港股"A+H"阵营即将迎来一家"超级隐形冠军"。 12月3日，国内数字化解决方案领军企业紫光股份有限公司(以下简称"紫光股份")正式向香港交易所主 板递交上市申请，由中信建投国际、法国巴黎银行及招银国际担任联席保荐人。 该公司是中国领先的ICT基础设施及服务提供商，其发展历程可追溯至1988年，经过三十余载的发展， 公司已成为新一代信息通信领域的领军企业。据弗若斯特沙利文数据，按2024年收入计，紫光股份在中 国数字基础设施市场位列第三，市场份额达8.6%，并在网络基础设施、计算基础设施等细分市场均位 居行业前列。 与此同时，紫光股份在二级市场也"资历不浅"，早在1999年，公司就已在深交所完成上市，截至12月8 日收盘，紫光股份(000938.SZ)股价为25.43亿元，总市值为727亿元。一旦公司成功登陆港交所，其也将 实现"A+H"上市格局。 业绩"AB面"：营收下滑VS利润下滑 据智通财经了解，紫光股份是全球领先的数字化解决方案提供商，该等解决方案包括ICT基础设施产 品、软件及云服务，主要用于人工智能训练及推理以及大数据处理等场景。 据招股书披露，2022年至2024年，紫光股份营收一直保持着稳健增 ...

中国经济网北京12月8日讯 上海卓越睿新数码科技股份有限公司（以下简称"卓越睿新"，02687.HK）今 日在港交所上市。截至今日收盘，卓越睿新报126.40港元，涨幅87.26%。 卓越睿新是一家高等教育机构教学数字化解决方案提供商，致力于高等教育机构数字化教育内容、数字 化教学环境服务及产品的提供交付和运营。 根据最终发售价及配发结果公告，卓越睿新本次发售股份数目6,666,700股股份，其中，香港公开发售的 发售股份数目666,700股股份，国际发售的发售股份数目6,000,000股股份。于上市时已发行的股份数目 66,666,700股股份。 卓越睿新拟将全球发售所得款项用于研发、提升客户服务及支持能力、在选定城市设立一个或两个知识 图谱开发中心、营运资金及一般公司用途。 卓越睿新本次发行的独家保荐人、独家整体协调人、独家全球协调人、独家账簿管理人及联席牵头经办 人为农银国际证券有限公司，联席牵头经办人为利弗莫尔证券有限公司、老虎证券（香港）环球有限公 司。 | 發售股份及股本 | | | --- | --- | | 發 售 股 份 數 目 | 6,666,700 | | 香港公開發售的發售股份數目 | ...

Core Viewpoint - HanShuo Technology (301275) emphasizes its commitment to deepening its presence in the domestic market by providing self-developed digital solutions to support the upgrade and development of the domestic retail industry [1] Group 1 - The company is recognized as a global provider of digital solutions for store digitization [1] - The focus is on leveraging proprietary technology to enhance the retail sector in China [1]

Group 1 - N Nanwangshu (301638) was listed today, opening with a surge of 261.51%, and closing with a gain of 224.78%, with a total trading volume of 177 million shares and a turnover of 3.391 billion yuan, resulting in a turnover rate of 75.35% [2] - Other newly listed stocks include N Hengkong, which rose by 310.61% with a turnover rate of 81.36%, and N Beikuan, which increased by 295.52% with a turnover rate of 88.46% [2] Group 2 - The company primarily provides comprehensive digital construction solutions for clients in the electric power and energy sectors [3] - The total issuance volume for this IPO was 477 million shares, with an online issuance of 97.7415 million shares at a price of 5.69 yuan per share, resulting in a price-to-earnings ratio of 32.22, compared to the industry average of 71.22 [3] - The total funds raised from the IPO amounted to 2.714 billion yuan, which will be allocated to various projects including the construction of an advanced digital energy technology R&D base, a smart management system, and an intelligent digital twin platform [3]

Core Insights - Three new stocks are available for subscription from November 3 to November 7, including Beikong Detection, Hengkong New Materials, and Nanfang Digital [1][2] - The companies focus on inspection and testing services, photolithography materials, and digital solutions for the power energy sector [1][3] Group 1: New Stock Offerings - Beikong Detection's issue price is set at 6.70 CNY per share [1][2] - Hengkong New Materials and Nanfang Digital have estimated issue prices of 16.69 CNY and 5.51 CNY per share, respectively [1][2] Group 2: Company Profiles - Beikong Detection specializes in inspection and testing services, including entrusted and arbitration testing, primarily for minerals and smelting products [3] - Hengkong New Materials focuses on the research, production, and sales of photolithography and precursor materials, including various types of photoresists [3] - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, with products including intelligent operation systems and data center services [3] Group 3: Market Overview - In 2024, a total of 100 new stocks are expected to be listed, with a first-day breaking rate of 1% [3] - Since the beginning of 2025, 87 new stocks have been listed in the A-share market, with no instances of first-day breaking [3]

Core Viewpoint - Hanshuo Technology (stock code: 301275) reported a revenue of 2.809 billion yuan and a net profit of 366 million yuan for the first three quarters of 2025, indicating strong financial performance in the digital retail solutions sector [1] Financial Performance - For Q3 2025, the company achieved a revenue of 835 million yuan and a net profit attributable to shareholders of 92.5246 million yuan [1] - Total assets reached 6.013 billion yuan as of the end of Q3 2025 [1] Industry Position and Market Potential - Hanshuo Technology is recognized as a global leader in digital solutions for retail, focusing on electronic price tag systems [1][2] - The global penetration rate of electronic price tags is currently only 15%, indicating significant growth potential in the market [2] - The global electronic price tag market is projected to reach 34.9 billion yuan by 2028, with a compound annual growth rate (CAGR) of 13.2% from 2024 to 2028 [2] Technological Advancements - The company is increasing its strategic investments in artificial intelligence, particularly in machine vision technology, to enhance retail applications [3] - Innovations include integrating machine vision with big data analytics to transform traditional shelves into smart sensing nodes, improving operational efficiency and customer experience [3] - The AI shelf camera can capture real-time product display status, accurately identify stockouts and misplacements, and trigger automatic replenishment processes [3]

Core Viewpoint - The IPO of Southern Power Grid Digital Research Institute Co., Ltd. has been approved by the Shenzhen Stock Exchange, aiming to raise approximately 2.554 billion yuan for its digital solutions in various sectors [1] Group 1: Company Overview - Southern Power Grid Digital provides comprehensive digital construction solutions based on next-generation information technology for clients in the power energy sector [1] - The company is expanding its products and services into transportation, water supply and gas, public administration, and urban construction sectors [1] Group 2: IPO Details - The company's IPO application was accepted on June 27, 2025, and it entered the inquiry stage on July 6, 2025 [1] - The company plans to raise around 2.554 billion yuan through this IPO [1] Group 3: Listing Committee Requirements - The listing committee has requested the company to address issues such as reliance on a single major client, project acquisition models, current orders and execution status, R&D expense ratios, and the reasonableness of R&D and sales personnel compensation [1] - The company is also required to explain how these factors impact its operating performance and the sustainability of future earnings growth [1]

Group 1 - Four companies are set to present their IPO applications, including Moer Thread, Nanwang Digital, Xintianli, and Hengdongguang [1] - Moer Thread aims to raise the most funds, with an expected amount of 8 billion yuan, targeting projects related to AI chip development and working capital [1] - Nanwang Digital and Hengdongguang plan to raise 2.554 billion yuan and 494 million yuan, respectively [1] Group 2 - Nanwang Digital provides digital construction solutions for the power and energy sectors [3] - Moer Thread focuses on the research, design, and sales of GPU and related products [4] - Hengdongguang specializes in the research, manufacturing, and sales of passive optical devices in the optical communication field [5] - Xintianli is engaged in the research, production, and sales of food containers [6]

Core Viewpoint - Quantitative Technology Co., Ltd. (referred to as "Quantitative Technology") has updated its prospectus and is preparing for an IPO on the Hong Kong Stock Exchange after obtaining approval from the China Securities Regulatory Commission six months ago [2]. Financial Performance - Quantitative Technology reported revenues of RMB 475 million, RMB 530 million, and RMB 993 million for the years 2022, 2023, and 2024 respectively, with gross profits of RMB 313 million, RMB 368 million, and RMB 962 million for the same years [5]. - For the first five months of 2025, the company generated revenue of RMB 414 million, a 38% increase from RMB 300 million in the same period the previous year, with an operating profit of RMB 231 million compared to RMB 111 million in the prior year [8]. - The adjusted EBITDA for 2022, 2023, and 2024 was RMB 137 million, RMB 155 million, and RMB 418 million respectively, with an adjusted EBITDA of RMB 250 million for the first five months of 2025, up from RMB 139 million in the same period last year [10][12]. Business Operations - Quantitative Technology specializes in digital solutions, including digital marketing services for financial institutions and local businesses, and enabling product trading through its applications [3]. - As of September 12, 2024, the company terminated all existing agreements related to matching services with financial institutions, ceasing to generate any revenue from these services [3]. User Metrics - In the first five months of 2025, the average revenue per user was RMB 25,622, with an average of 937,041 monthly active users and 66,888 monthly paying users [7]. Shareholding Structure - Major shareholders include Sunshine Insurance and Gaorong Capital, with the largest individual shareholder being Zhou Hao, who holds 23.72% through Mars Legend Limited [13][15][19].

Core Viewpoint - Han Shuo Technology reported a decline in revenue and net profit for the first half of 2025, attributed to factors such as U.S. tariffs, project delivery delays, and a decrease in gross margin [2][3]. Group 1: Financial Performance - Total assets reached 6.345 billion, an increase of 22.52% year-on-year [2] - Operating revenue was 1.974 billion, a decrease of 6.73% year-on-year [2] - Net profit attributable to shareholders was 222 million, down 41.68% year-on-year [2] - Net profit excluding non-recurring gains and losses was 287 million, a decline of 20.40% year-on-year [2] Group 2: Reasons for Performance Decline - U.S. tariffs have slowed customer demand in the U.S. market, which is a significant growth area [3] - Delays in project acceptance have postponed revenue recognition, expected to be realized in subsequent quarters [3] - Gross margin decreased to 31.59%, down 5.66 percentage points year-on-year, due to increased competition and lower margins on electronic price tags [3] Group 3: Market and Customer Situation - Demand in the European market is steadily increasing, particularly in Eastern and Southern Europe, as well as the UK [4] - The North American market shows good potential for customer acquisition, with clarified tariff policies aiding demand planning [4] - Penetration rates in Japan, Australia, Southeast Asia, the Middle East, and West Asia are continuously improving [4] Group 4: Product Layout and Market Strategy - The company has developed a core technology system for electronic price tags based on high-performance IoT wireless communication protocols [5] - A complete digital store solution product portfolio has been established, including AI cameras, inspection robots, and smart shopping carts [5] - The company is deepening its globalization strategy, focusing on a balanced market presence among leading global retail brands [5] Group 5: U.S. and Domestic Market Situation - The U.S. market is expected to provide strong support for revenue over the next 2-3 years [6] - Domestic electronic price tag solution penetration is below the global average, but demand from well-known retail clients is clear [6] - In 2024, domestic revenue is projected to reach 265 million, a year-on-year increase of 63.58% [6] - Global retail digitalization demand continues to grow, with electronic price tag shipments expected to reach 120 million, a year-on-year increase of 56% [6]