Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness in the international market [1] Group 1 - The company aims to deepen its global strategic layout and create an international capital operation platform [1] - The issuance of H-shares is intended to promote the development of the company's pharmaceutical business [1] - The board and supervisory meetings have approved the relevant proposals, with further approval required from the shareholders' meeting and regulatory bodies [1]

据港交所文件，9月29日，自然堂全球控股有限公司向港交所提交上市申请书，联席保荐人为华泰国 际、瑞银集团。据披露，该公司于2025年7月在深圳开设首家自然堂自营旗舰店，另有三家旗舰店将于 当年下半年在上海、武汉及重庆陆续开业。 ...

Core Viewpoint - Helin Micro-Nano Technology Co., Ltd. has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to raise funds for R&D, market expansion, and strategic investments [2] Financial Performance - The company reported revenues of 288 million yuan, 286 million yuan, and 568 million yuan from 2022 to 2024, with net profits of approximately 19 million yuan, -21 million yuan, and -8.7 million yuan respectively [2] - In the first half of 2025, the company achieved revenue of 439 million yuan, a significant increase from 229 million yuan in the same period of the previous year, and a net profit of 30.68 million yuan compared to a loss of 7.1 million yuan in 2024 [3] Profitability Metrics - The company's gross margin has been declining, from 38.1% in 2022 to 20.9% in 2023, and further to 15.8% in 2024, primarily due to rising sales costs outpacing revenue growth [3] - The net margin fluctuated from 13.3% in 2022 to 7% in the first half of 2025, influenced by cost and revenue mismatches and increasing operational costs [4] Cash Flow and Liquidity - The company experienced a net cash outflow of 11.06 million yuan from operating activities in 2023, although it later recovered to net inflow [4] - As of June 30, 2025, the company held cash and cash equivalents of 223 million yuan [5] Customer and Supplier Dependency - The top five customers accounted for 46.9% to 62.8% of revenue from 2022 to the first half of 2025, with the largest customer contributing 25.1% of revenue in the first half of 2025 [5] - The company has a high reliance on a few suppliers for critical raw materials, which poses risks if supply relationships are disrupted [5] Shareholder Information - The controlling shareholder, Luo Xingshun, holds a direct stake of 33.33% and an indirect stake of 4.71%, totaling approximately 38.04% of the company [5] - Luo Xingshun reduced his shareholding by 1.12% between June 27, 2025, and September 26, 2025, realizing approximately 73.16 million yuan from the sale [6]

Core Viewpoint - The company expresses gratitude for the interest and support shown by investors during its online roadshow for the initial public offering (IPO) [2] Group 1: Company Overview - The company introduced its listing objectives, main business, operational performance, competitive advantages, fundraising projects, and future development strategies during the roadshow [2] - The company acknowledges the significant mission and responsibility that comes with being a public company [2] Group 2: Investor Engagement - The company appreciates the valuable feedback and suggestions from investors, indicating a strong sense of community and support [2] - The company emphasizes the importance of maintaining close communication with investors moving forward [2] Group 3: Commitment to Transparency - The company commits to adhering to relevant laws and regulations, ensuring accurate and complete information disclosure [2] - The company aims to leverage market opportunities to deliver better operational results for shareholders, investors, and society [2]

Business Model - The company operates as a state-owned comprehensive water tour service provider, primarily in the Yangzhou Shugang - Shouxihu Scenic Area and the Ancient Canal region, holding exclusive operational rights for water tours for 20 years and in the Ancient Canal area without time limits, capturing a 16.0% market share in Jiangsu's water tour service market [1] Diversified Business Collaboration - In addition to water tour services, the company offers sightseeing bus services and management services, with a fleet of 206 boats and 25 buses, and has introduced innovative service models such as "Boat+" and charter services [2] Financial Performance - The company's revenue has seen significant growth, with total revenues projected at approximately RMB 31 million, RMB 109 million, and RMB 111 million for 2022, 2023, and 2024 respectively, marking a 249.3% increase in 2023 compared to 2022 due to the rebound in tourism post-pandemic and the exclusive operation of sightseeing bus services starting August 2022 [3] - Net profit for the same period is projected at approximately RMB 3 million, RMB 46 million, and RMB 43 million, with a staggering increase of 1,458.1% in 2023 compared to 2022, but a decline of about 7.6% in 2024 due to rising costs [4] Profitability Metrics - Gross margin and net margin have shown volatility, with gross margins of 21.8%, 59.0%, and 54.4% for 2022, 2023, and 2024 respectively, and net margins of 9.5%, 42.6%, and 38.5% for the same years, indicating a significant rise in 2023 followed by a decrease in 2024 [5][6] Revenue Composition - Water tour services remain the primary revenue source, contributing approximately RMB 28 million, RMB 95 million, and RMB 96 million for 2022, 2023, and 2024 respectively, accounting for 88.3%, 87.2%, and 86.2% of total revenue [6][7] Management Team - The company's board consists of nine directors, including six executive directors with extensive experience in the cultural tourism industry, ensuring strong leadership and operational oversight [8] Compensation Growth - The total compensation for directors and senior management has increased significantly, with a 200% rise in 2023 compared to 2022, raising concerns about cost control despite the potential for attracting talent [9]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性或完整性亦不發表 任何意見，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 JINGDONG Industrials, Inc. 京東工業股份有限公司 警 告 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊 處處長註冊前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提 出要約或邀請，有意投資者務請僅依據經香港公司註冊處處長註冊的本公司招股章程 作出投資決定。招股章程的文本將於發售期內向公眾人士提供。 2 (f) 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據經香港公司 註冊處處長註冊的本公司招股章程作出投資決定。招股章程的文本將於發售期內刊 發； (g) 本公告並不構成向任何司法管轄區的公眾人士提呈出售任何證券的招股章程、發售 通函、通知、通告、小冊子或廣告，亦非邀請公眾人士提出認購或購買任何證券的 要約，且不旨在邀請公眾人士提出認購或購買任何證券的要約；及 (h) 由於本公告的刊發或本公告所載任何資訊的發佈可能受 ...

Core Viewpoint - The company, Borui Pharmaceutical, announced its plan to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas business layout [1] Group 1: Company Strategy - The company aims to strengthen its overseas financing capabilities and improve its capital strength and overall competitiveness through this H-share issuance [1] - The company will consider the interests of existing shareholders and the conditions of domestic and international capital markets when selecting the appropriate timing and issuance window for the listing [1]

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as its sole sponsor, after previous applications in March and September 2024 became invalid [1]. Company Overview - Established in 2016, Xunce Technology is a provider of real-time data infrastructure and analytical solutions, primarily serving institutional asset managers, including insurance companies, bank asset management departments, securities firms, corporate treasury, family offices, and high-net-worth individuals [1]. - The company's current shareholders include Liu Chengxi, who indirectly controls approximately 28.86% of the issued share capital, and major shareholders such as Guangxi Tencent Venture Capital Co., Ltd. and Taikang Life Insurance Co., Ltd. [1]. Financial Performance - Revenue for the reporting periods (2022 to 2024, and the first half of 2025) was reported as follows: RMB 288 million, RMB 530 million, RMB 632 million, and RMB 198 million respectively [2]. - Despite steady revenue growth, the company has faced increasing losses, with net losses reported as RMB 96.51 million, RMB 63.39 million, RMB 97.85 million, and RMB 108 million for the respective periods [3]. Customer Metrics - The total number of paying customers increased from 182 to 232, but there was a significant decline in the number of paying customers in the first half of 2025, dropping nearly 30% year-on-year [3][4]. - The net revenue retention rate has decreased significantly from 98% in 2023 to 36% in the first half of 2025, primarily due to a slowdown in the financial industry and reduced spending from clients, particularly in asset management [3][4]. Market Position and Strategy - Xunce Technology emphasizes its focus on expanding revenue and market share rather than immediate profitability during its early development stages [3]. - The company has established a leading market position in the asset management sector and sees opportunities to expand its customer base across various industries [5].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公 司註冊處處長登記前，概不會向香港公眾人士作出要約或邀請。於適當時候向香 港公眾人士提出要約或邀請，潛在投資者務請僅依據送呈香港公司註冊處處長登 記的本公司招股章程作出投資決定；招股章程的文本將於發售期內供公眾人士查 閱。 2 Sigenergy Technology Co., Ltd. 思格新能源（上海）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 閣下閱覽本公 告，即代表 閣下知悉、接納並向思格新能源（上海）股份有限公司（「本公司」）、 其保薦人、保薦人兼整體協調人、整體協調人、顧問或承銷團成員表示同意： 1 (a) 在聯交所網站登載本公告，並不會引致本公司、其聯席保薦人、聯席 ...

Core Viewpoint - The company achieved significant revenue growth in the first half of 2025, but continued to report net losses, indicating ongoing financial challenges despite operational improvements [1][2]. Financial Performance - In the first half of 2025, the company reported operating revenue of 2.908 billion yuan, a year-on-year increase of 43.48% compared to 2.027 billion yuan in the same period last year [2]. - The net profit attributable to shareholders was a loss of 86.96 million yuan, improving from a loss of 333.76 million yuan in the previous year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 115.22 million yuan, compared to a loss of 387.21 million yuan in the same period last year [2]. - The net cash flow from operating activities was -299.22 million yuan, an improvement from -726.51 million yuan in the previous year [2]. Previous Year Comparison - In 2024, the company achieved total operating revenue of 5.541 billion yuan, representing an 18.46% increase from 4.678 billion yuan in 2023 [3]. - The net profit attributable to shareholders for 2024 was a loss of 550.32 million yuan, worsening from a loss of 217.26 million yuan in 2023 [3]. - The net cash flow from operating activities in 2024 was -537.53 million yuan, slightly better than -559.29 million yuan in 2023 [3]. Fundraising and Use of Proceeds - The company raised a total of 363 million yuan from its IPO, with a net amount of 348.80 million yuan after deducting issuance costs, which was 151.20 million yuan less than the planned amount of 500 million yuan [4]. - The raised funds were intended for projects including the automotive electronics production base in Nantong, the R&D center in Tianjin, digital capability enhancement, and working capital [4].