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依賴 該等內容而引致的任何損失承擔任何責任。 Shenzhen Hongyeji Geotechnical Technology Co., Ltd. 深圳宏業基岩土科技股份有限公司 （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，僅用作提供資訊予香港公眾人士。 閣下閱覽本 公告，即代表 閣下知悉、接納並向深圳宏業基岩土科技股份有限公司（「本公 司」）、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 1 (a) 在聯交所網站登載本公告，並不引起本公司、其獨家保薦人、整體協調人、 顧問或包銷團成員須在香港或任何其他司法權區進行發售或配售活動的責 任。本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券， ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a decline of 0.52% on January 19, 2025, underperforming the CSI 300 index by 0.57 percentage points, ranking 28th among 31 sub-industries [4]. - Notable performers within the pharmaceutical sub-industries included offline pharmacies (+2.39%) and blood products (+0.11%), while sectors such as medical R&D outsourcing (-1.77%) and vaccines (-1.10%) lagged behind [4]. - Takeda's new drug Oveporexton has received acceptance for its market application in China, targeting narcolepsy type 1 (NT1) and showing promising results in clinical trials [5]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceuticals: Neutral [3]

Core Viewpoint - Chengtai Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading supplier of millimeter-wave radar in China's automotive market, despite ongoing financial losses and reliance on a single major client [1][2]. Group 1: Company Overview - Chengtai Technology was established in 2016 and is recognized as the largest domestic supplier of forward-looking millimeter-wave radar in China by shipment volume, according to Zhaoshang Consulting [1]. - The company is co-founded by Chen Chengwen and Zhou Ke, who hold 15.48% and 4.98% of the equity, respectively, and have backgrounds in Huawei Technologies [1]. Group 2: Financial Performance - Chengtai Technology's revenue for the reporting periods (2022 to 2024, and the first half of 2025) is projected to be approximately RMB 57.65 million, RMB 156.52 million, RMB 348.09 million, and RMB 539.18 million [2][3]. - Despite rapid revenue growth, the company has not achieved profitability, reporting losses of RMB 79.17 million, RMB 96.60 million, RMB 21.77 million, and RMB 14.43 million over the same periods, totaling approximately RMB 212 million in cumulative losses [2][3]. Group 3: Client Dependency and Risks - A significant portion of Chengtai Technology's revenue is derived from a single client, referred to as Client A, accounting for 81.9%, 91.3%, 93.6%, and 97.4% of total revenue across the reporting periods [3]. - The company faces substantial pricing pressure and unfavorable contract terms due to Client A's large purchasing volume, which could adversely affect its business if Client A reduces orders or changes procurement strategies [4]. Group 4: Cash Flow and Operational Challenges - Chengtai Technology has reported negative net cash flow from operating activities, with figures of RMB -97.60 million, RMB -61.89 million, RMB -6.98 million, and RMB -84.13 million for the respective periods [5]. - The company attributes its cash outflows primarily to inventory procurement for new products and increased investments in procurement and inventory management as it scales operations [5].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen significant activity from mainland companies utilizing its financing platform to accelerate their international expansion strategies in 2025, with over 100 companies listed and total fundraising exceeding HKD 270 billion [1] Group 1: Market Activity - In 2025, the HKEX welcomed over 100 new listings, including the two largest IPOs globally this year, raising more than HKD 270 billion [1] - Looking ahead to 2026, the HKEX is processing over 300 listing applications [1] Group 2: Strategic Focus - HKEX will focus on three strategic areas over the next decade: expanding a diversified asset ecosystem, enhancing technology and operations, and developing emerging businesses [1] - The first strategy involves expanding fixed income, currency, and commodity businesses while attracting more international companies to list in Hong Kong [1] - The second strategy includes ongoing technological advancements, such as consulting on reforms to the settlement cycle, implementing paperless securities measures, upgrading derivatives trading platforms, and incorporating AI and other emerging technologies [1] - The third strategy focuses on developing new businesses, including data, analytics, indices, digital currencies, and tokenization [1] Group 3: Connectivity and Positioning - HKEX aims to deepen connectivity with mainland China and facilitate connections between other Asian markets and Chinese capital, reinforcing Hong Kong's status as a global financial hub [1]

Group 1 - Shanghai Stock Exchange's Sci-Tech Innovation Board had 1 company listed, while Shenzhen Stock Exchange's ChiNext had 1 company listed during November 18-24 [2] - Hengkun New Materials focuses on key materials for integrated circuits, achieving a first-day stock price increase of 310.61%, closing at 50.54 CNY per share, a 237.16% increase from the issue price of 14.99 CNY, with a total market value of approximately 22.7 billion CNY [2] - Nanwang Digital provides digital construction solutions for the power energy sector, with a first-day stock price increase of 224.78%, closing at 20.51 CNY per share, a 260.46% increase from the issue price of 5.69 CNY, with a total market value of approximately 65.2 billion CNY [2] Group 2 - Two companies passed the listing committee review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies were reviewed on the Shenzhen Stock Exchange during November 18-24 [3] - Zhenshi Co., Ltd. specializes in fiber-reinforced materials for clean energy applications, providing innovative solutions across various industries [3] - Easy Vision focuses on machine vision equipment for automotive manufacturing, providing solutions for various manufacturing processes [4] Group 3 - One company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while one company submitted an application on the Shenzhen Stock Exchange's ChiNext during November 18-24 [4] - Beidou Institute specializes in satellite navigation and aerospace control technologies, with an IPO application accepted on November 21, aiming to raise 709 million CNY for product upgrades and research projects [5] - Financial projections for Beidou Institute show revenues of 243 million CNY, 285 million CNY, and 325 million CNY from 2022 to 2024, with net profits of approximately 76.18 million CNY, 81.71 million CNY, and 82.94 million CNY respectively [6] Group 4 - Green Bio focuses on the research, production, and sales of fragrance products, with an IPO application accepted on November 21, aiming to raise 690 million CNY for production projects and R&D upgrades [10] - Financial projections for Green Bio show revenues of 631 million CNY, 735 million CNY, and 961 million CNY from 2022 to 2024, with net profits of approximately 68.14 million CNY, 92.92 million CNY, and 150 million CNY respectively [11] Group 5 - Hong Kong Stock Exchange had 1 company listed during November 18-24 [13] - Innovation Industry focuses on aluminum industry chain, with a first-day stock price increase of 32.76%, closing at 14.59 HKD per share, with a total market value of approximately 29.2 billion HKD [14] Group 6 - Six companies passed the hearing on the Hong Kong Stock Exchange's main board during November 17-24 [18] - Notable companies include Yujian Xiaomian, a Chinese noodle restaurant operator, and Jinyan High-tech, specializing in coal series kaolin [19][20] Group 7 - Several companies submitted listing applications on the Hong Kong Stock Exchange during November 17-24, including Kanop, Dongshan Precision, and NobiKan [25][31][34] - Kanop focuses on industrial robots and aims to enhance R&D capabilities and expand market presence [31] - Dongshan Precision is a leading global PCB supplier, with plans to upgrade production facilities and repay debts [34] Group 8 - NobiKan specializes in AI and digital twin technologies, with a focus on transportation and energy sectors [39] - Financial projections for NobiKan show revenues of 253 million CNY, 362 million CNY, and 403 million CNY from 2022 to 2024, with net profits of approximately 6.3 million CNY, 8.9 million CNY, and 11.5 million CNY respectively [40] Group 9 - Mandi International focuses on skin health and weight management solutions, with a strong market presence in hair loss treatment products [44] - Financial projections for Mandi International show revenues of 982 million CNY, 1.23 billion CNY, and 1.46 billion CNY from 2022 to 2024, with net profits of approximately 202 million CNY, 341 million CNY, and 390 million CNY respectively [45] Group 10 - Lingyi Intelligent Manufacturing aims to provide comprehensive intelligent manufacturing services, with a focus on AI hardware [47] - Financial projections for Lingyi show revenues of 34.5 billion CNY, 34.2 billion CNY, and 44.3 billion CNY from 2022 to 2024, with net profits of approximately 1.56 billion CNY, 2.01 billion CNY, and 1.76 billion CNY respectively [48] Group 11 - Hailan Home aims to optimize sales channels and enhance brand image through its IPO, with a strong market position in men's apparel [51] - Financial projections for Hailan show revenues of 17.9 billion CNY, 20.8 billion CNY, and 20.2 billion CNY from 2022 to 2024, with net profits of approximately 2.06 billion CNY, 2.92 billion CNY, and 2.19 billion CNY respectively [53]

Core Viewpoint - Baogai New Materials has established itself as a market and technology leader in China's composite material manhole cover industry, focusing on GFRP (Glass Fiber Reinforced Plastic) products for engineering and infrastructure needs [3]. Group 1: Company Overview - Baogai New Materials was founded in 2009 and specializes in producing GFRP manhole cover products primarily for engineering and infrastructure applications [3]. - The company's product portfolio includes cable trench covers, drainage trench covers, and manhole covers, serving critical sectors such as electricity, transportation, urban utilities, water conservancy, and petrochemical engineering in China [3]. Group 2: Market Position - As of 2024, Baogai New Materials holds the top position in China's cable trench cover industry with a market share of approximately 2.36%, which is about double that of the second-largest competitor [3]. - The company is also the leading player in the GFRP cable trench cover sector, with a market share of around 8.94%, again approximately double that of its closest rival [3]. - In the broader manhole cover industry, Baogai New Materials ranks third, capturing about 1.35% of the total market share [3]. Group 3: Financial Performance - For the fiscal year ending June 30, 2023, Baogai New Materials reported revenues of approximately 137.1 million RMB, with a gross profit of about 52.4 million RMB [4][6]. - The company’s projected revenues for the fiscal year ending June 30, 2024, are approximately 130.9 million RMB, with a gross profit of around 49.1 million RMB [6]. - The net profit attributable to equity shareholders for the fiscal year ending June 30, 2023, was approximately 25.2 million RMB, with earnings per share of 0.58 RMB [6].