预案指出，此次定增是公司应对航空航天产业升级、抢占市场先机的关键举措。其中，拟投入募集资金 8.88亿元用于"起降系统产能扩建项目"。该项目旨在通过向产业链上游延伸，构建起落架主体结构的高 端锻造与精密加工能力，实现从"原材料处理-精密加工-系统总装"的垂直整合。分析认为，此举将有助 于公司减少中间环节成本，通过全产业链布局实现降本增效，进一步巩固公司在军机起降系统领域的市 场份额与盈利能力。 （文章来源：证券日报） 本报讯 （记者李乔宇）12月29日晚间，北京北摩高科摩擦材料股份有限公司（以下简称"北摩高科"） 披露2025年度向特定对象发行A股股票预案。公告显示，公司拟向特定对象发行股票募集资金总额不超 过19.70亿元，扣除发行费用后的净额将重点投向起降系统产能扩建项目、民航产品产业化项目及补充 流动资金。 在民用与新兴领域，北摩高科亦加速布局。随着国产大飞机C919进入商业运营与产能爬坡期，公司拟 投入3.04亿元用于"民航产品产业化项目"，意在加速民航刹车制动及起落架产品的适航取证与量产交 付，抢占国产替代机遇。此外，依托公司在碳碳复合材料及耐高温部件领域的技术积淀，本次产能升级 也将为公司未来切入 ...

近日，西安钢研功能材料股份有限公司（以下简称"钢研功能"）成功发行2025年面向专业投资者非公开发 行科技创新可转换公司债券，首期发行规模8000万元，期限为6年期，票面利率2.2%。该项目为上交所发布 《关于进一步支持发行科技创新债券服务新质生产力的通知》后全国首批落地的科技创新可转债项目。 本期债券由国信证券担任独立主承销商，首期发行即吸引了专业投资机构参与认购，市场反响积极，充分体现 了投资者对科技创新企业及科创可转债这一创新品种的高度认可，也展现了资本市场服务实体经济、支持科技 创新发展的强烈意愿。据悉，本次钢研功能科创可转债共获批规模3亿元，钢研功能将择机启动后续发行。 国内精密合金龙头亮相资本市场，致力推动国产替代提速 作为国内精密合金材料领域龙头企业，钢研功能定位于先进金属材料的国产化需求，致力于解决先进金属材料 上下游供需矛盾。经过三十余年的行业深耕，钢研功能形成了以因瓦合金4J36（Invar36）、可伐合金4J29 （Kovar）、热双合金主动层4J72、软磁合金1J22四类牌号为核心的产品格局，产品广泛应用于航空航天航 海、高端装备、低空飞行器、人工智能、半导体、氢能源、核电等国家战略重 ...

Investment Rating - The investment rating for the company is "Buy" [4]. Core Insights - The company is a leading provider of connectors in China, benefiting from trends in high-speed interconnectivity and liquid cooling [2][9]. - The demand for connectors is expected to grow significantly due to the booming data center construction and the increasing penetration of domestic products [9]. - The company has a strong position in the defense sector and is expanding its presence in the high-end manufacturing fields, including new energy vehicles and 5G communications [9]. Financial Forecast - Revenue is projected to grow from RMB 20,074 million in 2023 to RMB 35,076 million by 2027, with a compound annual growth rate (CAGR) of 24.2% [3]. - The net profit attributable to shareholders is expected to increase from RMB 3,339 million in 2023 to RMB 4,344 million in 2027, with a peak growth rate of 28.8% in 2027 [3]. - The earnings per share (EPS) is forecasted to rise from RMB 1.58 in 2023 to RMB 2.05 in 2027 [3]. Company Overview - The company specializes in high-end connectors for aviation, defense, and advanced manufacturing, with over 300 series and 250,000 varieties of products [9][17]. - It has a robust product portfolio that includes electrical connectors, optical devices, cable assemblies, and integrated products, widely used in various high-end manufacturing sectors [9][17]. - The company has been in operation for over 50 years and aims to become a "global first-class interconnection solution provider" [17]. Industry Insights - The connector market is experiencing steady growth, driven by increasing demand in both military and civilian applications, particularly in new energy vehicles and 5G communications [9][62]. - The trend towards high-speed, high-capacity, and low-latency connections is pushing the demand for advanced connectors, with a significant shift from air cooling to liquid cooling solutions anticipated [9][62]. - The Asian connector market, represented by China, is emerging as a key player, with substantial opportunities for domestic replacements in various sectors [9].

Core Viewpoint - Shanghai Tensu Intelligent Chip Co., Ltd. (Tensu) is launching an IPO in Hong Kong, aiming to raise approximately HKD 3.7 billion with a share price of HKD 144.6, marking a significant step in the domestic general GPU market [1][2] Group 1: IPO Details - The IPO subscription period is from December 30 to January 5, with shares expected to begin trading on January 8 [1] - The offering consists of 25.43 million shares, with 10% allocated for public sale in Hong Kong and the remainder for international placement [1] - The net proceeds will primarily fund R&D for general GPU chips and solutions, with 80% allocated for product development, 10% for sales and marketing, and 10% for operational expenses [1] Group 2: Company Background and Market Position - Tensu is recognized as a leading player in the domestic general GPU sector, with a cumulative shipment of over 52,000 units and a revenue compound annual growth rate (CAGR) of nearly 70% over the past three years [2][4] - The company has established a comprehensive product matrix, including the "Tianhai" training series and "Zhikai" inference series, catering to diverse computational needs across various industries [4][11] - Tensu has achieved significant milestones, being the first in China to mass-produce both inference and training general GPUs, as well as the first to utilize 7nm advanced technology for these products [7][8] Group 3: Financial Performance - Revenue has shown substantial growth, increasing from CNY 189 million in 2022 to CNY 540 million in 2024, with a projected revenue of CNY 324 million for the first half of 2025, reflecting a year-on-year growth of 64.2% [11][12] - The company maintains a high gross margin, with figures of 59.4%, 49.5%, and 49.1% from 2022 to 2024, and a rebound to 50.1% in the first half of 2025 [12] Group 4: Market Trends and Opportunities - The domestic general GPU market is experiencing a dual growth trend driven by surging demand and domestic substitution, with projections indicating a market size of CNY 1,546 billion by 2024 and CNY 7,153 billion by 2029 [14] - The market share of domestic general GPUs is expected to rise from 8.3% in 2022 to over 50% by 2029, highlighting the significant potential for domestic players like Tensu [14][15] - As a pioneer in the industry, Tensu is well-positioned to capitalize on market expansion and domestic substitution opportunities, supported by ongoing capital investment and a focus on next-generation chip development [15]

在模拟芯片行业逐步走出周期低谷、迎来复苏增长的关键阶段，国产电源管理芯片领域再传资本佳音。 12月26日，证监会官网披露信息显示，总部位于安徽合肥的伏达半导体正式在安徽证监局办理上市辅导备案登记，启动A股IPO进程，辅导机构为国泰海 通。而就在不久前的12月11日，该公司刚取得新三板挂牌同意函，短短半月内完成新三板与A股IPO的双重推进，看出这家专精特新企业加速资本化的决 心。 作为半导体产业链的"能源管家"，电源管理芯片广泛应用于消费电子、汽车电子、工业控制等核心领域，其性能直接决定终端设备的能效与续航表现，是 保障电子设备稳定运行的核心器件。尤其在AI服务器算力升级、汽车电动化智能化提速的当下，市场对高性能电源管理芯片的需求持续攀升，为国产厂 商带来了突围机遇。 成立于2014年的伏达半导体，正是这一赛道的核心玩家，凭借对有线及无线快充技术的深耕，已成长为业界领先的电源芯片及方案供应商，并斩获工信部 专精特新"小巨人"企业认定，彰显了在细分领域的硬实力。 伏达半导体聚焦消费类电子、移动配件、汽车电子、工业四大高增长领域，构建了覆盖无线充电接收和发射芯片、充电与电池管理芯片、汽车电子芯片、 通用模拟芯片及J ...

Core Viewpoint - Shanghai Tensu Zhixin Semiconductor Co., Ltd. (stock code "9903") has officially launched its IPO process on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.7 billion through the issuance of 25.43 million shares at a price of HKD 144.6 per share, with the listing expected on January 8 [1][3]. Fundraising Purpose - Approximately 80% of the net proceeds from the fundraising will be allocated to R&D for general-purpose GPU chips and acceleration cards, proprietary software stack development, and AI computing solutions [3][6]. - About 10% will be used for sales and marketing efforts, including channel expansion and brand building, while the remaining 10% will serve as working capital for daily operations and strategic initiatives [3][6]. Market Position and Growth - Tensu Zhixin is recognized as a leading player in the domestic general-purpose GPU sector, with a three-year revenue compound annual growth rate (CAGR) of nearly 70% and cumulative shipments exceeding 52,000 units [3][10]. - The company is viewed as a rare pure-play general-purpose GPU stock in the Hong Kong market, potentially filling a gap in the sector and providing investors with a key channel to participate in the domestic computing infrastructure development [3][12]. Product Development and Technology - The company has developed a product matrix centered around the "Tianhai" training series and "Zhikai" inference series, addressing diverse computing needs across various industries such as cloud computing, financial services, and healthcare [6][9]. - Tensu Zhixin is the first domestic company to achieve mass production of inference and training general-purpose GPUs, utilizing advanced 7nm technology [8][9]. Financial Performance - Revenue has shown significant growth, increasing from CNY 189 million in 2022 to CNY 540 million in 2024, with a projected revenue of CNY 324 million in the first half of 2025, reflecting a year-on-year growth of 64.2% [10][11]. - The gross margin has remained robust, with figures of 59.4%, 49.5%, and 49.1% from 2022 to 2024, and a recovery to 50.1% in the first half of 2025, indicating strong pricing power [11]. Industry Context - The domestic general-purpose GPU market is experiencing a dual growth trend driven by surging demand and domestic substitution, with the market size expected to reach CNY 154.6 billion by 2024, growing at a CAGR of 70.1% from 2022 to 2024 [12][13]. - The market share of domestic general-purpose GPUs has increased from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, highlighting the significant potential for domestic players like Tensu Zhixin [13][14].

12月30 日，国内通用 GPU领域领军企业——上海天数智芯半导体股份有限公司（ 股票简 称 "天数智芯" ， 股票代码 "9903" ）正式 启动招股， 计划在香港联交所主板上市 。 根据公告，天数智芯 12月30日起至1月5日招股，每股招股价144.6港元，每手100股，一手入场费约 14606港元，预期将于1月8日挂牌买卖。本次发售2543万股，集资约37亿港元，其中香港公开发售占 10%，其余为国际配售。 潜心研发通用GPU 明星资本重仓赋能 天数智芯成立于上海，是国内最早成立的通用GPU芯片企业，致力于打造高性能、高通用性和易迁移的AI算 力解决方案。 目前，天数智芯已形成以训练型"天垓"系列和推理型"智铠"系列为核心的通用GPU产品矩阵， 全面覆盖从 复杂模型训练到边缘端推理的多样化算力需求，在云计算、金融服务、智能制造、医疗健康等多个关键行 业取得广泛应用。 本次集资所得净额预计约80%将用于研发公司的产品及解决方案，包括在未来五年内投入通用GPU芯片及 加速卡的研发与商业化进程、通过扩充研发团队规模攻坚专有软件栈研发，以及布局AI算力一体化解决方案 的技术突破；约10%将在未来五年内用于销售及 ...

Core Viewpoint - Torrens Precision Manufacturing has submitted its application for an IPO on the ChiNext board, highlighting its position as a key supplier of semiconductor components to major clients like North Huachuang and Zhongwei Company, while facing scrutiny over its low R&D investment and ongoing related-party transactions [1][2][4]. Financial Performance - Torrens reported revenues of 283 million, 291 million, 610 million, and 373 million yuan for the years 2022 to 2025 (first half) respectively, with net profits of 33.94 million, 15.30 million, 106 million, and 60.85 million yuan during the same periods [2]. - The company's gross profit margins for the reporting periods were 29.84%, 22.39%, 29.45%, and 29.72% [4]. Product and Market Position - Torrens claims to be one of the preferred suppliers of metal components for domestic semiconductor equipment manufacturers, with over 50% of its revenue coming from semiconductor key process components [4]. - The average selling price of Torrens' semiconductor key process components increased from 9,057.93 yuan in 2022 to 13,200 yuan in the first half of 2025, with gross margins rising from 33.17% to 35.29% [5]. R&D Investment - Torrens' R&D expenditures were 5.55 million, 11.54 million, 23.42 million, and 15.11 million yuan for the years 2022 to 2025 (first half), representing 1.96%, 3.97%, 3.84%, and 4.05% of revenue, which is significantly lower than the industry average [6][7]. Client Dependency - Over 80% of Torrens' revenue comes from North Huachuang and Zhongwei Company, with sales to North Huachuang accounting for 46.18%, 44.06%, 52.11%, and 44.6% of total revenue during the reporting periods [8][9]. Inventory and Accounts Receivable - Torrens has seen an increase in inventory and accounts receivable, with inventory balances rising from 92.68 million to 197 million yuan over the reporting periods [10]. Financing and Valuation - Since 2022, Torrens has completed five rounds of financing, with a latest valuation of approximately 2.759 billion yuan following its most recent funding round [10]. - The company plans to issue up to 46.3684 million new shares in its IPO, aiming to raise 1.156 billion yuan for precision component manufacturing and R&D projects [11]. Related-Party Transactions - Torrens has ongoing related-party transactions, with significant procurement from companies controlled by its actual controller's family members, raising concerns about potential conflicts of interest [14][15].

Core Insights - The article discusses the successful hosting of the "Qihang·2025 Financial Annual Conference" in Beijing, where Tang Yefeng, Vice President and Secretary of the Board of Jiangsu Hanbang Technology Co., Ltd. (Hanbang Technology), shared insights on the company's post-IPO development, core technology industrialization, domestic substitution progress in chromatography equipment, and the "14th Five-Year Plan" strategic layout [1][2]. Company Overview - Hanbang Technology, established in 1998, focuses on chromatography technology, integrating R&D, production, and sales, primarily serving the pharmaceutical and life sciences sectors with professional separation and purification equipment, consumables, and related solutions [3]. - The company has a leading position in the domestic chromatography separation and purification equipment market, holding a 39.2% market share in production-level small molecule separation and purification equipment, ranking first, and an 8.8% market share in large molecule equipment, ranking third [3]. IPO Impact - The IPO completed in May 2025 is viewed as a significant milestone, acting as an "accelerator" for high-quality development across three dimensions: enhancing capital strength, improving governance structure, and increasing resource integration capabilities [4]. - Funds raised from the IPO are directed towards projects such as the annual production of 1,000 liquid chromatography equipment and the establishment of a chromatography separation equipment R&D center, which will support capacity expansion and sales growth [4]. Value Communication - The role of the Secretary of the Board is crucial in conveying value for technology-intensive newly listed companies, focusing on translating complex technical systems into understandable market value propositions and establishing communication channels with investors [5]. Technological Advancements - Hanbang Technology has developed a unique technology system characterized by "one core, two nuclei, and multiple uses," focusing on core chromatography column technology and expanding into various product and service applications [6]. - The company is committed to continuous R&D investment and has established platforms such as provincial engineering research centers to tackle key technologies and enhance industrialization [6]. Domestic Substitution Progress - The domestic substitution of chromatography separation and purification equipment is at a critical stage, with Hanbang Technology leading in small molecule production equipment and accelerating its market share in large molecule equipment [7]. - The company has established three differentiated advantages: competitive product performance, localized service capabilities, and a comprehensive product line offering customized solutions [7]. Strategic Focus for the 14th Five-Year Plan - The "14th Five-Year Plan" emphasizes high-quality development and technological self-reliance, presenting significant opportunities for the biopharmaceutical upstream equipment industry [8]. - Hanbang Technology is focusing on three key areas: large molecule biopharmaceuticals, nucleic acid and peptide drugs, and the domestic substitution of chromatography fillers, aiming to break the monopoly of foreign brands [8].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering registration of Chengdu Hongming Electronics Co., Ltd., indicating a significant step for the company in the capital market [1] Company Overview - Chengdu Hongming Electronics Co., Ltd. specializes in the research, production, and sales of new electronic components, primarily focusing on passive components such as capacitors and resistors, with applications in consumer electronics and automotive electronics [4] - The company has over 60 years of experience in electronic component manufacturing and possesses multiple proprietary core technologies, including multilayer ceramic capacitors (MLCC) and various types of capacitors and sensors [4][5] - Hongming Electronics is recognized for its full industry chain capabilities, from high-quality electronic materials to electronic components, and has achieved several domestic firsts in military-standard production lines [5] Market Position - The passive component industry in China holds approximately 44% of the global market share, with a high domestic market penetration in mid-to-low-end products, such as resistors with a domestic production rate of 85% [6] - However, the high-end market, particularly in automotive and aerospace sectors, remains dominated by Japanese manufacturers, with significant challenges in achieving competitive quality and technology [6][7] Industry Challenges - The industry faces high technical and certification barriers, particularly for high-end products that require rigorous reliability and lifespan standards [7] - Intense internal competition and profit pressures exist due to a concentration of domestic firms in the mid-to-low-end market, leading to a risk of structural oversupply [7] - Supply chain security and external uncertainties, such as fluctuations in raw material prices and international trade conditions, pose additional challenges [7] Future Directions - The industry is expected to focus on material innovation, technological upgrades, and supply chain restructuring, with an emphasis on self-sufficiency in materials and advancements in miniaturization and integration technologies [9] - The transition from "domestic substitution" to "domestic leadership" in the passive component sector is critical, requiring ongoing investment in foundational material research and high-end customer certification [9]