Group 1 - Company submitted an application for H-share listing on September 16, with CICC and Bank of America as joint sponsors [1] - Company went public on the Shanghai Stock Exchange in August 2023, with an issue price of 80.8 yuan per share, raising 5.85 billion yuan [1] - Company specializes in the research, design, production, and operation of smart hardware products, including smartphones, laptops, tablets, wearables, AIoT products, and servers [1] Group 2 - Revenue projections for the company are 92.648 billion yuan for 2022, 85.338 billion yuan for 2023, and 109.9 billion yuan for 2024, with corresponding profits of 2.514 billion yuan, 2.657 billion yuan, and 2.916 billion yuan [1] - Company's business expansion and profitability depend on consumer demand and spending levels for smart products, which may be influenced by uncontrollable factors [1] - Notable risks include declining gross margin and high customer concentration [2]

Core Insights - Despite market fluctuations, institutional research enthusiasm remains high, with over 1,200 A-share companies undergoing institutional research since September, nearing the total for August [1] - Technology stocks are favored by institutions, with companies like Huichuan Technology (汇川技术) receiving significant attention, being researched 22 times by over 300 institutions, including major foreign investors [1][2] - More than 50% of the researched companies saw positive stock price growth in September, with notable increases for companies like Shannon Chip (香农芯创) and World (沃尔德) [1][6] Company-Specific Insights - Huichuan Technology has attracted 320 institutions for research this month, with 157 being foreign institutions, indicating strong international interest [2] - The company reported a revenue of 20.51 billion yuan and a net profit of 2.968 billion yuan for the first half of the year, reflecting year-on-year growth of 26.73% and 40.15% respectively [2][3] - Huichuan Technology's growth is attributed to its success in high-demand sectors like electric vehicle components and lithium batteries, with a revenue increase in its general automation business of approximately 17% [3] Market Performance - As of mid-September, Huichuan Technology's stock price increased nearly 40% from a low of 61.44 yuan to 85.55 yuan [5] - Among the 1,269 A-share companies researched this month, 682 experienced positive cumulative growth, with Shannon Chip leading at 86.05% [6] - Other companies with significant stock price increases include Haoen Automotive (豪恩汽电) and Anpeilong (安培龙), with gains of 77.19% and 65.4% respectively [6] Institutional Research Focus - Institutions are particularly interested in companies' business operations, plans for Hong Kong listings, dividends, and market capitalization management [1][8] - For instance, Shannon Chip's recent performance and plans for an H-share listing have drawn inquiries from various institutions [8] - Yujing Technology (炬光科技) reported that only 3% of its business is directed towards the U.S., indicating limited direct impact from U.S. tariff policies [9]

Core Viewpoint - Chao Hong Ji has submitted its prospectus for H-share listing and plans to expand its overseas business, starting with its first overseas store in Malaysia in 2024 [1][5]. Group 1: Business Overview - Chao Hong Ji is a leading fashion jewelry brand in mainland China, focusing on a "young and fashionable" brand image, with a market share of 1.4% in 2024 [2]. - As of June 30, 2023, the company operates 1,542 offline jewelry stores, including 201 self-operated and 1,337 franchised stores across over 200 cities in China [2]. - The company has four overseas stores, including one self-operated store in Malaysia and three franchised stores in Thailand and Cambodia [2]. Group 2: Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately RMB 4.364 billion, RMB 5.836 billion, RMB 6.452 billion, and RMB 4.062 billion, respectively [2][4]. - Net profit for the same periods was approximately RMB 205 million, RMB 330 million, RMB 169 million, and RMB 333 million [2][4]. - Online sales revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 889 million, RMB 1.022 billion, RMB 942 million, and RMB 496 million, respectively [5]. Group 3: Sales Channels - Chao Hong Ji utilizes both self-operated and franchised stores to optimize market layout and promote sustainable development [2]. - The company has established a presence on 14 major online sales platforms, including JD.com, Tmall, and Vipshop [5]. - The revenue from the top five customers accounted for 9.5%, 8.4%, 7.7%, and 7.8% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [6]. Group 4: Supplier Relationships - The main suppliers are gold suppliers and commercial banks providing gold loans, with the top five suppliers accounting for 71.7%, 77.9%, 83.0%, and 78.9% of total procurement in the respective years [7]. - The largest supplier's procurement accounted for 51.0%, 61.6%, 66.3%, and 61.6% of total procurement in the same periods [7].

Group 1 - The article highlights the recent surge in Hong Kong IPOs by mainland companies, particularly driven by the successful listing of CATL, which set a record for global IPO financing in 2023 and led to H-shares trading at a premium compared to A-shares [2] - The advantages of H-share listings include a streamlined approval process, typically taking 6-8 months, and a variety of refinancing options available in the Hong Kong capital market [3] - Key listing conditions for H-shares require companies to meet one of three tests related to market capitalization, profitability, or revenue, with specific financial thresholds outlined [4][5] Group 2 - The article details the basic process for A-share companies to issue H-shares, which involves due diligence, regulatory approvals from both the China Securities Regulatory Commission and the Hong Kong Stock Exchange, and subsequent marketing and pricing of the shares [11][12] - It emphasizes the importance of compliance with both A-share and H-share governance rules, noting differences in board structure and independent director requirements [15][17] - The article discusses valuation issues, indicating that H-shares often trade at a discount to A-shares due to various market factors, and outlines strategies companies may use to mitigate dilution effects during H-share issuance [19][20]

Core Viewpoint - The company has decided to change its corporate structure by abolishing the supervisory board and increasing its registered capital, while also planning to issue H shares for listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness [1][2][3]. Group 1: Corporate Governance Changes - The supervisory board will be abolished, and its functions will be transferred to the audit committee of the board of directors [1]. - The registered capital will be increased from RMB 419,935,640 to RMB 421,101,263 due to matters related to restricted stock [1]. Group 2: H Share Issuance - The company plans to issue H shares and apply for listing on the main board of the Hong Kong Stock Exchange to further its international strategy [2][3]. - The issuance will be conducted through public offerings in Hong Kong and international placements, with a maximum of 10% of the total share capital being issued [4][5]. Group 3: Fund Utilization - The funds raised from the H share issuance will be used for advanced chip research and development, global customer service system construction, technology ecosystem integration, and general corporate purposes [10][11]. Group 4: Professional Services and Insurance - The company will hire various professional intermediaries, including auditors and legal advisors, for the H share issuance process [9]. - The company plans to purchase liability insurance for directors and senior management to protect their rights and responsibilities [13].

074 证券代码：600728 证券简称：佳都科技 公告编号：2025- 佳都科技集团股份有限公司 关于修订 H 股上市后适用的《公司章程（草案）》及公 司治理制度的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 佳都科技集团股份有限公司（以下简称"公司"） 拟发行境外上市外资股（H 股） 股票并申请在香港联合交易所有限公司主板挂牌上市，根据相关规定，拟对《佳都科 技集团股份有限公司章程》（以下简称"《公司章程》"）及其附件《佳都科技股东会 议事规则（草案）》《佳都科技董事会议事规则（草案）》进行修订，形成本次发行 并上市后适用的《公司章程（草案）》及其附件《佳都科技股东会议事规则（草案）》 《佳都科技董事会议事规则（草案）》。《公司章程（草案）》及其附件经股东会批 准通过后，自公司发行 H 股股票经中国证监会备案并在香港联合交易所有限公司上市 交易之日起生效实施。同时，根据公司拟在境外发行股份（H 股）并在香港联合交易 所有限公司主板上市的需要，公司对部分公司治理制度进行修订、制定。现将有关情 况公告如下： 一、 ...

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to discuss various proposals related to corporate governance and compliance with regulations for the upcoming H-share listing [1][9][15] Group 1: Meeting Procedures - A secretariat will be established to manage the meeting procedures and ensure the orderly conduct of the meeting [1] - Shareholders and their proxies must arrive 30 minutes before the meeting to complete registration and present necessary identification documents [2] - The meeting will confirm the number of attending shareholders and their voting rights before proceeding with the agenda [2][5] Group 2: Agenda Items - The meeting will discuss and vote on several key proposals, including: - Proposal to adjust the company's articles of association and related rules for H-share issuance [10][12] - Proposal to renew the appointment of the auditing firm for the 2025 fiscal year [5][6] - Proposal to abolish the supervisory board and amend the articles of association accordingly [9][10] - Proposal to revise various governance systems to enhance corporate governance [12][13] - Proposal to elect a new independent director [15][17] Group 3: Voting and Rights - Voting will be conducted through both on-site and online methods, with specific time frames for each [5][10] - Shareholders have the right to speak, inquire, and vote during the meeting, but must register in advance for speaking [2][3] - Votes that are not filled out correctly or are illegible will be considered as abstentions [3][4]

Core Viewpoint - The company has re-submitted its application for issuing H-shares and listing on the Hong Kong Stock Exchange on August 29, 2025, indicating a strategic move to access international capital markets [1] Group 1 - The application materials were prepared and published in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The submitted documents are in draft form and may be updated and revised as necessary [1] - If the issuance is implemented, the target investors will be limited to qualified foreign investors and domestic qualified investors who are authorized to conduct overseas securities investments under Chinese laws and regulations [1]

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company's revenue for H1 2025 reached 28.17 billion yuan, a year-on-year increase of 30.06%, while the net profit attributable to the parent company was 1.605 billion yuan, a decrease of 24.9% [1][5]. - The company is expected to benefit from the upcoming H-share IPO, which is anticipated to enhance its valuation and liquidity premium [3][5]. - The overall battery supply chain fundamentals are improving, driven by the demand for electric commercial vehicles and the international expansion of cylindrical batteries [3][5]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 281.70 billion yuan, with a net profit of 16.05 billion yuan, and a non-recurring net profit of 11.57 billion yuan, reflecting a year-on-year decrease of 24.9% and 22.82% respectively [1][5]. - The Q2 2025 revenue was 153.73 billion yuan, with a net profit of 5.04 billion yuan, marking a significant decline of 52.96% year-on-year [1][5]. Battery Business - The company shipped 21.48 GWh of power batteries in H1 2025, with a Q2 net profit per unit of 0.029 yuan/Wh, corresponding to a net profit margin of 4.5% [2]. - The energy storage segment's performance was below expectations, but it is projected to stabilize in H2 2025 due to structural adjustments and business optimizations [2]. Market Outlook - The company is expected to achieve net profits of 4.524 billion yuan, 6.512 billion yuan, and 8.389 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 43.94%, and 28.82% [3][4]. - The anticipated H-share IPO is expected to raise 1 billion USD and is projected to occur in Q4 2025, which could lead to a favorable liquidity premium in the market [3][5].

Core Viewpoint - The company has reported its financial results and significant events for the first half of 2025, including asset impairment losses, changes in shareholding, and plans for H-share issuance in Hong Kong. Group 1: Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3]. - The company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [5]. Group 2: Financial Performance - For the first half of 2025, the company recognized impairment losses of 168.63 thousand yuan for accounts receivable and 19,434.74 thousand yuan for inventory [4]. - In 2024, the company recorded a provision for bad debts of 378.83 thousand yuan and inventory write-downs of 56,629.72 thousand yuan [2][4]. Group 3: Corporate Governance - The company has elected a new independent director, Ms. Deng Meishan, to enhance governance and support international development [4]. - The company has renewed its audit engagement with Ernst & Young Hua Ming for the 2025 fiscal year [4]. Group 4: Shareholder Activities - The National Integrated Circuit Industry Investment Fund plans to reduce its shareholding by up to 4,159,815 shares, which is 1.00% of the total share capital [7]. - As of July 23, 2025, the fund has completed its share reduction, lowering its stake to below 5% [7]. Group 5: Employee Initiatives - The company has approved a housing loan program for employees, with a total fund of up to 100 million yuan, of which 26.02 million yuan has been utilized as of June 30, 2025 [6].