于业绩记录期内，我们保持强劲的收入及净利润增长势头。我们的收入由2022年的人民币195.28亿元增 加27.2%至2023年的人民币248.32亿元，并进一步增加19.8%至2024年的人民币297.59亿元。此外，我们 的收入由截至2024年3月31日止三个月的人民币73.63亿元增加27.0%至截至2025年3月31日止三个月的人 民币93.52亿元。 我们的净利润由2022年的人民币14.42亿元增加72.5%至2023年的人民币24.87亿元，并进一步增加17.0% 至2024年的人民币29.1亿元。此外，我们的净利润由截至2024年3月31日止三个月的人民币7.52亿元增加 23.0%至截至2025年3月31日止三个月的人民币9.25亿元。于2022年、2023年、2024年以及截至2024年及 2025年3月31日止三个月，我们的净利润率分别为7.4%、10.0%、9.8%、10.2%及9.9%。 公司已与基石投资者中邮保险、中邮理财、华菱香港、西藏源乐晟及CICCFT(就西藏源乐晟场外掉期而 言)、深圳永信及国泰君安投资(关于深圳永信场外掉期)订立基石投资协议，基石投资者已同意在满足若 干条件 ...

以下文章来源于超越 J Curve ，作者宋梓翔 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 基石投资者为何逐年提升？ 作者丨宋梓翔 编辑丨 杨博宇 来源丨 超越 J Curve 今年上半年在投中嘉川团队的调研中，不止一次听到国资 LP对港股基石轮的关注。这或许不难理 解，2025年上半年港股IPO募资额在全球总量中占比达24%，一举超过纳斯达克与纽交所，重新夺 回阔别四年的全球冠军宝座。 其中，宁德时代 更是 狂揽 356.3亿港元，成为今年全球范围内最大的一起IPO交易。 而在这些 IPO的背后，基石投资者的地位越来越醒目。2018年还只有四分之一的企业引入基石投资 者， 而今年（ 截至 7 月 10 日） 49家 港股 IPO 中，有 42家企业 引入 基石投资者，比例达到了 85.7% 。 更值得注意的是， 有 16 家 地方 国资 成为 13家企业的 基石投资者， 总计投资金额 25.57 亿元 , 参与者数量同比增长了 33.3%；投资金额同比上涨65.9%。 而且 随着今年港股 IPO持续升温， 地方国资参与基石轮的数据，超过历年平均水平或成大概率 ...

Core Viewpoint - The article highlights the significant role cornerstone investors play in the Hong Kong stock market, particularly during the A+H listing wave this year, with a notable increase in both the number of A+H companies and the total funds raised compared to the previous year [1][2]. Group 1: A+H Listing Trends - In 2023, 10 A-share companies completed A+H listings in Hong Kong, raising a total of 886.24 billion HKD, marking the highest fundraising record for this period [1]. - The number of A+H companies has increased significantly from zero in the same period last year, indicating a growing trend in international capital's recognition of the Hong Kong market [1][2]. Group 2: Cornerstone Investors' Participation - Leading companies like CATL attracted a substantial number of international cornerstone investors, with 23 participating and international placements accounting for 92.5% of the total [1][4]. - In contrast, non-leading companies saw lower participation from international investors, reflecting a preference for established firms with strong market positions [2][4]. Group 3: Characteristics of Cornerstone Investors - Cornerstone investors are more inclined to invest in leading enterprises due to their strong industry positions and stable profitability, which instills greater confidence [3][4]. - The participation of cornerstone investors often involves mutual benefits, where companies may offer incentives or future collaboration commitments to secure investment [7]. Group 4: International Investor Dynamics - International investors show a higher participation rate in leading A+H companies, particularly in sectors like technology and biomedicine, which are perceived as having growth potential and stability [5][6]. - The decision-making process for international capital prioritizes the industry position and long-term market outlook of companies, assessing investment returns based on these factors [5]. Group 5: Market Outlook - The attractiveness of the Hong Kong stock market is expected to persist, with ongoing trends of A-share companies listing in Hong Kong and increasing southbound capital inflows impacting the valuation of A+H shares [8]. - Recent data indicates that 21.5% of the 251 IPOs filed this year are A-share companies, with a notable increase in international investor participation in Hong Kong IPOs [8].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is experiencing a significant surge in IPO activities, with multiple companies successfully listing and attracting substantial investments, indicating a revitalized market confidence and a robust pipeline for future listings [2][7][10]. Group 1: Recent IPO Activities - On July 9, five companies including Lens Technology and Geek+ collectively listed on the HKEX, creating a lively atmosphere and showcasing the exchange's appeal [2][4]. - Lens Technology, with a market capitalization exceeding 110 billion HKD, completed its IPO in just 100 days, marking a record speed for the HKEX [4]. - Geek+, a robotics unicorn, achieved a market valuation of 22 billion HKD upon listing, highlighting the growing interest in technology-driven companies [4][5]. Group 2: Market Trends and Statistics - Over 40 companies successfully completed IPOs on the HKEX in the first half of the year, raising a total of 1,067 billion HKD, a dramatic increase of 688.56% compared to the previous year [7]. - Notable IPOs include CATL, which reached a market value of 1.3 trillion HKD, and other major players like Heng Rui Medicine and Hai Tian Flavor, each raising over 10 billion HKD [7]. - The HKEX is preparing for over 100 upcoming IPOs, with around 200 applications currently received, indicating a strong pipeline for future listings [7][10]. Group 3: Investor Sentiment and Market Dynamics - There is a renewed confidence in the HKEX, with institutional investors actively seeking opportunities to list companies, contrasting sharply with previous years' challenges [10][11]. - In the first half of the year, 36 out of 42 listed companies had cornerstone investors, accounting for 43.7% of total IPO fundraising, demonstrating strong backing from major investment firms [10]. - The successful performance of cornerstone investors in recent listings has further fueled interest in the HKEX as a viable platform for capital raising [11].

Group 1 - The cornerstone investment in the Hong Kong IPO market has become increasingly active, with over 40% of the 43 IPOs in the first half of the year attracting more than five cornerstone investors, a significant increase compared to the same period last year [1] - The willingness of medium to long-term funds to participate in cornerstone investments has risen, as institutions seek to "lock in" quality assets amid improving market liquidity [1][2] - The consumer and healthcare sectors are particularly favored by cornerstone investors, with notable examples including the Thai coconut water brand attracting 11 cornerstone investors who collectively subscribed approximately $3.95 million, representing about 26% of the shares [2] Group 2 - The diversity of cornerstone investors in Hong Kong IPOs has increased, including foreign sovereign funds, global asset management giants, and domestic platforms, indicating a more varied investment landscape [3][4] - Foreign investors are particularly focused on industry leaders, with significant investments in companies like Heng Rui Pharmaceutical and Ningde Times, highlighting a trend towards selecting high-growth, profitable enterprises [4] - The Hong Kong market is positioned as a key platform for connecting quality Chinese enterprises with global capital, driven by the dual demand for "A+H listings" and the return of quality overseas Chinese assets [5]

Group 1: Fund Industry Developments - Multiple public funds are actively purchasing newly issued floating-rate funds, indicating strong market interest and support from fund companies [1] - The new floating-rate funds are designed to anchor performance benchmarks, incentivizing fund managers to enhance investment capabilities and research systems [1] - As of June 3, 440 A-share listed companies have announced share buybacks, with 78 companies initiating new buyback plans in May alone [1] Group 2: Wealth Management and Financial Services - The wealth management industry is experiencing a "fee reduction wave," with some products offering management fees as low as 0.01% per year, translating to just 1 yuan for a 10,000 yuan investment [2] - Major banks are adjusting their car loan commission structures, reducing high rebate rates to enhance service quality and market competitiveness [2] Group 3: Pharmaceutical and Biotechnology - Bayer's prostate cancer drug Nubeqa has received FDA approval based on positive results from a Phase 3 trial, showing a 46% reduction in the risk of disease progression or death [3] Group 4: IPO and Market Activity - There has been a significant increase in foreign capital participation in Hong Kong IPOs, with 15 out of 27 companies this year attracting foreign cornerstone investors, compared to only 3 last year [5] - Shenzhen Handback Technology Group's IPO faced challenges, with its stock price dropping nearly 30% from the initial offering price shortly after listing [6][7] Group 5: Corporate Financing and Strategic Moves - China Ping An plans to issue zero-coupon convertible bonds totaling 11.765 billion HKD to support its business development and capital needs [10] - United Optoelectronics intends to acquire 100% of Changyi Optoelectronics through a share issuance, with the final transaction details pending [8] Group 6: Market Performance - The US stock market saw all three major indices rise, with the Dow Jones increasing by 0.51% and Nvidia leading the gains in the tech sector [11]

Group 1 - The number of foreign institutions participating as cornerstone investors in Hong Kong IPOs has significantly increased in 2023, with 15 out of 27 companies listing on the Hong Kong Stock Exchange attracting foreign investment, compared to only 3 out of 21 in the same period last year [1][5] - Foreign investors are primarily interested in sectors such as new consumption, new energy, and pharmaceuticals, indicating a recognition of the long-term value of China's core assets [1][5] - Notable companies that have attracted foreign cornerstone investors include CATL, Mijia Group, and Hengrui Medicine, among others [1][3] Group 2 - CATL's IPO on May 20 was one of the largest in recent years, attracting 23 cornerstone investors, including global sovereign wealth funds and major asset management firms [2][3] - The trend of increased foreign participation in Hong Kong IPOs is driven by a growing demand for international capital allocation and the benefits of China's industrial upgrade [5] - Foreign investors are focusing on high-growth sectors, with a preference for leading companies in the new economy, aiming for long-term financial returns [2][3] Group 3 - The new consumption sector has seen significant foreign investment, with Mijia Group raising $200 million from five cornerstone investors, including M&G plc [3][4] - The pharmaceutical sector is also attracting foreign interest, with companies like InnoCare Pharma securing cornerstone investors with international industry backgrounds, enhancing market confidence and long-term value [4][5] - Foreign institutions participating as cornerstone investors provide not only capital but also strategic collaboration opportunities, which can aid in technology transfer and resource integration [4][5]

Company Overview - The company, 新琪安 (02573), is a producer of food-grade glycine and sucralose, with over 20 years of industry experience [1] - It ranks first in the global food-grade glycine manufacturing industry based on sales volume and revenue for 2023, holding approximately 5.1% and 3.1% of the global market share respectively [1] - The company's food-grade glycine accounted for about 0.31% of the global food additive market by sales volume in 2023 [1] IPO Details - The company plans to conduct an IPO from May 30 to June 5, 2025, offering 10,585,400 H-shares, with 10% allocated for public sale in Hong Kong and 90% for international sale, plus an additional 15% over-allotment option [1] - The expected price range for the shares is HKD 18.9 to 20.9 per share, with shares anticipated to be listed on June 10, 2025 [1] Use of Proceeds - Assuming a share price of HKD 19.9 and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 174.3 million [2] - About 21.3% of the proceeds will be allocated to the construction of a production line for isomaltitol at a factory in Thailand, with an expected annual capacity of 15,000 tons [2] - Approximately 55.3% will be used over the next two years for the production of algal dietary fiber and serine [2] - Around 13.4% will be invested in enhancing research and development capabilities [2] - About 10.0% will be utilized for working capital and general corporate purposes [2] Strategic Partnerships - The company has entered into cornerstone investment agreements with The Reynold Lemkins Group (Asia) Limited and 合赢香江控股有限公司, agreeing to subscribe for shares at the offer price, with a total investment not exceeding HKD 60 million [2]

Group 1 - The company plans to globally offer 10.5854 million H-shares, with 1.0586 million shares available in Hong Kong and 9.5268 million shares for international offering, along with a 15% over-allotment option [1] - The expected pricing range for the shares is HKD 18.9 to 20.9 per share, with a trading unit of 200 shares, and the shares are anticipated to start trading on June 10, 2025 [1] - The company is a leading producer of food-grade glycine and sucralose, holding the top position in the global food-grade glycine manufacturing industry based on sales volume and revenue in 2023, with a market share of approximately 5.1% in volume and 3.1% in revenue [2] Group 2 - The company has established cornerstone investment agreements with Reynold Lemkins Group (Asia) Limited and He Win Holdings Limited, agreeing to subscribe for shares up to HKD 60 million, with a total of 2.9848 million shares at a price of HKD 19.9 per share [3] - Assuming the over-allotment option is not exercised and the shares are priced at HKD 19.9, the total proceeds from the global offering are estimated to be approximately HKD 210.6 million, with net proceeds expected to be around HKD 174.3 million after listing expenses [4] - The intended use of the net proceeds includes approximately 21.3% for the construction of a production line for isomaltulose in Thailand, 55.3% for the production of algal dietary fiber and serine, 13.4% for enhancing R&D capabilities, and 10.0% for working capital and general corporate purposes [4]

Group 1 - The number of companies listed in both A-share and H-share markets has surged, driven by improved market liquidity and an optimized policy environment [1] - Southbound funds and overseas risk-averse capital have significantly enhanced liquidity in the Hong Kong stock market, leading to a substantial narrowing of the price difference between A and H shares [1] - Leading A-share companies are increasingly considering listing in Hong Kong due to the reduced pricing discrepancies between issuers and investors [1] Group 2 - There is a noticeable change in the mindset of cornerstone investors in the Hong Kong market, with increased interest from institutions in cornerstone investments and heightened enthusiasm from overseas long-term capital [1] - Companies like CATL (宁德时代), Haitian Flavoring and Food (海天味业), and Hansoh Pharmaceutical (恒瑞医药) are highlighted as leaders in their respective segments, attracting global long-term capital due to their high-quality operational status and the narrowing of the A-H share price gap [1]