悍高集团股份有限公司 首次公开发行股票并在主板上市之 上市公告书提示性公告 保荐人（主承销商）：国泰海通证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，悍高集团股份有限公司（以下简称"发行人" 或"本公司"）发行的人民币普通股股票将于2025年7月30日在深圳证券交易所主 板上市，上市公告书全文和首次公开发行股票并在主板上市的招股说明书全文披 露于中国证券监督管理委员会指定的信息披露网站（巨潮资讯网，网址 www.cninfo.com.cn ； 中 证 网 ， 网 址 www.cs.com.cn ；中国证券网，网址 www.cnstock.com ；证券 时报网 ，网址 www.stcn.com ；证券日 报网， 网址 www.zqrb.cn ；经 济参 考网 ， 网址 www.jjckb.cn ；中 国 金融 新闻 网 ，网 址 www.financialnews.com.cn；中国日报网，网址cn.chinadaily.com.cn），供投资者 查阅。 所属网页二维码：巨潮资讯网 一、上市概况 4、首次公开发行股 ...

Group 1 - The core viewpoint of the article highlights the disparity between retail investors and institutional investors during new stock listings, emphasizing that retail investors often miss out on profits that have already been secured by larger players before the public listing [1][11] - The article discusses the significant price increases of newly listed stocks, with N Shanda Power rising by 498% and N Jiyuan by 368.75%, indicating a strong market reaction but questioning the timing of retail investors' awareness of such opportunities [1][11] - It suggests that the stock market operates like a well-orchestrated puppet show, where the real drivers of stock prices are the trading behaviors of institutional investors rather than the apparent market indicators [5][10] Group 2 - The article emphasizes the importance of understanding trading behaviors over traditional fundamental analysis, suggesting that many investors focus too much on price changes while neglecting the underlying trading activities that can signal institutional movements [10][12] - It provides an example of a stock that appeared stagnant but revealed significant institutional activity through data analysis, leading to a substantial price increase three months later, illustrating the potential of using quantitative tools to uncover hidden market dynamics [6][8] - The narrative encourages retail investors to adopt suitable investment tools, particularly quantitative systems, to gain insights into market behaviors that are not visible through conventional methods [12][14] Group 3 - The article concludes by advising investors to remain rational in the face of new stock surges and to focus on understanding the strategies of institutional investors rather than chasing after already inflated stock prices [14] - It reiterates that there are no shortcuts in stock market investing, but employing the right methods and tools can help investors navigate the complexities of the market effectively [14]

Company Overview - Company is a leading global supplier of HMB (beta-hydroxy-beta-methylbutyrate) raw materials, holding over 50% market share globally and serving as the core supplier for Abbott's HMB products [1][2] - Established in 2002, the company has developed a strong vertical integration from raw material production to finished product formulation, enhancing its competitive edge in the industry [1][2] - The management team, led by US national Zhou Jingshi, has extensive experience in the nutrition raw materials sector, having previously worked with renowned companies like Amway and Avon [1][2] Financial Performance - The company reported revenues of 947 million yuan, 892 million yuan, and 1.002 billion yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 18.19%, -5.84%, and 12.33% respectively [3] - Net profits for the same years were 142 million yuan, 160 million yuan, and 174 million yuan, with growth rates of 29.34%, 12.63%, and 9.02% respectively [3] - Preliminary forecasts indicate a revenue increase of 15.03% to 273.6 million yuan and a net profit increase of 8.56% to 192 million yuan for the first half of 2025 compared to the same period in 2024 [3] Market Position and Industry Trends - The global dietary supplement market is projected to exceed $187 billion in 2023, with a steady growth rate of 6% expected, reaching $223 billion by 2026 [3] - The HMB market is anticipated to grow at a compound annual growth rate (CAGR) of approximately 11.54%, reaching an estimated production of 3,571.69 tons by 2030 [3] - The glucosamine market, in which the company is a key player, is expected to maintain a stable growth rate of 4.2% from 2022 to 2027, with a market demand of around 20,000 tons in 2022 [3] IPO Details - The company plans to issue 50.01 million new shares, raising approximately 544 million yuan, with funds allocated for three projects and working capital [4] - The projects include a production base for health raw materials, an expansion of the nutrition health food production line, and a technology innovation center [4] Valuation and Market Sentiment - The company's IPO price is set at 10.88 yuan per share, which is considered low compared to the average dynamic price-to-earnings ratio of comparable companies at 36.54, suggesting a potential upside of 49.51% on the first trading day [6][7] - Recent trends indicate that new stocks in the A-share market have experienced an average first-day increase of 230.68%, with a median increase of 174.56% [6][7] - The favorable market sentiment and the company's strong fundamentals may contribute to a positive performance on its debut [5][6]

技源集团股份有限公司 首次公开发行股票主板上市公告书 提示性公告 保荐人（主承销商）：东方证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，技源集团股份有限公司（以下简称"技源集团" 或"公司"）发行的人民币普通股股票将于 2025 年 7 月 23 日在上海证券交易所 主板上市，上市公告书全文和首次公开发行股票的招股说明书全文披露于上海证 券交易所网站（www.sse.com.cn）和符合中国证监会规定条件网站（中证网，网 址 www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网，网址 www.zqrb.cn；经济参考网,网址 www.jjckb.cn）， 并置备于技源集团、上海证券交易所、本次发行保荐人（主承销商）东方证券股 份有限公司的住所，供投资者查阅。 一、上市概况 1、股票简称：技源集团 （二）流通股数量较少的风险 本次发行股数 5,001.00 万股，上市初期，原始股股东的股份锁定期 ...

Core Viewpoint - The article highlights the significant market performance of Huadian New Energy following its IPO, with a notable increase in stock price and market capitalization, indicating strong investor interest in the renewable energy sector [1][2]. Group 1: Company Performance - Huadian New Energy's stock saw a maximum increase of 219.8% on its debut, reaching a peak price of 10.17 CNY per share, resulting in a market capitalization increase of 175 billion CNY [1][2]. - The company is part of China Huadian, one of the five major power generation groups in China, and has become a leading operator in the renewable energy sector, focusing on wind and solar power projects [2]. - Revenue projections for Huadian New Energy are as follows: 246.73 billion CNY in 2022, 295.80 billion CNY in 2023, and 339.68 billion CNY in 2024, with year-on-year growth rates of 13.49%, 19.89%, and 14.83% respectively [3]. Group 2: Industry Insights - The average revenue scale for comparable wind and solar power companies in 2024 is projected at 194.63 billion CNY, with an average PE-TTM of 17.98 and a sales gross margin of 46.35%, positioning Huadian New Energy in a competitive range within the industry [3]. - Recent trends show that newly listed stocks, particularly in the Sci-Tech Innovation Board and the Growth Enterprise Market, have experienced substantial first-day gains, averaging 210.25% and 223.36% respectively [4].

Core Viewpoint - Huadian New Energy's stock experienced a significant surge after its IPO, reflecting strong market interest and investor confidence in the renewable energy sector, particularly in wind and solar power projects [1][2]. Company Overview - Huadian New Energy, part of China Huadian, is the only integrated platform for wind and solar energy within one of China's five major power generation groups. It has become one of the largest renewable energy operators in the country, with a leading position in installed capacity and market share [2]. - The company has a rich pipeline of projects under construction, which is expected to further increase its installed capacity as these projects come online [2]. Financial Performance - For the years 2022 to 2024, Huadian New Energy is projected to achieve revenues of 24.673 billion yuan, 29.580 billion yuan, and 33.968 billion yuan, representing year-on-year growth rates of 13.49%, 19.89%, and 14.83% respectively. The net profit attributable to shareholders is expected to be 8.522 billion yuan, 9.620 billion yuan, and 8.831 billion yuan, with growth rates of 17.49%, 12.88%, and a decline of 8.20% [3]. - The company’s revenue growth forecast for the first half of 2025 is between 9.84% and 21.72%, while net profit is expected to fluctuate between a decrease of 7.19% and an increase of 7.79% compared to the same period last year [3]. Industry Context - The average revenue scale for comparable wind and solar power companies in 2024 is projected to be 19.463 billion yuan, with an average PE-TTM of 17.98 and a sales gross margin of 46.35%. Huadian New Energy's revenue scale is positioned in the mid-to-high range of the industry, with a sales gross margin comparable to the industry average [3]. Recent Market Trends - Recent new stock performances have been notable, with the average first-day gains for stocks on the Sci-Tech Innovation Board and the Growth Enterprise Market being 210.25% and 223.36% respectively [4]. - In June 2025, a total of 8 new stocks were listed, raising 9.153 billion yuan, which represents a significant increase in fundraising activities compared to previous periods [4].

华电新能源集团股份有限公司 首次公开发行股票主板 上市公告书提示性公告 联席保荐人（联席主承销商）：中国国际金融股份有限公司 联席保荐人（联席主承销商）：华泰联合证券有限责任公司 联席主承销商：中信证券股份有限公司 联席主承销商：中信建投证券股份有限公司 联席主承销商：国泰海通证券股份有限公司 联席主承销商：川财证券有限责任公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，华电新能源集团股份有限公司（以下简称"本 公司"、"华电新能"或"发行人"）发行的人民币普通股股票将于2025年7月 16日在上海证券交易所主板上市，上市公告书全文和首次公开发行股票的招股说 明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证监会规定条 件网站（中证网：http://www.cs.com.cn；中国证券网：http://www.cnstock.com； 证券时报网：http://www.stcn.com；证券日报网：http://www.zqrb.cn；经济参考 网：h ...

Company Overview - Tongyu New Materials has been deeply engaged in the electronic resin field for nearly 10 years, breaking the monopoly of international leading companies in the lead-free and halogen-free copper-clad laminate applicable electronic resin sector [2] - The company specializes in the research, production, and sales of electronic resins, primarily used in the production of copper-clad laminates, with products including MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2] Industry Insights - The electronic resin industry is crucial as it is one of the three main raw materials for producing copper-clad laminates, which are fundamental materials for processing printed circuit boards (PCBs) [2] - The copper-clad laminate industry in mainland China has seen rapid growth, with the output value increasing from $6.1 billion in 2014 to $9.3 billion in 2023, benefiting from the global PCB industry shifting to mainland China [2] Financial Performance - The company achieved operating revenues of 1.193 billion yuan, 886 million yuan, and 952 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 25.95%, -25.70%, and 7.47% respectively [2] - The net profit attributable to the parent company for the same years was 188 million yuan, 164 million yuan, and 143 million yuan, with year-on-year growth rates of 38.98%, -12.51%, and -12.87% respectively [2] - In Q1 2025, the company reported operating revenue of 276 million yuan, a year-on-year increase of 25.60%, while the net profit attributable to the parent company was 33 million yuan, a decrease of 4.43% year-on-year [2] IPO Details - The company plans to issue 10 million new shares in its IPO, raising 840 million yuan, with the funds intended for a 200,000-ton electronic resin project and to supplement working capital [3] - The company is currently experiencing tight production capacity, with utilization rates exceeding 100% during the reporting period [3] Valuation and Market Performance - Tongyu New Materials has a certain valuation advantage, with an issuance price-to-earnings ratio of 23.7 times, compared to an average dynamic P/E ratio of 36.88 times for comparable companies [5] - If the company achieves the average valuation of comparable companies on its first trading day, it would require a 55.6% increase from its issuance price [5] - The issuance price of 84 yuan is relatively high, and similar new stocks with prices around this level have shown an average first-day increase of 85.36%, significantly lower than the average first-day increase of 291.59% for new stocks over the past year [5]

Core Viewpoint - The upcoming IPO of Yitang Co., a leading global player in the semiconductor equipment sector, is anticipated to perform well on its first trading day, potentially achieving significant price increases similar to recent new listings in the market [1][4]. Company Overview - Yitang Co. specializes in the research, production, and sales of wafer processing equipment necessary for integrated circuit manufacturing, providing solutions including dry stripping equipment, rapid thermal processing equipment, and dry etching equipment [1][2]. - The company was established nearly 10 years ago and is controlled by the Finance State-owned Assets Supervision and Administration Commission of Beijing Economic-Technological Development Area [1][3]. - Yitang Co. acquired the well-known U.S. semiconductor equipment company MTI in 2016, which focuses on critical chip manufacturing processes [1][2]. Market Position - Yitang Co. holds a 34.60% market share in the global dry stripping equipment market as of 2023, ranking second globally, and has maintained a stable 13.05% market share in rapid thermal processing equipment, also ranking second [2]. - The company is one of the few domestic manufacturers capable of mass-producing etching equipment, consistently ranking among the top ten globally from 2021 to 2023 [2]. Financial Performance - The company reported revenues of 4.763 billion yuan, 3.931 billion yuan, and 4.633 billion yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 46.96%, -17.45%, and 17.84% respectively [3]. - Net profits for the same years were 383 million yuan, 309 million yuan, and 541 million yuan, with growth rates of 111.06%, -19.11%, and 74.78% respectively [3]. - In Q1 2025, Yitang Co. achieved a revenue of 1.16 billion yuan, reflecting a year-on-year growth of 14.63% [3]. IPO Details - Yitang Co. plans to issue 62.88 million shares and raise 2.5 billion yuan through its IPO, with funds allocated to two projects and technology reserves [3]. - The company’s R&D and manufacturing service center project will utilize 800 million yuan, while the high-end integrated circuit equipment R&D project will use 1 billion yuan [3]. Expected Market Performance - Recent trends indicate that new stocks have performed well, with an average first-day increase of 301.38% over the past month [4]. - If Yitang Co. achieves the average first-day increase of recent new listings, its price could range between 13.1 yuan and 26.7 yuan, corresponding to a potential increase of 55% to 215.81% [5].

Company Overview - Guangxin Technology has focused on the field of insulation fiber materials for over 20 years, successfully breaking the foreign technology monopoly in this area with its development of ultra-high voltage insulation fiber materials in 2009 [2] - The company has established long-term stable partnerships with leading transformer companies such as Tebian Electric Apparatus and Shandong Electric Power Equipment [2] Industry Insights - The insulation materials market in China has shown continuous growth, with the market size increasing from 654.90 billion yuan in 2018 to 733.6 billion yuan in 2022, reflecting a growth rate of 12.02% [3] - Major players in the global insulation materials industry are primarily located in the United States, Switzerland, and Sweden, dominating the international market [3] Financial Performance - Guangxin Technology's revenue for 2022 to 2024 is projected to be 304 million yuan, 420 million yuan, and 578 million yuan, with year-on-year growth rates of 31.76%, 38.05%, and 37.49% respectively [3] - The company's net profit attributable to shareholders is expected to reach 15 million yuan, 49 million yuan, and 116 million yuan for the same period, with impressive growth rates of 89.75%, 235.55%, and 135.14% [3] - In Q1 2025, the company reported a revenue of 175 million yuan, a year-on-year increase of 54.48%, and a net profit of 44 million yuan, up 128.53% from the previous year [3] IPO Details - Guangxin Technology's IPO involves the issuance of 23 million new shares, raising 230 million yuan, with funds allocated to three projects: 130 million yuan for the expansion of electrical insulation new materials, 40 million yuan for R&D center construction, and 30 million yuan for working capital [4] Market Sentiment and Valuation - The recent market sentiment has been positive, with new stocks performing well; for instance, the average first-day increase for new stocks in the past month was 195.5%, with a median increase of 200% [5] - Guangxin Technology's issuance price is set at 10 yuan per share, which is considered low compared to comparable companies with an average dynamic P/E ratio of 43.95, suggesting a significant valuation advantage [6] - If Guangxin Technology achieves the average first-day increase of recent new stocks, the expected range for its first-day increase could be between 195.5% and 322% [6]