Group 1 - The company has set the issuance price at 80.44 yuan per share, corresponding to a price-to-earnings (P/E) ratio of 12.37 times based on the lower of the audited net profit attributable to the parent company for 2024, adjusted for non-recurring gains and losses [1][3][6] - The company meets the listing standards set by the Shanghai Stock Exchange, with a projected market value of no less than 5 billion yuan and positive net profit in the most recent year [2] - The company operates in the cultural, sports, and entertainment industry, specifically in the cultural arts sector, with an average industry P/E ratio of 26.90 [3][5] Group 2 - The company’s net profits for the years 2022 to 2025 (up to June) are projected to be -76.06 million yuan, 42.02 million yuan, 50.30 million yuan, and 20.41 million yuan, respectively, with total operating revenues of 231.89 million yuan, 1.09 billion yuan, 1.26 billion yuan, and 516.46 million yuan [2] - The company’s cash flow from operating activities over the last three years has accumulated to 6.64 million yuan, meeting the requirement of at least 25 million yuan [2] - The company’s P/E ratio of 12.37 is lower than the average static P/E ratio of comparable companies in the industry for 2024 [6][10] Group 3 - The company plans to use approximately 155.51 million yuan from the fundraising for its projects, with a net fundraising amount expected to be around 152.19 million yuan after deducting issuance costs [13] - The shares issued will have no restrictions on circulation and can be traded immediately upon listing [14] - The company will conduct its public offering on the Shanghai Stock Exchange, with the online subscription date set for December 22, 2025 [19][20]

Core Viewpoint - Jiangsu Xihua New Energy Technology Co., Ltd. has received approval for its initial public offering (IPO) of A-shares and will be listed on the main board, with the issuance of 100 million shares at a price of 10.10 yuan per share [1][6]. Group 1: Issuance Details - The total number of shares to be issued is 100 million, all of which are new shares for public offering [1]. - The issuance will combine strategic placement, offline inquiry placement, and online pricing issuance [2]. - The strategic placement will involve senior management and core employees through a specific asset management plan [3]. Group 2: Pricing and Valuation - The determined issuance price is 10.10 yuan per share, corresponding to a price-to-earnings (P/E) ratio of 25.62 times based on the 2024 earnings before non-recurring gains and losses [6][7]. - The issuance price is below the median and weighted average of the remaining quotes from offline investors after the highest bids were excluded, which was 10.2549 yuan per share [7]. - The average static P/E ratio for the general equipment manufacturing industry is reported at 43.21 times as of December 9, 2025 [7]. Group 3: Fundraising and Use of Proceeds - The expected total fundraising amount is 10.1 billion yuan, which is lower than the previously disclosed fundraising requirement of 1.4978426 billion yuan [11]. - After deducting issuance costs, the net amount expected to be raised is approximately 925.77 million yuan [11]. Group 4: Lock-up Periods and Trading - The shares issued in the online offering will have no circulation restrictions and can be traded immediately upon listing [11]. - For offline investors, 10% of the allocated shares will be subject to a six-month lock-up period, while 90% will be tradable immediately [11][12].

Core Viewpoint - The company, 超颖电子电路股份有限公司, has received approval for its initial public offering (IPO) of 525 million shares on the Shanghai Stock Exchange, with a determined issue price of 17.08 yuan per share [1][5]. Group 1: IPO Details - The IPO will consist of 525 million shares, all of which are new shares for public offering [1]. - The offering will be conducted through a combination of strategic placement, offline inquiry, and online issuance [2]. - The strategic placement will involve senior management and core employees, as well as large enterprises with strategic cooperation [3]. Group 2: Pricing and Valuation - The determined issue price of 17.08 yuan per share corresponds to a price-to-earnings (P/E) ratio of 23.78 times based on the 2024 earnings before non-recurring gains and losses [6]. - The issue price is below the average static P/E ratio of 60.52 times for the industry as of October 10, 2025 [7]. - The total fundraising amount from the IPO is expected to be 896.7 million yuan, exceeding the previously stated fundraising requirement of 660 million yuan [9]. Group 3: Subscription Process - Investors can subscribe to the shares on October 15, 2025, with specific time slots for online and offline subscriptions [5]. - The offline subscription will not require cumulative bidding, and the final pricing will be based on the inquiry results [5][9]. - Investors must ensure that their funds are available by October 17, 2025, for the subscription [14]. Group 4: Lock-up Periods - For offline investors, 90% of the allocated shares will have no lock-up period, while 10% will be subject to a 6-month lock-up [11]. - Strategic placement investors will have a lock-up period of 12 months from the IPO date [11]. Group 5: Market Context - The company operates in the computer, communication, and other electronic equipment manufacturing industry, which is classified under C39 [7]. - The pricing strategy follows a market-oriented approach, considering the valuation of comparable companies and market conditions [9].

Core Viewpoint - Shanghai Yousheng Aluminum Industry Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares (A-shares) and will be listed on the main board of the Shanghai Stock Exchange [1] Group 1: IPO Details - The total number of shares to be issued is 48,267,111 shares, all of which are new shares for public offering [1] - The IPO will be conducted through a combination of strategic placement, offline inquiry, and online issuance [1][2] - The issuance price has been set at RMB 46.36 per share, which corresponds to a price-to-earnings (P/E) ratio of 16.57 times based on the 2024 earnings before non-recurring gains and losses [4][5] Group 2: Pricing and Valuation - The determined issuance price is lower than the median and weighted average of the remaining quotes after excluding the highest bids from offline investors [5] - The average static P/E ratio for the automotive manufacturing industry, to which the company belongs, is 29.08 times as of September 9, 2025 [5][6] - The expected total fundraising amount is RMB 223,766,330, which is below the company's stated fundraising requirement of RMB 247,085,450 [7][8] Group 3: Subscription and Allocation - The offline subscription period is from 9:30 AM to 3:00 PM, while the online subscription period is from 9:30 AM to 11:30 AM and 1:00 PM to 3:00 PM on September 12, 2025 [4] - Investors participating in the offline subscription must commit to a lock-up period of 6 months for 10% of their allocated shares, while 90% will be tradable immediately upon listing [8][9] - The number of effective bids from offline investors reached 470, with a total proposed subscription amount of 76,012,900,000 shares, indicating a subscription multiple of 3,280.85 times the initial offline issuance scale [6][8]

Core Viewpoint - Tongyu New Materials (Guangdong) Co., Ltd. is set to issue an initial public offering (IPO) of 10 million shares at a price of 84.00 yuan per share, with a diluted price-to-earnings (P/E) ratio of 23.94 times based on the 2024 net profit, which is lower than the industry average P/E ratio of 38.62 times as of June 26, 2025 [1][9][10]. Company Overview - Tongyu New Materials operates in the "C39 Computer, Communication and Other Electronic Equipment Manufacturing" industry, focusing on the research, production, and sales of electronic resins, primarily used in copper-clad laminate production [1][8][9]. - The company's product range includes MDI modified epoxy resins, DOPO modified epoxy resins, high-bromine epoxy resins, BPA phenolic epoxy resins, and phosphorus phenolic resin curing agents, which are essential components in modern electronic products [8][9]. Financial Metrics - The IPO price of 84.00 yuan per share corresponds to a diluted static P/E ratio of 23.94 times based on the lower of the non-recurring profit for 2024, which is significantly lower than the recent industry average static P/E ratio of 38.62 times [9][10][15]. - The rolling P/E ratio for the first four quarters (April 2024 to March 2025) is calculated at 24.00 times, also below the industry average rolling P/E ratio of 36.03 times [10][15]. Market Context - The average static P/E ratio for the C39 industry as of June 26, 2025, is 38.62 times, while the average rolling P/E ratio is 36.03 times, indicating that Tongyu's pricing is positioned favorably within the market context [9][10][15]. - The company has been compared with peers such as Dongcai Technology, Hongchang Electronics, and Shengquan Group, which have similar product lines and applications in the copper-clad laminate sector [11][12][13]. IPO Details - The IPO will be conducted through an online direct pricing method, with no lock-up arrangements for the shares, and is scheduled for July 1, 2025 [2][3]. - The total expected fundraising amount is 840 million yuan, with a net amount of approximately 760 million yuan after deducting estimated issuance costs [16][17].