1月9日，兆易创新发布公告，披露公司申请发行境外上市外资股（H股）并在香港联合交易所主板上市的相关进展。公告显示，公司已确定本次H股发行的 最终价格为每股162.00港元，预计将于2026年1月13日在香港联交所主板挂牌并开始上市交易。 兆易创新是国内领先的半导体设计企业，在存储芯片、微控制器（MCU）和传感器领域具备较强的市场地位与技术积累。此次H股发行及在港上市，被视为 公司推进国际化战略、拓宽融资渠道、提升全球品牌影响力的重要举措。 公司表示，本次发行所得资金将主要用于拓展主营业务、加强技术研发、深化产业布局及补充运营资金，以进一步增强公司在全球半导体市场的竞争力。 本次H股发行面向符合相关条件的境外投资者，以及依据中国法律法规有权进行境外证券投资的境内证券经营机构、合格境内机构投资者等符合监管要求的 投资者。公司强调，本次公告旨在便于A股投资者及时了解发行进展，不构成对任何境内个人或机构的证券要约或要约邀请。 随着此次H股发行落地，兆易创新将成为又一家"A+H"两地上市的半导体企业，有助于公司更好地利用境内外资本市场资源，推动长期稳健发展。市场人士 普遍关注其在港股市场的表现及其对整体业务发展的协同效 ...

申万宏源主要观点如下： A+H两地上市提升全球竞争力 三花智控是传统制冷配件及汽车热管理领域龙头，2005年在深交所正式上市;25年6月成功发行H股，实 现A+H两地上市，融资渠道进一步打开，公司的国际影响力有望进一步提升。截至25Q3，公司实现营 业总收入240.3亿元，同比增长17%，实现归母净利润32.4亿元，同比增速超40%。 成熟业务：公司传统制冷和汽零业务保持领先地位 智通财经APP获悉，申万宏源发布研报称，预计三花智控(02050)2025-2027年分别可实现归母净利润 42.53/46.50/50.99亿元，同比增长37.2%/9.4%/9.6%。该行对公司传统冷配和汽车热管理业务进行分部估 值，并考虑到AH股溢价，对应合理市值为1433亿元人民币;而三花智控H股市值为1408亿元港币，参考 2025年12月26日港币兑人民币汇率为0.9067仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 公司深耕传统制冷配件几十余载，多种产品在行业市占率位居前列;制冷配件业务25H1收入占比达 64%，为公司第一大营收来源。随着内销空调等家电保有量提升，出海市场空间广阔，有望刺激制冷配 件需求， ...

当母婴童零售行业陷入"增长焦虑"，头部玩家孩子王（SZ301078，股价10.68元，市值134.70亿元）试 图用资本动作破局。2025年12月11日，孩子王正式向港交所递交招股书（申请版本），计划发行H股实 现"A+H"两地上市。 《每日经济新闻》记者注意到，孩子王此次拟赴港上市，不仅是公司资本市场版图的扩张，更被视作应 对核心业务疲态的关键一步，在母婴童业务增速滑落至个位数的当下，公司创始人汪建国能否凭借这 场"资本冲浪"带领企业重回高增长轨道，成为行业关注的焦点。 丝域集团被孩子王收购 翻开孩子王的港交所招股书，一家"母婴童业务巨头"的轮廓清晰呈现。 作为中国领先的亲子家庭新消费综合服务商，公司核心业务围绕母婴童商品销售与服务展开，涵盖食 品、鞋服、消耗品、耐用品等广泛产品。截至2025年9月30日，公司提供来自600多个第三方的产品，自 有品牌组合超过15个。 在汪建国带领下，孩子王于2016年改制为股份有限公司，并在新三板挂牌，2021年又成功登陆深交所创 业板。 如今，为了深入推进国际化战略，并且布局海外业务，同时打造具有国际影响力的亲子家庭服务品牌， 孩子王正式向港交所递表谋求港股上市。 募资 ...

随着2025年年终收官之际临近，美妆企业不仅面临全年业绩的最终检验，其在资本市场的上市进程也备受关注。 据聚美丽不完全统计，今年包括原料商、包材商、品牌方等在内的超30家美妆企业，都在冲击A股、港股、美股等资本市场。然而，成功登陆资本市场的 企业屈指可数，绝大多数企业仍然处于上市辅导、递交申请等"候场"阶段。 扎堆上市，多家企业争夺"第一股" 从今年美妆行业整体的IPO情况来看，资本市场持续升温，呈现出火热态势。从数量上看，超三十家美妆企业启动了上市进程，但是成功上市的企业仅约 五分之一。可见，资本市场对美妆企业的选择愈发严苛。 1.仅六家成功上市！ 从今年上市的企业来看，其都具备聚焦细分赛道的优势、清晰的定位与成熟的商业运营模式。它们分别是手握爱马仕、宝格丽等合作的品牌管理公司颖通 控股、专业化皮肤管理服务商朴荷生物、香港高端个人护理产品零售公司Pitanium Limited、美妆电商运营商聚水潭、重组胶原蛋白企业禾元生物以及数 据服务商明略科技。 从上市市场地来看，这六家企业中有三家在香港证券交易所(以下简称：港交所)上市，两家为美国纳斯达克上市，仅一家在A股上市。 2025年上市美妆企业 临 (不完全 ...

Group 1 - Suzhou Naxin Microelectronics Co., Ltd. has successfully completed a secondary listing on the Hong Kong main board, marking it as the first company from Suzhou to be listed on both A-share and Hong Kong markets, achieving a new breakthrough in the "A+H" listing model [1] - Founded in 2013, Naxin focuses on high-performance and high-reliability analog and mixed-signal chips, providing semiconductor products and solutions across automotive, industrial, information communication, and consumer electronics sectors [1] - The company raised a total of 5.8 billion yuan during its initial public offering on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 22, 2022 [1] Group 2 - The dual listing strategy ("A+H") is seen as a significant move for A-share companies to expand their investor base and fundraising channels, enhancing their international market influence [2] - In 2023, Suzhou has added 16 new listed companies, with 7 of them being listed in Hong Kong, bringing the total number of Hong Kong-listed companies in Suzhou to 41 [2] - This year, Suzhou's new Hong Kong IPO financing reached 7.33 billion HKD, accounting for approximately 50% of the total new IPO financing in the region [2]

Core Viewpoint - The article discusses the recent equity transfer of Changchun High-tech Industry (Group) Co., Ltd., which is in the critical phase of its IPO process in Hong Kong, highlighting the company's challenges and strategic moves in the rapidly changing pharmaceutical industry [2][4]. Group 1: Equity Transfer and Control - Changchun High-tech announced that its controlling shareholder, Changchun Chaoda Investment Group Co., Ltd., will transfer 19% of its shares to Changchun New Area Industrial Investment Group Co., Ltd. without compensation [2]. - The equity structure change does not alter the controlling status of Chaoda Group, with the actual controller remaining the New Area State-owned Assets Supervision and Administration Commission [2]. Group 2: IPO Plans - In September 2023, the company submitted its main board listing application to the Hong Kong Stock Exchange, aiming for a dual listing in "A+H" markets [4]. - The IPO proceeds are intended for innovation pipeline research and development, potential global collaborations, overseas market expansion, and enhancing sales and marketing capabilities [4]. Group 3: Financial Performance - As of the third quarter of 2025, Chaoda Group holds 18.69% of Changchun High-tech's shares, with approximately 38.03 million shares pledged, accounting for 9.32% of the total share capital [5]. - The company faced significant financial challenges, with a 7.55% year-on-year revenue decline to 13.466 billion yuan and a 43.01% drop in net profit to 2.583 billion yuan in 2024 [10]. - In the first three quarters of 2025, revenue was 9.807 billion yuan, down 5.60% year-on-year, and net profit was 1.165 billion yuan, down 58.23% [10]. Group 4: Business Challenges - The company’s core subsidiary, Jinsai Pharmaceutical, experienced a slowdown in sales growth, particularly for its long-acting growth hormone product, due to increased competition and price reductions from centralized procurement policies [10][11]. - The vaccine business, seen as a "second growth curve," also faced challenges, with a 53.76% decline in revenue for Baike Biological in the first three quarters of 2025 [11]. Group 5: Strategic Outlook - The company aims to transition from a regional leader to a global biopharmaceutical platform through its dual listing, which is expected to attract international investors and accelerate innovation and international business expansion [11]. - Analysts suggest that without restructuring its product matrix and improving innovation efficiency, the company may struggle to regain investor confidence in the long term [11].

Core Viewpoint - The major personnel changes at Shouchao Securities include the retirement of Chairman Bi Jinsong and the appointment of Zhang Tao as the new Chairman and Jiang Qingfeng as the new General Manager, marking a significant leadership transition within the company [1][5][9]. Group 1: Leadership Changes - Bi Jinsong has retired due to age, stepping down from all positions within the company, with his term originally set to end in September 2026 [6][7]. - Zhang Tao, previously the General Manager, has been elected as the new Chairman and will also serve as the Chairman of the Board's Strategic Committee while continuing as the Party Secretary [8][9]. - Jiang Qingfeng, born in 1986, has been promoted from Vice General Manager to General Manager, bringing a strong background in asset management to the role [9][10]. Group 2: Company Performance and Strategy - Under Bi Jinsong's leadership, Shouchao Securities expanded its core business strategies, including fixed income investment trading and asset management, and successfully listed on the Shanghai Stock Exchange [7]. - As of June 30, 2025, the company managed 842 asset management products with a net asset value of 165.44 billion yuan, reflecting a 14.99% increase from the previous year [9]. Group 3: Future Prospects - The company has recently submitted an H-share IPO application to the Hong Kong Stock Exchange, aiming to become the 14th brokerage to achieve dual listing in both A-share and H-share markets [11]. - The recent leadership changes are expected to bring a younger management team, potentially enhancing the company's future development [10].

Core Viewpoint - Baili Tianheng has decided to delay its H-share global offering and listing due to current market conditions, which has been in preparation for over a year [1][4] Company Overview - Baili Tianheng, originally established as Baili Pharmaceutical in 1996, shifted its R&D focus to innovative cancer treatments around 2011, including ADCs and bispecific antibodies [5] - The company has faced significant challenges in drug development, adhering to the "double ten rule," which states that new drug development takes an average of ten years and costs around $1 billion [5] Financial Performance - R&D expenses increased from 181 million yuan in 2019 to 375 million yuan in 2022, with the proportion of R&D expenses to revenue rising from 15.03% to 53.32% [5] - In 2023, R&D expenses reached 746 million yuan, accounting for 132.82% of revenue, leading to cash flow issues with only 404 million yuan remaining by year-end [6] - A significant turnaround occurred in 2024, with revenue soaring by 936.31% to 5.823 billion yuan and net profit turning positive at 3.708 billion yuan, following a licensing agreement with Bristol-Myers Squibb worth up to $8.4 billion [6] Market Context - The delay in H-share listing is seen as a strategic adjustment, with expectations of revising pricing and offering scales to enhance market reception [4][7] - The trend of dual listings ("A+H") is gaining traction among innovative pharmaceutical companies, with 22 biopharmaceutical firms having listed in Hong Kong this year [8] - The market for innovative drug companies remains volatile, with some newly listed firms experiencing significant price fluctuations shortly after their IPOs [9] Future Outlook - Baili Tianheng aims to become a leading multinational company focused on oncology within ten years, with ongoing assessments of its global offering timeline [7] - The company is actively managing its R&D pipeline, with 90 clinical trials underway, and has plans to raise up to 3.764 billion yuan for further innovation projects [6][7]

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]