Core Viewpoint - Tianfu Communication emphasizes its commitment to protecting investor interests and actively responding to investor demands, highlighting its established profit distribution policy and shareholder return plan [1] Financial Performance - Since its listing in 2015, the company has maintained a cash dividend payout ratio exceeding 40% of the annual net profit attributable to shareholders for 11 consecutive years [1] - The total cash dividends distributed amount to 2.135 billion yuan [1] - The company has also shared its development results with investors through capital reserve transfers to increase share capital [1] Growth Projections - The company projects a compound annual growth rate (CAGR) of 64.86% for operating revenue from 2022 to 2024 [1] - The net profit attributable to shareholders is expected to grow at a CAGR of 82.60% during the same period [1]

Core Viewpoint - The role of the lead underwriter in a Nasdaq IPO is crucial, serving as the main intermediary responsible for coordinating various parties, ensuring compliance, and bearing significant responsibilities towards investors and the market [2][3]. Group 1: Main Responsibilities of Nasdaq IPO Lead Underwriter - The lead underwriter acts as a key hub connecting issuers, investors, exchanges, and other intermediaries, with core responsibilities spanning the entire IPO process, including pre-screening, valuation, regulatory filings, roadshow promotion, and investor allocation [2]. - Due diligence involves legal and compliance checks, financial and business verification, and ensuring adequate risk disclosure in the prospectus [2][4]. - The lead underwriter constructs valuation models using DCF and comparable company methods, designs the issuance structure, and manages the pricing coordination during the roadshow [2][3]. Group 2: Key Focus Areas of Nasdaq IPO Lead Underwriter - Compliance and legal responsibilities are paramount, ensuring adherence to regulations and protecting investor interests [3][4]. - The authenticity and completeness of information disclosure are critical to avoid potential legal repercussions and maintain market integrity [3][4]. - Continuous oversight post-IPO is necessary to assist the issuer in fulfilling ongoing disclosure obligations and addressing market concerns [3].

Group 1 - The core viewpoint emphasizes the necessity for IPO companies to enhance the breadth and depth of inquiry during the IPO process to present a more transparent image to the market [1][3] - The inquiry process is crucial in the IPO journey, as the initial application documents often fail to reveal the complete picture of a company, necessitating deeper scrutiny by regulatory bodies [1][2] - Historical trends show that many companies withdraw their IPO applications either voluntarily or due to issues uncovered during inquiries, highlighting the evolving nature of the IPO review process [2][3] Group 2 - The IPO review process has evolved from a binary outcome (approval or rejection) to a more nuanced approach that includes conditional approvals, reflecting advancements in market practices [2] - Current inquiries focus on the authenticity of financial data, sustainability of performance, and feasibility of fundraising projects, indicating a shift in regulatory priorities [2] - To achieve greater transparency, inquiries should expand beyond traditional areas to include aspects like debt solutions, inventory risks, and core technology, ensuring a comprehensive evaluation of potential issues [3]

执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517030004 Email：daizf@zts.com.cn | | | 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 分析师：葛玉翔 1、《1Q25 保险资金重仓流通股深度 通信》2025-05-08 | 上市公司数 | 84 | | --- | --- | | 行业总市值(亿元) | 69,371.23 | | 行业流通市值(亿元) | 66,910.47 | 2、《改革双刃剑：短期挑战长期价值》 2025-04-22 3、《预定利率研究值跌破 25bps 阈 值，4Q25 或迎产品切换》2025-04-22 非银金融 证券研究报告/行业点评报告 2025 年 05 月 13 日 【政策变化与影响】 请务必阅读正文之后的重要声明部分 锚定投资者利益，驱动行业升级——公募基金高质量行动方案解 读 报告摘要 【核心举措】 投资者利益保护。1、费率改革：新主动权益基金试点浮动管理费，头部机构 1 年 内 60%新发产品需采用；降 ...