据北交所官网，2025年12月31日，江苏方意摩擦材料股份有限公司（下称"方意股份"）IPO申请获受 理，保荐机构为东吴证券。 资料显示，方意股份成立于2010年，专业从事制动摩擦产品的研发、生产和销售，主要产品为盘式刹车 片以及鼓式刹车蹄。 业绩方面，报告期（2022年至2024年度、2025年上半年），方意股份分别实现营收约1.93亿元、2.05亿 元、2.53亿元、1.36亿元，归母净利润约4451.39万元、4724.96万元、4613.61万元、2464.83万元。 股权结构方面，方意股份实际控制人为宦传方、吴云夫妇及其女宦欣彤，三人合计控制公司79.10%股 权。其中，宦传方任公司董事长、吴云任公司副经理。2023年11月5日，宦传方与其女宦欣彤签署《股 权转让协议》，将其持有方意股份330万股以0元的价格转让给宦欣彤。 方意股份表示，若公司相关制度不能有效执行，可能存在实际控制人利用其控制地位对公司经营决策、 财务规范、人事任免等方面实施不利影响，甚至使得公司治理、内部控制失效，进而对公司经营及其他 股东利益造成一定损害的风险。 据招股书，2022年至2023年，宦传方、吴云及盐城市鑫硕贸易有限 ...

专题：专题：价值重估 行稳致远——年终盘点&2026资本市场展望 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：劳阿毛 2025年A股控制权市场有个很重要的特点，最为抢手的壳是大股东持股比例高的次新股壳，除了高股比 外这些壳还有些通行的优点。比如基本面正常没有保壳压力，账上保留部分现金甚至还有很强的举债能 力。另外，大股东出让控制权后未来有意愿回购主业资产，能够留下大量现金未来转型。 但是，之前选壳的标准可不是这样的。 前些年大家选壳的标准可不是这样的，可能会首要考虑市值大小，不会特别注重大股东持股比例。另 外，希望壳越烂越好——很多ST公司被各种挑选，另外对壳内资产价值没有啥要求，尽可能要求资产 体量小，未来剥离代价和难度小就OK。简单说，之前借壳交易主要是做增量，核心操作方式是"借尸还 魂"，所以在意的是咸鱼翻身的可行性，以及借壳后新股东的股权比例。 这些变化，背后的合理逻辑是什么呢？ 其实，买壳操作的底层逻辑并没有变，比如追求终极操作的可行性，新老股东在交易条件和后续发展的 利益平衡和共赢，另外就是操作能够得到监管部门的"祝福"等。最终实现非上市资产的证券化，获得融 资 ...

Group 1: Salt Lake Co. and Tianqi Materials - Salt Lake Co. expects a net profit of 8.29 billion to 8.89 billion RMB for 2025, representing a year-on-year growth of 77.78% to 90.65% [1] - The company reported a potassium chloride production of approximately 4.9 million tons and a sales volume of about 3.8143 million tons, with a price increase in potassium chloride products compared to the previous year [2] - Tianqi Materials anticipates a net profit of 1.1 billion to 1.6 billion RMB for 2025, with a growth range of 127.31% to 230.63%, driven by the increasing demand in the new energy vehicle and energy storage markets [3][4] Group 2: Huahong and Other IPOs - Huahong plans to acquire 97.5% of Huali Micro's shares for a total transaction price of 8.268 billion RMB, enhancing its 12-inch wafer foundry capacity [5][6] - Zhejiang Huasheng Radar's IPO has been accepted, aiming to raise 1.15 billion RMB for advanced radar manufacturing and research projects [7] - Guangdong Zhongtu Semiconductor's IPO has been accepted, with plans to raise 1.05 billion RMB for projects related to LED chip substrate manufacturing [8] Group 3: Financial Performance Forecasts - Hualing Steel expects a net profit of 2.6 billion to 3 billion RMB for 2025, reflecting a growth of 27.97% to 47.66% [28] - Guangku Technology forecasts a net profit of 169 million to 182 million RMB for 2025, indicating a growth of 152% to 172% [31] - Kid King anticipates a net profit of 275 million to 330 million RMB for 2025, representing a growth of 51.72% to 82.06% [32] Group 4: Mergers and Acquisitions - Helen Zhe plans to acquire 51% of Hubei Ji'an Shield Fire Technology for 739.5 million RMB, focusing on high-safety applications in various sectors [13] - Yachuang Electronics intends to purchase 40% of Ouchuangxin and 45% of Yihainengda, with a total transaction price of 317 million RMB [14] Group 5: Regulatory and Compliance Updates - Zhejiang Wen Interconnect received a regulatory warning from the Shanghai Stock Exchange for failing to disclose related party transactions [15] - Bixing Technology was also warned for incomplete meeting records and improper management of insider information [16]

根据北交所最新披露的信息，2025年12月31日，苏州爱得科技发展股份有限公司IPO的状态从提交注册 变更为注册。 根据北交所最新披露的信息，2025年12月31日，苏州爱得科技发展股份有限公司IPO的状态从提交注册 变更为注册。 ...

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has submitted an IPO application to list on the ChiNext board, focusing on the research, production, and sales of modified engineering plastics [2] Group 1: Company Overview - Zhongsu's main business includes the development of modified engineering plastics, with core products such as modified PC, PC/ABS, PA, PPA, PBT, and PET [2] - The company has developed specialized functional materials like laser direct structuring (LDS) materials and nano-injection molding (NMT) materials to meet specific downstream industry needs [2] - Products are widely used in consumer electronics, energy storage, automotive, and home appliances, covering end products like smartphones, wearable devices, new energy vehicles, and energy storage power supplies [2] Group 2: Financial Performance - From 2022 to 2024, the company achieved operating revenues of CNY 493 million, CNY 537 million, and CNY 700 million, with net profits attributable to shareholders of CNY 48.76 million, CNY 80.84 million, and CNY 92.57 million, respectively [3] - The compound annual growth rates for revenue and net profit (excluding non-recurring gains and losses) over the last three years were 19.11% and 37.79% [3] - The gross profit margins for the main business from 2022 to 2024 were 26%, 31.97%, and 31.03%, consistently higher than the industry average [3] Group 3: Shareholding Structure - The shareholding concentration is high, with Zhu Huaicai and Deng Lianfang controlling 73.26% of the shares [3] - Zhu Huaicai serves as the chairman and general manager, while Zhu Huaiyu, his brother, holds 6.09% of the shares and is also a director [3] Group 4: IPO Details - The company plans to publicly issue no more than 12.33 million shares, aiming to raise CNY 645.49 million, with all proceeds allocated to projects including the construction of a smart production base for high-performance engineering materials [4] - The funding will also support the expansion of the Jiangxi Zhongsu production base and the establishment of a new materials engineering technology research center, with CNY 103 million allocated for working capital [4] - The company intends to enhance production scale, improve intelligent production levels, and strengthen R&D capabilities through the raised funds [4]

Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. (referred to as "Jiuan Intelligent") has received approval for its IPO application, with Shenwan Hongyuan as the sponsor. Despite achieving a net profit growth of 200% over the past two years, the company has not attracted external investors and has undergone a capital reduction, raising questions about its future prospects [1][30][31]. Financial Performance - Jiuan Intelligent's main business includes the production and sales of smart camera modules and related equipment, along with operational services such as data traffic packages and cloud storage. The company reported revenues of 484 million yuan, 645 million yuan, 780 million yuan, and 323 million yuan for the years 2022-2024 and the first half of 2025, with corresponding net profits of 34 million yuan, 86 million yuan, 102 million yuan, and 45 million yuan. The revenue growth from 2022 to 2024 was 61%, and net profit increased nearly 200% [2][31][34]. Shareholder Structure - As of the disclosure date, the controlling shareholder and actual controller of Jiuan Intelligent is Li Yuan, who directly holds 66.04% of the shares and indirectly controls an additional 8.25%. The total shareholding before the IPO issuance is 74.29% [2][33]. Capital Reduction - In June 2023, Jiuan Intelligent experienced a capital reduction, decreasing its registered capital from 50 million yuan to 48.5 million yuan, with the exit price for the shareholder being 3.20 yuan per share, valuing the company at approximately 160 million yuan at that time. The estimated valuation for the IPO is around 4.256 billion yuan, reflecting a 25-fold increase from the previous valuation [5][34]. Employee Count and Cost Structure - Despite a significant increase in net profit of 150% and a revenue increase of 33% in 2023, Jiuan Intelligent's total employee count decreased from 485 at the end of 2022 to 424 at the end of 2023, representing a reduction of 12.58% [7][36]. This raises concerns about whether the company is maintaining profit growth through workforce reduction [35]. Expense Ratios - Jiuan Intelligent's expense ratios are significantly lower than those of comparable companies, with a period expense ratio of 16.03% in 2022, decreasing to 12.67% in 2024, which is about half of the average of its peers [9][39]. The company’s sales expense ratio, management expense ratio, and R&D expense ratio are all below the industry average [12][39]. R&D Investment - The R&D expense ratio for Jiuan Intelligent was 7.78% in 2022, 9.04% in 2023, and 5.92% in 2024, which is significantly lower than the average of comparable companies, indicating a potential risk to its innovation capabilities [43][44]. The average salary for R&D personnel at Jiuan Intelligent is also notably lower than that of its peers, raising questions about the adequacy of its investment in talent [47]. Profitability Concerns - Jiuan Intelligent has the lowest gross margin among its peers, with a gross margin of 24.58% in 2022, which is concerning given its low expense ratios. If the company’s expense ratios were to increase, its profitability could be severely impacted [23][49]. The company attributes its low gross margin to product structure and customer group differences [25][50].

香港上市热潮正不断升温，又有六家中国公司计划于明年1月份募资超过20亿美元，这让该市场更有希 望迎来又一个IPO大年。根据周三提交给香港交易所的文件，这些公司业务涵盖人工智能、芯片设计和 生物制药等领域，筹资目标总计约166亿港元，相当于21.3亿美元。交易所文件显示，中国AI初创企业 MiniMax计划以每股151.00-165.00港元的价格区间发售2,539万股股票，拟最高募资41.9亿港元（约合 5.385亿美元）。无晶圆厂半导体设计公司豪威集成电路(OmniVision Integrated Circuits)和多元芯片的集 成电路设计公司兆易创新(GigaDevice Semiconductor)均寻求通过各自的IPO募资超过40亿港元。阴极铜 制造商云南金浔资源(Yunnan Jinxun Resources)计划于明年1月9日挂牌交易，拟将大部分IPO所募款项净 额用于扩大核心业务，约10%用于偿还债务。该公司预计所募款项净额约为10.4亿港元。生物制药公司 瑞博生物(Suzhou Ribo Life Science)计划在IPO中募资15.9亿港元，并将所募款项净额投入研发。 来源：滚动播报 ...

Core Insights - The A-share IPO review process for 2025 concluded with a high-quality performance, featuring a total of 113 companies reviewed and an overall approval rate of 97.35%, marking a record high in recent years [1] Group 1: Market Performance - The main board and the ChiNext board showed the most stable performance, with the Shanghai main board (19 companies), Shenzhen main board (10 companies), and ChiNext (14 companies) achieving a 100% approval rate, indicating precise support for mature and innovative growth enterprises [1] - The Beijing Stock Exchange emerged as the primary venue for reviewing innovative small and medium-sized enterprises, with 51 companies reviewed and 49 approved, resulting in a 96% approval rate, reflecting sustained market vitality [1] - The Sci-Tech Innovation Board maintained stringent selection criteria for "hard technology," with 19 companies reviewed and 18 approved, yielding a 94.7% approval rate [1] Group 2: Underwriting Institutions - The leading underwriting institutions demonstrated a significant "winner-takes-all" effect, with Guotai Junan Securities leading with 16 approved projects, followed by CITIC Securities (12) and CITIC Jianan Securities (11), solidifying their positions in the top tier [3] - Other institutions such as Dongwu, Guojin, Guotou, Huatai United, and China Merchants Securities each contributed 5 approved projects, forming the backbone of annual IPO underwriting [3] Group 3: Industry Distribution - The capital market's effectiveness in serving the real economy has significantly improved, with resources accelerating towards high-tech manufacturing. The computer, communication, and other electronic equipment manufacturing sectors led with 20 companies reviewed, followed by specialized equipment manufacturing (17 companies), and automotive and electrical machinery manufacturing (10 companies each), highlighting the financing dominance of "hard technology" and high-end manufacturing sectors [5]

Group 1 - The core viewpoint of the article highlights the impressive IPO performance in both A-share and Hong Kong markets in 2025, with A-shares listing 115 new stocks raising over 130 billion yuan, nearly double the previous year, while Hong Kong saw 117 new listings raising over 286 billion HKD, reclaiming the top position globally in fundraising [1] - A significant portion of the fundraising in Hong Kong comes from "A+H" companies that are listed on both A-share and Hong Kong markets, indicating a competitive dynamic between the two markets to attract technology innovation companies [1] - The competition between A-shares and Hong Kong is characterized by policy initiatives such as A-shares' "1+6" policy and Hong Kong's "special line for tech companies," both aiming to create more accessible listing pathways for tech firms [1] Group 2 - The article raises a deeper question regarding the implications of the surge in IPOs, particularly for technology companies, and whether this presents new investment opportunities or challenges for ordinary investors [3] - It discusses the phenomenon of "valuation misalignment" where the secondary market's valuation pressures the primary market, leading to some mergers and acquisitions being halted due to differing perspectives on liquidity and uncertainty [3][4] - The article emphasizes the importance of understanding market dynamics beyond surface-level indicators like IPO numbers and fundraising amounts, suggesting that investor behavior and capital flow are crucial in determining stock price movements [4] Group 3 - To discern the true intentions of market participants, the article suggests employing objective observation methods rather than relying solely on intuition or news [5] - It introduces the concept of "washing the plate," where institutions may intentionally depress stock prices to create a false appearance of adjustment, prompting retail investors to sell, allowing institutions to accumulate shares [5] - The article provides examples of stocks that experienced significant price fluctuations during their upward trends, indicating that such volatility may not signal the end of a rally but rather a strategic accumulation by institutional investors [9][21] Group 4 - The article concludes that the thriving IPO market and institutional competition reflect a capital market evolution towards supporting technological innovation and long-term value discovery, which is beneficial for investors as it increases the visibility of quality companies [21][22] - However, it also notes that this complexity introduces greater uncertainty in stock price fluctuations due to valuation transmission between primary and secondary markets [21][22] - Investors are encouraged to maintain a calm perspective and focus on the underlying capital movements within their stocks, rather than being swayed by short-term market noise [22][23]

Core Insights - The total equity financing scale in A-shares for 2025 is projected to exceed 1 trillion yuan, with the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions leading the way, and both Beijing and Shanghai surpassing 100 billion yuan in financing [1] Financing Overview - The total equity financing across various regions reached 1.08 trillion yuan, with initial public offerings (IPOs) amounting to 131.77 billion yuan, additional financing at 887.73 billion yuan, and convertible bond financing at 63.13 billion yuan. This represents a significant increase compared to 2024, which saw only 290.47 billion yuan in total equity financing [4] - Beijing and Shanghai are the top two regions for equity financing, with totals of 458.51 billion yuan and 172.79 billion yuan, respectively. Guangdong and Jiangsu follow with 98.41 billion yuan and 79.24 billion yuan [4] Regional Highlights - In Beijing, the equity financing scale reached 458.51 billion yuan, with state-owned banks contributing nearly 90% of the incremental capital. Major state-owned banks announced plans to issue stocks to raise core tier-one capital, with a total of 400 billion yuan raised from three banks [4] - Notable IPOs in Beijing include the "first domestic GPU stock" Moer Circuit, which raised 8 billion yuan, and chip giant Cambricon, which raised 3.985 billion yuan through additional financing [5] Policy Impact - Jiangsu, Guangdong, and Zhejiang accounted for nearly 60% of the total IPOs, with 28, 20, and 17 companies respectively. This is attributed to targeted financing policies that support manufacturing and innovation [6] - Jiangsu's new policies focus on supporting manufacturing enterprises, while Guangdong's financing scale is close to 1 trillion yuan, with significant contributions from IPOs and additional financing [6] - Zhejiang has maintained a strong IPO presence for six consecutive years, with a focus on nurturing high-quality enterprises through various support measures [7]