Core Viewpoint - The article discusses the upcoming IPOs in the A-share market, highlighting five companies that will be available for subscription this week, emphasizing their business focus and financial performance. Group 1: Upcoming IPOs - This week (October 13-17), there will be five new stocks available for subscription in the A-share market, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with an IPO price of 13.75 CNY per share and a subscription limit of 32,000 shares per account [1][2] - He Yuan Bio is an innovative biopharmaceutical company with a subscription limit of 14,000 shares per account, focusing on recombinant human albumin production [3][4] - Chao Ying Electronics specializes in automotive electronic PCBs, with a subscription limit of 12,500 shares per account [5][7] - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, with a subscription limit of 53,500 shares per account [8][9] - Biobetter focuses on innovative drug development for major diseases, with a subscription limit of 14,000 shares per account [10][12] Group 2: Financial Performance - Marco Polo's projected revenues for 2022-2024 are 8.661 billion CNY, 8.925 billion CNY, and 7.324 billion CNY, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [2] - He Yuan Bio's projected revenues for 2022-2024 are 0.13 billion CNY, 0.24 billion CNY, and 0.25 billion CNY, with net losses of 1.44 billion CNY, 1.87 billion CNY, and 1.51 billion CNY [3][4] - Chao Ying Electronics' projected revenues for 2022-2024 are 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [6][7] - Xi'an Yicai's projected revenues for 2022-2024 are 1.055 billion CNY, 1.474 billion CNY, and 2.121 billion CNY, with net losses of 0.412 billion CNY, 0.578 billion CNY, and 0.738 billion CNY [8][9] - Biobetter's projected net losses for 2022-2024 are 0.188 billion CNY, 0.173 billion CNY, and 0.056 billion CNY [10][11]

Group 1: New IPOs and Market Overview - This week (October 13 to 17), there are 5 new stocks available for subscription, including 1 from the Shanghai Main Board, 1 from the Shenzhen Main Board, and 3 from the Sci-Tech Innovation Board [1][2] - Xi'an Yicai ranks second in total shares issued among new stocks in the Shanghai and Shenzhen markets since 2025, indicating a potentially high probability of winning the subscription [1] - Marco Polo, a new stock on the Shenzhen Main Board, has an issue price of 13.75 yuan and a price-to-earnings ratio of 14.27, compared to the industry average of 28.02 [2] Group 2: Company Profiles and Financials - He Yuan Bio, launching on October 14, focuses on plant-based recombinant protein technology and has 8 products in development or on the market. Its core product, HY1001, is the first recombinant human albumin drug approved in China, addressing a market size of approximately 30% of human serum albumin [1][3] - Marco Polo is the largest manufacturer and seller of building ceramics in China, with a total fundraising amount of 1.643 billion yuan from its IPO [2] - Xi'an Yicai, a leading supplier of 12-inch silicon wafers, aims to raise 4.9 billion yuan through its IPO [4] - Biotech company Bibet focuses on innovative drug development for major diseases and plans to raise 2.005 billion yuan in its IPO [4] Group 3: Upcoming IPO Meetings - Three companies are scheduled for IPO meetings this week: Youxun Co. and Angrui Micro on the Sci-Tech Innovation Board, and Tian Su Measurement on the Growth Enterprise Market [5][6] - Youxun Co. specializes in optical communication chips and aims to raise 809 million yuan [6] - Angrui Micro focuses on RF and analog integrated circuit design, with a planned fundraising of 2.067 billion yuan [6] - Tian Su Measurement provides third-party measurement and testing services, targeting a fundraising of 424 million yuan [6]

Summary of Upcoming IPOs - Next week, there will be 5 new stock subscriptions, including 2 from the main board and 3 from the Sci-Tech Innovation Board [1] - Each trading day next week will feature one new stock subscription, with higher subscription rates expected for Marco Polo and Xi'an Yicai due to their larger issuance volumes [1] Company Profiles Marco Polo - Marco Polo is a leading company in the domestic building ceramics industry, with an issuance price of 13.75 CNY per share and a price-to-earnings ratio of 14.27, compared to the industry average of 32.2 [2][3] - The company plans to issue 11,949,200 shares, with a maximum subscription limit of 32,000 shares, requiring a market value of 320,000 CNY in the Shenzhen market [2] - Revenue projections for Marco Polo are 8.661 billion CNY in 2022, 8.925 billion CNY in 2023, and 7.324 billion CNY in 2024, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [3] He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company focused on plant-derived recombinant protein expression technology [4][5] - The company plans to issue 8,945,140 shares, with a maximum subscription limit of 14,000 shares, requiring a market value of 140,000 CNY in the Shanghai market [5] - He Yuan Bio's innovative drug, recombinant human albumin injection (rice), was approved for market in July [5] Chao Ying Electronics - Chao Ying Electronics is a core supplier of automotive electronic PCBs, ranking among the top ten globally and top five in China [7][8] - The company plans to issue 52,500,000 shares, with a maximum subscription limit of 12,500 shares, requiring a market value of 125,000 CNY in the Shanghai market [8] - Revenue projections for Chao Ying Electronics are 3.514 billion CNY in 2022, 3.656 billion CNY in 2023, and 4.124 billion CNY in 2024, with net profits of 141 million CNY, 266 million CNY, and 276 million CNY respectively [8] Xi'an Yicai - Xi'an Yicai is a leading domestic semiconductor materials company, with the second-largest issuance volume among new stocks this year [9][10] - The company plans to issue 53,780,000 shares, with a maximum subscription limit of 53,500 shares, requiring a market value of 535,000 CNY in the Shanghai market [10] - Xi'an Yicai is the largest supplier of 12-inch silicon wafers to major domestic logic wafer foundries and has a significant market presence [11] Biobetter - Biobetter focuses on the independent research and development of innovative drugs, particularly in oncology and autoimmune diseases [12][13] - The company plans to issue 90,000,000 shares, with a maximum subscription limit of 14,000 shares, requiring a market value of 140,000 CNY in the Shanghai market [13] - Biobetter's core product, BEBT-908, has been approved for market, while other products are still in development [13]

Group 1: Company Developments - Aomeisen's stock debuted with a significant increase of 337.70%, opening at 36.11 yuan and reaching a high of 39.89 yuan before closing at a 349.82% gain at 37.11 yuan, with a trading volume of 18.08 million shares and a turnover of 668 million yuan [1] - Nant Technology has successfully registered, focusing on precision mechanical components, with a market share of 13.28% in the compressor parts sector, collaborating with major companies like Midea and Gree in 2024 [3] - Seven companies have successfully registered, including Nant Technology, while two others, including Hengtong Light, have submitted registration [3][4] Group 2: Market Overview - The Shanghai Composite Index fell by 0.94%, the Shenzhen Component Index decreased by 2.7%, and the ChiNext Index dropped by 4.55%, with a total market turnover of 2.52 trillion yuan, down by 137.58 billion yuan from the previous trading day [3] - There are no new REIT listings or approvals, but two REITs, Zhonghai Commercial REIT and Shenruan REIT, are set for subscription on October 13 [5]

Core Viewpoint - The IPO of Xuan Zhu Bio-B (02575.HK), a subsidiary of Sihuan Pharmaceutical, is a significant step in the company's innovative research and development strategy, attracting market attention amid a favorable environment for the pharmaceutical/biotech sector [1] Business Positioning and Pipeline Layout - Xuan Zhu Bio focuses on innovation-driven drug development and commercialization, targeting areas such as digestive system diseases, oncology, and NASH (non-alcoholic steatohepatitis) [2] - The company has over ten drug assets at various stages, including three products with NDA approval, one project in NDA registration, one in Phase III clinical trials, and several in Phase I or with IND approval [2] - Core products include: - KBP-3571: An innovative proton pump inhibitor for digestive diseases, already commercialized - XZP-3287: A CDK4/6 inhibitor for breast cancer (HR+/HER2−), NDA approved - XZP-3621: An ALK inhibitor for non-small cell lung cancer (NSCLC), NDA approved [2] Financial Status and Operating Conditions - In 2022, the company had negligible revenue, with revenue starting to appear in 2023 at approximately several tens of millions of RMB, and a slight increase expected in 2024, but still not profitable [3] - The company is experiencing significant losses, with high R&D expenditures contributing to the losses, and cash flow issues evident with a negative operating cash flow of -95.76 million RMB as of June 2025 and only about 8.558 million RMB in cash [3] IPO Highlights and Fundraising Arrangements - Key IPO details include: - Offering price: HKD 11.60 per share - Total shares offered: 67.33 million H-shares - Public offering ratio: 10% (approximately 6.73 million shares) - Total fundraising amount: approximately HKD 781 million - Market capitalization post-listing: approximately HKD 6.008 billion [5][6] Valuation Levels and Comparative Perspectives - The IPO pricing corresponds to a total market capitalization of approximately HKD 6.008 billion, indicating a potentially aggressive valuation in the current high-risk/high-expectation environment for new drugs [6][7] Industry Trends - The pharmaceutical sector is increasingly driven by themes and expectations, with new stocks often experiencing significant speculative trading on their debut [8] Competitive Landscape and Barriers - The innovative drug development process is characterized by high risks, long cycles, and high costs, with a high failure rate; delays or failures in pipeline projects can lead to significant expectation risks [9] Summary of Risks - The company is currently unprofitable, and its future profitability remains uncertain, which is critical for market valuation acceptance [10] - The company faces cash flow risks due to weak cash reserves and negative operating cash flow, which could hinder operational progress if financing becomes difficult [12] - There are risks associated with pipeline advancement, clinical trials, and regulatory approvals, as many projects are still in early to mid-stages [12] - The company operates in a highly policy-dependent environment, where changes in healthcare negotiations and pricing policies could impact profit margins [13]

Core Viewpoint - The company is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, providing centralized operation services for medical consumables to hospitals [2] Summary by Category Company Overview - The company started its subscription on September 16, with an issue price of 7.05 yuan per share, a pre-issue market value of 25.25 billion yuan, and an issue price-to-earnings (P/E) ratio of 13.29 times, compared to the industry average P/E ratio of 25.73 times [2] Financial Performance - Revenue projections from 2022 to 2024 are 11.88 billion, 15.44 billion, and 17.92 billion yuan, respectively, with a year-on-year growth of 16.06% in 2024 [2] - Net profit for the same period is projected to be 189.2 million, 226.9 million, and 273.8 million yuan, with a year-on-year growth of 20.68% in 2024 [2] - For the third quarter of 2025, the company expects revenue growth of 10% to 15% year-on-year, and net profit growth of 30% to 40%, with non-recurring net profit growth of 26% to 40% [2] Valuation Comparison - In comparison with peer companies, the company's dynamic and static P/E ratios indicate a relatively low valuation, with a dynamic P/E of 10.65 and a static P/E of 13.29 [3] - The company has a total market value of 29.71 billion yuan and a circulating market value of 4.46 billion yuan, with an issue price considered inexpensive [3] Market Sentiment - The company is state-owned, with a 51% shareholding by state-owned enterprises, and the expected price increase on the first day of trading is between 248.1% and 413.5% [3]

投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游艇赢套餐跟给圆感插 今日无新债 今日上。 (0) (1) 今日中签缴 .. 今日申 .. 股 长江能科 920158 EE 申购指南 > 5.33 发行/行业市盈率 15.48/36.78 申购 上限 142.5万股 发行价(元) 免责声明 ...

Group 1: New Stock Offerings - Two new stocks are available for subscription: Rui Li Ke Mi (001285.SZ) on the Shenzhen Main Board and Yun Han Xin Cheng (301563.SZ) on the ChiNext Board, along with the listing of Shi Chang Co., Ltd. (920022.BJ) on the Beijing Stock Exchange [1] Group 2: Rui Li Ke Mi - Rui Li Ke Mi is a national high-tech enterprise specializing in the R&D, production, and sales of core components for active safety systems in motor vehicles [2] - The company holds a leading position in the commercial vehicle pneumatic electronic control braking system sector, with its brand "Kormee" recognized as a top industry brand [2] - From 2014 to 2023, Rui Li Ke Mi ranked first in the production and sales of braking anti-lock devices (ABS) for ten consecutive years, with a market share of 1st place from 2021 to 2023 [2] - The company has experienced significant revenue fluctuations, with projected revenues of 1.326 billion yuan, 1.76 billion yuan, and 1.977 billion yuan from 2022 to 2024, and net profits of 97 million yuan, 236 million yuan, and 269 million yuan respectively [3] Group 3: Yun Han Xin Cheng - Yun Han Xin Cheng is an innovative high-tech enterprise focusing on the distribution of electronic components and the integration of industrial internet, recognized as a leading B2B company in China's electronic components sector [4] - The company operates a B2B online marketplace and provides a one-stop supply chain service for the electronic manufacturing industry, including product design and PCBA manufacturing services [4] - Projected revenues for Yun Han Xin Cheng are 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan from 2022 to 2024, with net profits of 136 million yuan, 79 million yuan, and 88 million yuan respectively [4] Group 4: Shi Chang Co., Ltd. - Shi Chang Co., Ltd. specializes in the R&D, production, and sales of automotive fuel systems, particularly high-pressure plastic fuel tanks [6] - The company has established stable partnerships with major automotive manufacturers, including Geely, Chery, and BYD, and has seen significant revenue growth with total revenues of 282 million yuan, 406 million yuan, and 515 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 35.23% [6] - Net profits for the same period are projected at 18.12 million yuan, 51.93 million yuan, and 69.24 million yuan, with a compound annual growth rate of 95.50% [6] Group 5: Industry Challenges - The automotive fuel tank industry faces challenges due to the rise of electric vehicles, which do not require fuel tanks, potentially reducing market demand for traditional fuel systems [7] - Shi Chang Co., Ltd. acknowledges the risk of declining demand for its products if the market for traditional fuel vehicles diminishes significantly due to advancements in electric vehicle technology [7]

每天解读一家上市企业 买股票就是买公司的未来，解读上市公司，分析投资价值 （股万0.85，免费领上市招股书和香港福利，ichuang001） 奇瑞汽车历时二十一年终圆上市梦，9月17日-22日在港交所申购 今天，我们来给大家分析港交所新股——奇瑞汽车（09973） 奇瑞汽车股份有限公司创始于1997年，总部位于中国芜湖，产品包括燃油车和新能源汽车，市场覆盖100多个国家和地区。 | 在全球前二十大乘用車公司當中排名第一 | | | | 人民幣269,897百萬元及 | | --- | --- | --- | --- | --- | | 2024年同比增長49.4%(6) | | | | 同比增長65.4%(7 | | 唯一全球前二十大乘用車公司 | | | | 2024年收入 | | 新能源汽車銷量、燃油車銷量、國內銷量及海外銷量同比增長超過25.0%(0) | | | | 人民幣14,334百萬元 | | 265%+ | 29%+ | 55%+ | 35%+ | | | 新能源汽車銷量 | 燃油車銷量 | 國内銷量 | 海外鎖量 | 及同比增長37.2%() | | 同比增長(6) | 同比增長(e) | ...

Core Viewpoint - The company, JinHua New Materials, has initiated its IPO with a price of 18.15 yuan and a P/E ratio of 11.52 times, aiming to raise approximately 5.93 billion yuan for various projects [1][2]. Group 1: IPO Details - The initial issuance quantity is 32.67 million shares, with an online issuance of 26.13 million shares, and a total share capital post-issuance of 131 million shares [1][2]. - The company has authorized Zheshang Securities to allocate an additional 4.90 million shares to online investors, increasing the online issuance to 31.03 million shares [1][2]. - The strategic placement of shares amounts to 6.53 million shares, representing 20% of the initial issuance scale [1][2]. Group 2: Fundraising and Project Allocation - The total expected fundraising amount is 593 million yuan, which could increase to 682 million yuan if the overallotment option is fully exercised [1][2]. - The raised funds will be directed towards several projects, including: - 60kt/a high-end coupling agent project: 506.90 million yuan - Ketoxime silicon new materials research institute: 136.22 million yuan - Intelligent factory construction for the ketoxime industry chain: 63.11 million yuan - Marketing network construction: 38.61 million yuan - 500 tons/year JH-2 pilot project: 23 million yuan [2]. Group 3: Financial Performance - The company’s net profit for 2022, 2023, and 2024 is projected to be 79.59 million yuan, 173 million yuan, and 211 million yuan, respectively, with year-on-year changes of -67.34%, 116.74%, and 22.28% [2]. - Key financial indicators for 2024 include total assets of 1.32 billion yuan, net assets of 842.66 million yuan, and operating income of 1.24 billion yuan [3][4]. - The diluted earnings per share for 2024 is projected at 2.15 yuan, with a return on equity of 28.19% [4].