Group 1: New Stock Offerings - Two new stocks available for subscription on January 6, 2026, are automotive parts manufacturers Zhixin Co. and Kema Materials [1][2] Group 2: Zhixin Co. - Zhixin Co. specializes in automotive welding parts and has expanded into mold development, processing, and automation solutions [4] - The company is a primary supplier for major automotive manufacturers including Changan, Geely, NIO, and BYD [4] - For the years 2022 to 2025, Zhixin's projected revenues are 2.09 billion, 2.56 billion, 3.09 billion, and 1.60 billion CNY respectively, with net profits of 70.69 million, 132 million, 204 million, and 94.48 million CNY [4] - The company expects 2025 revenues to be between 3.90 billion and 4.05 billion CNY, representing a year-on-year growth of 26.30% to 31.16% [7] Group 3: Kema Materials - Kema Materials focuses on the research, production, and sales of dry and wet friction materials, primarily for commercial vehicles [8][10] - The company has a total issuance of 20.92 million shares, with a subscription price of 11.66 CNY per share and a P/E ratio of 14.20 [9] - Kema's projected revenues for 2025 are between 250 million and 280 million CNY, with a year-on-year growth of 0.39% to 12.44% [12]

Group 1 - The first batch of new stocks available for subscription in 2026 includes two automotive parts manufacturers: Zhixin Co., Ltd. and Kema Materials [1] - Zhixin Co., Ltd. focuses on the automotive welding parts sector and has been recognized as a national-level specialized and innovative "little giant" enterprise [3][2] - Zhixin's total issuance is 56.67 million shares, with an online issuance of 18.13 million shares, and the maximum subscription limit for investors is 18,000 shares [3] Group 2 - Zhixin's projected revenue for 2025 is between 3.90 billion and 4.05 billion yuan, representing a year-on-year growth of 26.30% to 31.16% [6] - The net profit attributable to the parent company for 2025 is expected to be between 255 million and 265 million yuan, with a growth rate of 25.02% to 29.92% [6] - Kema Materials specializes in dry and wet friction materials, primarily serving the commercial vehicle sector, and is also recognized as a national-level specialized and innovative "little giant" enterprise [9][7] Group 3 - Kema Materials has a total issuance of 20.92 million shares, with an online issuance of 18.83 million shares, and the maximum subscription limit for investors is 941,400 shares [9] - The expected revenue for Kema Materials in 2025 is projected to be between 250 million and 280 million yuan, with a year-on-year growth of 0.39% to 12.44% [16] - The net profit attributable to the parent company for Kema Materials in 2025 is anticipated to be between 82 million and 96 million yuan, reflecting a growth of 14.63% to 34.21% [16]

Core Viewpoint - The article highlights the upcoming IPOs of two automotive parts manufacturers, Zhixin Co. and Kema Materials, which are set to be available for subscription on January 6, 2026, marking the first new stocks of the year [2]. Group 1: Zhixin Co. - Zhixin Co. specializes in the automotive welding parts sector and has expanded into mold development, processing, and automation solutions [5]. - The company is a primary supplier for major automotive manufacturers such as Changan Automobile, Geely, and BYD, among others [5]. - For the years 2022 to 2025, Zhixin Co.'s projected revenues are 2.09 billion, 2.56 billion, 3.09 billion, and 1.60 billion CNY, with net profits of 70.69 million, 132 million, 204 million, and 94.48 million CNY respectively [5]. - The company expects its 2025 revenue to be between 3.90 billion and 4.05 billion CNY, representing a year-on-year growth of 26.30% to 31.16% [8]. Group 2: Kema Materials - Kema Materials focuses on the research, production, and sales of dry and wet friction materials, primarily for commercial vehicles [9][10]. - The company has a total issuance of 20.92 million shares, with a subscription price of 11.66 CNY per share and a PE ratio of 14.20 [10]. - Kema Materials' revenue for the years 2022 to 2025 is projected to be 202 million, 199 million, 249 million, and 139 million CNY, with net profits of 42.01 million, 49.59 million, 71.53 million, and 45.50 million CNY respectively [13]. - The company anticipates its 2025 revenue to be between 250 million and 280 million CNY, with a growth rate of 0.39% to 12.44% [16].

Group 1: New Stock Offerings - Two new stocks will be available for subscription on January 6, 2026, marking the first new stock offerings of the year in the A-share market [1] - The two stocks are Kema Materials (subscription code: 920086) with an issue price of 11.66 CNY per share and a price-to-earnings ratio of 14.2, and Zhixin Co., which has an undisclosed issue price [2] Group 2: Kema Materials - Kema Materials is recognized as a "little giant" enterprise in the automotive friction materials sector, focusing on the research, production, and sales of dry and wet friction materials [2] - The company has over 20 years of experience in the transmission friction materials industry, serving major clients such as ZF, FAW, Dongfeng, and Volvo [2] - Financial projections for Kema Materials indicate revenues of 202 million CNY in 2022, 199 million CNY in 2023, and 249 million CNY in 2024, with net profits of 42 million CNY, 50 million CNY, and 72 million CNY respectively [3] - The management forecasts a revenue growth of 0.39% to 12.44% in 2025, with net profit expected to increase by 14.63% to 34.21% [3] Group 3: Zhixin Co. - Zhixin Co. is a core supplier of automotive welding components, planning to issue 56.67 million shares with a maximum subscription limit of 18,000 shares for individual investors [4] - The company specializes in the development, processing, production, and sales of automotive welding parts, supported by 14 production bases across major automotive industry clusters [4] - Zhixin Co. has reported revenues of 2.09 billion CNY in 2022, 2.56 billion CNY in 2023, and 3.09 billion CNY in 2024, with net profits of 71 million CNY, 132 million CNY, and 204 million CNY respectively [4] - The management anticipates a revenue growth of 26.30% to 31.16% in 2025, with net profit expected to rise by 25.02% to 29.92% [4] Group 4: Market Performance of New Stocks - In 2025, a total of 116 new companies are expected to be listed on the A-share market, with all achieving gains on their first trading day, averaging a rise of 259.33% [4] - Notably, 35 new stocks experienced first-day gains exceeding 300%, with Dapeng Industrial recording the highest increase of 1211.11% on its debut [5] - Nine new stocks had a first-day single share profit exceeding 50,000 CNY, with two stocks, Muxi Co. and Moer Thread, achieving profits of 360,621 CNY and 243,108 CNY respectively [6]

根据目前的发行安排，下周有2只新股申购，这将是2026年A股首批新股。 日程安排上，两只新股均在周二（1月6日）申购，分别是北交所新股科马材料、沪市主板新股至信股 份。 | | | 下周新股申购安排 | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 周二 (1月6日) | 科马材料 (申购代码:920086) | 11.66元 | 14.20 | 北交所 | | 至信股份 | (申购代码:732352) | 待定 | | 沪市主板 | 科马材料是国内汽车摩擦片"小巨人"企业。 Wind数据显示，2025年A股新上市企业数量合计116家。116只新股在上市首日全部实现上涨，平均涨幅 达259.33%，其中104只新股首日涨幅超过100%。 首日涨幅在300%以上的新股有35只，其中大鹏工业是全年涨幅最大的新股，上市首日暴涨1211.11%。 有9只新股的首日收盘单签浮盈超过5万元，并出现2只单签浮盈36万元和24万元的超级"大肉签"，分别 是沐曦股份和摩尔线程。 | | | 9只新股首日单签浮盈超过5万元 | | ...

Core Viewpoint - Five new stocks will be available for subscription next week, with Shuangxin Environmental Protection ranking sixth in total shares issued among new A-shares in 2025 and first among new stocks on the Shenzhen Stock Exchange [1] Group 1: New Stock Offerings - The new stocks available for subscription include Jianxin Superconductor, Jiangtian Technology, Qiangyi Co., Yufan Technology, and Shuangxin Environmental Protection [1] - Jianxin Superconductor has an issue price of 18.58 yuan per share and a total issuance of 41.92 million shares, with 10.06 million shares available for online subscription [2] - Jiangtian Technology's issue price is 21.21 yuan per share, with a total issuance of 13.21 million shares, and 11.89 million shares available for online subscription [9][10] Group 2: Company Profiles - Jianxin Superconductor specializes in the R&D, production, and sales of core components for MRI equipment, with a global market share of approximately 4.2% [2] - Jiangtian Technology focuses on the R&D and production of label printing products, with major clients including Yangshengtang and Nongfu Spring [10] - Qiangyi Co. is a leading enterprise in the semiconductor probe card industry, with significant growth in revenue expected [14][17] Group 3: Financial Performance - Jianxin Superconductor's revenue for 2022 to 2024 is projected at 3.59 billion yuan, 4.51 billion yuan, and 4.25 billion yuan, with a net profit of 346.35 million yuan, 487.35 million yuan, and 557.84 million yuan respectively [5] - Jiangtian Technology's revenue for the same period is expected to be 3.84 billion yuan, 5.07 billion yuan, and 5.38 billion yuan, with net profits of 744.54 million yuan, 964.61 million yuan, and 1.02 billion yuan [10] - Shuangxin Environmental Protection anticipates a revenue of 37.18 billion yuan for 2025, reflecting a growth of 6.66% [25]

| 新股新债 | | | | | | --- | --- | --- | --- | --- | | 申购日历 | | | | | | 投资有风险 入市需谨慎 | | | | | | 01 新股日历 | | | | | | 申购代码 | 证券简称 | 上网发行日期 | 发行价格(元) | 个人申购上限 (万股) | | 920045 葡东光 2025/12/23 | | | 31. 59 | 46. 12 | | 2025.12.23 - 2025.12.29 | | | | | 【风险提示及免责声明】 新股新债可能存在上市破发风险，请谨慎投资。以上内容均来自公开资料，对消息的准确性和完整性不 做任何保证，观点结论仅供参考，不构成投资建议。市场有风险，投资需谨慎。 | 新股新債 | | | | | | | --- | --- | --- | --- | --- | --- | | 申购日历 | | | | | | | 投资有风险 入市需谨慎 | | | | | | | 01 新股日历 | | | | | | | 个人申购上限 | 上网发行日期 | 发行价格(元) | 申购代码 | 证券简称 | (万股) | ...

Core Viewpoint - The company, 蘅东光, is initiating a public offering with a price of 31.59 yuan per share and an earnings ratio of 14.99 times, aiming to raise a total of 324 million yuan for various expansion projects and working capital [1] Company Overview - 蘅东光 specializes in the research, development, manufacturing, and sales of passive optical devices in the optical communication sector [1] Public Offering Details - The public offering will consist of 10.25 million shares, with 9.225 million shares available for online subscription and a strategic placement of 1.025 million shares, accounting for 10% of the initial offering size [1] - The maximum subscription limit for a single account is 461,200 shares [1] Fundraising Allocation - The total amount raised will be allocated as follows: - 209.58 million yuan for the expansion of the Guilin manufacturing base (Phase III) - 114.05 million yuan for the construction of the headquarters optical research and development center - 100 million yuan for the expansion of the Vietnam production base - 70 million yuan for supplementing working capital [1] Financial Performance - Projected net profits for the years 2022 to 2024 are as follows: - 2022: 55.33 million yuan - 2023: 64.53 million yuan - 2024: 148 million yuan - Year-on-year growth rates for net profit are 347.21% for 2022, 16.62% for 2023, and 128.71% for 2024 [1] Key Financial Metrics - Total assets are projected to grow from 532.73 million yuan in 2022 to 1.38671 billion yuan in 2024 - Net assets are expected to increase from 306.07 million yuan in 2022 to 507.71 million yuan in 2024 - Operating revenue is forecasted to rise from 475.35 million yuan in 2022 to 1.31503 billion yuan in 2024 - Basic earnings per share are projected to increase from 1.05 yuan in 2022 to 2.55 yuan in 2024 [1]

Group 1: Company Overview - Tian Su Measurement, established in 2009, is a national independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services across ten calibration fields, including geometric, thermal, mechanical, electromagnetic, optical, and ionizing radiation [1] - The company has developed 1,417 calibration capabilities and serves diverse sectors such as biomedicine, automotive, energy, and light industry [1] Group 2: Financial Information - Tian Su Measurement's initial public offering (IPO) price is set at 18.00 yuan per share, with an institutional offering price of 36.80 yuan per share, resulting in a market capitalization of 37.08 billion yuan [2] - The company's projected gross profit margins from 2022 to the first half of 2025 are 52.67%, 53.86%, 53.40%, and 51.56%, indicating a potential decline in profitability [4] Group 3: Investment Directions - The company plans to allocate raised funds towards enhancing measurement and testing capabilities at its Shenzhen headquarters (1.28 billion yuan), establishing regional testing laboratories (1.75 billion yuan), developing a digital center (0.32 billion yuan), and supplementing working capital (0.90 billion yuan) [3] Group 4: Industry Context - The testing and certification industry is characterized by a high number of institutions and increasing marketization, but many small companies lack comprehensive service capabilities, which may lead to price competition that could negatively impact business expansion and client relationships [5] - The average price for calibration services has shown a downward trend, with prices from 2022 to the first half of 2025 being 142.01 yuan, 135.78 yuan, 129.69 yuan, and 119.43 yuan [5] Group 5: Battery Testing Services - Since 2018, Tian Su Measurement has expanded into battery testing services, establishing 84 major testing capabilities and over 2,000 testing channels for battery cells, modules, and packs, serving notable clients in the new energy sector [4] Group 6: Competitor Overview - Xi Hua Technology, primarily engaged in the research, manufacturing, and sales of specialized components for large high-end equipment, has an IPO price of 10.10 yuan per share and a market capitalization of 36.36 billion yuan [6] - The company is one of the few in China capable of providing full-process services for wind turbine gearbox components and has developed products for wind turbines ranging from 1MW to 22MW [10]

Group 1: New IPOs - Five new stocks are available for subscription this week, including Nabichuan and Youxun Co. on Monday, Yuanchuang Co. on Tuesday, and Tianshu Measurement and Xihua Technology on Friday [1][2][3] - Nabichuan focuses on thermal management products for new energy vehicles and fuel vehicles, with an IPO price of 22.63 yuan per share and projected revenues of 10.31 billion yuan in 2022, increasing to 14.37 billion yuan in 2024 [1] - Youxun Co., a leader in optical communication, has an IPO price of 51.66 yuan per share, with expected revenues of 3.39 billion yuan in 2022, rising to 4.10 billion yuan in 2024 [2] - Yuanchuang Co. specializes in rubber tracks, with an IPO price of 24.75 yuan per share and projected revenues of 12.61 billion yuan in 2022, decreasing to 11.41 billion yuan in 2023 before increasing again in 2024 [2] - Tianshu Measurement, a high-tech enterprise, plans to raise 4.24 billion yuan for various projects, with projected revenues of 7.26 billion yuan in 2023, increasing to 8 billion yuan in 2024 [3] - Xihua Technology focuses on high-end equipment components, with a significant revenue increase of 35.35% in the first three quarters of 2025 [3] Group 2: Market Performance - The A-share market has seen over a hundred new stocks listed this year, with none experiencing a drop in price post-IPO [4] - The average first-day increase for new stocks exceeds 200%, with the recent "domestic GPU first stock" Moer Thread rising by 425.46% on its debut [4] - Estimated profit for a single subscription of Moer Thread is approximately 243,100 yuan, making it one of the most profitable IPOs since 2020 [4]