今年9月底，公司向港交所递交主板上市申请，拟在"A+H"两地上市。根据招股书，长春高新IPO募资主要用于创新管线研发、潜在全球合作及共同开 发、海外化市场推进、加强公司销售及营销能力等。 值得关注的是，Wind数据显示，截至2025年第三季度末，超达集团持有长春高新18.69%的股份，累计质押股数约3803万股，占公司总股本的9.32%。证监 会要求该公司进一步评估质押对控制权稳定性的影响。此外，针对控股股东上层投资人吉林省信政基金合伙企业（有限合伙）的穿透情况、历史股权变动 合规性及募集资金用途、下属子公司开展相关业务及具体运营情况等问题，证监会要求长春高新进行补充说明。 长春高新发布控股股东股权结构发生变更的公告 编者按：拆解企业招股、估值、上市表现，以专业视角记录资本脉动。投资时间网携手标点财经联袂锻造"解码港股IPO"特别策划，深度探寻每一次资本 浪潮背后的机遇与逻辑，敬请关注。 投资时间网、标点财经研究员 董琳 在医药行业快速变革的背景下，"东北药茅"——长春高新技术产业（集团）股份有限公司（下称长春高新，000661.SZ）控股股东股权划转事宜于日前落 定。 长春高新发布公告称，公司控股股东长春超 ...

【导读】首创证券（601136）重大人事调整，张涛、蒋青峰分别出任董事长、总经理 重大人事变动，正式落地！ 11月19日晚间，首创证券公告显示，董事长毕劲松因到龄退休辞职，不再担任公司任何职务。公司董事会选举原总经理张涛为新任董 事长，总经理一职则由原副总经理蒋青峰担任。 另外，首创证券董事会还选举刘惠斌为公司副董事长。上述相关任命已经董事会会议审议通过。 来看详情—— 毕劲松退休离任 原总经理张涛"接棒" 首创证券称，董事会收到毕劲松递交的书面辞职报告。因到龄退休，毕劲松申请辞去首创证券第二届董事会董事长、董事职务及董事 会下设专门委员会相应职务，辞去上述职务后不再担任公司任何职务。 毕劲松原定任期到期时间为2026年9月14日，此次离任时间提前约10个月。 "85后"副总蒋青峰升任总经理 公开信息显示，毕劲松出生于1965年，硕士研究生。毕劲松金融从业经验丰富，曾在原国泰证券、原国泰君安证券、原中富证券、民 生证券等地担任重要职务。2007年1月，毕劲松加入首创证券，先后担任副总经理、总经理、董事及党委书记等重要职务，并于2024年 4月当选公司董事长。 首创证券称，任职期间，毕劲松以其深厚的金融素养和专 ...

21世纪经济报道记者 韩利明 在H股香港公开发售的最后一日（11月12日），A股上市公司百利天恒（688506.SH）公告称，鉴于当前市场情况，公司决定延迟H股 的全球发售及上市。据悉，本次H股香港公开发售于11月7日至12日期间开展，原计划股票于11月17日在香港联交所挂牌交易。随着 上市计划推迟，百利天恒已同步提示投资者可通过网上白表服务申请退款，相关款项将于11月17日退还。 事实上，百利天恒的H股上市筹备已历时一年有余。早在2024年7月10日，百利天恒便向香港联交所递交了发行上市申请，并分别于 2025年1月21日、9月29日两次重新递交申请。据此前公告披露，本次H股全球发售基础发行股数为863.43万股，其中香港公开发售 86.35万股（可重新分配），占比约10%；国际发售777.08万股（可重新分配），占比约90%，初步确定发行价格区间为347.50港元至 389.00港元。 图片来源：百利天恒公告 2019年至2022年间，百利天恒研发投入从1.81亿元增加至3.75亿元，占营业收入的比例从15.03%上升至53.32%。高额的研发投入导致 公司扣非归母净利润连续四年出现赤字。 为缓解资金困局 ...

Core Viewpoint - The decline in net profit for潮宏基 is primarily attributed to a goodwill impairment of 171 million yuan, alongside ongoing performance issues with the FION brand [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 6.237 billion yuan, a year-on-year increase of 28.35%, and a net profit attributable to shareholders of 317 million yuan, up 0.33% [1]. - In Q3 2025, the company achieved revenue of 2.135 billion yuan, a significant year-on-year growth of 49.52%, but reported a net loss of 14.28 million yuan, a decline of 116.52% compared to the previous year [1][3]. Goodwill Impairment - The 171 million yuan goodwill impairment was identified as the main reason for the decline in net profit. Excluding this factor, the net profit for the first three quarters would have been 488 million yuan, reflecting a growth of 54.52% [2]. - The company has a history of goodwill impairments related to the FION brand, with previous impairments recorded in 2018 (210 million yuan), 2019 (152 million yuan), 2022 (80.66 million yuan), 2023 (39.43 million yuan), and 2024 (177 million yuan) [4]. Business Segments -潮宏基's core business, jewelry, has shown strong performance, with revenue growth of 30.70% and net profit growth of 56.11% in the first three quarters of 2025. Q3 alone saw revenue growth of 53.55% and net profit growth of 86.80% [5][6]. - The jewelry segment accounted for 45.25% of total revenue, targeting younger consumers with products priced in the thousands of yuan range [6]. International Expansion - The company is pursuing a dual listing in Hong Kong to enhance its global strategy and brand image, having submitted its application to the Hong Kong Stock Exchange [5][6]. -潮宏基 has opened stores in Southeast Asia, including Malaysia, Thailand, and Cambodia, but the contribution from overseas markets remains minimal, with revenues from Hong Kong and Taiwan at 703,120 yuan and other Asian regions at 1,938,080 yuan, representing only 0.11% and 0.30% of total revenue, respectively [6].

Group 1 - The current high-level financial opening and high-quality development of the real economy have become a key theme, with Beijing and Hong Kong being core forces in promoting enterprises going global and capital connectivity [1] - At the 2025 Financial Street Forum, it was highlighted that Beijing enterprises hold significant positions in terms of market value and quantity in the Hong Kong stock market, with an increasing number of tech companies preparing to list in Hong Kong [1][2] - The collaboration between the Beijing Stock Exchange (BSE) and the Hong Kong Stock Exchange (HKEX) aims to support qualified listed companies in applying for listings in each other's markets, enhancing market cooperation and promoting mutual prosperity [2][3] Group 2 - The HKEX has seen a significant increase in IPO activities, with new listings raising HKD 180 billion in the first three quarters of 2023, a twofold year-on-year increase, and subsequent stock placements raising HKD 260 billion, up 270% [4] - The "A+H" listing trend is gaining momentum, with several A-share companies already listed in Hong Kong, and more companies in the pipeline for IPOs [5][6] - The demand for A-share leading enterprises to list in Hong Kong is expected to continue, driven by the need to enhance international influence and attract global capital [6][7] Group 3 - The China Securities Regulatory Commission (CSRC) has issued measures to support leading domestic enterprises in listing in Hong Kong, facilitating a smooth financing channel for overseas listings [7]

Core Viewpoint - Company reported steady growth in revenue and total profit for the third quarter, with a slight decline in net profit attributable to shareholders, but a year-to-date net profit growth exceeding 30% due to increased gross margin [1][3]. Financial Performance - In Q3, the company's revenue reached 48.133 billion yuan, a year-on-year increase of 15.75%, while total profit surged to 2.974 billion yuan, up 31.29% year-on-year [3]. - The net profit attributable to shareholders was 2.371 billion yuan, a slight decrease of 1.74%, and the net profit excluding non-recurring items was 2.293 billion yuan, down 1.39% year-on-year [3]. - For the first three quarters, the company sold 304,600 new energy vehicles, a minor decline of 3.82% year-on-year, but revenue grew by 3.67% to 110.534 billion yuan, with total profit reaching 66.99 billion yuan, an increase of 68.97% [3]. - The net profit attributable to shareholders for the first three quarters was 5.312 billion yuan, up 31.56%, and the net profit excluding non-recurring items was 4.768 billion yuan, an increase of 26.7% [3]. Cash Flow and Financial Health - The net cash flow from operating activities for the first three quarters was 22.649 billion yuan, a year-on-year increase of 13.18%, with cash and cash equivalents at 59.54 billion yuan, up 29.5% year-on-year [3]. Product Launch and Market Outlook - The company launched the new Wanjie M7, which has seen over 20,000 units delivered within 36 days of its release, indicating strong market demand [4]. - The company is expected to maintain strong growth potential in the fourth quarter [4]. IPO and Fundraising - The company is in the final stages of its IPO process in Hong Kong, with shares expected to start trading on November 5, making it the first luxury new energy vehicle company to be listed in both A-share and H-share markets [5]. - The global offering includes 100.2 million H-shares, with cornerstone investors committing approximately 826.5 million USD, and the expected net proceeds from the offering are around 12.9249 billion HKD [5]. - The company plans to allocate 70% of the raised funds for research and development, along with investments in new marketing channels, overseas sales, and charging network services [5].

Core Viewpoint - The "A+H" dual listing model is becoming an efficient pathway for Chinese companies to access international capital markets and accelerate their globalization efforts [1][21]. Group 1: A+H Dual Listing Trend - The trend of "A+H" dual listings is gaining momentum as companies pursue internationalization strategies and benefit from improved policy mechanisms [1][21]. - Several A-share companies, particularly in the LED lighting industry, are choosing to list in Hong Kong to leverage the dual financing platform [1][21]. Group 2: Company Specifics - Dongshan Precision - Dongshan Precision announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its international brand recognition and competitiveness [4]. - The funds raised will be used for project production, new capacity construction, technological upgrades, and potential mergers and acquisitions [4]. - For the first half of 2025, Dongshan Precision reported revenue of approximately 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit of about 788 million yuan, up 35.21% [5]. Group 3: Company Specifics - Tailin Microelectronics - Tailin Microelectronics is in discussions with intermediaries regarding its H-share listing, with details yet to be finalized [8]. - The company expects to achieve revenue of approximately 766 million yuan for the first three quarters of 2025, a year-on-year increase of about 30%, and a net profit of around 140 million yuan, up approximately 118% [10]. Group 4: Company Specifics - Jiewa Technology - Jiewa Technology, which has faced losses despite revenue growth, reported revenue of approximately 1.679 billion yuan for 2024, a year-on-year increase of 29.46%, but a net loss of about 603 million yuan [16]. - For the first half of 2025, the company achieved revenue of approximately 1.187 billion yuan, a year-on-year increase of 58.20%, with a net loss of about 295 million yuan [16]. Group 5: Company Specifics - Hehui Optoelectronics - Hehui Optoelectronics is actively pursuing an H-share listing to enhance its international financing capabilities and expand its overseas business [20]. - The company reported revenue of approximately 2.670 billion yuan for the first half of 2025, a year-on-year increase of about 11.51%, but a net loss of approximately 840 million yuan [20]. Group 6: Industry Context - The recent surge in A-share companies listing in Hong Kong is influenced by new IPO regulations that relax listing conditions, such as lowering public shareholding ratios and expediting review processes [21]. - The drive for globalization among Chinese companies is a key factor behind the "A+H" listing trend, as they seek to navigate challenges like supply chain restructuring and domestic market saturation [21][23].

Core Viewpoint - Borui Pharmaceutical (688166) has announced the termination of its planned private placement fundraising, which had been in preparation for nearly a year and a half, as the company is now planning to list in Hong Kong [1][4]. Group 1: Fundraising and Listing Plans - The company originally intended to raise up to 500 million yuan through a private placement, with the net proceeds aimed at supplementing working capital and repaying bank loans [4]. - The decision to terminate the private placement was made after considering the current market environment and the company's actual situation, with a focus on protecting the interests of all shareholders, especially minority investors [4]. - Borui Pharmaceutical is now planning to issue H-shares and list on the main board of the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas financing capabilities [1][4]. Group 2: Financial Performance - Borui Pharmaceutical has experienced a decline in net profit for three consecutive years, with revenues of approximately 1.017 billion yuan, 1.18 billion yuan, and 1.283 billion yuan from 2022 to 2024, and corresponding net profits of about 240 million yuan, 202 million yuan, and 189 million yuan [6]. - In the first half of this year, the company's net profit dropped by over 80%, with revenues of approximately 537 million yuan, a year-on-year decrease of 18.28%, and a net profit of about 17.17 million yuan, down 83.85% year-on-year [6]. - The decline in performance was attributed to changes in flu trends and competitive dynamics affecting the demand and pricing of antiviral products, as well as fluctuations in customer demand for antifungal products [6]. Group 3: Market Performance - The stock price of Borui Pharmaceutical has experienced significant volatility this year, doubling in value between July 10 and August 6, reaching a historical high on August 6 [7]. - However, the stock price has since declined, closing at 51.3 yuan per share on October 17, which is over a 50% drop from its peak [7].

Core Viewpoint - Company Seres has passed the listing hearing on the Hong Kong Stock Exchange, potentially becoming the first luxury electric vehicle company to achieve "A+H" dual listing if the subsequent listing process proceeds smoothly [1] Group 1: Company Overview - Seres focuses on high-end smart electric vehicles and has launched the high-end smart electric vehicle brand "Wenjie" in collaboration with Huawei in 2021, introducing models M5, M7, M9, and M8 to cover various market segments [1] - The company has achieved significant sales growth, with September sales reaching 44,678 units, a year-on-year increase of 19.44%, and cumulative sales for the first nine months of the year reaching 304,629 units [4] Group 2: Financial Performance - Seres reported a remarkable revenue of 145.176 billion yuan for 2024, a year-on-year increase of 305.04%, and a net profit attributable to shareholders of 5.946 billion yuan [6] - The gross margin for electric vehicles improved to 26.21%, making Seres the fourth global electric vehicle company to achieve profitability [6] - In the first half of the year, the company maintained a high-quality development trend, achieving revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, representing a year-on-year growth of 81.03% [6] Group 3: Future Plans - The funds raised from the Hong Kong listing will be used for research and development, diversifying new marketing channels, overseas sales, and charging network services to enhance global brand recognition [6] - Following the hearing, Seres is expected to accelerate the completion of its Hong Kong listing, leveraging the "A+H" dual capital platform to further expand its leading position in the luxury electric vehicle sector and achieve higher quality development [6]

Core Viewpoint - Dongpeng Beverage (Group) Co., Ltd. has submitted its H-share listing application for the second time, indicating its strong ambition to go public in Hong Kong despite previous setbacks [2][3]. Financial Performance - In 2024, the company achieved a revenue of 15.83 billion yuan, a year-on-year increase of 40.6%, and a net profit of 3.33 billion yuan, up 63.1% [2]. - For the first half of 2025, Dongpeng reported a revenue of 10.737 billion yuan, a growth of 36.37%, and a net profit of 2.375 billion yuan, an increase of 37.22% [2]. - Analysts predict that Dongpeng's total revenue for 2025 will exceed 20 billion yuan for the first time [2]. Market Position and Challenges - Dongpeng Beverage is a leading player in the Chinese functional beverage market, with a market capitalization of 160 billion yuan [2]. - The company has faced challenges in its Hong Kong listing process, including regulatory requirements related to foreign investment and data protection [3][6]. - The company's revenue is heavily concentrated in the energy drink segment, which accounted for over 80% of its income in recent years [5]. Product Structure and Growth - Dongpeng's core product, Dongpeng Special Drink, has seen its revenue contribution decline from 96.6% in 2022 to 84% in 2024, indicating a need for diversification [5]. - The gross profit margin has improved from 41.6% in 2022 to 44.1% in 2024, and further to 44.4% in the first half of 2025 [5]. International Expansion - Dongpeng has initiated efforts to explore overseas markets, particularly in Southeast Asia, by establishing a Hong Kong subsidiary and planning to build production bases [8][10]. - The company aims to cater to local tastes in Southeast Asia and has partnered with local distributors to enhance its market presence [10][11]. - Dongpeng is also investing in new production facilities, including a 1.2 billion yuan base in Hainan and a planned $200 million factory in Indonesia [10][11]. Strategic Goals - The Hong Kong IPO is seen as a strategic move to enhance capital strength, improve international brand image, and address the company's reliance on a single product category [10][12]. - The company recognizes the long-term impact of international market expansion on its overall strategy, despite the challenges it faces in competing with established brands like Red Bull and Monster [11][12].