Core Points - Jiangxi Aifenda HVAC Technology Co., Ltd. has received approval for its initial public offering (IPO) of up to 21.67 million shares on the ChiNext board, with the underwriting led by Zheshang Securities Co., Ltd. [1] - The IPO will utilize a combination of strategic placement, offline issuance, and online issuance to determine the pricing and allocation of shares [1][2] - The total number of shares post-IPO will be 86.67 million, with the public offering accounting for 25% of the total shares [1] Strategic Placement - The initial strategic placement is set at 4.334 million shares, representing 20% of the total offering [2] - Senior management and core employees will participate in a special asset management plan, with an initial allocation of 2.167 million shares, which is 10% of the total offering [2] - Other strategic investors will have a combined subscription amount not exceeding 60 million yuan [2] Issuance Mechanism - Before the adjustment mechanism is activated, the initial offline issuance is 12.1355 million shares, accounting for 70% of the remaining shares after strategic placement [3] - The initial online issuance is 5.2005 million shares, representing 30% of the remaining shares [3] - The final distribution of offline and online shares will be confirmed based on the adjustment situation and will be published in a subsequent announcement [3] Investor Engagement - The company and the lead underwriter will conduct an online roadshow to provide investors with insights into the company's fundamentals, growth prospects, and details regarding the IPO subscription [3]

Company Overview - Jiangxi Aifenda HVAC Technology Co., Ltd. is a high-tech enterprise specializing in the research, design, production, and sales of HVAC home products and components, including bathroom towel racks and HVAC accessories [1][3] - The company was established on April 15, 2015, with a registered capital of 65 million yuan, and is headquartered in Shangrao Economic and Technological Development Zone, Jiangxi Province [1][3] Business Operations - The company focuses on enhancing family living quality and improving living environments, emphasizing user experience, technological innovation, and global development [2] - Aifenda has developed several core manufacturing technologies, including fully automatic punching and flanging technology and belt-type brazing technology, with an annual production capacity exceeding 2 million sets of bathroom towel racks [3][4] Product and Market Position - The main products include bathroom towel racks, temperature control valves, HVAC valves, and magnetic filters, with bathroom towel racks accounting for 56.68% of total revenue in the latest reporting period [5] - The company has established long-term partnerships with well-known European wholesalers and retailers, such as Kingfisher and Travis Perkins, leveraging its strong R&D capabilities and stable product quality [4][5] Financial Performance - The company has shown consistent revenue growth, with total operating income reaching 1.04983 billion yuan in 2024, up from 830.27 million yuan in 2023, representing a year-on-year increase of 26.2% [7] - Net profit for the same period was 117.95 million yuan, with a basic earnings per share of 1.81 yuan [7][8] R&D and Innovation - Aifenda holds 662 domestic patents, including 87 invention patents and 74 overseas patents, and has been recognized as a provincial-level enterprise technology center [3][6] - The company invests approximately 3.18% of its operating income in R&D, reflecting its commitment to innovation and product development [7] Compliance and Governance - The company has established a sound corporate governance structure and effective internal control systems, ensuring compliance with relevant laws and regulations [12][13] - Aifenda has undergone due diligence and has been found to meet the listing conditions set by the Shenzhen Stock Exchange for its IPO on the ChiNext board [21][22]

Core Viewpoint - Maitian Energy, a storage company backed by the Qingshan Group, has submitted its prospectus to the Shenzhen Stock Exchange for an IPO on the ChiNext board, but five minority shareholders voted against the listing proposals at a recent shareholders' meeting [2][3]. Group 1: Shareholder Opposition - Five minority shareholders, collectively holding 8.174733 million shares (2.27% of the pre-issue capital), voted against the listing proposals and did not provide any lock-up commitments [3][4]. - These shareholders are all managed by Shanghai Chaoxi Private Fund Management Co., Ltd., which has seven private funds invested in Maitian Energy [3][4]. - The dissenting shareholders participated in a capital increase in April 2023 at a price of 234.31 yuan per share, contributing a total of 341 million yuan [3][4]. Group 2: Shareholder Background - Two other funds, Jiaxing Chaozheng and Chaoqi Yongrui, which invested earlier and at lower costs, did not vote against the proposals and made lock-up commitments [4][5]. - Jiaxing Chaozheng and Chaoqi Yongrui acquired shares at approximately 97 yuan per share, significantly lower than the cost of the dissenting funds [4]. Group 3: Company Overview - Maitian Energy, established in September 2019, specializes in manufacturing inverters and energy storage systems, and is closely associated with the Qingshan Group [6]. - The company plans to raise 1.661 billion yuan, primarily for the construction of a production facility for 1 million smart energy storage products, a research and development center, and to supplement working capital [6]. - The company's projected revenue for 2024 is 3.392 billion yuan, with a net profit of 267 million yuan [6].

Listing Overview - Guangdong Provincial Institute of Architectural Science Group Co., Ltd. will list its ordinary shares on the Shenzhen Stock Exchange's ChiNext board on August 12, 2025 [1] - The company is categorized under the professional technical services industry (M74) according to the China Listed Companies Association [2] Pricing and Valuation - The issue price is set at 6.56 yuan per share, which is below the median and weighted average of the quotes from qualified institutional investors [2] - As of July 29, 2025, the static average price-to-earnings (P/E) ratio for the professional technical services industry is 36.57 times [2] Financial Metrics - After the public offering, the total share capital will be 41,856,000 shares, with 10,466,000 new shares issued [6] - The diluted P/E ratio based on the lower of the 2024 net profit attributable to the parent company, excluding non-recurring gains and losses, is 26.48 times, which is lower than the industry average [7]

Company Overview - Guangdong Provincial Institute of Architectural Science Group Co., Ltd. is set to list its shares on the Shenzhen Stock Exchange's ChiNext board on August 12, 2025 [1] - The company will issue a total of 10,466,000 shares, all of which are new shares, resulting in a total share capital of 418,560,000 shares post-IPO [4] Pricing and Valuation - The IPO price is set at 6.56 RMB per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 26.48 times based on the company's 2024 earnings, lower than the industry average P/E ratio of 34.86 times [2][3] - As of July 29, 2025, the average P/E ratio for comparable listed companies in the same industry is 27.91 for the previous earnings per share (EPS) and 34.86 for the forward EPS [2] Industry Context - The company operates in the professional technical services industry (M74), which, as of July 2025, has an average static P/E ratio of 36.57 times [2] - The ChiNext board is characterized by higher investment risks, including unstable performance and significant delisting risks [2]

Listing Overview - The company, Hansan (Nanjing) Technology Co., Ltd., will list its common stock on the Shenzhen Stock Exchange's ChiNext board on August 6, 2025, with a total share capital of 129 million shares and an initial public offering (IPO) of 32.25 million shares, all of which are new shares [1][4] - The IPO price is set at 28.91 CNY per share, which is below the median and weighted average of bids from qualified institutional investors [2] Industry and Financial Metrics - The company operates in the "Computer, Communication and Other Electronic Equipment Manufacturing" industry, classified under C39 according to the National Economic Industry Classification [2] - As of July 22, 2025, the average static price-to-earnings (P/E) ratio for the industry is 41.50 times [2] - The P/E ratio corresponding to the IPO price of 28.91 CNY per share is 14.90 times based on the company's audited net profit for 2024, which is significantly lower than the industry average [4][5] - The average static P/E ratio for comparable companies in the same industry is 36.19 times [5]

Summary of Key Points Company Overview - HANSAN (Nanjing) Technology Co., Ltd. is set to list its common stock on the Shenzhen Stock Exchange's ChiNext board on August 6, 2025 [1] - The total share capital after the initial public offering (IPO) will be 129 million shares, with 32.25 million shares being newly issued [5] IPO Details - The IPO price is set at 28.91 RMB per share, which is below the median and weighted average of the bids from qualified institutional investors [2] - The diluted price-to-earnings (P/E) ratio based on the 2024 audited net profit is 14.90 times, significantly lower than the industry average P/E ratio of 41.50 times as of July 22, 2025 [6] Industry Context - The company operates in the "Manufacturing of Computers, Communications, and Other Electronic Equipment" sector, classified under C39 [2] - The average static P/E ratio for comparable companies in the same industry is reported to be 36.19 times for 2024 [6] Market Risks - The ChiNext board is characterized by higher investment risks, including unstable performance and significant delisting risks [2] - Investors are advised to understand the risks associated with the ChiNext market and the specific risk factors disclosed by the company [2]

股票简称：汉桑科技 股票代码：301491 汉桑（南京）科技股份有限公司 Hansong (Nanjing) Technology Limited （南京市江宁经济技术开发区康平街 8 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 联席主承销商 （陕西省西安市唐延路 5 号（陕西邮政信息大厦 9-11 层）） 二〇二五年八月 汉桑（南京）科技股份有限公司 上市公告书 特别提示 汉桑（南京）科技股份有限公司（以下简称"汉桑科技"、"本公司"、"公 司"或"发行人"）股票将于 2025 年 8 月 6 日在深圳证券交易所（以下简称"深 交所"）创业板上市。创业板公司具有业绩不稳定、经营风险高、退市风险高等 特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及 本公司所披露的风险因素，审慎作出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 除非文中另有所指，本上市公告书中所使用的简称或词语含义与《汉桑（南 ...

股票简称：汉桑科技 股票代码：301491 汉桑（南京）科技股份有限公司 Hansong (Nanjing) Technology Limited （南京市江宁经济技术开发区康平街 8 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 联席主承销商 （陕西省西安市唐延路 5 号（陕西邮政信息大厦 9-11 层）） 二〇二五年八月 汉桑（南京）科技股份有限公司 上市公告书 特别提示 汉桑（南京）科技股份有限公司（以下简称"汉桑科技"、"本公司"、"公 司"或"发行人"）股票将于 2025 年 8 月 6 日在深圳证券交易所（以下简称"深 交所"）创业板上市。创业板公司具有业绩不稳定、经营风险高、退市风险高等 特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及 本公司所披露的风险因素，审慎作出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 除非文中另有所指，本上市公告书中所使用的简称或词语含义与《汉桑（南 ...

Core Insights - The report by Northeast Securities analyzes the status of the ChiNext market in the first half of 2025, detailing the number of companies accepted, approved, listed, and terminated, providing a comprehensive view of the current development trends in various stages of the ChiNext projects [1] Acceptance Analysis - A total of 21 new companies were accepted in the ChiNext during the first half of 2025, all of which are currently under review, with no new acceptances in the first half of 2024 [2] - The 21 companies span 9 different industries, with the largest representation in the computer, communication, and other electronic equipment manufacturing sector, accounting for 33.33% [3] - Among the 21 companies, 20 adopted the standard listing criteria for ChiNext, while 1 used the special voting rights listing criteria [3][4] Financial Data - The 20 companies that adopted standard listing criteria reported an average net profit of 19,680.60 million, with a median of 16,889.46 million, and the highest reaching 57,030.83 million [4][5] - All 20 companies reported revenues exceeding 40,000 million, with an average of 150,603.55 million and a median of 95,897.50 million [5] Regional Distribution - The 21 accepted companies are distributed across 8 regions, with Guangdong having the highest representation at 33.33% [5] Approved or Registered Companies Analysis - In the first half of 2025, 8 companies were approved or registered but not yet listed, a decrease from 19 in the first half of 2024 [6] - These 8 companies are involved in 6 different industries, with the electrical machinery and equipment manufacturing sector and the computer, communication, and other electronic equipment manufacturing sector each accounting for 25% [6] Listing Situation Analysis - A total of 20 companies were newly listed in the ChiNext during the first half of 2025, compared to 15 in the same period of 2024 [7] - The listed companies are also distributed across 9 industries, with the computer, communication, and other electronic equipment manufacturing, automotive manufacturing, and specialized equipment manufacturing sectors each having 4 companies [7][8] Termination Analysis - In the first half of 2025, 23 companies were terminated from the ChiNext, a significant decrease from 86 in the first half of 2024 [9] - The terminated companies span 12 different industries, with the computer, communication, and other electronic equipment manufacturing, automotive manufacturing, and software and information technology service sectors each having 3 companies [10][11] - Among the 23 terminated companies, 20 used standard listing criteria, 2 used special criteria, and 1 used red-chip criteria [11]