"梦想是要有的，万亿实现了呢！" 新年伊始，成都农商银行在其官方公众号发布主题海报，官宣资产规模突破万亿元，成为全国第五家、中西部首家非直辖城市万亿农商行。 风财眼 . 风财眼致力于银行领域的原创报道，旨在履行媒体监督职责，以期共营健康的金融环境。 以下文章来源于风财眼 ，作者银行财眼 从2020年国资入主完成关键的股权结构调整，五年间，成都农商行实现了从5000亿级跨越至万亿级的规模跃升。 站在新起点，对于接手这家万亿农商行不足半年的新任掌门王晖来讲，能否复刻其推动成都银行上市的成功经验，也同样值得关注。 01 第五家万亿农商行诞生 资料显示，成都农商银行的前身是成都市农村信用社，2010年1月15日完成改制并挂牌开业。2011年，该行通过增资扩股将注册资本增至100亿元；2020年6 月，一场关键的股权结构调整落地，成都市、区两级国资合计持股近80%，成为实际控制人。 回归国有后，成都农商银行驶入规模与效益双升的"快车道"。资产规模方面，从2020年的5000亿级稳步攀升，2024年末已达9142.63亿元；盈利持续保持两 位数的高增长，2021年至2024年净利润同比增幅依次为16.89%、15.25% ...

Core Viewpoint - Company "Yao Mazi" is attempting to list on the Beijing Stock Exchange (BSE) after previous unsuccessful attempts on the Shenzhen Stock Exchange (SSE) due to regulatory issues and reliance on a single product, Sichuan pepper oil, which poses risks for its IPO success [1][3][4]. Group 1: Listing Journey - Yao Mazi initially aimed to list on the SSE's ChiNext in September 2020, later shifting to the SSE main board, but withdrew its application in December 2023 after two years of review, citing strategic adjustments [3]. - The company faced multiple regulatory warnings from the SSE for failing to disclose related party information in its IPO documents [3]. - In June 2024, Yao Mazi applied for listing on the New Third Board, targeting the BSE, and its application has recently been accepted [3][4]. Group 2: Financial Performance - Yao Mazi plans to raise 568 million yuan for projects including the production of 35,000 tons of Sichuan pepper oil and other seasoning oils, as well as for building a technology center and marketing network [4]. - The company has shown steady revenue growth, with revenues of 450 million yuan, 545 million yuan, 625 million yuan, and 332 million yuan for the years 2022 to 2025 (first half) respectively, and net profits of 81.1 million yuan, 98.7 million yuan, 157 million yuan, and 105 million yuan for the same periods [5]. Group 3: Product Dependency - Over 80% of Yao Mazi's revenue comes from Sichuan pepper oil, with the proportion of seasoning oil revenue being 94.07%, 93.15%, 93.63%, and 93.31% from 2022 to 2025 (first half) [6]. - The company is recognized as a leader in the Sichuan pepper oil market, holding a 30% market share in 2024, but faces competition from other brands and larger companies entering the market [5][6]. Group 4: Inventory Risks - Yao Mazi's inventory levels are high, with net inventory amounts of 266 million yuan, 261 million yuan, 245 million yuan, and 254 million yuan from 2022 to 2025 (first half) [7]. - High inventory levels can lead to increased financial costs and potential risks of inventory impairment if market demand changes or if there are issues with storage management [7][8].

Core Viewpoint - The IPO process of Rose Island has been paused again due to the expiration of the financial report's validity period, marking the second suspension in its application to the Beijing Stock Exchange (BSE) [1][2]. Group 1: IPO Process - Rose Island's updated application documents reference a financial report with a cutoff date of June 30, 2025, leading to the submission of a request to suspend the IPO review due to the impending expiration of the financial report's validity [2]. - This is not the first suspension; Rose Island's IPO journey began with an initial suspension on September 30, 2025, to update financial data, and the new data's validity period will expire on December 31, 2025, triggering the current suspension [3]. - The BSE focuses on innovative small and medium-sized enterprises, aligning with Rose Island's business positioning and development stage, but the repeated suspensions indicate a lack of control over the IPO application timeline [3]. Group 2: Financial Performance - In Q1 2025, Rose Island reported revenue of 163 million yuan and a net profit of approximately 10.45 million yuan. However, from 2022 to 2024, revenue figures were 752 million yuan, 776 million yuan, and 823 million yuan, with net profits declining from 108 million yuan to 69.2 million yuan, reflecting a 36.06% year-on-year decrease in net profit despite revenue growth [4]. - The BSE has inquired about the authenticity and sustainability of Rose Island's financial performance, requesting comparisons with industry peers to demonstrate stable operating performance and cash flow [4]. - Rose Island's shower room revenue has shown a downward trend, decreasing from 621 million yuan in 2022 to 594 million yuan in 2024, with 257 million yuan in revenue for the first half of 2025 [5]. Group 3: Market Potential and Future Outlook - If Rose Island successfully lists on the BSE, it aims to raise 370 million yuan, with 320 million yuan allocated for the development and industrialization of customized home products, enhancing production capacity and establishing a research and marketing center [7]. - The global shower room market is projected to grow from 2220.39 billion yuan in 2024 to 2362.07 billion yuan by 2026, with China's market expected to expand from 843.75 billion yuan in 2024 to 921.21 billion yuan by 2026, indicating significant growth potential [7]. - The growth in the shower room market is driven by renovation demands and the rapid development of the finished housing market, necessitating brands that can offer differentiated products and efficient service capabilities [8].

Group 1 - Anhui Dachang Technology Co., Ltd. has re-applied for an IPO on the ChiNext board after withdrawing its previous application over a year ago, with the application recently accepted by the Shenzhen Stock Exchange [1][3] - The company primarily engages in the research, production, and sales of automotive parts and related tooling, with major products including body structure assemblies and chassis components [3] - The company's largest customer, Chery Automobile, contributes nearly 50% of its revenue, highlighting a significant customer concentration risk [1][3][4] Group 2 - Financial performance shows fluctuations, with revenues of approximately 816 million yuan, 1.255 billion yuan, and 1.171 billion yuan from 2022 to 2024, and a net profit of about 73.54 million yuan, 104 million yuan, and 91.40 million yuan for the same periods [3] - For the first three quarters of 2025, the company reported revenues of approximately 815 million yuan and a net profit of about 58.02 million yuan [3] - The company has a high customer concentration, with sales to the top five customers accounting for 89.24%, 88.9%, 87.33%, and 80.71% of total revenue in the respective reporting periods [3][4] Group 3 - The company plans to raise 502 million yuan in its current IPO application, an increase from the previous target of 374 million yuan, with proceeds allocated to various projects including an intelligent factory and production line enhancements [5] - The company has changed its sponsor from Guoyuan Securities to Zhongyin International Securities for this IPO, following regulatory scrutiny of the previous sponsors [5][6] - The company’s major receivables are concentrated among a few clients, with accounts receivable totaling approximately 445 million yuan, 781 million yuan, 661 million yuan, and 640 million yuan at the end of the respective reporting periods [4][6]

Core Viewpoint - Ningbo Huizhi Star New Material Technology Co., Ltd. (referred to as "Huizhi Star") has initiated the IPO counseling record with the Ningbo Securities Regulatory Bureau, aiming to list on the Beijing Stock Exchange, with Kaiyuan Securities as the counseling institution [2] Group 1: Company Overview - Huizhi Star was established in October 2012 and specializes in the high aesthetic requirements of coated functional films, which are core materials for display modules in electronic products such as smartphones, computers, and televisions [2] Group 2: Financial Performance - In 2023, 2024, and the first half of 2025, the company's operating revenues are projected to be 261.90 million yuan, 330.53 million yuan, and 213.90 million yuan respectively [3] - The net profit attributable to the parent company is expected to be -17.39 million yuan in 2023, 21.45 million yuan in 2024, and 29.38 million yuan in the first half of 2025 [3] - The gross profit margin is forecasted to increase from 11.76% in 2023 to 30.14% in the first half of 2025 [3] - The company anticipates a significant turnaround in profitability, with a net profit growth of 222.84% in the first half of 2025 compared to the previous year, exceeding the total net profit for 2024 [4]

Group 1 - The core viewpoint of the article is that Shanghai Yiyao Technology Co., Ltd. has completed its IPO counseling registration with the Shanghai Securities Regulatory Bureau, with Shenwan Hongyuan as the counseling institution [1] - Yiyao Technology was established in 2018 with a registered capital of 625 million yuan and is a subsidiary of Fosun International, providing flexible automation production line turnkey projects and smart factory solutions for leading automotive manufacturers such as Mercedes-Benz, BMW, and Volkswagen [1] - The chairman of Yiyao Technology, Zhang Liangsen, has an extensive background in management and investment, holding various director positions in multiple companies [1] Group 2 - Yiyao Technology has made external investments in seven companies, including Shanghai Shengpu Fluid Equipment Co., Ltd. and Yipulais Precision Technology (Shenzhen) Co., Ltd. [1]

Core Insights - The core viewpoint of the article emphasizes that the surge in innovative drug licensing and BD transactions has significantly driven the stock price explosion in the pharmaceutical sector, with total transaction amounts reaching $135.655 billion in 2025, marking a 161% increase from 2024 [1][4]. Group 1: Market Performance - The Hong Kong biopharmaceutical sector has rebounded strongly in 2025, with the Hang Seng Healthcare Index (HSHCI) rising by 76%, outperforming the Hang Seng Index and the overall A-share biopharmaceutical sector, which saw a 25.64% increase [1]. - Southbound capital inflow reached a record high of HKD 1.4 trillion in 2025, with healthcare sector holdings increasing by 125.51% to HKD 540 billion, providing substantial liquidity to the market [1][3]. Group 2: Structural Differentiation - The structural differentiation within the biopharmaceutical sector is becoming more pronounced, with companies that have First-in-Class or Best-in-Class pipelines and stable BD revenue sources being favored, while those reliant on single core projects face valuation pressures [3]. - The CXO sector also performed well in 2025, benefiting from ongoing investments in innovative drugs, while the medical device and supplies sector showed solid performance due to stable cash flows [3]. Group 3: Policy and Regulatory Environment - The policy environment has been continuously optimized, with 76 innovative drugs approved for market entry by the National Medical Products Administration in 2025, significantly surpassing the 48 approvals in 2024 [5]. - The introduction of the first version of the innovative drug commercial insurance catalog marks a shift to a dual protection system of basic medical insurance and commercial health insurance, enhancing clinical medication standards and overall industry R&D returns [6]. Group 4: Future Outlook - The explosive growth in BD transactions and active IPOs is injecting strong cash flow and confidence into the biopharmaceutical industry, with expectations for leading companies like BeiGene to achieve profitability in 2026 [5]. - However, challenges remain, including potential market pressure from a wave of unlocks post-IPO lock-up periods and stricter regulatory scrutiny on IPO applications [7].

Core Viewpoint - Guangdong Banzai Chuangke Electric Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a positive outlook for its market entry and growth potential in the innovative office and household appliance sector [1]. Group 1: Company Overview - The company specializes in the independent research and development, original design, multinational production, and global sales of innovative office and household electrical appliances [3][4]. - As of June 30, 2025, the company has a total of 21 subsidiaries and 1 associate company, employing 1,996 people [4]. Group 2: Financial Performance - The company's revenue for 2024 is projected to be approximately 150,979.98 million yuan, with a net profit of 14,793.18 million yuan [3]. - Revenue figures for the reporting periods are as follows: 107,092.73 million yuan, 116,813.86 million yuan, 150,979.98 million yuan, and 89,002.16 million yuan, with net profits of 714.12 million yuan, 10,762.24 million yuan, 14,793.18 million yuan, and 9,013.01 million yuan respectively [3][8]. - The company has experienced significant growth in net profit, with a year-on-year increase of 1375.62% in 2023 and 41.07% in 2024, outpacing revenue growth [8]. Group 3: Shareholding Structure - The controlling shareholder is Chen Chi, who holds 34.26% of the shares, while Zhang Yong and Xu Ning hold 22.96% and 14.24% respectively, with the three collectively controlling 72.83% of the company [5][6]. Group 4: Market Position and Products - The main products include shredders and vacuum packaging machines, with ODM (Original Design Manufacturer) business being a significant revenue source [16][18]. - The company has a notable market presence, with its shredders accounting for approximately 2.76% of the global market share in 2023, and it holds a significant portion of China's shredder exports [17]. Group 5: Research and Development - The company's R&D expenses are relatively low compared to comparable companies, with R&D expenses as a percentage of revenue being 2.51% in 2024 [21][22]. - The company has been involved in collaborative R&D projects, although some have not yielded expected results [24]. Group 6: Accounting and Compliance Issues - The company has corrected accounting errors from 2022, which resulted in the overstatement of revenue and costs by 473.02 million yuan [25][26]. - The company has received regulatory attention for financial reporting discrepancies, but it has taken steps to rectify these issues [28]. Group 7: Lease and Property Issues - The company leases properties without corresponding ownership certificates, which may pose risks regarding the validity of the leases [29][30]. - The company has made commitments to mitigate potential losses arising from these lease agreements [32][37].

Core Viewpoint - The article discusses the upcoming IPO of Suzhou Lianxun Instrument Co., Ltd., which aims to raise approximately 1.711 billion yuan for various R&D projects in electronic measurement and semiconductor testing equipment [1]. Group 1: IPO Details - Lianxun Instrument plans to raise around 1.711 billion yuan through its IPO, with specific allocations for projects including 513 million yuan for next-generation optical communication testing equipment, 199 million yuan for automotive chip testing equipment, 385 million yuan for storage testing equipment, 304 million yuan for digital testing instruments, and 310 million yuan for the construction of a next-generation testing instrument R&D center [1]. - The company was established in 2017 with a registered capital of 77 million yuan, focusing on the R&D, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. Group 2: Company Background - The founder of Lianxun Instrument, Hu Haiyang, has a Ph.D. and extensive experience in the electronic measurement and semiconductor testing equipment industry, having worked for 15 years at Keysight Technologies, which originated from HP's electronic measurement division [2]. - Hu Haiyang transitioned to a marketing role at a newly established company before founding Lianxun Instrument, where he initially held a 55% stake through a proxy [2].

（联合动力上市敲钟仪式） 与2024年相比，2025年，江苏公司A股IPO数量和募资总额均有所增长，2024年，江苏一个有16家公司 在A股上市，募资总额约95亿元。 2025年已经收官，我们循例盘点过去一年，江苏省IPO情况。 A股市场，2025年，一共有29家江苏公司完成IPO，其中北交所8家、沪市主板8家、创业板8家、科创板 4家、深市主板1家。 2025年，全国一共有117家公司在A股上市，江苏占比约24.78%，数量位居全国第一。 过去一年，江苏29家新股合计募资资金209亿元，其中联合动力、强一股份、德力佳、锡华科技募资总 额超过10亿元，分别达到36.01亿元、27.56亿元、18.67亿元、10.10亿元。 | 市值排名 | 旺粥代码 | 旺勢名称 | 发上市日 | 发都集团金(亿元) | 与服务 | 高值(亿) | 行业 | 实际控制人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 301656.SZ | 联合动力 | 2025-09-25 | 36.01 | 苏州市 | 652.18 | 汽车零部件 | 未兴 ...