Core Viewpoint - The article highlights the role of financial institutions, particularly Caixin Securities, in supporting innovative small and medium-sized enterprises (SMEs) like Diya Environment and Jiashengde through capital market access, enabling their growth and development in specialized technology sectors [6][10]. Group 1: Company Overview - Diya Environment, established in 2006, has developed a proprietary biotechnological method for treating landfill leachate, holding 33 patents and 8 software copyrights [7]. - Jiashengde is a leading domestic producer of electronic-grade specialty resins, crucial for semiconductor packaging and applications in aerospace and new energy vehicles [8][9]. Group 2: Financing Challenges - Diya Environment faced significant financing difficulties, including short-term loans for long-term projects and limited financing channels due to its asset-light model [7]. - Jiashengde also encountered funding challenges, particularly in proving its technological advantages in a highly specialized market [9]. Group 3: Capital Market Engagement - Diya Environment turned to the New Third Board (NTE) for equity financing, successfully listing in March 2023 and raising over 25 million yuan through targeted stock issuance [8]. - Jiashengde completed its NTE listing in March 2023, aided by a systematic technical validation process that helped it gain market recognition [9]. Group 4: Growth and Development - Diya Environment's growth trajectory includes multiple stages of capital market engagement, from regional equity markets to the NTE, enhancing its production capacity and market reach [10]. - Jiashengde's listing on the NTE has significantly improved its brand image and market credibility, facilitating talent acquisition and industry collaboration [14]. Group 5: Service Model of Financial Institutions - Caixin Securities has developed a comprehensive service model for innovative SMEs, providing not just financing but also governance and operational support throughout the companies' growth cycles [11][12]. - The firm has established a specialized investment fund and expanded its market services to better support the unique needs of technology-driven SMEs [11]. Group 6: Impact of Capital Market - The NTE has become a vital platform for SMEs, with 158 new companies listed in the first half of the year, marking a 50% increase year-on-year [9]. - The article emphasizes the importance of a multi-tiered capital market system in nurturing innovative SMEs, with the NTE serving as a crucial link for companies aiming for higher market levels [12][18].

Core Viewpoint - The continuous deepening of the New Third Board reform presents development opportunities for securities companies serving innovative small and medium-sized enterprises (SMEs) in China [2] Group 1: Company Strategy and Services - The company has been engaged in the New Third Board market for nearly 15 years, focusing on supporting the innovative development of SMEs [3] - The establishment of a "Growth Enterprise Financing Department" and a "Mergers and Acquisitions Financing Department" reflects the company's shift towards integrated financial services, moving beyond traditional IPO sponsorship [2][3] - The company provides a "one-stop" service for SMEs, integrating resources from banking, trust, insurance, asset management, and industrial funds to facilitate entrepreneurship and financing [3] Group 2: Market Position and Achievements - The company has recommended over 150 enterprises to list on the Hunan Equity Exchange, with 31 listings completed in 2024, 28 of which are specialized and innovative enterprises [3] - The selection criteria for enterprises include "three advantages and one specialization," focusing on stable profitability, rapid growth, significant potential, and specialization in key industries [3] Group 3: Challenges and Solutions - The company identifies three main challenges in connecting with innovative SMEs: stricter review standards, performance volatility, and talent and capital bottlenecks [4][5] - To address these challenges, the company offers full-cycle services, including regulatory compliance support, mergers and acquisitions alternatives, and various financing options [5] Group 4: Future Plans and Strategic Focus - The company aims to leverage its group synergy to provide comprehensive financial services for technology innovation enterprises across Hunan and nationwide [6] - The future strategic plan includes a focus on the North Exchange business, expanding mergers and acquisitions, and enhancing research capabilities [7] - The company emphasizes the importance of industry research, collaborative capabilities, and risk management as core competencies to support its strategic goals [7]

Core Viewpoint - Huakai Insurance has received a decision from the National Equities Exchange and Quotations to terminate its stock listing, with trading resuming on December 8, 2025, and delisting on December 22, 2025, highlighting the challenges faced by insurance intermediaries in the New Third Board market [1][3]. Company Performance - Huakai Insurance was listed on the New Third Board on November 19, 2015, and experienced rapid growth, achieving total revenue of 94.27 million yuan in 2015, a year-on-year increase of 87.71% [2]. - The company continued to grow, with revenues of 148 million yuan in 2016 (up 57.36%) and 362 million yuan in 2017 (up 143.99%) [2]. - A turning point occurred in 2017 when major shareholder Hangzhou Huameng Investment began to reduce its stake, leading to governance issues and financial mismanagement [3]. Industry Trends - The number of insurance intermediaries listed on the New Third Board has decreased from over 30 at its peak to fewer than 10, indicating a significant trend of delisting among these companies [1][4]. - The primary motivations for listing included financing needs, brand enhancement, and governance improvement, but many firms faced challenges in meeting their financing expectations due to low liquidity and high compliance costs [4][5]. Challenges Faced - The imbalance between actual benefits from listing and the high costs of compliance has led many intermediaries to choose delisting as a strategy to refocus on core business operations [5]. - Poor performance and increased pressure from regulatory changes have further exacerbated the challenges for smaller insurance intermediaries [7]. Strategic Directions - Some insurance intermediaries are exploring diversification into new sectors, such as materials manufacturing, to enhance their business resilience [6]. - The industry is encouraged to shift towards high-quality development through digital transformation, specialized services, and a customer-centric approach [7][8]. - Emphasizing differentiation, technology empowerment, and compliance is essential for survival in the current market environment [8].

Group 1 - The report indicates a significant decline in market risk appetite, with the North Exchange 50 index dropping by 4.91%, which is less than the declines of the Sci-Tech 50 (-6.16%) and the Growth Enterprise Board (-5.71%) [9][15][20] - The report highlights that the proportion of strong stocks in the North Exchange has fallen below 10%, suggesting that while the index is still adjusting, the relative weakness has been fully reflected over the past quarter, indicating potential accumulation of rebound momentum [9][10] - The report suggests maintaining focus on core assets in the North Exchange and companies with marginal changes, especially with several significant events expected in late October, including the release of third-quarter economic data and company reports [9][10] Group 2 - The North Exchange saw a total trading volume of 39.58 billion shares and a trading value of 925.82 billion yuan, with an average daily trading value of 185.16 billion yuan, reflecting a slight decrease of 2.57% week-on-week [21][15] - The report notes that the North Exchange's PE (TTM) average is 77.79 times, with a median of 45.06 times, indicating a decrease in valuation metrics compared to previous weeks [23][24] - The report mentions that there was one new stock listed this week, Changjiang Nengke, which had a first-day price increase of 254.03% and a turnover rate of 67.65% [26][29] Group 3 - The report states that 34 stocks in the North Exchange rose while 244 fell, resulting in a rise-fall ratio of 0.14, with Lituo Technology and Wantong Hydraulic leading the gains [35][38] - The report lists the top five stocks by turnover rate, with Jinhua New Material having a turnover rate of 137.56% despite a slight decline in price [41] - The report provides updates on new three-board listings, with 10 new companies listed and 1 delisted, raising a planned financing amount of 453 million yuan and completing 166 million yuan in financing [44][45]

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 ...