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Xin Lang Cai Jing· 2025-04-27 04:19

Summary of Key Points Core Viewpoint - The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, passed hearings, and are in the process of going public. Group 1: Companies Submitting Applications - Demy Pharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange, focusing on skin health with projected revenues of approximately RMB 3.84 billion, RMB 4.73 billion, and RMB 6.18 billion for 2022, 2023, and 2024 respectively, while incurring losses of RMB 55.17 million, RMB 4.70 million, and RMB 106 million [4] - Zhongwei New Materials Co., Ltd. submitted its prospectus, specializing in new energy battery materials with revenues projected at RMB 30.34 billion, RMB 34.27 billion, and RMB 40.22 billion for 2022, 2023, and 2024 respectively, and net profits of RMB 1.54 billion, RMB 2.10 billion, and RMB 1.79 billion [4] - Hehui Optoelectronics submitted an application, ranking second globally in AMOLED semiconductor display panel manufacturing, with revenues of approximately RMB 4.19 billion, RMB 3.04 billion, and RMB 4.96 billion for 2022, 2023, and 2024, and losses of RMB 1.60 billion, RMB 3.24 billion, and RMB 2.52 billion [5] - Suzhou Rebo Biotechnology Co., Ltd. submitted its listing application, currently having six self-developed siRNA drugs in clinical trials, with projected net losses of RMB 437 million and RMB 282 million for 2023 and 2024 [6] - Naxin Microelectronics submitted an application, ranking fifth in China's analog chip market, with revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, and profits of RMB 250 million, losses of RMB 305 million, and losses of RMB 403 million [7] - Guanghetong Wireless Co., Ltd. submitted its prospectus, being the second-largest wireless communication module provider globally, with revenues of RMB 5.20 billion, RMB 5.65 billion, and RMB 6.97 billion for 2022, 2023, and 2024, and net profits of RMB 365 million, RMB 565 million, and RMB 677 million [8] - Hongxing Cold Chain (Hunan) Co., Ltd. submitted its application, ranking second in frozen food trading services in Central China, with revenues of RMB 237 million, RMB 202 million, and RMB 234 million for 2022, 2023, and 2024, and net profits of RMB 79 million, RMB 75 million, and RMB 83 million [9] - Three Squirrels submitted a listing application, being the largest online nut snack enterprise in China, with revenues of RMB 7.29 billion, RMB 7.12 billion, and RMB 10.62 billion for 2022, 2023, and 2024, and net profits of RMB 129 million, RMB 220 million, and RMB 408 million [10] Group 2: Companies Passing Hearings - Junda Co., Ltd. passed the hearing, being a leading photovoltaic cell manufacturer with projected revenues of RMB 11.09 billion, RMB 18.61 billion, and RMB 9.92 billion for 2022, 2023, and 2024, and net profits of RMB 821 million, RMB 816 million, and losses of RMB 591 million [11] - Green Tea Group Limited passed the hearing, ranking third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, with revenues of RMB 2.38 billion, RMB 3.59 billion, and RMB 3.84 billion for 2022, 2023, and 2024, and profits of RMB 17 million, RMB 296 million, and RMB 350 million [12] - Shanghai Auntie passed the hearing, being the fourth largest fresh tea drink network in China, with revenues of RMB 2.20 billion, RMB 3.35 billion, and RMB 3.29 billion for 2022, 2023, and 2024, and net profits of RMB 149 million, RMB 388 million, and RMB 329 million [13]

和辉光电冲刺“A+H”：“赔钱赚吆喝”上市4年亏损83亿持续“失血”短债暴涨突破百亿

Xin Lang Zheng Quan· 2025-04-27 03:28

出品：新浪财经上市公司研究院作者：君今年2月22日，和辉光电发布提示性公告，筹划发行H股并在港交所上市。近日，公司H股上市申请获港交所受理，中金公司担任其独家保荐人。 2021年5月，和辉光电在上交所科创板上市，募集资金82亿元。上市后，公司深陷持续亏损泥潭，至今尚未实现盈利，4 年亏损83亿元。财务状况方面，和辉光电仅上市首年的现金流为正，2022年至2024年累计"失血"3.85亿元，经营活动靠举债度日。截至 2024年末，公司一年内到期的非流动负债突破百亿元，较年初暴涨近5倍，面临超60亿元资金缺口。这或许是其迫切寻求新融资渠道的重要原因之一。业绩持续亏损，财务状况堪忧，让和辉光电在资本市场举步维艰，股价长期破发，最高点停留在上市首日，市值已蒸发 250多亿元。实现"A+H"上市，便利公司再融资，缓解资金压力，加快国际化战略及海外业务布局。但不可否认的是，相较于A股，H股存在估值偏低等风险，对公司而言是"雪中送炭"，亦或"压倒骆驼的最后一根稻草"，有待时间检验。上市至今仍在亏本赚吆喝和辉光电主要专注于高解析度的AMOLED（有源矩阵有机发光二极管）半导体显示面板的研发、生产和销售。公司 ...

Everdisplay Optronics (Shanghai) (SH:688538)

天禄科技：扣非归母净利激增375.78% TAC膜加速推进剑指国产化蓝海

Zheng Quan Shi Bao Wang· 2025-04-24 07:21

Core Viewpoint - Tianlu Technology reported significant growth in 2024, driven by the recovery in the global display panel industry, with a notable increase in demand for its core product, light guide plates [1][2]. Financial Performance - The company's revenue reached 654 million yuan, a year-on-year increase of 9.67% [1]. - Net profit attributable to shareholders surged by 206.84% to 27.116 million yuan, while the net profit after deducting non-recurring gains and losses increased by 375.78% to 24.658 million yuan [1]. - The gross profit margin improved by 1.71 percentage points to 19.21% compared to 2023 [1]. Business Growth - The light guide plate business showed strong growth, with revenue increases of approximately 4 million yuan for desktop monitors, 12 million yuan for laptops, and 48 million yuan for LCD TVs compared to 2023 [3]. - The newly developed prism-type dot technology product generated approximately 41 million yuan in revenue in 2024, achieving a gross margin of about 40% [3]. Industry Trends - The overall recovery in the panel industry has positively impacted the light guide plate business, with increased shipments driven by upcoming international sports events and promotional activities [2]. - The domestic demand for TAC film is expected to rise significantly, with the localization rate of polarizer production projected to increase from around 30% in 2020 to 50% by 2025 [4]. R&D and Future Plans - The company increased its R&D expenditure to 35.0816 million yuan in 2024, a growth of approximately 20% year-on-year, to support the development of high-end optical materials [5]. - The company aims to cultivate new growth drivers by expanding its product offerings and enhancing its R&D capabilities [5]. Governance Changes - The actual controller of the company, Chen Ling, will terminate a share transfer agreement and resign from the board, which is seen as a stabilizing move for investor confidence [6]. - The governance structure is being optimized to facilitate the strategic advancement of the company, particularly in the TAC film project [6].