Group 1: Company Overview - The company operates as a national high-value medical device distributor, focusing on direct sales and distribution of medical devices, as well as providing centralized operation services for medical consumables to hospitals [2] - As of the signing date of the prospectus, Xiamen Jianfa Medical Health Investment Co., Ltd. holds 51.02% of the company's shares, making it the controlling shareholder [2] - The actual controller of the company is the Xiamen State-owned Assets Supervision and Administration Commission, which indirectly holds 51.02% of the company's shares through its ownership of Jianfa Group and Jianfa Medical [2] Group 2: Fundraising and Financials - The company plans to raise approximately 484.24 million yuan for projects including information system upgrades, centralized operation services for medical consumables, and to supplement working capital [2] - The initial public offering (IPO) price is set at 7.05 yuan per share, with an expected total fundraising amount of 445.51 million yuan, and a net fundraising amount of approximately 363.33 million yuan after deducting issuance costs [3] Group 3: Industry Context - The company plays a crucial role in the medical device supply chain, acting as a hub that connects manufacturers, distributors, and end medical institutions [2] - The reference industry price-earnings ratio for the wholesale industry is 25.73, while the company's offering price results in a price-earnings ratio of 13.29, indicating a potential undervaluation compared to industry peers [1]

Core Viewpoint - The article discusses the upcoming IPOs of two companies: Jianfa Zhixin and Jinhua New Materials, highlighting their business models, financial metrics, and market positions in their respective industries [1][10]. Group 1: Jianfa Zhixin (301584.SZ) - Jianfa Zhixin is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, as well as providing centralized operation services for medical consumables [1][6]. - The company is controlled by Xiamen Jianfa Group, with a 51.02% stake held by Jianfa Medical, which is fully owned by Xiamen Jianfa Group [6]. - For 2024, Jianfa Zhixin's revenue is projected to be divided into three segments: direct sales (110.32 billion, 61.69%), distribution (67.38 billion, 37.68%), and service (1.12 billion, 0.63%) [6]. - The company serves over 3,300 medical institutions across 31 provinces, with major clients including Beijing Anzhen Hospital and Jilin University First Hospital [6]. - Jianfa Zhixin's fundraising will focus on upgrading information systems (1.4 billion), centralized operation services (1.04 billion), and working capital (2.4 billion) [5]. Group 2: Jinhua New Materials (920015.BJ) - Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, being a leading player in the domestic silane crosslinker segment [10][11]. - The company plans to invest in several projects, including a high-end coupling agent project (5.07 billion) and a ketone-based smart factory construction project (0.61 billion) [10]. - Jinhua New Materials holds a market share of 27.85%, 31.60%, and 38.16% in silane crosslinkers for the years 2022, 2023, and 2024, respectively [11]. - The company has received multiple honors, including being recognized as a "Little Giant" enterprise and a national high-tech enterprise [11]. - Jinhua New Materials faces potential risks from cyclical fluctuations in downstream industries, particularly in real estate and photovoltaic sectors, which may impact demand for its products [12].

Group 1 - The article discusses the stock issuance of United Power (stock code: 301656) with a subscription price of 12.48 yuan per share [1] - The industry price-earnings ratio is noted as 32.87, while the issuance price-earnings ratio is 29.08 [1] - The maximum subscription limit is set at 40,000 shares [1]

Group 1: New Stock Performance - The recent new stocks on the Beijing Stock Exchange have shown high activity, with the stock of Sanxie Electric rising over 860% on its first day, closing up 785.62%, marking the highest first-day increase of the year [1] - Aifenda's stock also saw a first-day increase of 170.03%, with a single subscription yield exceeding 16,000 yuan [1] Group 2: Upcoming New Stocks - Five new stocks are scheduled for subscription next week, including three from the ChiNext board, one from the Shenzhen main board, and one from the Beijing Stock Exchange [4] - The first stock to be subscribed on September 15 is United Power, a leader in the new energy vehicle power system industry, with a projected domestic market share of over 10% for its electric control and motor products by 2024 [1][6] Group 3: Financial Projections - United Power expects a net profit of 750 million to 900 million yuan for the first three quarters of 2025, representing a year-on-year growth of 31.05% to 57.26% [6][7] - Jianfa Zhixin anticipates a net profit of 200 million to 222 million yuan for the same period, reflecting a growth of 30% to 40% [8][10] - Ruili Kemi projects a net profit of 196 million to 220 million yuan, with a growth rate of 11.96% to 25.67% [11][12] - Yunhan Xincheng expects a net profit of 77 million to 80 million yuan, indicating a growth of 38.71% to 44.11% [13][14]

Group 1: Upcoming IPOs - Four new stocks are scheduled for subscription from September 15 to September 19, with key companies being Fangqu He Power, a leader in China's new energy vehicle power systems, and Ruili Kemi, a company developing active safety systems for automobiles [1] Group 2: Company Details - **United Power (Chuangye Board, 301656)**: - Subscription Date: September 15, Monday - Subscription Code: 3016 - Industry: Automotive Manufacturing - Issuance P/E Ratio: 32.87 - Industry Average P/E Ratio: 29.0 - Comparable Companies: Jingjin Electric, Ju Yi Technology, Yingboer - Highlight: Backed by controlling shareholder Huichuan Technology, the company has gradually developed into a leader in China's automotive power systems [2] - **Jianfa Zhixin (Chuangye Board, 301584)**: - Subscription Date: September 16, Tuesday - Subscription Code: 3015 - Industry: Wholesale - Issuance P/E Ratio: Not provided - Industry Average P/E Ratio: 25.7 [2] - **Ruili Kemi (Shenzhen Main Board, 001285)**: - Subscription Date: September 19, Friday - Subscription Code: 0012 - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing - Issuance P/E Ratio: 53.1 - Industry Average P/E Ratio: Not provided - Comparable Companies: Wan'an Technology, Bertley, Rongtai Shares - Highlight: One of the few companies in China capable of developing active safety systems such as ABS and ESC, with core products widely used in commercial and passenger vehicles [3] - **Yunhan Xincheng (Chuangye Board, 301563)**: - Subscription Date: September 19, Friday - Subscription Code: 3015 - Industry: Wholesale - Issuance P/E Ratio: Not provided - Industry Average P/E Ratio: 25.7 - Comparable Companies: Liyuan Information, Runxin Technology, Shangluo Electronics - Highlight: The company is a leading player in the online distribution of electronic components in China [4]

Summary of Upcoming IPOs - Next week, there are 5 new stocks available for subscription, including 3 on the ChiNext board, 1 on the Shenzhen main board, and 1 on the Beijing Stock Exchange [1] - The schedule includes: - Monday (September 15): United Power (Subscription Code: 301656) - Tuesday (September 16): Jinhua New Materials (Subscription Code: 920015), Jianfa Zhixin (Subscription Code: 301584) - Friday (September 19): Yunhan Xincheng (Subscription Code: 301563), Ruili Kemi (Subscription Code: 001285) [1][2] United Power - United Power's issue price is 12.48 CNY per share with a P/E ratio of 32.87, compared to the industry average P/E of 29.08 [3] - The company plans to issue 28.85749 million shares, with a maximum subscription limit of 40,000 shares and a required market value of 400,000 CNY [3] - United Power is a leading enterprise in the domestic new energy vehicle power system sector, established in 2016 and a subsidiary of Huichuan Technology [3] - The company serves major domestic and international automotive brands, including Li Auto, Xiaomi, and Volvo [3] - Revenue projections for 2022 to 2024 are 5.027 billion CNY, 9.365 billion CNY, and 16.178 billion CNY, with net profits of -179 million CNY, 186 million CNY, and 936 million CNY respectively [4] Jinhua New Materials - Jinhua New Materials' issue price is 18.15 CNY per share with a P/E ratio of 11.52 [6] - Established in 2007, the company is a leader in silane crosslinking agents and fine chemicals, serving sectors like construction, energy, and electronics [6] - The company has stable partnerships with major firms such as Bayer and Wanhua Chemical [6] - Revenue projections for 2022 to 2024 are 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY, with net profits of 80 million CNY, 173 million CNY, and 211 million CNY respectively [6] Jianfa Zhixin - Jianfa Zhixin is a leading medical device distributor in China [7] - The company plans to issue 63.1933 million shares, with a maximum subscription limit of 10,000 shares and a required market value of 100,000 CNY [8] - Revenue projections for 2022 to 2024 are 11.882 billion CNY, 15.443 billion CNY, and 17.923 billion CNY, with net profits of 174 million CNY, 196 million CNY, and 228 million CNY respectively [8] Yunhan Xincheng - Yunhan Xincheng is a leading online distributor of electronic components [9] - The company plans to issue 16.279 million shares, with a maximum subscription limit of 4,000 shares and a required market value of 40,000 CNY [10] - Revenue projections for 2022 to 2024 are 4.333 billion CNY, 2.637 billion CNY, and 2.577 billion CNY, with net profits of 136 million CNY, 79 million CNY, and 88 million CNY respectively [11] Ruili Kemi - Ruili Kemi is a leading enterprise in active safety systems for commercial vehicles [12] - The company plans to issue 45.0445 million shares, with a maximum subscription limit of 16,000 shares and a required market value of 160,000 CNY [12] - Revenue projections for 2022 to 2024 are 1.326 billion CNY, 1.760 billion CNY, and 1.977 billion CNY, with net profits of 97 million CNY, 236 million CNY, and 269 million CNY respectively [12]

Group 1 - The core viewpoint of the article is focused on the stock offering of Chuangman Chuangruitong, with specific details on its issuance price and market performance metrics [1]. - The issuance price is set at 21.00 yuan, with a corresponding industry price-to-earnings ratio of 21.02 and a general market price-to-earnings ratio of 22.81 [1]. - The maximum subscription limit for investors is 0.65 million shares [1]. Group 2 - There are no new bonds available for subscription today [2]. - The article includes a disclaimer regarding investment risks and the need for independent judgment by investors [3].

Core Viewpoint - Three new stocks are available for subscription next week, including YouSheng Co., a supplier for Tesla and Xiaomi Auto [2][15]. Group 1: ShiChang Co. - ShiChang Co. has its largest customer as Geely Auto [3]. - The subscription code for ShiChang Co. is 920022, with an issue price of 10.90 CNY per share and a P/E ratio of 10.32, compared to the industry average of 28.77 [4]. - The total issuance is 15.7 million shares, with 12.56 million shares available for online subscription, and a maximum subscription limit of 745,700 shares [5]. - ShiChang Co. specializes in the R&D, production, and sales of automotive fuel systems, primarily producing plastic fuel tank assemblies with features like lightweight, low emissions, and high safety [5]. - The company has a high customer concentration risk, with the top five customers accounting for 93.22% to 95.56% of revenue from 2022 to 2024 [5]. - Revenue projections for ShiChang Co. are 282 million CNY, 406 million CNY, and 515 million CNY for 2022, 2023, and 2024, respectively, with net profits of 18.12 million CNY, 51.93 million CNY, and 69.24 million CNY [5]. Group 2: HaoChuangRuiTong - HaoChuangRuiTong is recognized as a national-level specialized and innovative "little giant" enterprise [9]. - The subscription code for HaoChuangRuiTong is 301668, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E is 22.81 [9]. - The total issuance is 27.9 million shares, with 6.7 million shares available for online subscription, and a maximum subscription limit of 650 shares [9]. - The company focuses on smart distribution equipment and digital solutions for distribution networks, with major clients including State Grid and Southern Power Grid, where sales to State Grid exceed 50% of revenue [10]. - Revenue projections for HaoChuangRuiTong are 560 million CNY, 672 million CNY, and 867 million CNY for 2022, 2023, and 2024, respectively, with net profits of 68.76 million CNY, 87.41 million CNY, and 111 million CNY [10]. Group 3: YouSheng Co. - YouSheng Co. has entered the supply chain for Tesla and Xiaomi Auto [15]. - The subscription code for YouSheng Co. is 732418, with the issue price and P/E ratio yet to be disclosed, but the industry average P/E is 28.85 [16]. - The total issuance is 48.27 million shares, with 15.45 million shares available for online subscription, and a maximum subscription limit of 15,000 shares [16]. - YouSheng Co. is a significant supplier of aluminum alloy components for new energy vehicles, with products including threshold beams, battery trays, and bumpers [16]. - The company’s clients include Tesla, GAC Group, NIO, and others, with products supplied to Tesla for Model Y and Model 3 [16][18]. - Revenue projections for YouSheng Co. are 2.35 billion CNY, 2.90 billion CNY, and 3.95 billion CNY for 2022, 2023, and 2024, respectively, with net profits of 233 million CNY, 321 million CNY, and 405 million CNY [20]. - For the first three quarters of 2025, YouSheng Co. expects revenue between 3.406 billion CNY and 3.506 billion CNY, with a net profit between 348 million CNY and 360 million CNY [22].

Market Overview - The Shanghai Composite Index rose by 0.84% last week, closing at 3857.93 points, with a peak of 3888.6 points [1] - The Shenzhen Component Index increased by 4.36%, closing at 12696.15 points, with a high of 12791.18 points [1] - The ChiNext Index saw a significant rise of 7.74%, ending at 2890.13 points, reaching a maximum of 2933.99 points [1] - In contrast, major global indices experienced declines, with the Nasdaq Composite down by 0.19%, the Dow Jones Industrial Average down by 0.19%, and the S&P 500 down by 0.1% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 1.03%, while the Nikkei 225 Index increased by 0.2% [1] New Stock Issuance - Two new stocks were issued last week: Huaxin Jingke (603370.SH) on August 25 and Sanxie Electric (920100.BJ) on August 26 [2] Margin Financing and Securities Lending - The total margin financing and securities lending balance in the Shanghai and Shenzhen markets reached 22539.77 billion yuan, with a financing balance of 22381.01 billion yuan and a securities lending balance of 158.77 billion yuan [3] - This represents an increase of 1062.47 billion yuan compared to the previous week [3] - The Shanghai market's margin balance was 11519.36 billion yuan, up by 570.99 billion yuan, while the Shenzhen market's balance was 11020.41 billion yuan, increasing by 491.48 billion yuan [3] - A total of 3445 stocks had margin buying, with 331 stocks having buying amounts exceeding 1 billion yuan, led by Dongfang Caifu (226.77 billion yuan), Shenghong Technology (197.72 billion yuan), and Hanwujing (175.57 billion yuan) [3] Fund Issuance - Eleven new funds were launched last week, including Huashang Advantage Industry Mixed C, Jingshun Longcheng Jiyi Yuli Bond F, and several others [5] - The detailed list of new funds includes various types, such as mixed funds and bond funds [5] Share Buyback Announcements - There were 23 new share buyback announcements last week, with the highest amounts executed by Dahua Intelligent, Aofei Entertainment, and Luxi Chemical [7] - The top three industries by buyback amount were Computer, Media, and Basic Chemicals [7]

Market Overview - The Shanghai Composite Index rose by 0.84% to close at 3857.93 points, with a peak of 3888.6 points during the week from August 25 to August 29 [1] - The Shenzhen Component Index increased by 4.36% to 12696.15 points, reaching a high of 12791.18 points [1] - The ChiNext Index saw a significant rise of 7.74%, closing at 2890.13 points, with a maximum of 2933.99 points [1] - In contrast, major global indices experienced declines, with the Nasdaq Composite down by 0.19%, the Dow Jones Industrial Average down by 0.19%, and the S&P 500 down by 0.1% [1] - In the Asia-Pacific region, the Hang Seng Index fell by 1.03%, while the Nikkei 225 Index increased by 0.2% [1] New Stock Issuance - Two new stocks were issued last week: Huaxin Jingke (603370.SH) on August 25 and Sanxie Electric (920100.BJ) on August 26 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 22539.77 billion yuan, with a financing balance of 22381.01 billion yuan and a securities lending balance of 158.77 billion yuan [3] - This represents an increase of 1062.47 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 11519.36 billion yuan, up by 570.99 billion yuan, while the Shenzhen market's balance was 11020.41 billion yuan, increasing by 491.48 billion yuan [3] - A total of 3445 stocks had margin buying, with 331 stocks having buying amounts exceeding 1 billion yuan, led by Dongfang Caifu, Shenghong Technology, and Hanwujing with buying amounts of 226.77 billion yuan, 197.72 billion yuan, and 175.57 billion yuan respectively [3][4] Fund Issuance - Eleven new funds were launched last week, including Huashang Advantage Industry Mixed C, Jingshun Longcheng Jiyi Yuli Bond F, and Nuoan Preferred Return Mixed C among others [5] Share Buybacks - A total of 23 companies announced share buybacks last week, with the highest amounts executed by Dahua Intelligent (97.33 million yuan), Aofei Entertainment (80.80 million yuan), and Luxi Chemical (37.78 million yuan) [6][7] - The industries with the highest buyback amounts were computer, media, and basic chemicals [7]