Summary of Key Points Core Viewpoint - The company Bai'ao Saitou is set to launch its public offering, with a total share capital of 399 million shares before the issuance and plans to issue 47.5 million shares, representing 10.63% of the post-issue total share capital. The offering price is set at 26.68 yuan per share, with a high price-to-earnings ratio of 519.12 times, indicating a premium valuation compared to the industry average of 39.31 times [1]. Company Information - Bai'ao Saitou specializes in providing innovative model animals and preclinical pharmaceutical research and development services based on its self-developed gene editing technology [1]. New Share Issuance Details - The public offering will consist of 47.5 million shares, with 7.6 million shares available for online subscription. The subscription code is 787796, and the maximum subscription limit for a single account is 7,500 shares, requiring a minimum market value of 75,000 yuan in the Shanghai market [1]. Fundraising Allocation - The funds raised from the public offering will be allocated to several projects: - Early drug research and development service platform construction: 59.797 million yuan - Antibody drug research and evaluation project: 39.513 million yuan - Preclinical and clinical research projects: 40 million yuan - Supplementing working capital: 50 million yuan [1]. Financial Performance - The company reported total assets of 2.415 billion yuan in 2024, a decrease from 2.449 billion yuan in 2023 and 2.799 billion yuan in 2022. - Net assets increased to 834.0588 million yuan in 2024 from 785.8889 million yuan in 2023, but down from 1.1462665 billion yuan in 2022. - Operating revenue rose to 980.4539 million yuan in 2024, compared to 716.9118 million yuan in 2023 and 533.8808 million yuan in 2022. - The net profit attributable to shareholders was 33.5418 million yuan in 2024, a significant recovery from losses of 38.295 million yuan in 2023 and 60.1947 million yuan in 2022 [2]. Research and Development Investment - Research and development investment amounted to 323.9245 million yuan in 2024, accounting for 33.04% of operating revenue, a decrease from 66.17% in 2023 and 130.96% in 2022 [2].

据悉，A类投资者包括公募、社保基金、养老金、年金基金、银行理财产品、保险资金、保险资产管理产品和合格境外投资者资金。B类投资者是上述之 外的其他投资者，比如私募、券商资管、券商自营等。 B类投资者获配份额大幅减少 网下打新或将迎来新局面。 11月25日晚间，摩尔线程公布了网下初步配售结果。结果显示，A类投资者获配数量占比98.44%，B类投资者获配仅占比1.56%。从具体的获配股数来 看，有的B类投资者最少只获配了39股。记者获悉，这是科创成长层优化发行承销制度的结果，对于网下打新，实行的是约定限售方式。 根据公告，本次配售需满足限售比例更高、限售期更长的网下投资者配售比例应当不低于其他投资者的要求。A1类投资者（选择档位一的A类投资者）的 配售比例不低于A2类投资者（选择档位二的A类投资者）的3倍，同时A2类投资者的配售比例不低于A3类（选择档位三的A类投资者）与B类投资者的3 倍。 也就是说，A1类投资者的获配比例，至少要是B类投资者获配比例的9倍。规则有意拉大了新股的获配比例。从摩尔线程实际申购结果来看，A类投资者 主要选择的是档位一，因为获配比例更高。A1类投资者的获配比例为0.07%，B类投资者的获 ...

Company Overview - Hengkun New Materials is set to begin subscription tomorrow, with a total share capital of 382 million shares before the issuance and plans to publicly issue 67.3979 million shares, accounting for 15.00% of the total share capital post-issuance [1] - The subscription price is set at 14.99 yuan, with an issuance price-to-earnings ratio of 71.42 times, compared to the industry average of 60.47 times [1] - The company’s products are essential materials for integrated circuit wafer manufacturing, primarily used in advanced NAND, DRAM storage chips, and logic chips at 90nm technology nodes and below [1] Subscription Details - The subscription code is 787727, with an online issuance of 10.7835 million shares and a maximum subscription limit of 10,500 shares per account [1] - The subscription date is November 7, 2025, with the announcement of the winning numbers and payment date on November 11, 2025 [1] Financial Highlights - Total assets for 2024 are reported at 2.645 billion yuan, an increase from 2.091 billion yuan in 2023 and 1.633 billion yuan in 2022 [1] - Net assets have grown to 1.500 billion yuan in 2024 from 1.382 billion yuan in 2023 and 1.273 billion yuan in 2022 [1] - Operating revenue for 2024 is 547.9388 million yuan, up from 367.7078 million yuan in 2023 and 321.7652 million yuan in 2022 [1] - The net profit attributable to shareholders for 2024 is 96.9192 million yuan, compared to 89.8493 million yuan in 2023 and 100.9030 million yuan in 2022 [1] - Research and development investment for 2024 is 88.6085 million yuan, representing 16.17% of operating revenue, an increase from 14.59% in 2023 and 13.28% in 2022 [1] Fundraising Allocation - The company plans to allocate 399.8022 million yuan to the second phase of the integrated circuit precursor project and 606.8928 million yuan to the advanced materials project for integrated circuits [1]

Core Viewpoint - Hengkun New Materials has initiated its public offering, with a total share capital of 382 million shares before the issuance, and plans to issue 67.4 million shares, accounting for 15% of the post-issue total share capital [1] Group 1: IPO Details - The public offering price is set at 14.99 yuan per share, with an issuance price-to-earnings ratio of 71.42 times, compared to the industry average of 60.47 times [1] - The maximum subscription limit for a single account is 10,500 shares, with subscriptions required to be in multiples of 500 shares [1] - The online subscription date is November 7, 2025, with the announcement of the winning numbers and payment date on November 11, 2025 [1] Group 2: Company Products and Applications - The company's products are primarily used in the production processes of advanced NAND and DRAM storage chips, as well as logic chips at 90nm technology nodes and below, including lithography and thin film deposition [1] Group 3: Fundraising Allocation - The company plans to allocate 399.8 million yuan to the second phase of the integrated circuit precursor project and 606.9 million yuan to the advanced materials project for integrated circuits [1] Group 4: Financial Performance - Total assets for 2024 are projected at 2.645 billion yuan, an increase from 2.091 billion yuan in 2023 and 1.633 billion yuan in 2022 [2] - Net assets are expected to reach 1.501 billion yuan in 2024, up from 1.382 billion yuan in 2023 and 1.273 billion yuan in 2022 [2] - Operating revenue is forecasted at 547.9 million yuan for 2024, compared to 367.7 million yuan in 2023 and 321.8 million yuan in 2022 [2] - The net profit attributable to shareholders is projected at 96.9 million yuan for 2024, slightly up from 89.8 million yuan in 2023 but down from 100.9 million yuan in 2022 [2] - Research and development investment is expected to be 88.6 million yuan in 2024, representing 16.17% of operating revenue [2]

Core Viewpoint - The company, Bibet, is set to launch its public offering with a total share capital of 360 million shares, aiming to issue 90 million shares, which represents 20% of the post-issue total share capital, at a price of 17.78 yuan per share [1] Company Overview - Bibet focuses on the treatment of major diseases such as tumors, autoimmune diseases, and metabolic diseases, with core products classified as Class 1 new chemical drugs [1] - The main therapeutic areas include malignant lymphoma, breast cancer, non-small cell lung cancer, ovarian cancer, psoriasis, and diabetes-related non-alcoholic fatty liver disease [1] Public Offering Details - The public offering will consist of 90 million shares, with 14.4 million shares available for online subscription [1] - The subscription code is 787759, and the maximum subscription limit for a single account is 14,000 shares, requiring a market value of 140,000 yuan in the Shanghai market for the highest subscription [1] - The announcement of the winning numbers and payment date is set for October 21, 2025 [1] Fundraising Allocation - The funds raised will be allocated as follows: - New drug research and development project: 94,912.34 thousand yuan - Construction of the Qingyuan R&D center and formulation industrialization base: 55,548.57 thousand yuan - Supplementing working capital: 50,000.00 thousand yuan [1] Financial Performance - The company reported total assets of 33,247.71 thousand yuan in 2024, down from 44,187.25 thousand yuan in 2023 and 58,721.68 thousand yuan in 2022 [2] - Net assets decreased to 29,022.01 thousand yuan in 2024 from 31,811.96 thousand yuan in 2023 and 46,833.49 thousand yuan in 2022 [2] - The company has not generated any operating revenue, with a net loss attributable to shareholders of 5,599.83 thousand yuan in 2024, an improvement from a loss of 17,275.51 thousand yuan in 2023 and 18,833.88 thousand yuan in 2022 [2] - Research and development expenses were 12,028.74 thousand yuan in 2024, down from 15,765.12 thousand yuan in 2023 and 16,674.07 thousand yuan in 2022 [2]

Core Viewpoint - He Yuan Bio is set to launch its public offering, with a total share capital of 268 million shares and plans to issue 89.45 million shares, representing 25.02% of the post-issue total share capital [2] Company Information - He Yuan Bio is an innovative biopharmaceutical company with a leading global plant bioreactor technology platform [2] - The company plans to issue shares at a price of 29.06 yuan, with a maximum subscription limit of 14,000 yuan in market value required for top-tier subscriptions [2] Fundraising Allocation - The company intends to allocate raised funds as follows: - 1.90 billion yuan for the construction of a plant-derived recombinant human serum albumin industrialization base - 793.69 million yuan for new drug research and development - 800 million yuan for working capital [2] Financial Indicators - Key financial metrics for He Yuan Bio include: - Total assets for 2024 are projected at 1.0618 billion yuan, compared to 962.20 million yuan in 2023 and 1.1027 billion yuan in 2022 - Net assets are expected to be 601.35 million yuan in 2024, down from 731.62 million yuan in 2023 and 895.26 million yuan in 2022 - Operating revenue is forecasted at 25.22 million yuan for 2024, slightly up from 24.26 million yuan in 2023 and significantly higher than 13.40 million yuan in 2022 - The company anticipates a net loss attributable to shareholders of 151.37 million yuan in 2024, an improvement from a loss of 186.96 million yuan in 2023 and 143.57 million yuan in 2022 - Research and development expenses are projected at 116.79 million yuan for 2024, with R&D expenditure as a percentage of operating revenue at 463.14% [2]

Company Overview - He Yuan Bio is an innovative biopharmaceutical company with a leading global plant bioreactor technology platform [1] - The company plans to publicly issue 89.45 million shares, accounting for 25.02% of the total share capital post-issue [1] IPO Details - The subscription code for the IPO is 787765, with a subscription price set at 29.06 yuan per share [1] - The maximum subscription limit for a single account is 14,000 shares, requiring a minimum market value of 140,000 yuan in the Shanghai market [1] - The online issuance quantity is 14.31 million shares, with the subscription date on October 14, 2025, and the announcement of the winning numbers and payment date on October 16, 2025 [1] Fundraising Allocation - The company plans to allocate 1.90867 billion yuan for the construction of a plant-derived recombinant human serum albumin industrialization base [1] - An additional 793.69 million yuan is earmarked for new drug research and development [1] - 800 million yuan will be used to supplement working capital [1] Financial Performance - Total assets for 2024 are projected at 1.06181 billion yuan, an increase from 962.20 million yuan in 2023 [1] - Net assets are expected to decrease to 601.35 million yuan in 2024 from 731.62 million yuan in 2023 [1] - Operating revenue is forecasted to rise to 252.16 million yuan in 2024, compared to 242.64 million yuan in 2023 [1] - The company anticipates a net loss attributable to shareholders of 151.37 million yuan in 2024, an improvement from a loss of 186.96 million yuan in 2023 [1] - Research and development expenses are projected at 116.79 million yuan, representing 463.14% of operating revenue [1]

Core Viewpoint - Yitang Co., Ltd. is set to launch its public offering, with a total share capital of 2.66 billion shares before the issuance, and plans to issue 296 million shares, accounting for 10% of the post-issue total share capital [1] Company Overview - Yitang Co., Ltd. specializes in the research, development, production, and sales of wafer processing equipment required for integrated circuit manufacturing [1] IPO Details - The public offering will have a subscription code of 787729, with a subscription price of 8.45 yuan per share and an issuance price-to-earnings ratio of 51.55 times [1] - The maximum subscription limit for a single account is 41,000 shares, with subscriptions required to be in multiples of 500 shares [1] - The online issuance quantity is 4,137,800 shares, with a total issuance quantity of 29,556,000 shares [1] - The subscription date is set for June 27, 2025, with the announcement of the winning numbers and payment date on July 1, 2025 [1] Fundraising Allocation - The company plans to allocate the raised funds as follows: - 80 million yuan for the Yitang Semiconductor Integrated Circuit Equipment R&D and Manufacturing Service Center project - 100 million yuan for the Yitang Semiconductor High-end Integrated Circuit Equipment R&D project - 120 million yuan for development and technology reserve funds [1] Financial Performance - Key financial indicators for Yitang Co., Ltd. are as follows: - Total assets for 2024 are 995,291.53 million yuan, up from 834,107.59 million yuan in 2023 and 759,881.12 million yuan in 2022 - Net assets for 2024 are 591,472.32 million yuan, compared to 534,314.25 million yuan in 2023 and 498,059.99 million yuan in 2022 - Operating income for 2024 is 463,297.78 million yuan, an increase from 393,142.70 million yuan in 2023 but a decrease from 476,262.74 million yuan in 2022 - Net profit attributable to shareholders for 2024 is 54,080.21 million yuan, up from 30,941.93 million yuan in 2023 and 38,252.22 million yuan in 2022 - Basic and diluted earnings per share for 2024 are both 0.20 yuan, compared to 0.12 yuan in 2023 and 0.14 yuan in 2022 - The weighted average return on equity for 2024 is 9.61%, up from 6.00% in 2023 and 8.20% in 2022 - Net cash flow from operating activities for 2024 is 68,227.47 million yuan, compared to 59,957.36 million yuan in 2023 and a negative 51,722.44 million yuan in 2022 - R&D investment for 2024 is 71,689.40 million yuan, up from 60,816.15 million yuan in 2023 and 52,985.07 million yuan in 2022 - R&D investment as a percentage of operating income for 2024 is 15.47%, consistent with 2023 and up from 11.13% in 2022 [1]

Company Overview - YingShi Innovation has initiated its public offering, with a total share capital of 360 million shares before the issuance and plans to issue 41 million shares, accounting for 10.22% of the post-issue total share capital [1] - The company focuses on the research, production, and sales of smart imaging devices such as panoramic cameras and action cameras [1] IPO Details - The subscription code for the public offering is 787775, with a subscription price set at 47.27 yuan per share and an issuance price-to-earnings ratio of 20.04 times [1] - The maximum subscription limit for a single account is 6,500 shares, requiring a minimum market value of 65,000 yuan in the Shanghai stock market for top-tier subscriptions [1] - The online issuance quantity is 6.56 million shares, with the total issuance quantity being 41 million shares [1] - The announcement of the winning numbers and payment date is scheduled for June 4, 2025 [1] Fundraising Allocation - The company plans to allocate 195.43 million yuan for the construction of a smart imaging device production base [1] - An additional 268.34 million yuan is designated for the establishment of a research and development center in Shenzhen [1] Financial Performance - Total assets for 2024 are reported at 502,081.23 million yuan, a significant increase from 304,651.82 million yuan in 2023 and 198,008.31 million yuan in 2022 [2] - Net assets have risen to 318,107.45 million yuan in 2024 from 218,580.99 million yuan in 2023 and 136,961.29 million yuan in 2022 [2] - Operating revenue for 2024 is 557,412.56 million yuan, up from 363,639.23 million yuan in 2023 and 204,113.36 million yuan in 2022 [2] - The net profit attributable to shareholders of the parent company for 2024 is 99,474.91 million yuan, compared to 82,957.51 million yuan in 2023 and 40,733.40 million yuan in 2022 [2] - Basic earnings per share for 2024 stand at 2.76 yuan, an increase from 2.30 yuan in 2023 and 1.13 yuan in 2022 [2] Research and Development - Research and development expenses for 2024 amount to 77,658.91 million yuan, compared to 44,768.03 million yuan in 2023 and 25,601.32 million yuan in 2022 [3] - The ratio of research and development expenses to operating revenue is 13.93% for 2024, up from 12.31% in 2023 and 12.54% in 2022 [3]

Company Overview - Hanbang Technology is a high-tech enterprise focused on chromatography technology, providing professional separation and purification equipment, consumables, application technology services, and related technical solutions primarily for the pharmaceutical and life sciences sectors [1]. IPO Details - The company is set to launch its public offering with a total share capital of 66 million shares, of which 22 million shares will be publicly issued, representing 25% of the post-issue total share capital [1]. - The issue price is set at 22.77 yuan per share, with an earnings per share (EPS) ratio of 26.35 times, compared to the industry average of 28.04 times [1]. - The maximum subscription limit for a single account is 5,000 shares, requiring a minimum market value of 50,000 yuan in the Shanghai market for top-tier subscriptions [1]. Fundraising Allocation - The funds raised will be allocated to several projects, including: - Production project for 1,000 units of liquid chromatography series separation equipment (193.03 million yuan) - Construction of a chromatography separation equipment R&D center (271.10 million yuan) - Production project for 2,000 units of laboratory chromatography separation and purification instruments (224.76 million yuan) - Supplementing working capital (291.11 million yuan) [1]. Financial Performance - Key financial indicators for Hanbang Technology include: - Total assets for 2024 are projected at 1.32 billion yuan, a decrease from 1.35 billion yuan in 2023 and 1.40 billion yuan in 2022 [1]. - Net assets have increased to 739.63 million yuan in 2024 from 638.37 million yuan in 2023 and 566.92 million yuan in 2022 [1]. - Operating revenue is expected to reach 690.88 million yuan in 2024, up from 619.01 million yuan in 2023 and 481.79 million yuan in 2022 [1]. - Net profit attributable to shareholders is projected at 79.34 million yuan for 2024, compared to 51.50 million yuan in 2023 and 38.56 million yuan in 2022 [1]. - Basic and diluted earnings per share are both expected to be 1.20 yuan in 2024, up from 0.78 yuan in 2023 and 0.62 yuan in 2022 [1]. - The weighted average return on equity is projected at 11.51% for 2024, an increase from 8.55% in 2023 and 9.86% in 2022 [1]. - Net cash flow from operating activities is expected to be 129.88 million yuan in 2024, compared to 113.33 million yuan in 2023 and 19.84 million yuan in 2022 [1]. - R&D investment is projected at 41.85 million yuan in 2024, representing 6.06% of operating revenue, consistent with previous years [1].