and new retail opportunities to cater to younger consumers [10].

Summary of Key Points Core Viewpoint - In the first nine months of 2025, a total of 78 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 77.164 billion yuan [1]. Group 1: Listing Overview - The breakdown of new listings includes 26 companies on the main board, 29 on the ChiNext board, 8 on the Sci-Tech Innovation board, and 15 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 17 provinces, municipalities, and autonomous regions, with Jiangsu leading with 20 companies, followed by Guangdong with 14, and Zhejiang with 13 [1][2]. Group 2: Fundraising by Province - Jiangsu Province's 20 listed companies raised a total of 12.720 billion yuan [2]. - Guangdong Province's 14 listed companies raised a total of 11.201 billion yuan [2]. - Zhejiang Province's 13 listed companies raised a total of 10.839 billion yuan [2]. Group 3: Top Fundraising Companies - The top five companies by fundraising amount are: 1. Huadian New Energy: 18.171 billion yuan (Fujian Province) 2. Zhongce Rubber: 4.066 billion yuan (Zhejiang Province) 3. Tianyouwei: 3.740 billion yuan (Heilongjiang Province) 4. United Power: 3.601 billion yuan (Jiangsu Province) 5. Yitang Co., Ltd.: 2.497 billion yuan (Beijing) [1][5].