Core Viewpoint - Youyan Metal Composite Materials (Beijing) Co., Ltd. is advancing its IPO on the Sci-Tech Innovation Board, aiming to raise approximately 900 million yuan for various projects and working capital [1] Group 1: Company Overview - Youyan Metal Composite Materials is a high-tech enterprise focused on the research, production, and sales of metal composite materials and special non-ferrous metal alloy products [1] - The company's business is divided into two segments: metal composite materials and special non-ferrous metal alloy products [1] Group 2: IPO Details - The IPO application was accepted on June 30, 2025, and entered the inquiry stage on July 21, 2025 [1] - The funds raised will be allocated to the second phase of the advanced metal matrix composite materials industrialization project, a research and development center project, and to supplement working capital [1] Group 3: Financial Performance - For the first half of 2025, Youyan Metal Composite Materials reported an operating income of approximately 240 million yuan and a net profit attributable to shareholders of about 14.41 million yuan [1] - Historical financial data shows the following operating income and net profit from 2022 to 2024: - 2022: Operating income of approximately 414 million yuan, net profit of about 58.31 million yuan - 2023: Operating income of approximately 498 million yuan, net profit of about 53.88 million yuan - 2024: Operating income of approximately 610 million yuan, net profit of about 65.55 million yuan [1]

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. is set to go public on the Sci-Tech Innovation Board, planning to issue no more than 16.93 million shares, with significant revenue and profit growth overshadowed by concerns regarding customer dependency and data discrepancies [2][3][4]. Financial Performance - During the reporting period from 2022 to June 2025, Hengyun Chang achieved revenues of 158.158 million yuan, 325.2685 million yuan, 540.7903 million yuan, and 304.0563 million yuan, with net profits of 26.1879 million yuan, 79.8273 million yuan, 141.5402 million yuan, and 69.3476 million yuan, indicating a robust compound annual growth rate [3][4]. - The company’s revenue is heavily reliant on its top customer, Tuojing Technology, which accounted for over 60% of its income during the reporting period [4][5]. Customer Dependency - Sales to Tuojing Technology represented 45.23%, 58.16%, 63.13%, and 62.06% of Hengyun Chang's revenue in the respective years, highlighting a growing dependency on this single customer [4][5]. - Tuojing Technology holds a 3.42% stake in Hengyun Chang, raising questions about the company's independence despite the claim that this does not constitute a related party transaction [4][5]. Data Discrepancies - There are notable discrepancies in the reported transaction data between Hengyun Chang and Tuojing Technology, with a difference of 2.599 million yuan in sales figures that remains unexplained [6][7]. Fundraising and Investment Projects - Hengyun Chang aims to raise 146.9 million yuan through its IPO for various projects, including a semiconductor RF power system industrialization project and a smart production base for core components [8]. - The rationale for raising 16.9 million yuan for working capital is questioned, given the company's substantial cash reserves, which exceeded 42.7113 million yuan by the end of 2024 [8][9]. Financial Stability - Hengyun Chang exhibits strong short-term solvency, with current ratios of 4.72, 8.12, 6.21, and 6.39, significantly higher than industry averages [9]. - The company's debt-to-asset ratios remain low at 28.86%, 14.53%, 16.84%, and 15.78%, indicating a solid financial structure and minimal debt burden [9].

Core Viewpoint - Shenzhen Haoying Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, focusing on the development and production of drone power systems and electric vertical takeoff and landing (eVTOL) power systems [1] Company Overview - Haoying Technology is primarily engaged in the research, production, and sales of drone power systems [1] - The company is significantly investing in the eVTOL power system sector [1] IPO Details - The IPO application was accepted on October 23, 2025 [1] - Haoying Technology aims to raise approximately 1.96 billion yuan, with the net proceeds after issuance costs to be fully invested in the high-end power system intelligent industrial park project (Phase I), the upgrade of the Haoying R&D center, and to supplement working capital [1]

Core Viewpoint - The Shanghai Stock Exchange has decided to terminate the review of Fujian Haichuang Optoelectronics Technology Co., Ltd.'s application for an initial public offering (IPO) and listing on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Fujian Haichuang Optoelectronics specializes in laser optical components and modules, providing solutions for various laser application systems [3] - The company has established four main business segments: LiDAR, industrial lasers, optical communications, and biomedical applications [3] Group 2: Shareholding Structure - The controlling shareholder of Haichuang Optoelectronics is Fuzhou Rongpu, which holds 16.80375 million shares, accounting for 25.79% of the total shares [4] - The actual controller of the company is Ling Jiwu, who directly holds 2.65% of the shares and indirectly controls 30.21% of the voting rights through Fuzhou Rongpu and his associates [4] Group 3: IPO Details - Haichuang Optoelectronics initially planned to issue 22.8328 million shares, representing 25.95% of the total shares post-issue [4] - The company aimed to raise 760 million yuan for projects including the Haichuang Optoelectronics Industrial Park (Phase I) and the headquarters and R&D center [4][5] - The total investment for the Industrial Park project is approximately 598.9074 million yuan, with 570 million yuan planned for investment [5]

Core Viewpoint - 易思维(杭州)科技股份有限公司 is preparing for an IPO on the Sci-Tech Innovation Board, focusing on machine vision solutions for the automotive manufacturing sector, with a planned fundraising of approximately 1.214 billion yuan [1] Company Overview - 易思维 specializes in the research, production, and sales of machine vision equipment for automotive manufacturing, providing solutions for various processes in vehicle and component manufacturing [1] - The company’s IPO application was accepted on June 5, 2025, and it entered the inquiry phase on June 27 of the same year [1] Financial Performance - In the first half of the year, the company reported a net loss, contrasting with previous years' profitability [1] - Financial data shows that the company achieved revenues of approximately 223 million yuan, 355 million yuan, 392 million yuan, and 125 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [1] - Corresponding net profits for the same periods were approximately 6.40 million yuan, 61.04 million yuan, 85.46 million yuan, and a loss of 4.86 million yuan [1] IPO Requirements - The company aims to meet specific listing criteria, including a projected market value of no less than 1 billion yuan, positive net profits in the last two years, and a cumulative net profit of no less than 50 million yuan [1]

Core Viewpoint - Yisiwei (Hangzhou) Technology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, focusing on machine vision solutions for the automotive manufacturing sector [1] Financial Performance - In the first half of 2025, Yisiwei reported revenue of approximately 125 million yuan and a net profit attributable to shareholders of approximately -4.8551 million yuan [1] - Historical revenue figures show that from 2022 to 2024, the company achieved revenues of approximately 223 million yuan, 355 million yuan, and 392 million yuan respectively [1] - Corresponding net profits for the same years were approximately 6.4012 million yuan, 61.0386 million yuan, and 85.4606 million yuan [1] IPO Details - The company aims to raise approximately 1.214 billion yuan through the IPO, which will be allocated to the industrialization of machine vision products, the establishment of a research and development center, and to supplement working capital [1] - The IPO was accepted on June 5, 2025, and entered the inquiry stage on June 27, 2025 [1]

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, showcasing significant revenue growth from a net loss in 2022 to over 400 million yuan in profit in the first half of 2025, despite increasing reliance on a major client for revenue [1][5]. Financial Performance - Shenghe Jingwei's revenue for the years 2022 to 2025 (first half) is reported as approximately 1.633 billion yuan, 3.038 billion yuan, 4.705 billion yuan, and 3.178 billion yuan respectively, with net profits of -329 million yuan, 34.13 million yuan, 214 million yuan, and 435 million yuan [5][8]. - The company has seen a significant increase in revenue concentration from its top five clients, with sales to the largest client (Client A) accounting for 40.56%, 68.91%, 73.45%, and 74.4% of total revenue during the same periods [5][6]. Client Dependency - The high dependency on Client A raises concerns about operational stability, as any issues with this client could severely impact revenue [7]. - Shenghe Jingwei has established long-term cooperative relationships with major clients, which may help mitigate risks associated with client concentration [6][7]. Capital Expenditure and Capacity Expansion - The company plans to raise approximately 4.8 billion yuan for capacity expansion, with 4 billion yuan allocated to a 3D multi-chip integration packaging project and 800 million yuan for a high-density interconnect project [8][9]. - Despite the planned expansion, the current capacity utilization rates for various segments remain below saturation, with rates of 65.61%, 75.22%, 77.76%, and 79.09% from 2022 to the first half of 2025 [9]. Research and Development - The proportion of R&D personnel has been declining, with figures of 486, 624, 734, and 663 employees, leading to a decrease in the R&D personnel ratio from 18.13% to 11.11% over the reporting periods [10][11]. - Although R&D expenditures have increased, the R&D expense ratio has decreased due to faster revenue growth compared to R&D spending, with rates of 15.72%, 12.72%, 10.75%, and 11.53% [11]. Corporate Governance - Shenghe Jingwei has a dispersed shareholding structure with no controlling shareholder, which may lead to challenges in decision-making due to differing interests among shareholders [12]. - The company claims to have established a clear governance structure to ensure effective decision-making and operational efficiency [12].

Core Insights - The article discusses the recent IPO frenzy in the STAR Market, highlighting the underlying institutional strategies that drive stock performance [1][2]. Group 1: IPO Market Developments - Recent progress in the STAR Market includes successful registrations for companies like Muxi Integrated Circuit and Ningbo Jianxin Superconducting, with others like Taijin New Energy and Haoying Technology under review [2][3]. - These companies are positioned in high-tech sectors such as GPU chips, superconducting magnets, and drone power systems, indicating their potential for growth [3]. Group 2: Institutional Strategies - The article emphasizes the importance of understanding institutional trading behaviors, particularly the concept of "washing" stocks to eliminate weak hands and secure stronger positions [4]. - "Washing" involves institutions deliberately depressing stock prices to create a perception of a downturn, which can mislead retail investors into selling their shares [4]. Group 3: Characteristics of Institutional Trading - The article outlines three typical characteristics of institutional washing, including the use of data analytics to track trading behaviors and identify patterns that signal institutional activity [5][9]. - The analysis of "institutional inventory" and "short covering" data can reveal when institutions are accumulating shares, often leading to subsequent price increases [9][13]. Group 4: Phases of Stock Performance Post-IPO - Newly listed companies typically experience three phases: a high volatility period, a consolidation phase where institutions accumulate shares, and a main upward trend once the accumulation is complete [14]. - Understanding these phases can help investors better navigate the market and avoid impulsive decisions based on short-term fluctuations [14]. Group 5: Recommendations for Investors - Investors are advised to remain patient and not be swayed by short-term market volatility, as the true value of quality companies takes time to manifest [15]. - Learning to recognize institutional trading patterns through quantitative tools can provide insights beyond traditional chart analysis [15]. - Maintaining a flexible investment strategy is crucial, allowing for adjustments based on market conditions rather than rigid adherence to a single approach [15].

Core Viewpoint - Shanghai Super Silicon Semiconductor Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, aiming to raise approximately 4.965 billion yuan for expansion and R&D projects in the semiconductor sector [1] Group 1: Company Overview - Shanghai Super Silicon specializes in the research, production, and sales of 300mm and 200mm semiconductor silicon wafers, which are in high demand in the global semiconductor market [1] - The company also engages in silicon wafer regeneration and post-processing services, establishing itself as a well-known international silicon wafer manufacturer [1] Group 2: IPO Details - The IPO application was accepted on June 13, 2025, and entered the inquiry phase on July 2, 2025 [1] - The funds raised will be allocated to the expansion of 300mm thin-layer silicon epitaxial wafer production, high-end semiconductor silicon material R&D, and to supplement working capital [1] Group 3: Financial Performance - For the first half of 2025, the company reported an operating revenue of approximately 756 million yuan, with a net profit attributable to shareholders of approximately -736 million yuan [1] - Historical financial data shows operating revenues of approximately 921 million yuan, 928 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024 respectively, with corresponding net profits of -803 million yuan, -1.044 billion yuan, and -1.299 billion yuan [1]

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully registered its IPO on the Sci-Tech Innovation Board, marking a significant step in its growth strategy [1] Company Overview - Angrui Micro specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1] IPO Details - The IPO application was accepted on March 28, 2025, entered the inquiry stage on April 15, 2025, and was approved on October 15, 2025, with registration submitted on the same day [1] - The company aims to raise approximately 2.067 billion yuan through this IPO [1] Fund Utilization - After deducting issuance costs, the raised funds will be allocated to the following projects: - R&D and industrialization of 5G RF front-end chips and modules - R&D and industrialization of RF SoC chips - Construction of headquarters and R&D center [1]