Group 1 - The People's Bank of China will have a total of 10,210 billion yuan in reverse repos maturing this week [1] - China Life Insurance will distribute a total cash dividend of 6.727 billion yuan (including tax) for the semi-annual A-share profit distribution, with the record date on October 16 and payment date on October 17 [1] - Leading magnetic material company, Yuedong East Magnetic, expects a net profit growth of 50.1% to 65.2% year-on-year for the first three quarters [1] Group 2 - The China Foreign Exchange Trading Center has optimized the "Swap Connect" operating mechanism, increasing the daily net limit to 45 billion yuan starting today [2] Group 3 - A new round of adjustments to domestic retail prices for refined oil will take place at 24:00 today [3]

Core Viewpoint - The new stock market remains active post-National Day holiday, with significant IPO activity and investor enthusiasm, particularly in the Beijing Stock Exchange, highlighted by the debut of Aomeisen, which surged 349.82% on its first day [1]. Group 1: New Stock Listings - A total of 15 companies have completed listings on the Beijing Stock Exchange by September 2025, raising 4.9 billion yuan, indicating an accelerated IPO pace [1]. - Next week, five new stocks will be available for subscription, including Chaoying Electronics, a major global supplier of automotive electronic PCBs, and Xian Yicai, the largest 12-inch silicon wafer manufacturer in mainland China [1][2][4]. Group 2: Company Profiles - **Chaoying Electronics**: Established for over 20 years, the company has a diverse product matrix in the automotive electronic PCB sector, collaborating with major global automotive suppliers and brands [1]. - **Xian Yicai**: Ranked first in mainland China and sixth globally in 12-inch silicon wafer production, the company supplies major semiconductor manufacturers and is actively developing high-end storage chips for AI applications [2][11]. - **Marco Polo**: A leading manufacturer of building ceramics in China, the company anticipates a net profit of 1 billion to 1.05 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of 12.06% to 7.66% [6][8]. - **He Yuan Biology**: An innovative biopharmaceutical company focusing on plant-based bioreactor technology, currently in the R&D phase with no profits yet [8]. - **Bibeite**: A biopharmaceutical firm focused on innovative drug development for major diseases, with its core product already approved for market [13].

Group 1: New IPOs and Subscription Information - Five new stocks are available for subscription next week, with one stock available for each trading day [2] - Marco Polo's subscription code is 001386, with an issue price of 13.75 yuan per share and an issuance PE ratio of 14.27 times [4] - He Yuan Bio's subscription code is 787765, with a total issuance of 89.45 million shares [8] - Chao Ying Electronics' subscription code is 732175, with a total issuance of 52.5 million shares [12][13] - Xi'an Yicai's subscription code is 787783, with a total issuance of 538 million shares [18] - Biobetter's subscription code is 787759, with a total issuance of 90 million shares [24] Group 2: Company Performance and Financials - Marco Polo is the leading company in China's architectural ceramics industry, with projected revenues of 86.61 billion yuan in 2022, 89.25 billion yuan in 2023, and 73.24 billion yuan in 2024 [4] - He Yuan Bio's revenue for 2022 to 2024 is projected to be 13.39 million yuan, 24.26 million yuan, and 25.22 million yuan respectively, with net losses of 144 million yuan, 187 million yuan, and 151 million yuan [8][10] - Chao Ying Electronics' revenue for 2022 to 2024 is projected to be 3.514 billion yuan, 3.656 billion yuan, and 4.124 billion yuan, with net profits of 141 million yuan, 266 million yuan, and 276 million yuan [13] - Xi'an Yicai's revenue for 2022 to 2024 is projected to be 1.055 billion yuan, 1.474 billion yuan, and 2.121 billion yuan, with net losses of 412 million yuan, 578 million yuan, and 738 million yuan [18] - Biobetter's projected net losses for 2022 to 2024 are 188 million yuan, 173 million yuan, and 56 million yuan [24] Group 3: Market Position and Competitive Landscape - Marco Polo is positioned in the first tier of the architectural ceramics industry, competing with companies like Dongpeng Holdings and Mona Lisa [4] - He Yuan Bio focuses on innovative biopharmaceuticals, with its core product HY1001 being the first recombinant human albumin drug approved in China [8] - Chao Ying Electronics is among the top ten global automotive electronic PCB suppliers and one of the top five in China [13] - Xi'an Yicai is ranked as the number one manufacturer of 12-inch silicon wafers in mainland China and sixth globally [18] - Biobetter is focused on developing first-in-class drugs for major diseases, with significant ongoing R&D investments [24][27]

Summary of Upcoming IPOs - Next week, there will be 5 new stock subscriptions, including 2 from the main board and 3 from the Sci-Tech Innovation Board [1] - Each trading day next week will feature one new stock subscription, with higher subscription rates expected for Marco Polo and Xi'an Yicai due to their larger issuance volumes [1] Company Profiles Marco Polo - Marco Polo is a leading company in the domestic building ceramics industry, with an issuance price of 13.75 CNY per share and a price-to-earnings ratio of 14.27, compared to the industry average of 32.2 [2][3] - The company plans to issue 11,949,200 shares, with a maximum subscription limit of 32,000 shares, requiring a market value of 320,000 CNY in the Shenzhen market [2] - Revenue projections for Marco Polo are 8.661 billion CNY in 2022, 8.925 billion CNY in 2023, and 7.324 billion CNY in 2024, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [3] He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company focused on plant-derived recombinant protein expression technology [4][5] - The company plans to issue 8,945,140 shares, with a maximum subscription limit of 14,000 shares, requiring a market value of 140,000 CNY in the Shanghai market [5] - He Yuan Bio's innovative drug, recombinant human albumin injection (rice), was approved for market in July [5] Chao Ying Electronics - Chao Ying Electronics is a core supplier of automotive electronic PCBs, ranking among the top ten globally and top five in China [7][8] - The company plans to issue 52,500,000 shares, with a maximum subscription limit of 12,500 shares, requiring a market value of 125,000 CNY in the Shanghai market [8] - Revenue projections for Chao Ying Electronics are 3.514 billion CNY in 2022, 3.656 billion CNY in 2023, and 4.124 billion CNY in 2024, with net profits of 141 million CNY, 266 million CNY, and 276 million CNY respectively [8] Xi'an Yicai - Xi'an Yicai is a leading domestic semiconductor materials company, with the second-largest issuance volume among new stocks this year [9][10] - The company plans to issue 53,780,000 shares, with a maximum subscription limit of 53,500 shares, requiring a market value of 535,000 CNY in the Shanghai market [10] - Xi'an Yicai is the largest supplier of 12-inch silicon wafers to major domestic logic wafer foundries and has a significant market presence [11] Biobetter - Biobetter focuses on the independent research and development of innovative drugs, particularly in oncology and autoimmune diseases [12][13] - The company plans to issue 90,000,000 shares, with a maximum subscription limit of 14,000 shares, requiring a market value of 140,000 CNY in the Shanghai market [13] - Biobetter's core product, BEBT-908, has been approved for market, while other products are still in development [13]

Core Points - Guangdong Dongpeng Holdings Co., Ltd. has recently obtained 13 invention patent certificates from the National Intellectual Property Administration [1] - The company and its subsidiaries have a total of 2,525 patents, with 1,315 valid patents, including 431 invention patents [1] - The newly acquired patents are related to building ceramics technology or equipment and are directly linked to the company's core technologies [1] - The patents have a validity period of 20 years from the date of application [1] - The acquisition of these patents enhances the company's ability to protect its intellectual property, prevents infringement, and strengthens its competitive position in the market [1] Summary by Category Patent Acquisition - The company has obtained 13 new invention patents, increasing its total patent count to 2,525 [1] - Out of the total, there are 1,315 valid patents, including 431 invention patents [1] Application and Relevance - The new patents are applicable in the field of building ceramics technology or equipment and are already in use or will soon be applied in the company's production [1] Strategic Importance - The patents help the company protect its intellectual property, prevent infringement, and maintain a competitive edge in the market [1] - This development supports the company's ongoing innovation capabilities and enhances its brand and market influence [1]

已回购1622.99万股，金额近1亿元 2024年11月18日，东鹏控股召开第五届董事会第十三次会议，审议通过以集中竞价交易方式回购公司股 份方案。公司拟使用自有资金及回购专项贷款，回购总金额不低于1亿元（含）且不超过2亿元（含）， 回购价格不超过9.08元/股。 截至2025年9月30日，公司通过股票回购专用证券账户以集中竞价方式累计回购股份16,229,900股，占公 司目前总股本的1.40%。回购最低成交价为5.65元/股，最高成交价为7.11元/股，成交总金额为 98,740,957.00元（不含交易费用） 。 登录新浪财经APP 搜索【信披】查看更多考评等级 东鹏控股10月10日发布回购公司股份的进展公告，披露截至2025年9月30日的回购情况。 公司未在可能对证券及其衍生品种交易价格产生重大影响的重大事项发生之日或者决策过程中，至依法 披露之日内回购股份；也不存在中国证监会和深圳证券交易所规定的其他不得回购的情形。同时，公司 以集中竞价交易方式回购股份时，委托价格不为公司股票当日交易涨幅限制的价格，未在交易所开盘集 合竞价、收盘集合竞价及股票价格无涨跌幅限制的交易日内进行股份回购委托，符合相关要求 ...

Core Viewpoint - Marco Polo, a ceramic brand, has received approval for its IPO and will issue up to 119 million new shares on October 13, despite facing declining performance due to the overall downturn in the ceramic industry and the real estate sector [1][2][3]. Financial Performance - In the first half of the year, Marco Polo reported revenue of 3.218 billion yuan, a year-on-year decrease of 11.82%, and a net profit of 655 million yuan, down 7.9% [2]. - The average sales price per square meter fell by 2.27% to 37.08 yuan [2]. - Projections for 2022-2024 show a decline in revenue from 8.66 billion yuan in 2022 to 7.324 billion yuan in 2024, with net profit decreasing from 1.514 billion yuan to 1.327 billion yuan [4]. Market Environment - The real estate investment in China is projected to drop from 13.29 trillion yuan in 2022 to 10.03 trillion yuan in 2024, negatively impacting demand for Marco Polo's products [5]. - The ceramic industry is experiencing increased competition and a reduction in the number of large-scale enterprises, with the number of companies decreasing from 1,093 in 2020 to 993 in 2024, and total tile production dropping by 30.26% [6]. Market Share and Position - Marco Polo's market share has shown slight improvement, increasing from 2.62% in 2022 to 3.27% in 2024, but remains relatively low in a fragmented industry [6]. Accounts Receivable Risk - The company faces high accounts receivable risks, with values of 2.028 billion yuan, 1.6 billion yuan, and 1.214 billion yuan over the past three years, representing significant portions of current assets [7]. - There are concerns about potential bad debts due to credit defaults from real estate clients, which could impact cash flow and operational performance [7]. Fundraising and Future Prospects - The IPO aims to raise 2.376 billion yuan, primarily for expanding production capacity and upgrading manufacturing processes [8]. - Despite the listing, the company must navigate a challenging market environment, as previous ceramic companies that went public have seen declining market values [8].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 14 CNY per share based on a 33X PE for the year 2025 [3][5]. Core Insights - The company has successfully acquired an 18% stake in Ruobo, an innovative enterprise in the medical robotics field, which utilizes a clear core technology framework involving AI algorithms, an industrial operating system, and high-precision servo systems [1]. - The company is strategically transforming from a materials supplier to a comprehensive service provider in the eco-friendly art space, focusing on the assembly-type integrated market opportunities both domestically and internationally [3]. - The automotive interior materials segment has seen a significant revenue increase of 35.96% year-on-year, reaching 305 million CNY in the first half of 2025, despite a declining market for main engine manufacturers [2]. Financial Summary - The company's projected revenues for 2025 are estimated at 3.218 billion CNY, with a year-on-year growth of 3.81% [4]. - The net profit attributable to the parent company is forecasted to be 126 million CNY in 2025, reflecting a growth of 25.22% compared to the previous year [4]. - The earnings per share (EPS) for 2025 is expected to be 0.41 CNY, with a corresponding PE ratio of 23.36 [4][12]. Business Segments - The construction ceramics segment, led by the subsidiary Yingpai, achieved a sales area of 2.03 million square meters in the first half of 2025, marking a 6% increase year-on-year, despite a 6% decline in revenue due to falling terminal sales prices [2]. - The company’s fireproof decorative panel business saw a revenue increase of 23.33% year-on-year, with a gross margin of 33.18% in the first half of 2025 [2].

Core Insights - Mona Lisa has announced the acquisition of multiple invention patents, enhancing its intellectual property portfolio [1] Patent Acquisitions - The company and its subsidiary, Guangdong Qingyuan Mona Lisa Ceramics Co., Ltd., have obtained three invention patents from the National Intellectual Property Administration of China [1] - Additionally, the company has secured one invention patent from the Japan Patent Office [1] - The company also received one invention patent from the United States Patent and Trademark Office [1]

Core Viewpoint - Marco Polo has successfully passed the listing review by the Shenzhen Stock Exchange after more than three years of efforts, planning to raise funds primarily for the green and intelligent transformation of production lines, despite a significant reduction in the total amount to be raised from 40.18 billion to 23.77 billion [1][9]. Financial Performance - Marco Polo's revenue has declined from approximately 86.61 billion in 2022 to 73.24 billion in 2024, while net profit has also decreased from 15.14 billion to 13.27 billion during the same period [2][3]. - The average selling price of products has dropped from 41.62 yuan per square meter in 2022 to 37.72 yuan in 2024 [3][4]. Market Conditions - The company is facing challenges due to a downturn in the real estate industry, which has led to increased competition and a decrease in sales prices and volumes [4][6]. - Marco Polo's market share remains low, with figures of 2.62%, 3.23%, and 3.27% from 2022 to 2024 [5]. Accounts Receivable Issues - The accounts receivable balance has decreased from approximately 20.28 billion in 2022 to 12.14 billion in 2024, but the proportion of accounts receivable to total current assets has also declined [6][7]. - The company has faced credit defaults from major real estate clients, impacting cash flow and operational performance [6][8]. Listing Journey - Marco Polo's path to listing has been complicated, with multiple requests to suspend the review process and several updates to financial data, leading to scrutiny from the Shenzhen Stock Exchange regarding performance stability and accounts receivable [9].