2024年，丸美生物实现营业收入29.7亿元，同比增长33.44%；归母净利润同比增长31.69%至3.42亿元。 多年来，丸美一直靠营销驱动增长，花在广告、流量上的钱居高不下，研发投入相对行业较少。品牌结构 上，主品牌"丸美"和"恋火"虽在增长，但"春纪"已经收缩；在眼部护理产品方面，珀莱雅、薇诺娜等纷纷推 出同类产品，抢占市场份额。 今年10月底，因财务核算不规范、募集资金管理、使用和披露不规范，丸美生物被责令整改，董事长孙怀庆 收到警示函。以上种种，为丸美的港股IPO增添不确定性。（综合港交所、新京报） 来源：凤凰周刊 【#丸美生物启动港股二次上市#眼部护理产品份额已受竞对挤压】#凤凰周刊财经频道#近日，A股"眼霜第一 股"丸美生物已正式启动赴港二次上市征程。若顺利登陆，丸美将成为少数实现"A+H"布局的国货美妆巨头。 成立于2002年的丸美，以"眼部护理研究"的定位切入市场，2007年凭借"弹弹弹，弹走鱼尾纹"的爆款眼霜打 响品牌，2019年登陆A股成为 "眼霜第一股"。按2021年-2023年中国眼部护理市场销售额计算，丸美眼部护理 产品连续三年位居榜首。 ...

Core Viewpoint - The ongoing trend of A-share companies listing in Hong Kong continues, with Junsheng Electronics being the latest to initiate its IPO, aiming to join the "A+H" market strategy [2][4]. Group 1: Company Overview - Junsheng Electronics plans to globally issue approximately 155 million H-shares, with 15.51 million shares available for public offering in Hong Kong and around 140 million shares for international placement [2]. - The company specializes in intelligent automotive technology solutions, focusing on the research, manufacturing, and sales of automotive components, particularly in automotive electronics and safety [4]. - Junsheng Electronics ranks 41st in the global automotive parts industry and is the second-largest supplier of passive safety products in China and globally, based on revenue [4]. Group 2: Financial Details - The expected maximum offer price for Junsheng Electronics is HKD 23.60 per share, with anticipated net proceeds from the global offering of approximately HKD 3.4585 billion [3]. - The allocation of net proceeds includes approximately 35% for R&D and commercialization of automotive intelligent solutions, 35% for improving manufacturing capabilities and supply chain management, 10% for expanding overseas market share, 10% for potential investments and acquisitions, and the remaining 10% for working capital and general corporate purposes [3]. Group 3: Timeline and Market Impact - The subscription period for Junsheng Electronics runs from October 28 to November 3, with H-shares expected to begin trading on the Hong Kong Stock Exchange on November 6 [4]. - The company has established cornerstone investment agreements with several investors, committing to a total of approximately USD 107.1 million for the shares being offered [2].

Core Viewpoint - Puyuan Precision Electric Technology Co., Ltd. (Puyuan Precision) is seeking to list on the Hong Kong Stock Exchange, aiming to enhance its competitiveness and brand image while utilizing international capital markets for diversified financing [2][11]. Company Overview - Puyuan Precision, established in 2000 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board since April 2022, has a market capitalization exceeding 7.9 billion RMB [3]. - The company is a leading provider of electronic measurement instruments in China, offering a comprehensive range of products and solutions, including digital oscilloscopes and RF instruments, primarily serving high-growth sectors such as communications, new energy, and semiconductors [3][6]. Market Position - According to Frost & Sullivan, Puyuan Precision is the largest electronic measurement instrument supplier in China and ranks eighth globally, with a market share of 1.1% [5][10]. - The company is recognized for its innovative products, being the first in China to commercialize digital oscilloscopes equipped with self-developed ASICs [5]. Financial Performance - Puyuan Precision's revenue from 2022 to 2025 is projected to grow from 631 million RMB to 776 million RMB, with stable profit margins and an EBITDA showing resilience [7][8]. - The company has maintained a gross profit margin of around 50% to 55% during this period, indicating strong operational efficiency [7]. Product and Revenue Breakdown - The revenue contribution from digital oscilloscopes has been significant, accounting for approximately 52.7% in 2022, gradually decreasing to 44.5% by 2025 [8]. - International sales represent a substantial portion of total revenue, with overseas sales accounting for 42.4% in 2022, although this is expected to decline slightly to 35.3% by 2024 [9]. Strategic Initiatives - The funds raised from the Hong Kong IPO will be allocated towards enhancing R&D capabilities, expanding production capacity, strategic investments, and strengthening global sales and marketing networks [13]. - The company has a significant cash reserve, with financial assets valued at 1.773 billion RMB as of July 2025, indicating a strong liquidity position [11].

Group 1 - Since August, nearly 20 A-share companies have announced plans to list in Hong Kong, with notable firms like Luxshare Precision and Victory Technology submitting H-share applications [1][5] - The primary motivations for these companies to pursue Hong Kong listings include expanding international strategies, optimizing overseas business layouts, enhancing brand recognition, and improving overseas financing capabilities [1][5] Group 2 - The recent A-share companies planning to list in Hong Kong span various industries, including electronics, machinery, pharmaceuticals, food and beverage, chemicals, and media, with the electronics sector being the most concentrated [5][6] - Companies like Kexing Pharmaceutical, a global biopharmaceutical firm, aim to deepen their "innovation + internationalization" strategy through the Hong Kong listing, which will accelerate overseas business development and enhance their international brand image [5][6] Group 3 - Electronic industry firms such as Jinghe Integration and Huqin Technology view the Hong Kong listing as a means to expand overseas customer bases and optimize investment layouts, which is crucial given the fast-paced product iteration and high technology investment in the sector [6] - Leading companies in their respective fields, such as Luxshare Precision and Victory Technology, have submitted H-share applications, with Luxshare Precision's market value exceeding 300 billion yuan and plans to use raised funds for capacity expansion and technological research [6] Group 4 - The new regulations effective from August 4 at the Hong Kong Stock Exchange have improved IPO market pricing and public market rules, enhancing financing flexibility for issuers and strengthening investor protection, which is expected to further encourage A-share companies to list in Hong Kong [6]

Core Viewpoint - The company plans to complete its H-share issuance and listing as part of its "innovation + internationalization" strategy, marking its first external equity financing since its A-share listing in 2000 [2][3]. Group 1: Timing and Market Context - The timeline for the company's Hong Kong listing has been rapid, with key milestones achieved within five months, reflecting a strategic response to the evolving pharmaceutical regulatory and market landscape in China [3]. - The international capital market's increasing acceptance of Chinese innovative drugs is a significant factor in the company's decision to list in Hong Kong, which serves as a bridge to global markets [5]. - The listing will provide the company with flexible financing tools to support its international expansion efforts [5]. Group 2: Strategic Goals and Achievements - The listing is aimed at expanding the company's overseas business and enhancing international research collaborations, thereby achieving breakthroughs in foreign markets [6]. - The current trend of high-quality Chinese companies listing in Hong Kong is expected to attract capital returning from a weakening US dollar [7]. - The company has made significant strides in its global presence, with products registered in over 40 countries and regions, and has established 14 global R&D centers [8]. Group 3: Financial Performance and Future Plans - The company reported a revenue of 27.985 billion yuan in 2024, a year-on-year increase of 22.6%, and a net profit of 6.337 billion yuan, up 47.3% [11]. - The funds raised from the listing will primarily be used for innovative drug development, international expansion, and operational capital, aiming to enhance its market presence [11]. - The company is positioned to transition from a domestic leader in innovative drugs to a global pharmaceutical player, with the Hong Kong listing seen as a starting point rather than an endpoint [11].