Core Insights - The report highlights a decrease in the activity of the new stock market in July 2025, with only 7 new stocks listed, and a significant drop in the first-day gains of new stocks on the Sci-Tech Innovation Board, although their opening valuations increased [5][6] - The report emphasizes the international expansion of the company, particularly in the electric tools sector, with a new large order from a European retailer, indicating strong recognition of its products globally [8][11] - The financial performance of the company shows steady growth, with a projected net profit increase from 26.1 billion to 38.5 billion from 2025 to 2027, reflecting a robust growth trajectory [10][15] New Stock Market Analysis - In July 2025, the new stock market saw a total of 7 new listings, with a notable decline in the first-day gains of new stocks on the Sci-Tech Innovation Board, which recorded a first-day gain of 210.06% for Yitang Co. [5][6] - The overall market activity decreased, with only 41.46% of new stocks showing positive gains, down from 71.74% in the previous period [5] Company Performance - The company achieved a revenue of 493.4 billion in H1 2025, with a year-on-year growth of 1.44%, and a net profit of 20.77 billion, reflecting a 3.01% increase [14] - The overseas revenue significantly outperformed domestic revenue, with a 12.34% increase in foreign sales compared to a slight decline in domestic sales [14] - The electric tools segment saw a 36.53% year-on-year growth in revenue, indicating a strong market presence and potential for future expansion [11] International Expansion - The company secured a major order for electric tools from a European retailer, expected to generate at least 15 million USD annually, which is over 5% of its projected revenue for 2024 [8] - The company has established a comprehensive global manufacturing and supply chain management system, enhancing its international competitive edge [11] Financial Projections - The company forecasts revenues of 985.42 billion, 1040.12 billion, and 1122.66 billion for 2025 to 2027, with corresponding net profits of 36.91 billion, 41.71 billion, and 45.87 billion, indicating a strong growth outlook [15] - The projected earnings per share (EPS) are expected to rise from 2.67 to 3.31 over the same period, reflecting a favorable valuation with a PE ratio decreasing from 9.6 to 7.7 [15]

Group 1 - In July, a total of 7 new stocks were listed, indicating a decrease in market activity, with only 41.46% of stocks showing positive growth compared to 71.74% previously [1][9][30] - The Science and Technology Innovation Board (STAR Market) saw the listing of Yitang Co., which had a first-day increase of 210.06% and an opening valuation of 51.55 times [1][14] - The ChiNext Board had listings of Tongyu New Materials and Shanda Electric Power, with Xinhenghui recording a monthly increase of over 10%, while Shanda Electric Power saw a decline of over 20% [1][22] - The Shanghai and Shenzhen main boards had listings including Xintong Electronics and Huadian New Energy, with Jiangnan New Materials increasing over 10%, while Xintong Electronics and others saw declines exceeding 20% [1][30] Group 2 - The STAR Market's first-day opening valuation for new stocks increased to 117.99 times in July, up from 73.70 times in June [16][19] - The ChiNext Board's first-day opening valuation rose to 80.75 times in July, compared to 45.24 times in June [22][25] - The main boards' first-day opening valuation increased to 59.47 times in July, up from 28.90 times in June [32][35] Group 3 - The report highlights key new stocks that have been listed since January 2023, including Yitang Co. and Yingshi Innovation, which are involved in semiconductor equipment and panoramic cameras, respectively [42][43] - Yitang Co. holds a significant market share in the dry etching equipment sector, with a 34.60% global market share, ranking second [47] - Yingshi Innovation leads the consumer-grade panoramic camera market with a 67.2% market share, indicating strong competitive positioning [51]

Group 1: IPO Market Overview - In 25H1, A-shares issued 48 new stocks, raising a total of 38 billion yuan, with a month-on-month decrease of 5 stocks but a year-on-year increase of 5 stocks[3] - The number of newly accepted IPO projects reached 150, with 123 accepted in June alone, indicating a recovery in the IPO market[3] - As of June 30, 2025, there are 298 IPO projects pending approval, with a total proposed fundraising of 281.4 billion yuan[3] Group 2: Market Performance and Trends - The average first-day increase for new stocks in 25H1 was 215.7%, although this represents a decrease of 143 percentage points from the previous period[3] - The average price-to-earnings (PE) ratio for new stocks in 25H1 was 20 times, with a discount of 41% compared to comparable companies, marking a historical high for the discount rate[3] - The proportion of new stocks that exceeded their fundraising targets increased, with over 40% of new stocks experiencing oversubscription in June[3] Group 3: Participation and Allocation - The number of participants in offline inquiries increased significantly, with the average number of participants in the main board, ChiNext, and Sci-Tech Innovation Board rising by 8%, 14%, and 11% respectively[3] - The allocation ratio for preferred participants decreased significantly, with main board, ChiNext, and Sci-Tech Innovation Board allocation ratios at 0.0133%, 0.0272%, and 0.0401% respectively, reflecting a month-on-month decline of 18%, 19%, and 17%[3] - The expected return for 2 billion yuan scale preferred/non-preferred participants in 25H2 is projected to be 2.77% and 2.03% respectively[3] Group 4: Risks and Future Outlook - Risks include potential changes in the IPO review pace, adjustments in issuance regulations, fluctuations in investor participation, and the quality/quantity of application projects[3] - The expectation for 25H2 is a stable increase in the volume of new stocks, with a projected first-day increase of 140%-180%, which is lower than the average level in the first half of the year[3]

Group 1 - The new stock market was active in June, with a total of 6 new stocks listed, and 33 stocks recorded positive growth in the last 6 months, accounting for 71.74% [11][12][14] - In the Sci-Tech Innovation Board, the newly listed stock "Ying Shi Innovation" saw a monthly decline of over -4%, while "Hai Bo Si Chuang" and "Sheng Ke Nano" recorded monthly increases of over 20% [14][17] - In the Growth Enterprise Market, "You You Green Energy" and "Xin Heng Hui" were newly listed, with "Hong Gong Technology" and "Xin Heng Hui" achieving monthly growth rates of over 50% and 40% respectively [24][26] Group 2 - The main board saw the listing of "Zhong Ce Rubber," "Hai Yang Technology," and "Hua Zhi Jie," with "Jiang Nan New Material" achieving a monthly growth of over 19%, while "Hai Yang Technology" recorded a decline of over -43% [29][32] - The first-day price-to-earnings ratio (PE) for the Sci-Tech Innovation Board in June was 51.55 times, up from 20.04 times in May, indicating an increase in valuation [17][26] - The first-day opening valuation for the main board in June was 28.90 times, down from 39.90 times in May, reflecting a decrease in valuation despite an increase in first-day growth [34][35] Group 3 - The near-term key new stocks include "Yi Tang Co.," which focuses on dry stripping equipment and rapid thermal processing equipment, and has received approval from the regulatory authority [42][44] - The market size for dry stripping equipment is projected to grow, with the global market expected to reach $950 million in 2022, indicating a strong demand in the semiconductor manufacturing sector [44][45] - The competitive landscape for dry stripping equipment is characterized by a few major players, with "Yi Tang Semiconductor" holding a market share of 34.60%, positioning it as a leading player in the industry [45][46]

Group 1: New Stock Market Overview - The new stock market activity has decreased, with 24 stocks recording positive growth, representing 50.00% of the total, down from 66.67% previously [2][11] - In June, the newly listed stocks include YingShi Innovation on the Sci-Tech Innovation Board and HaiYang Technology on the Shanghai and Shenzhen Main Board [2][11] - The total number of new stocks listed since the beginning of 2023 is 356, raising a total of 428.446 billion yuan [11] Group 2: Sci-Tech Innovation Board - YingShi Innovation was listed last week, with a first-day increase of 285.02%, significantly higher than the previous month's 115.20% [16] - The median TTM-PE valuation for new stocks on the Sci-Tech Innovation Board in June is 73.70 times, up from 50.90 times in May [16] - HaiBo SiChuang recorded a weekly increase of over 11%, while HanBang Technology saw a decline of over 5% [13][14] Group 3: ChiNext Board - There were no new listings on the ChiNext Board last week, but HongGong Technology recorded a weekly increase of over 30%, while HongJing Optoelectronics fell by over 10% [23][24] - The median TTM-PE for new stocks on the ChiNext Board in June is 17.76 times, an increase from 15.37 times in May [23] Group 4: Shanghai and Shenzhen Main Board - HaiYang Technology was listed last week, with a significant weekly decline of over 31%, while TianHe Magnetic Materials increased by over 12% [30][31] - The median TTM-PE for new stocks on the Main Board in June is 13.05 times, up from 12.69 times in May [30] Group 5: Key New Stocks - Key newly listed stocks since January 2023 include YingShi Innovation (panoramic cameras/sport cameras), ShengKe Nano (third-party semiconductor testing), and XiDian Co. (semiconductor probe equipment) [3][43] - The report highlights the expected growth in the global panoramic camera market, projected to reach 7.85 billion yuan by 2027, with YingShi Innovation holding a market share of 67.2% in 2023 [50] - The semiconductor probe station market is expected to grow from 4.13 billion USD in 2013 to 9.50 billion USD in 2023, with a compound annual growth rate of 8.67% [54]

Investment Rating - The report indicates an overall positive sentiment towards the new stock market, with an increase in activity and performance metrics for newly listed stocks [2][3][14]. Core Insights - The new stock market has seen increased activity, with 23 stocks recording positive weekly gains, representing 45.10% of newly listed stocks over the past six months, a significant increase from the previous 14.00% [2][14]. - In April, the ChiNext board saw an increase in first-day gains and opening valuations, while the main board experienced a decrease in these metrics [3][30]. - The report highlights specific stocks with notable performance, such as Honggong Technology on the ChiNext board, which had a first-day gain of 171.43% and an opening valuation of 26.23 times earnings [26][30]. Summary by Sections New Stock Market Activity - The report notes that in April, the ChiNext board's first-day gains and opening valuations increased, while the main board's first-day gains and valuations decreased [3][30]. - The report details that the main board's new stocks had an average first-day gain of 252.76% in April, down from 289.09% in March [38]. Key Newly Listed Stocks - The report lists key newly listed stocks since January 2023, including: - Xidian Co., Ltd. (semiconductor probe equipment) - Shengke Nano (third-party semiconductor testing laboratory) - Hongjing Optoelectronics (sports cameras and automotive optical lenses) [48][50]. Upcoming and Approved New Stocks - As of April 18, 2025, 18 companies have received approval from the China Securities Regulatory Commission, including: - Weigao Blood Purification (medical blood purification products) - Yitang Co., Ltd. (dry glue removal and rapid heat treatment equipment) [46][47]. - The report also mentions that there are currently no newly issued stocks awaiting listing [47]. Performance Metrics - The report provides various performance metrics, including: - The ChiNext board's first-day price-to-earnings (P/E) ratio decreased to 14.18 times in April from 17.56 times in March [30]. - The main board's first-day P/E ratio was 15.13 times in April, down from 18.17 times in March [38]. Market Trends - The report indicates that the near-term newly listed stock index is at a discount compared to the ChiNext board, with a ratio of 0.86, down from 0.90 [43]. - The report emphasizes the upward trend in the ChiNext board's valuation metrics, contrasting with the downward trend in the main board's metrics [43].

Investment Rating - The report does not explicitly provide an investment rating for the companies discussed [3]. Core Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of mainboard new stocks rising in March 2025 [1][12]. - In March, the first-day gains and opening valuations of new stocks on the ChiNext board decreased, while those on the mainboard increased [2][25]. - The report highlights specific new stocks that have recently been listed, including Hongjing Optoelectronics and Hengxin Life, which experienced significant fluctuations in their stock prices [1][25]. Summary by Sections New Stock Market Activity - In March 2025, the mainboard saw an increase in the first-day gains and opening valuations, while the overall activity in the new stock market declined, with only 12 out of 46 new stocks (26.09%) recording positive gains [1][12]. - The ChiNext board had new listings including Hongjing Optoelectronics and Hengxin Life, with first-day gains of 210.26% and 119.44% respectively, but later recorded declines exceeding 10% [25][26]. - The report notes that the total number of new stocks listed in 2023 has reached 333, raising a total of 407.88 billion yuan [12]. Key New Stocks - The report identifies key new stocks that have been listed since January 2023, including Hongjing Optoelectronics, Sikan Technology, and others, highlighting their core products and market performance [49][51]. - Specific attention is given to Sikan Technology, which focuses on 3D visual digital products and has shown promising financial forecasts [44][45]. Market Valuation Trends - The report indicates that the first-day price-to-earnings (P/E) ratios for new stocks on the ChiNext board have increased to 19.24 times in March, compared to 17.14 times in February, while the mainboard's P/E ratio decreased to 15.56 times [17][29]. - The opening valuations for new stocks on the mainboard have also shown an upward trend, with a notable increase in the first-day gains compared to previous months [29][33].