Core Viewpoint - The stock price of Zhongqi New Materials (001212.SZ) reached a record high of 60 yuan per share on April 23, despite the company reporting a significant decline in net profit and a record low gross margin for 2024, marking its worst performance since its IPO [1][4]. Financial Performance - In 2021, Zhongqi New Materials achieved its highest revenue of 725 million yuan and a net profit of 141 million yuan. However, since 2022, the company's performance has been on a downward trend, with revenues of 656.5 million yuan and 690.2 million yuan in 2022 and 2023, respectively, while net profits dropped to 86.11 million yuan and 79.44 million yuan, reflecting year-on-year declines of 39.02% and 7.74% [3][4]. - For 2024, the company reported total revenue of 532 million yuan, a year-on-year decrease of 22.88%, and a net profit of 30.51 million yuan, down 61.59% year-on-year. The non-recurring net profit was 25.82 million yuan, a decline of 66.14% [4][6]. Investment and Fund Utilization - Since its IPO, Zhongqi New Materials has raised over 1.2 billion yuan through IPO and convertible bonds, but as of the end of 2024, approximately 627 million yuan remains unutilized, sitting idle in bank accounts [1][11]. - The company has faced challenges in executing its fundraising projects, with significant delays and changes in project scope. For instance, the "Research and Development Center and Information Technology Construction Project" was altered to focus on high-purity quartz sand, with completion dates pushed to 2026 [7][8][10]. Strategic Shift - The company appears to be preparing for a shift in its core business, as indicated by the signing of a share transfer agreement with semiconductor industry leader He Rongming, which could signal a strategic pivot away from its current operations [1][14]. - Following the announcement of this agreement, Zhongqi New Materials' stock surged, reflecting market optimism about potential changes in the company's direction [1][14]. Market Context - The company has cited changes in market demand and intensified competition in the home decoration and building materials market as reasons for its declining profitability. Additionally, sales in some overseas markets have also decreased [6]. - Analysts have expressed high expectations for the company's future performance based on its fundraising projects, despite the stark contrast between these expectations and the actual financial results reported for 2024 [6][10].

Core Viewpoint - Shenzhen Xunjiexing Technology Co., Ltd. successfully completed its initial public offering (IPO) on the Science and Technology Innovation Board, raising a net amount of RMB 200.0552 million [1][2]. Group 1: Company Overview - Company Name: Shenzhen Xunjiexing Technology Co., Ltd. - Stock Code: 688655.SH - Registered Capital: RMB 133.39 million - Legal Representative: Ma Zhuo - Actual Controller: Ma Zhuo - Listing Date: May 11, 2021 - Listing Location: Shanghai Stock Exchange [1][2]. Group 2: Sponsorship and Due Diligence - The sponsor, Minsheng Securities Co., Ltd., conducted thorough due diligence and coordinated with various intermediaries during the IPO process, ensuring compliance with relevant regulations [2][5]. - The sponsor provided ongoing supervision from May 11, 2021, to December 31, 2024, ensuring the company adhered to operational norms and information disclosure obligations [2][5]. Group 3: Fundraising and Investment Projects - The company changed its fundraising project from "annual production of 300,000 square meters of high multi-layer boards and 180,000 square meters of HDI projects" to "annual production of 600,000 square meters of PCB intelligent factory expansion project" due to increased order demands [2][3]. - The total planned investment for the new project is RMB 323.1407 million, with RMB 200.0552 million allocated from the raised funds [3]. Group 4: Project Timeline Adjustments - The first phase of the project was delayed from June 2022 to December 2022, while the second phase was postponed from the fourth quarter of 2022 to October 2023 due to supply chain disruptions and market conditions [3][4]. - The adjusted production capacity for the project is expected to reach 600,000 square meters annually upon completion [3]. Group 5: Compliance and Fund Usage - The sponsor confirmed that the company complied with regulations regarding the storage and use of raised funds, ensuring that funds were stored in dedicated accounts and used for their intended purposes [6]. - As of December 31, 2024, there remains a balance of RMB 11.0121 million from the raised funds, with the sponsor continuing to oversee the management and usage of these funds [6].