广信科技（920037.BJ）今日上市！近几日北交所行情很好，公司赶上了绝佳的上市时点，再加上自身 质地出色、发行估值又很低，从网上发行开始就遭"疯抢"，市场对其上市表现满怀期待。 而对于打新投资者来说，最关心的莫过于上市首日涨幅，尤其是最大涨幅和均价涨幅，对于上市涨幅的 测算，北研君在之前的文章中就给出过一套方法，通过这套方法，我们得出首日涨幅区间为： +433%~+586% 。具体的测算过程及最大涨幅、均价涨幅，请前往北研君小号翻阅。 超低估值的电网材料龙头，广信科技上市能涨多少？ ...

Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 267 listed companies as of June 22, 2025. The market is also witnessing new IPO activities, with several companies undergoing the listing process. Trading Activity - As of June 22, 2025, the BSE has 267 listed companies with a total share capital of 37.428 billion shares and a circulating share capital of 23.926 billion shares [3] - For the week of June 16-22, 2025, the trading volume was 6.437 billion shares, a decrease of 13.58% from the previous week, while the trading value was 144.247 billion yuan, down 11.53% [4][5] - The average trading price was 22.41 yuan, reflecting an increase of 2.37% [5] - The BSE 50 Index fell by 2.55% to 1347.46 points, with 11 stocks rising and 39 falling [5] New IPOs and Listings - During the week of June 16-22, 2025, one company initiated its IPO, two companies passed the listing committee meeting, and ten companies had their listing applications accepted [8][9][25] - As of June 22, 2024, there are 94 companies awaiting review, including 22 accepted, 59 under inquiry, and 10 submitted for registration [8] Company-Specific Highlights - **Guangxin Technology Co., Ltd.**: Initiated its IPO on June 17, 2025, with an issuance price of 10.00 yuan per share, raising 40 million yuan through strategic placement [11] - **Ningbo Nengzhiguang New Materials Technology Co., Ltd.**: Passed the listing committee meeting on June 19, 2025, focusing on high-margin product sales and raw material price impacts [15][16] - **Balan Technology Co., Ltd.**: Approved for listing on June 20, 2025, with a focus on automotive maintenance and testing equipment [20][21] - **Guli Fa Group Co., Ltd.**: Received listing application acceptance on June 17, 2025, aiming to raise 529 million yuan for various projects [27] - **Huada Tong Gas Manufacturing Co., Ltd.**: Accepted for listing on June 17, 2025, with plans to raise 265 million yuan for production expansion [36] Financial Performance - **Guangxin Technology**: Revenue from 2022 to 2024 was 304 million yuan, 420 million yuan, and 578 million yuan, with net profits of 14.72 million yuan, 49.44 million yuan, and 116 million yuan respectively [12] - **Ningbo Nengzhiguang**: Revenue from 2022 to 2024 was 556 million yuan, 569 million yuan, and 611 million yuan, with net profits of 21.86 million yuan, 49.81 million yuan, and 55.94 million yuan respectively [18] - **Balan Technology**: Revenue from 2022 to 2024 was 643 million yuan, 794 million yuan, and 1.057 billion yuan, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [23] Market Outlook - The BSE is experiencing a dynamic environment with ongoing IPO activities and fluctuating trading volumes, indicating both opportunities and challenges for investors and companies alike [4][5][8]

Market Overview - As of June 15, 2025, there are 267 companies listed on the Beijing Stock Exchange (BSE), with a total share capital of 37.331 billion shares and a circulating share capital of 23.848 billion shares [2] - For the week of June 9 to June 15, the BSE recorded a trading volume of 7.448 billion shares, a week-on-week increase of 63.81%, and a trading value of 1630.50 billion yuan, up 64.09% from the previous week [3] Index Performance - The BSE 50 Index fell by 3.11% to 1382.74 points during the same week, with 10 stocks rising, none remaining flat, and 35 stocks declining [3] - The top performer was Air China Ocean (833171), which increased by 24.44%, while the largest decline was seen in Binhang Technology (839493), which dropped by 12.60% [3] New Listings and Applications - One company successfully listed on the BSE during the week, bringing the total to 267 [6] - There are currently 83 companies awaiting approval, with 15 under review, 57 in inquiry, and 10 submitted for registration [5] Company Highlights - **Jiaoda Iron Development Co., Ltd. (920027)**: Listed on May 13, 2025, with a first-day trading surge of 295.91%, closing at 31.90 yuan, a 262.09% increase. The company focuses on intelligent products and equipment for rail transit [8][9] - **Sanxie Electric Co., Ltd. (873669)**: Passed the listing committee meeting on June 9, 2025, aiming to raise 1.59 billion yuan for expansion and R&D projects [12][13] - **New Hengtai New Materials Co., Ltd. (874327)**: Received listing application acceptance on June 10, 2025, with plans to raise 3.80 billion yuan for new material projects [15][16] - **Koleidi Medical Equipment Co., Ltd. (873414)**: Listed application accepted on June 12, 2025, seeking to raise 2.99 billion yuan for product development and production [17][18] - **Ying's Holdings Group Co., Ltd. (874431)**: Received listing application acceptance on June 13, 2025, with plans to raise 3.34 billion yuan for various projects [19][20] Financial Performance - **Jiaoda Iron Development**: Reported revenues of 2.35 billion yuan, 2.73 billion yuan, and 3.35 billion yuan from 2022 to 2024, with net profits of 337.99 million yuan, 476.56 million yuan, and 533.92 million yuan respectively [9] - **Sanxie Electric**: Expected to achieve revenue of 2.35 billion to 2.48 billion yuan in the first half of 2025, with a net profit forecast of 28.80 million to 30.50 million yuan [13] - **New Hengtai**: Achieved revenues of 5.30 billion yuan, 6.79 billion yuan, and 7.74 billion yuan from 2022 to 2024, with net profits of 450.00 million yuan, 1.01 billion yuan, and 917.64 million yuan respectively [16] - **Koleidi Medical**: Reported revenues of 2.33 billion yuan, 2.38 billion yuan, and 2.85 billion yuan from 2022 to 2024, with net profits of 693.67 million yuan, 599.18 million yuan, and 672.15 million yuan respectively [18] - **Ying's Holdings**: Reported revenues of 12.96 billion yuan, 17.58 billion yuan, and 19.74 billion yuan from 2022 to 2024, with net profits of 1.17 billion yuan, 2.20 billion yuan, and 2.11 billion yuan respectively [20][21]

Group 1 - The report indicates that the North Exchange has accelerated its IPO approvals, with a total of 9 companies approved from January to June 2025, suggesting an increase in listing pace as companies finalize their 2024 annual reports [3][11]. - The average number of effective online subscription accounts reached 460,100, with an average of 475.2 billion yuan in frozen funds during the same period, reflecting heightened market activity [3][12]. - The average fundraising amount per company in the North Exchange for the first half of 2025 was 396 million yuan, representing a 94.55% increase compared to 2024, indicating a trend towards larger fundraising efforts [3][20]. Group 2 - The North Exchange's overall PE ratio decreased to 50.12X, with the North 50 Index closing at 1,382.74 points, down 0.71% for the week, highlighting a volatile market environment [4][30][32]. - The report notes that 143 companies in the North Exchange have a PE ratio exceeding 45X, with 71 companies exceeding 105X, indicating a significant portion of the market is highly valued [4][35]. - The average maximum online subscription limit was 9.81 million yuan, with a notable increase to 16.13 million yuan in the first half of 2025, suggesting improved investor capacity for participation [3][24]. Group 3 - The report highlights that from January 1, 2024, to June 13, 2025, the average subscription rate for companies raising over 200 million yuan was 0.14%, compared to 0.06% for those raising less, indicating a correlation between fundraising size and subscription success [3][17]. - The average subscription threshold for 100 shares was 1.5827 million yuan, which increased to 1.8591 million yuan in the first half of 2025, reflecting rising entry costs for investors [3][27]. - The report emphasizes the importance of focusing on companies with reasonable valuations and strong performance potential, particularly those that align with new industrial and technological trends [4][44].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Zhuhai Tianwei New Materials Co., Ltd.'s application for public stock issuance and listing [1][3]. Company Overview - Zhuhai Tianwei New Materials Co., Ltd. focuses on the digital printing sector, specializing in the research, production, and sales of functional materials and supporting products for digital printing [3]. Application and Withdrawal Details - The application for public issuance was accepted by the Beijing Stock Exchange on December 29, 2023, and the company submitted a withdrawal request on March 26, 2025 [3]. - The company originally planned to issue between 1 million and 19.6316 million shares, aiming to raise 300 million yuan for projects including a production base for functional materials and a headquarters R&D center [4][5]. Shareholding Structure - Jieshi International holds 42,811,807 shares, accounting for 72.69% of the total share capital, making it the controlling shareholder [4]. - The actual controller, He Liangmei, has significant influence over the company's board and operational decisions [4].

Summary of Key Points Core Viewpoint - The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 266 listed companies and a total share capital of 37.067 billion shares as of June 8, 2025 [2][3]. Trading Activity - The weekly trading volume from June 2 to June 8 was 4.547 billion shares, a decrease of 28.37% compared to the previous week [3]. - The weekly trading value was 99.367 billion yuan, down 21.90% from the previous week [3]. - The average trading price increased by 9.04% to 21.85 yuan [3]. - The BSE 50 Index rose by 1.30% to 1427.06 points, with 28 stocks increasing, 1 remaining flat, and 21 declining [3]. New Listings and Applications - One company submitted a registration application and another had its listing application accepted during the week [5][9]. - As of June 8, 2024, there are 76 companies awaiting review, including 10 under "accepted," 56 under "inquiry," and 9 under "submitted for registration" [5]. - Three companies passed the counseling acceptance during the week [12]. Company Highlights - Hebei Shichang Automotive Parts Co., Ltd. plans to raise 171 million yuan for a new energy high-pressure oil tank project and working capital, with projected revenue growth of 22.05% in the first half of 2025 [8]. - Guangxi Senhe High-tech Co., Ltd. aims to raise 490 million yuan for an environmentally friendly precious metal extraction agent project, with revenue growth from 3.02 billion yuan in 2022 to 6.23 billion yuan in 2024 [11]. - Guangdong Banzhe Chuangke Electric Co., Ltd. passed counseling acceptance, reporting net profits of 108 million yuan and 148 million yuan for 2023 and 2024, respectively [13][14]. - Tianbo Information Technology Co., Ltd. also passed counseling acceptance, with net profits of 29.59 million yuan and 46.41 million yuan for 2023 and 2024 [15][16]. - Ying's Holdings Group Co., Ltd. reported net profits of 216 million yuan and 190 million yuan for 2023 and 2024, respectively, and passed counseling acceptance [17]. Counseling and Applications - Three companies entered the counseling period during the week [18]. - Two companies submitted counseling materials [25].

Core Viewpoint - The company 瑞尔竞达 has faced challenges in its listing attempts on the 北交所, having initially withdrawn its application but quickly moved to restart the process shortly after the failure was confirmed [2][7][11]. Group 1: Company Background and Listing Attempts - 瑞尔竞达, established in 2004, specializes in providing long-lasting technical solutions and key refractory materials for blast furnace ironmaking systems [4]. - The company submitted its initial application for listing on the 北交所 on December 29, 2023, but the review was halted on November 29, 2024, due to the company's decision to withdraw its application [5][6]. - Following the withdrawal, 瑞尔竞达 announced on December 2, 2024, that it would resume its listing efforts on the 北交所 just four days later [7][9]. Group 2: Financial Performance and Dividend Issues - In the first half of 2024, 瑞尔竞达 reported a revenue of 281.7 million, a year-on-year increase of 63.29%, and a net profit of 61.19 million, up 151.75% [11]. - The company faced scrutiny due to its "clearing-style" dividends, having distributed a total of 232.8 million in cash dividends from 2021 to 2023, which raised concerns about its financial practices [17][19]. - The company's cash dividends during the reporting period exceeded its net profits, leading to regulatory challenges in its listing process [17][19]. Group 3: Regulatory Environment and Listing Strategy - The regulatory environment has tightened around companies with significant pre-listing dividends, with new guidelines introduced in 2024 to scrutinize such practices [14][15]. - 瑞尔竞达's previous listing attempt was impacted by these regulations, as its dividend practices were deemed excessive relative to its profits [16][19]. - In its renewed application, 瑞尔竞达 adjusted its fundraising plans, removing the intention to use raised funds for working capital, which may help it align better with regulatory expectations [19]. Group 4: Market Position and Future Outlook - Despite a strong performance in the first half of 2024, the company's revenue growth slowed significantly in the latter half, raising concerns about its sustainability [23]. - The company has a significant reliance on major clients in the steel industry, which could pose risks if client relationships change [25]. - The upcoming listing attempt will be closely monitored by regulators, especially regarding the sustainability of its revenue and profit growth [22].

Summary of Key Points Core Viewpoint - The Beijing Stock Exchange (BSE) has seen significant trading activity and new listings, indicating a growing market with increased investor interest and participation. Trading Activity - As of May 18, 2025, there are 266 companies listed on the BSE with a total share capital of 36.498 billion shares and a circulating share capital of 23.096 billion shares [2] - For the week of May 12 to May 18, the trading volume reached 8.072 billion shares, a week-on-week increase of 42.28%, while the trading amount was 173.488 billion yuan, up 39.35% from the previous week [3] - The average trading price during this period was 21.49 yuan, reflecting a decrease of 2.06% [3] - The BSE 50 Index rose by 3.13% to 1422.43 points, with 25 stocks increasing, none remaining flat, and 25 declining [3] New Listings - One company successfully listed on the BSE during the week, bringing the total to 266 [6] - Tian Gong Co., Ltd. (stock code: 920068) was the latest addition, listed on May 13, 2025, and is the first company to split from a Hong Kong stock to list on the BSE [7] - On its first trading day, Tian Gong's stock peaked with a 498.98% increase, closing at 20.17 yuan, a rise of 411.93% with a trading volume of 1.076 billion yuan [7] - As of May 19, 2025, Tian Gong's stock price reached 22.99 yuan, with a total market capitalization of 14.9 billion yuan, reflecting a 4.45% increase from its listing day [7] Upcoming Listings and Applications - As of May 18, 2024, there are 62 companies awaiting approval for listing on the BSE, including 5 under review, 48 in inquiry, and 8 submitted for registration [5] - One company, Youli Intelligent Equipment Co., Ltd. (stock code: 874325), passed the listing committee meeting during this period [12] - Youli Intelligent plans to raise 358 million yuan for the construction of a production base for photovoltaic support components and other projects [13] Financial Performance of Listed Companies - Tian Gong's revenue for 2022 to 2024 was 383 million yuan, 1.035 billion yuan, and 801 million yuan, with net profits of 70.31 million yuan, 175 million yuan, and 174 million yuan respectively [9] - For the first quarter of 2025, Tian Gong expects to achieve revenue of 192 million yuan [10] - Youli Intelligent's revenue for the same period was 433 million yuan, 658 million yuan, and 729 million yuan, with net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan [14] Other Companies in the Pipeline - Several companies, including Yuelong Technology, Kelairedi, and Kanghua Co., have passed the counseling acceptance process, indicating their readiness for potential listing [20][21][24] - These companies are involved in various sectors, including medical devices, chemical pharmaceuticals, and tourism services, showcasing the diversity of industries represented on the BSE [24][26][27]

Core Viewpoint - The company Baile Foods is preparing for an IPO on the Beijing Stock Exchange, with projected revenues nearing 2 billion yuan annually by 2024, amidst a challenging market environment for food companies seeking to list [2][4]. Group 1: Company Overview - Baile Foods has initiated guidance for its listing on the Beijing Stock Exchange, targeting a submission for listing by June 2025 and completion by June 2026 [5][8]. - The company primarily serves Chinese chain restaurants such as Tasting and Wallace, which have driven the demand for compound seasonings [2][9]. - Revenue projections for Baile Foods are 1.261 billion yuan in 2022, 1.605 billion yuan in 2023, and 1.912 billion yuan in 2024, with net profits of 157 million yuan, 222 million yuan, and 276 million yuan respectively [2]. Group 2: Market Context - The market has seen several food companies attempt to list on the Beijing Stock Exchange but fail to complete the process, leading to a withdrawal of their applications [3][18]. - As of May 15, there were no food companies under review for listing on the Beijing Stock Exchange, indicating a challenging environment for new entrants [17]. - Baile Foods' potential success could signal a positive shift for the industry, as it may break the trend of unsuccessful listings by food companies [22]. Group 3: Sales and Profitability - Baile Foods' main revenue source comes from sauces like salad and tomato sauce, which accounted for over 70% of its income in 2023 [2]. - The company’s sales model differs from competitors, relying heavily on offline distributors, which contributed 1.09 billion yuan in revenue in 2023, making up 67.92% of total sales [12]. - Despite a higher reliance on distributors, Baile Foods maintained a competitive profit margin, with a net profit of 276 million yuan in 2024, surpassing competitors Baoli Foods and Lihai Foods [13][14]. Group 4: Challenges and Concerns - There are concerns regarding the sustainability of Baile Foods' distributor relationships, as some key distributors have ceased operations, raising questions about revenue stability [14][15]. - The company has not provided detailed explanations regarding the status of its distributors in its listing materials, which may affect investor confidence [15]. - The broader industry context shows that other companies, like Tewei Nong, have faced difficulties in progressing with their listing plans, indicating potential systemic issues within the food sector [19][21].

当下，北交所已经成为很多拟上市企业的首选地。相较于沪深交易所，北交所上市门槛没有那么 高，上市周期更短，费用也更低， 2024年 平均发行费用为2510万元左右。 而且，近期网上流传的IPO小作文也提到， 北交所会成为未来主要的上市通道： 不过，虽然北交所门槛较低，但也不是企业想上就能上的。 2024年全年，北交所共有23家新上市公 司， 这23家公司的 2022年度 扣非净利润平均数为 4386.85万元 ，中位数为 3994.44万元 ； 2023 年度 扣非净利润平均数为 6141.66万元 ，中位数为 4748.35万元 。这也说明北交所的上市条件是逐 年递增的，企业上市的不确定性也在增大。 为了帮助大家更详细地掌握 北交所最新上市政策、上市流程、审核重点关注 等方面问题，抓住政策 红利，提高北交所上市的成功率， 梧桐课堂 特邀拥有18年从业经验的资深保荐代表人 肖鹏 老师， 为我们详解 《北交所上市全解析专题》（限时7折最后1天） 。 北交所上市全解析专题 12节课，时长5小时5分钟 第二部分内容围绕新三板展开，主要讲解了四个方面内容，包括当前新三板发展概况、新三板挂 牌基本要求和财务指标、挂牌程序 ...