来源：活报告 美格智能(3268.HK)招股日期为2026年2月27日至2026年3月5日，并预计于2026年3月10日在港交所挂牌上市。公司于2017年6月在深交所主板上市，股份代 码002881.SZ。截至2月27日收盘，公司A股收盘价为49.18元人民币，总市值约为129亿人民币。 公司拟全球发售3,500万股（有发售量调整权，无绿鞋），发行比例11.79%，招股价不高于28.86港元，募资总额最高可达10.10亿港元，发行后总市值约 85.64亿港元，H股市值10.10亿港元。就最高发售价和最新A股收盘价计算，公司折价约48%。 本次发行以机制B分配，公开发售占10%，无强制回拨。国配引入8家基石投资者（宝月共赢、名幸电子香港、锐明电子、Harvest、JinYi Capital、开盘财 富、中兴、周增昌先生），认购约4.59亿港元，占全球发售股份的45.39%。 | | | | | 假設發售量調整權未獲行使 | | | 假設發售量調整權獲悉數行使 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 佔國際發售 | | ...

公司招股期为 2 月 27 日至 3 月 5 日，预计将于 3 月 10 日在联交所开始买卖。 美格智能是领先的无线通信模组及解决方案提供商，以智能模组（尤其是高算力智能模组）为核心，产 品涵盖智能模组（高算力 / 常规）、数传模组，同时提供定制化解决方案，广泛应用于泛物联网、智能 网联车、无线宽带等领域，公司正拓展机器人等新兴端侧 AI 应用。 根据弗若斯特沙利文的资料，2024 年按无线通信模组业务收入计，美格智能全球排名第四，市场份额 6.4%。其在细分领域龙头地位显著：2024 年全球 5G 车载模组收入排名第一（市场份额 35.9%），全球 高算力智能模组收入排名第一（市场份额 29.0%），全球常规智能模组收入排名第三（市场份额 15.1%）。 2月27日，美格智能（03268.HK）启动招股，计划全球发售3500 万股 H 股（可行使 15% 超额配售权）， 其中，香港公开发售 350 万股，国际发售 3150 万股。 美格智能最高发售价为每股 28.86 港元，每手100股，入场费约 2915.10 港元。按最高发售价28.86港元 计，且假设超额配股权未获行使，预计募资净额约9.45亿港元， ...

我们已基石投资者宝月共赢、名幸电子香港、锐明电子、Harvest、JinYi Capital、开盘财富、中兴及周 增昌先生订立基石投资协议，基石投资者将按发售价认购总金额约4.585亿港元的发售股份。我们相 信，基石配售表明了基石投资者对我们及业务前景充满信心，且基石配售将有助于提升我们的形象。 基于最高发售价每股H股28.86港元并假设发售量调整权未获行使，我们将收到的全球发售所得款项净额 约为9.445亿港元。其中，约55%预期将用于提升我们的研发及创新能力；约10%预期将用于拓展我们的 海外销售网络及在海外市场推广我们的产品；约10%预期将用于战略投资及/或收购，以实现我们的长 期增长战略；约15%预期将用于偿还2025年6月后到期的若干计息银行借款，以优化我们的财务结构并 降低借款成本；约10%预期将用于营运资金及一般公司用途。 来源：新浪港股 美格智能（03268）于2026年2月27日至2026年3月5日招股，公司拟全球发售3500万股H股，其中，香港 发售占10%，国际发售占90%，另有发售量调整权15%。发售价将不高于每股发售股份28.86港元，每手 100股，预期H股将于2026年3月10日 ...

美格智能（002881）(03268)于2026年2月27日至2026年3月5日招股，公司拟全球发售3500万股H股，其 中，香港发售占10%，国际发售占90%，另有发售量调整权15%。发售价将不高于每股发售股份28.86港 元，每手100股，预期H股将于2026年3月10日上午9时正开始在联交所买卖。 我们是领先的无线通信模组及解决方案提供商，以智能模组(尤其是高算力智能模组)为核心。我们的模 组及解决方案广泛应用于泛物联网(IoT)、智能网联车(ICV)及无线宽带领域。根据弗若斯特沙利文的资 料，于2024年，按无线通信模组业务收入计，我们在全球无线通信模组行业中排名第四，占全球市场份 额的6.4%。根据同一资料来源，全球无线通信模组市场高度集中，三大参与者于2024年占全球市场收 入的65.7%(其中最大参与者独占42.7%的市场份额)，而我们虽排名第四，市场份额仅为6.4%。 于2022年、2023年、2024年以及截至2024年及2025年9月30日止9个月，我们的总收入分别为人民币 23.06亿元、人民币21.47亿元、人民币29.41亿元、人民币21.82亿元及人民币28.21亿元，及我们的净利 ...

于2022年、2023年、2024年以及截至2024年及2025年9月30日止9个月，我们的总收入分别为人民币 23.06亿元、人民币21.47亿元、人民币29.41亿元、人民币 21.82亿元及人民币28.21亿元，及我们的净利 润分别为人民币1.266亿元、人民币6260万元、人民币1.34亿元、人民币9050万元及人民币1.13亿元。 智通财经APP讯，美格智能(03268)于2026年2月27日至2026年3月5日招股，公司拟全球发售3500万股H 股，其中，香港发售占10%，国际发售占90%，另有发售量调整权15%。发售价将不高于每股发售股份 28.86港元，每手100股，预期H股将于2026年3月10日上午9时正开始在联交所买卖。 我们已基石投资者宝月共赢、名幸电子香港、锐明电子、Harvest、JinYi Capital、开盘财富、中兴及周 增昌先生订立基石投资协议，基石投资者将按发售价认购总金额约4.585亿港元的发售股份。我们相 信，基石配售表明了基石投资者对我们及业务前景充满信心，且基石配售将有助于提升我们的形象。 我们是领先的无线通信模组及解决方案提供商，以智能模组(尤其是高算力智能模组 ...

Core Viewpoint - Meig Smart Technology Co., Ltd. (002881.SZ) is undergoing a listing hearing on the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the sole sponsor [1] Company Overview - Meig Smart is a leading provider of wireless communication modules and solutions, focusing on smart modules, particularly high-performance intelligent modules [3] - The company's products are widely used in the Internet of Things (IoT), intelligent connected vehicles (ICV), and wireless broadband sectors [3] Market Position - According to Frost & Sullivan, Meig Smart ranks fourth in the global wireless communication module industry by revenue, holding a market share of 6.4% in 2024 [3] - The global wireless communication module market is highly concentrated, with the top three players accounting for 65.7% of the market revenue in 2024, and the largest player holding 42.7% [3] Product Offerings - The company's wireless communication module product portfolio includes: - Smart modules with system-on-chip (SoC) processors and intelligent operating systems, divided into: - High-performance smart modules for complex algorithms and edge AI applications - Conventional smart modules for intelligent applications, such as customized software and multimedia functions - Data transmission modules focusing on secure and high-throughput data exchange [3][4] Custom Solutions - Meig Smart offers customized solutions that integrate hardware, software, and specific application development services, addressing complex integration challenges for clients [4] - The company aims to shorten R&D cycles and reduce technical risks for clients, thereby accelerating time-to-market for their products [4] Financial Performance - The company's revenue for the fiscal years ending December 31 for 2022, 2023, 2024, and the nine months ending September 30, 2025, are approximately: - 2022: 2.306 billion RMB - 2023: 2.147 billion RMB - 2024: 2.941 billion RMB - 2025 (nine months): 2.821 billion RMB [5][6] - The net profit for the same periods is approximately: - 2022: 126.6 million RMB - 2023: 62.6 million RMB - 2024: 134.4 million RMB - 2025 (nine months): 113.2 million RMB [5][6]

Core Viewpoint - Meige Intelligent Technology Co., Ltd. is set to list on the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor [1] Company Overview - Meige Intelligent is a leading provider of wireless communication modules and solutions, focusing on smart modules, particularly high-performance intelligent modules [3] - The company's products are widely used in the Internet of Things (IoT), intelligent connected vehicles (ICV), and wireless broadband sectors [3] Market Position - According to Frost & Sullivan, Meige Intelligent ranks fourth in the global wireless communication module industry with a market share of 6.4% as of 2024 [3] - The global market is highly concentrated, with the top three players accounting for 65.7% of the revenue, and the largest player holding 42.7% of the market share [3] Product Offerings - The company's wireless communication module product range includes: - Smart modules with system-on-chip (SoC) processors and intelligent operating systems, divided into: - High-performance smart modules for complex algorithms and edge AI applications - Conventional smart modules for intelligent applications, such as customized software and multimedia functions [3] - Data transmission modules focus on secure and high-throughput data exchange [4] Value Proposition - Meige Intelligent offers customized solutions that integrate hardware, software, and specific application development services, addressing complex integration challenges for clients [4] - The company aims to shorten R&D cycles and reduce technical risks, thereby accelerating time-to-market for clients' products [4] Financial Performance - Revenue figures for the company are as follows: - 2022: approximately 2.31 billion RMB - 2023: approximately 2.15 billion RMB - 2024: approximately 2.94 billion RMB - 2025 (as of September 30): approximately 2.82 billion RMB [5][6] - Profit figures for the same periods are: - 2022: approximately 126.6 million RMB - 2023: approximately 62.6 million RMB - 2024: approximately 134.4 million RMB - 2025 (as of September 30): approximately 113.2 million RMB [5][6]

Core Insights - The exhibition economy in China is projected to reach historical highs in 2025, with 4,095 trade exhibitions and a total exhibition area of 159 million square meters [1][2]. Group 1: Industry Trends - Emerging hotspots for exhibitions include cutting-edge fields such as artificial intelligence and smart connected vehicles, with 28 Chinese exhibitions making it to the global top 100 list, ranking second worldwide [2]. - The number of exhibitions in the central and western regions is growing faster than the national average, indicating a shift in the regional exhibition landscape [3]. Group 2: Regional Dynamics - In 2025, the eastern region will host 2,702 trade exhibitions, accounting for 65.98% of the total, while the central and western regions will see slight increases in their shares, with 620 and 631 exhibitions respectively [3]. - The 20th China Western International Expo attracted over 3,000 enterprises from 62 countries and regions, with a total investment of 354.3 billion yuan, highlighting its significance as a gateway for western development [3]. Group 3: Exhibition Scale and Structure - The number of small to medium-sized exhibitions (10,000 to 30,000 square meters) increased by 24.26%, while large exhibitions (over 100,000 square meters) grew by 15.03% [5]. - Industrial and technology exhibitions lead the industry distribution, making up 21.87% of the total, followed by consumer goods and residential services at 11.5% [5]. Group 4: International Exhibition Projects - In 2025, overseas exhibition projects are primarily concentrated in Asia and Western Europe, with Asian projects increasing by 16.07% to 520, representing 41.3% of the total [6]. - The actual transaction amount from overseas exhibitions rose by 19.09%, with an average transaction value per event increasing by 14.16% [6]. Group 5: Government Support and Policy - Local governments are implementing diverse support systems for the exhibition industry, including financial incentives and policy measures to stimulate growth [7][8]. - Initiatives such as integrating exhibitions with consumption, trade, and cultural tourism are being promoted to enhance the overall economic impact of the exhibition sector [8]. Group 6: Future Development - The exhibition industry is expected to transition towards digitalization and sustainability, with a focus on creating a low-carbon exhibition environment [10]. - The competition among cities in the exhibition economy is intensifying, with international cities aiming for world-class exhibitions and regional cities focusing on national-level events [10].

Core Viewpoint - Huazhong Xinchang (300928.SZ) has received a project confirmation notice from Lantu Automotive, indicating its qualification for the development and supply of dual-screen display assemblies, marking a significant breakthrough in the company's expansion into this sector [1] Company Summary - The collaboration is a comprehensive recognition of the company's technology research and development, product quality, production capacity, and pricing [1] - This partnership is expected to enhance the company's market share in the intelligent cockpit sector as dual screens transition from a high-end feature to a new standard requirement for modern vehicles [1] Industry Summary - The rapid development of intelligent connected vehicles has led to dual screens becoming a "threshold" for new-generation cockpits [1] - The project confirmation does not constitute a final order or sales contract, and the actual supply volume will depend on formal sales orders, making the impact on this year's operating performance uncertain [1]

Core Insights - The report highlights the ongoing support from the Ministry of Agriculture and Rural Affairs for Hainan to enhance agricultural technology innovation and develop tropical agriculture and marine fisheries [2] - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued opinions to strengthen financial services for rural reform and promote comprehensive rural revitalization [2] - The report notes the significant growth in the medical insurance sector, with 2.53 billion people participating in maternity insurance and a cumulative expenditure of 4,383 billion yuan by June 2025 [2] - The logistics and supply chain in the clothing sector are evolving with a trend towards multi-format integration, including online and offline retail models [2][5] Company-Specific Insights - New Beiyang has won a bid for the cash handling equipment procurement project for China Construction Bank, indicating its strong market position [6] - Angel Yeast plans to acquire a 55% stake in Shengtong Sugar Industry for 506 million yuan, which will enhance its presence in the sugar industry [6] - Guoke Tiancai has received approval from the Shenzhen Stock Exchange for its application to issue convertible bonds, reflecting its growth strategy [6] - NIO has established a comprehensive network of 1,001 battery swap stations across major highways, addressing user concerns about charging anxiety [6] Industry Insights - The clothing consumption market in China is showing resilience, with a projected retail sales figure of 1,071.62 billion yuan for 2024, and a 1.5% year-on-year growth in online retail sales [2][5] - The report indicates that the smart connected vehicle market is expected to grow significantly, with the wireless communication module market projected to reach 50 billion yuan by 2024, growing at a compound annual growth rate of 21% [12] - The report emphasizes the importance of the automotive sector's transition to international markets, with companies like Ningbo Gaofa planning to establish production bases overseas [8][10]