Group 1 - The core point of the article is that Zhixing Co., a company listed on the New Third Board, experienced a significant price fluctuation, reaching a 100.50% amplitude on August 15, 2025 [3] - The closing price of Zhixing Co. was 4 yuan, with a trading volume of 8,404 shares and a total transaction amount of 35,800 yuan [3] - The top buying seat was Huatai Securities Co., Ltd., which purchased shares worth 27,400 yuan, while the top selling seat was Shouchuang Securities Co., Ltd., selling shares worth 31,100 yuan [3]

Group 1 - Since 2021, 92 companies on the New Third Board have announced plans for additional issuance, with most funds directed towards high-tech Pre-IPO companies, benefiting from policy support and better transfer opportunities [1] - The successful implementation of capital increase plans by New Third Board companies indicates the effectiveness of recent reforms, including the optimization of the directed issuance system and the transfer board system [1] - The new transfer board regulations from the Shenzhen and Shanghai Stock Exchanges significantly enhance the valuation of New Third Board companies, increasing investor attraction [1] Group 2 - The low liquidity of the New Third Board has historically hindered its development, but recent reforms have effectively improved liquidity and facilitated financing, especially for high-tech enterprises [2] - Strategic investment funds are increasingly favoring low-valuation high-tech companies on the New Third Board due to policy support and better transfer opportunities, particularly towards the Sci-Tech Innovation Board [2] - The New Third Board serves as an important platform for small and medium-sized enterprises, complementing the Shanghai and Shenzhen exchanges in creating a multi-tiered capital market system [2]

Core Viewpoint - The IPO application of Kaiyuan Securities has been suspended due to the withdrawal of the sponsor, marking a significant setback for the company after three years of efforts to go public [1][4][5]. Group 1: Company Background - Kaiyuan Securities is headquartered in Xi'an, Shaanxi, and its main business includes securities brokerage, investment consulting, financial advisory, underwriting and sponsorship, proprietary trading, fund sales, asset management, margin financing, and selling financial products [1]. - The company is controlled by Shaanxi Coal and Chemical Industry Group, which holds 58.80% of the shares, and the actual control is held by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [2]. Group 2: IPO Journey - The IPO journey began in July 2022 when Kaiyuan Securities submitted its application to the China Securities Regulatory Commission (CSRC) for listing on the Shenzhen Stock Exchange [2]. - The company planned to issue up to 1.153 billion shares, aiming to raise 4 billion yuan for business upgrades, including enhancing brokerage services, investment banking capabilities, and digital service capabilities [2][3]. Group 3: Regulatory Challenges - The CSRC imposed a six-month suspension on the company's bond underwriting qualifications due to compliance issues, which significantly impacted its investment banking revenue [6][7]. - The company faced multiple regulatory penalties and compliance concerns, including misleading statements in fundraising documents and inadequate due diligence in bond underwriting [9][10]. Group 4: Financial Performance - In 2024, the company's investment banking revenue dropped to 464 million yuan, a decrease of 45.89% year-on-year, with the contribution to total revenue falling from 41.07% in 2019 to 16.23% [7]. - The overall revenue for 2024 was 2.859 billion yuan, a decline of 6.61% year-on-year, while the net profit attributable to shareholders increased by 12.25% to 687 million yuan [14]. Group 5: Market Position and Future Outlook - Despite the challenges, Kaiyuan Securities has established a strong position in the New Third Board market, supervising 723 companies, which accounts for 11.77% of the total listed companies [2][13]. - The company is expected to focus on enhancing its services for supervised enterprises and may consider restarting its IPO application after the suspension period ends [15].

Group 1 - The company emphasizes the importance of avoiding high-priced stocks and those with poor financial fundamentals, as these often do not present suitable investment opportunities [4][12] - The company maintains a cautious approach towards popular stocks and sectors, recognizing that high demand often leads to inflated prices and increased competition [5][6][7] - The company shows interest in under-the-radar stocks that are undervalued and overlooked by the market, as these can potentially yield significant returns if identified correctly [8][12] Group 2 - The company advocates for diversification in investment portfolios, which helps in risk reduction and achieving a more optimized investment strategy [9][11] - The company acknowledges that while these investment habits may lead to missed opportunities for high returns, they contribute to a more secure and stable growth of the investment portfolio [12][13]

Core Insights - The performance of companies listed on the New Third Board remains resilient, showcasing distinct characteristics of specialization and innovation [1] - In 2024, these companies achieved a total operating revenue of 1.71 trillion yuan, reflecting a year-on-year growth of 0.88%, with net profits reaching 65.58 billion yuan [1] - Nearly half of the listed companies reported an increase in net profits, with over 20% of them experiencing growth rates exceeding 50% [1] - Leading enterprises demonstrated strong profitability, with companies generating over 50 million yuan in net profits contributing to 60% of the total net profit of profitable firms, and the average return on equity standing at 14.25% [1] - Private enterprises account for approximately 90% of the market, exhibiting robust performance with a compound annual growth rate of 3.15% in operating revenue over the past two years, surpassing the market average [1]

文/梧桐数据中心 2024年全年，新三板共有350家挂牌公司。其中，2023年度扣非净利润最高的是杰理科技，为5.74亿元，最低的是紫光国芯，为-2.13亿元；这350家公司的2023年 度扣非净利润平均数为5764.18万元，中位数为4839.68万元。挂牌公司中有5家 2023年亏损。盈利的新挂牌公司中2023年扣非净利润最少的是琦品股份，仅有 74.86万元。 | 序号 | 股票简称 | 2022年扣非净利润 | 2023年扣非净利润 | | --- | --- | --- | --- | | 1 | 不理科技 | 29337.72 | 57434.24 | | 2 | 明泰股份 | 44712.71 | 50089.74 | | 3 | 中華監 | 28319.56 | 27641.7 | | 4 | 朗龙科技 | 20019.35 | 26695.32 | | 5 | 早点动下 | 11709.75 | 22714.8 | | 6 | 有屋智能 | -3346.91 | 21890.83 | | 7 | 英氏控股 | 11407.5 | 21614.03 | | 8 | 美德乐 | 22188.61 ...