Core Viewpoint - C Xihua (603248) experienced a significant increase of 264.46% on its first trading day, indicating strong market interest and investor confidence in the company's prospects [1]. Group 1: Company Overview - C Xihua specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components and injection molding machine parts [1]. - The company is recognized as a global leader in the manufacturing of high-end equipment components, emphasizing quality and advanced technology [1]. - C Xihua aims to become a top-tier manufacturer in the global wind power sector, contributing to the development of new productive forces in the national renewable energy field [1]. Group 2: Market Performance - On its debut, C Xihua's stock had a turnover rate of 80.28%, with a total transaction volume of 1.529 billion yuan [1]. - The stock attracted a net inflow of 234 million yuan from major funds, with significant contributions from large orders [1]. - The financing buy-in amount on the first day was 52.52 million yuan, accounting for 3.43% of the total trading volume, while the latest financing balance stood at 49.56 million yuan, representing 1.94% of the circulating market value [1]. Group 3: Trading Data - The top five trading departments on the first day recorded a total transaction of 218 million yuan, with a net sell of 7.45 million yuan [2]. - Among the top trading departments, five institutional special seats were involved, collectively net selling 113 million yuan [2].

Core Viewpoint - Xihua Technology officially listed on the Shanghai Stock Exchange on December 23, marking a new phase of capital empowerment and aiming to seize opportunities in the renewable wind power industry [1] Group 1: Company Overview - Xihua Technology specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components [1] - The company has received 117 authorized patents, including 27 invention patents, and has been recognized as a national-level "Little Giant" enterprise and a national high-tech enterprise [1] Group 2: Market Position and Financial Performance - Xihua Technology holds approximately 20% of the global market share in the wind turbine gearbox component casting segment from 2022 to 2024, with sales volume increasing from 77,700 tons to 91,400 tons [2] - The company's operating revenue for the years 2022, 2023, and 2024 was 942 million yuan, 908 million yuan, and 955 million yuan respectively, while net profits were 184 million yuan, 177 million yuan, and 142 million yuan, indicating stable profitability [2] - In the first half of 2025, operating revenue grew to 580 million yuan, a year-on-year increase of 36.67%, with net profit increasing to 94.29 million yuan, up 55.67% year-on-year [2] Group 3: Research and Development - Xihua Technology has increased its R&D investment from 35.50 million yuan in 2022 to 47.00 million yuan in 2024, focusing on advanced technology fields [3] - The company is advancing projects for high-power wind turbine gearboxes, with the 16-20MW gearbox project entering mass production and the 22-25MW gearbox project in the sample testing phase [3] Group 4: Future Strategy - The company aims to continue focusing on high-end equipment components, driven by customer needs, and to leverage opportunities in the renewable wind power sector through technological innovation and capacity expansion [3] - Xihua Technology aspires to become a leading global manufacturer of high-end equipment components in the renewable wind power field, integrating R&D, production, and sales [3]

Core Viewpoint - N Xihua was listed today with an opening price of 28.45 yuan, representing an increase of 181.68% from the issue price of 10.10 yuan [1] Company Overview - The company specializes in the research, development, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components and injection molding machine components [1] - N Xihua is recognized as a global leader in the manufacturing of high-end equipment components, known for its reliable quality and superior technology [1] - The company's products are mainly used in large wind power equipment and injection molding machines, and it is one of the few companies in China that can provide full-process services for wind power gearbox components [1] Financial Highlights - The total number of shares issued by the company is 100 million, with 49.62 million shares allocated for online issuance [1] - The issue price was set at 10.10 yuan per share, with an issuance price-to-earnings ratio of 33.12, compared to the industry average of 43.21 [1] - The total funds raised from the initial public offering (IPO) amount to 1.01 billion yuan, which will be primarily invested in the industrialization project of core wind power equipment, working capital, and the construction of a research and development center [1]

股票简称：锡华科技 股票代码：603248 江苏锡华新能源科技股份有限公司 Jiangsu Xihua New Energy Technology Co., Ltd. （无锡市滨湖区胡埭工业园杜鹃路 26 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 联席主承销商 重庆市江北区金沙门路 32 号 二〇二五年十二月二十二日 江苏锡华新能源科技股份有限公司 上市公告书 特别提示 江苏锡华新能源科技股份有限公司（以下简称"锡华科技""发行人""本 公司"或"公司"）股票将于 2025 年 12 月 23 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词释义与公司首次公开发行股票 并在主板上市招股说明书中的相同。如本上市公告书中合计数与各加数直接相加 之和在尾数上存在差异，系由于四舍五入所致。 2 江苏锡华新能源科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管 ...

Group 1 - The core viewpoint of the news is that Xihua Technology (603248) is set to launch its public offering with an issuance price of 10.10 yuan per share, aiming to raise a total of 1.01 billion yuan by issuing 100 million shares, which will increase the total share capital to 460 million shares [1] - Xihua Technology specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components and injection molding machine parts, establishing itself as a leading manufacturer in the industry with a strong reputation for quality and technology [1] - The company has received 108 authorized patents, including 22 invention patents, and has been recognized as a national-level "specialized, refined, and innovative" enterprise, a national high-tech enterprise, and a technology center recognized by Jiangsu Province [1] Group 2 - From 2022 to 2024, Xihua Technology holds approximately 20% of the global market share in the casting segment of wind power gearbox components, with sales increasing from 77,700 tons to 91,400 tons, and steady growth in operating revenue and net profit [2] - The operating revenue for the years 2022, 2023, and 2024 was 942 million yuan, 908 million yuan, and 955 million yuan respectively, while net profits were 184 million yuan, 177 million yuan, and 142 million yuan, indicating a stable profitability [2] - In the first half of 2025, the company's operating revenue surged to 580 million yuan, reflecting a year-on-year growth of 36.67%, and the net profit attributable to the parent company reached 94.29 million yuan, with a year-on-year increase of 55.67% [2] - The company aims to continue focusing on the high-end equipment component sector, leveraging opportunities in the renewable wind power industry through technological innovation and capacity expansion, with the goal of becoming a top global manufacturer in this field [2]

Core Viewpoint - Xihua Technology plans to publicly issue 100 million shares, all of which are new shares, resulting in a total share capital of 460 million shares. The company aims to become a global leader in the manufacturing of high-end equipment components for the renewable energy sector, particularly in wind power [1][2]. Company Overview - Xihua Technology specializes in the research, development, manufacturing, and sales of large high-end equipment components, primarily focusing on wind turbine gearbox components and injection molding machine parts. The company is recognized as a global leader in this industry, known for its reliable quality and advanced technology [1][2]. - The company has over 20 years of experience in the industry and has developed several core technologies, including alloy composition schemes and high-strength ductile iron control techniques, ensuring high strength, plasticity, precision, and reliability of its products [2]. Issuance Arrangement - The initial strategic placement will involve 30 million shares, accounting for 30% of the total issuance. Before the strategic placement mechanism is activated, the offline initial issuance will be 49 million shares (70% of the remaining shares), while the online initial issuance will be 21 million shares (30% of the remaining shares). The preliminary inquiry period is set for December 9, with an online roadshow on December 11 [1][3]. Financial Performance - For the first half of 2025, the total assets amounted to 2.036 billion yuan, with a net profit of 94.955 million yuan. The company's revenue for the same period was 580.439 million yuan, reflecting a decrease in net profit compared to previous years [7]. - The company’s net profit margin and return on equity have shown a downward trend, with a net profit margin of 7.74% and a return on equity of 7.74% for the first half of 2025 [7]. Client Base - The top five clients for the first half of 2025 include: 1. Nankai Gear Group: 242.852 million yuan (43.17%) 2. CRRC Corporation: 84.3135 million yuan (14.99%) 3. Delijia: 65.8714 million yuan (11.71%) 4. Haitian Plastic Machinery: 64.1868 million yuan (11.41%) 5. Flanders Group: 51.611 million yuan (9.17%) - The total revenue from these clients accounted for 90.45% of the company's total revenue [5]. Industry Position - Xihua Technology is one of the few companies in China capable of providing full-process services for wind turbine gearbox components, aiming to support the rapid development of the national renewable energy sector [1][2]. - The company’s products are primarily used in large wind power equipment and injection molding machines, with a significant portion of its revenue derived from the wind power sector [9].

Group 1 - The company, Xihua Technology (603248.SH), plans to publicly issue 100 million shares, accounting for 21.74% of the total share capital after the issuance [1] - Senior management and core employees will participate in a strategic placement, with a maximum of 10% of the public offering shares, equating to 10 million shares, and a subscription amount not exceeding 97.8 million yuan [1] - The company specializes in the R&D, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components and injection molding machine components [1] Group 2 - The company's annual operating revenue has remained stable at over 900 million yuan from 2022 to 2024, with a slight fluctuation in 2023, but an overall upward trend expected in 2024 [2] - The net profit has experienced some fluctuations, but the overall profitability remains at a high level [2] - For the first half of 2025, the company's operating revenue and net profit are expected to show significant year-on-year growth [2] Group 3 - The funds raised from the public offering will primarily be invested in the industrialization project of core wind power equipment (Phase I) and the construction of a research and development center, with an intended investment of approximately 1.498 billion yuan [2]

Core Viewpoint - Xihua Technology has received approval from the China Securities Regulatory Commission for its IPO, highlighting its rapid growth in the wind power industry and its role in global energy transition [1] Group 1: Business Model and Competitive Advantage - Xihua Technology has established a comprehensive service model that spans from raw material manufacturing to finished product processing, significantly enhancing procurement efficiency and supply chain management [1] - The company's full-process service capability is a key factor in its market positioning, allowing it to reduce costs and improve quality control, which is crucial in the context of increasing demand for large-scale wind power equipment [1] Group 2: Technological Innovation and Partnerships - The company focuses on R&D, particularly in thick-section ductile iron technology, achieving high strength, plasticity, precision, and reliability in its products, with core technical indicators meeting or exceeding industry standards [2] - Xihua Technology has established long-term partnerships with leading companies in the wind power gearbox sector and actively seeks to expand its customer base, enhancing its market presence [2] Group 3: Financial Performance and Future Outlook - In the first half of 2025, Xihua Technology reported a revenue increase of 36.67% to 580 million yuan, with a net profit growth of 55.67% to 94.29 million yuan [3] - The company anticipates continued revenue growth in the third quarter of 2025, projecting revenues between 859 million and 869 million yuan, with net profits expected to rise by 44.03% to 50.52% [3] - Looking ahead, Xihua Technology aims to focus on high-end equipment components, leveraging technological innovation and capacity expansion to enhance its competitive edge in the renewable energy sector [3]

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. (Xihua Technology) is set to undergo its initial public offering (IPO) review by the Shanghai Stock Exchange on September 5, 2025, highlighting its growth and innovation in the high-end equipment manufacturing sector [1] Group 1: Company Overview - Xihua Technology specializes in the research, development, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components and injection molding machine parts [1] - The company has established itself as a leading manufacturer in the industry, known for its reliable quality and advanced technology, with a total of 108 authorized patents, including 22 invention patents [1][2] Group 2: Business Expansion and Performance - Xihua Technology has expanded its operations by establishing subsidiaries and production bases, enhancing its capability to provide full-process services from raw materials to finished products [2] - The company is planning to set up overseas production bases to meet global customer demands [2] - The overall profitability of Xihua Technology has remained robust, with a significant increase in revenue and net profit in the first half of 2025, reporting revenue of 580 million yuan, a year-on-year increase of 36.67%, and a net profit of 94.287 million yuan, up 55.67% [2] Group 3: Future Outlook - The company anticipates substantial growth in its operating performance for the period from January to September 2025, projecting revenue between 859 million to 869 million yuan, a year-on-year increase of 29.04% to 30.54%, and net profit between 150 million to 157 million yuan, reflecting a growth of 44.03% to 50.52% [3] - Xihua Technology aims to continue focusing on the high-end equipment components sector, leveraging opportunities in the renewable wind energy industry to enhance its competitive advantages and become a top global manufacturer [3]