Core Viewpoint - The A-share market experienced an overall upward trend, with the Sci-Tech 50 Index reaching a new high for the year, driven by strong performances from newly listed stocks and specific industry sectors [2][3]. Group 1: Market Performance - The A-share market saw significant gains, with major indices rising, particularly the Sci-Tech 50 Index, which had an intraday increase of over 2% [3]. - New stocks listed on the A-share market performed exceptionally well, with Yunhan Xincheng (301563) showing an intraday gain of over 400%, potentially yielding a profit of approximately 57,500 yuan per lot [10][9]. - In the Hong Kong market, three new stocks were listed, with Xipuni reaching an intraday increase of nearly 340% [12][16]. Group 2: Industry Highlights - The non-ferrous metals sector experienced a significant rise, with intraday gains exceeding 2%. Notable stocks included Platinum New Materials, which surged by 18%, and several others reaching their daily limit [5][6]. - Gold and silver prices continued to rise, with domestic gold futures surpassing 870 yuan per gram, indicating strong demand in the precious metals market [7]. - Key sectors such as defense, electric equipment, real estate, and computing showed notable gains, while sectors like communications and non-bank finance faced declines [7]. Group 3: New Stock Details - Yunhan Xincheng focuses on electronic component distribution and integrates digital technology for efficient supply chain services, boasting over 696,500 registered users and processing peak orders of 68,000 monthly [12]. - Ruili Kemi, another new stock, specializes in active safety systems for vehicles, showcasing significant technological capabilities in the automotive sector [15][16]. - In the Hong Kong market, Xipuni, a leading manufacturer of gold watch cases, reported a revenue increase from 324 million yuan to 457 million yuan from 2022 to 2024, reflecting a strong growth trajectory [18].

Core Viewpoint - Yunhan Chip City, a leading player in the domestic electronic components e-commerce sector, has successfully listed on the Growth Enterprise Market, with a current market capitalization exceeding 9.2 billion yuan, reflecting strong market interest and confidence in its business model [2][3]. Company Overview - Yunhan Chip City, established in 2008, operates as a B2B trading platform for electronic components and has completed four rounds of financing prior to its IPO, achieving a valuation of 2.1 billion yuan [2]. - The company’s IPO saw an oversubscription rate exceeding 10,000 times, indicating high market attention [2]. Investment Insights - Guoke Investment led a significant financing round of 180 million yuan in 2018, demonstrating increased confidence in Yunhan Chip City after a thorough evaluation process lasting three years [2][3]. - The investment from Guoke Investment has yielded approximately five times the return based on the current market valuation [3]. Industry Context - The electronic components distribution market in China exceeds 3 trillion yuan, with traditional distribution models being inefficient, thus presenting an opportunity for e-commerce platforms like Yunhan Chip City to disrupt the market [5]. - Yunhan Chip City aims to serve small and medium-sized electronic manufacturing enterprises as a one-stop procurement platform, capitalizing on the inefficiencies of traditional independent distributors [5]. Financial Performance - The projected revenues for Yunhan Chip City are 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 136 million yuan, 78.61 million yuan, and 88.27 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 1.44 billion yuan, marking a year-on-year growth of 17.84%, and a net profit of 53.92 million yuan, reflecting a 40.67% increase [5]. Leadership and Team Dynamics - The founding team, consisting of Zeng Ye and Liu Yunfeng, has a strong complementary skill set and a long-standing partnership, which has contributed to the stability and growth of the company [7]. - The leadership's ability to adapt and respond to market changes has been crucial in navigating challenges such as the pandemic and regulatory shifts [3][6]. Long-term Investment Philosophy - Guoke Investment's approach emphasizes deep industry understanding, patience, and a commitment to social value, which has been validated through its successful investment in Yunhan Chip City [3][10]. - The firm has a history of supporting technology-driven enterprises and aims to balance innovation with stable returns in its investment strategy [14][22].

Core Viewpoint - Yunhan Chip City, founded by Zeng Ye, has successfully navigated a challenging path over 23 years, culminating in its recent IPO on the ChiNext board, reflecting the long-term dedication of the team to the electronic components distribution industry [2][5]. Company Development - The company was established in 2002 as Yunhan Electronics, focusing on offline distribution of electronic components, and transitioned to an online B2B marketplace in 2011 to address the challenges of the industry [3][4]. - By 2017, Yunhan Chip City achieved a significant milestone with online sales exceeding 1 billion yuan and profitability, solidifying its position in the market [5]. - As of 2022, the company ranked 15th among domestic electronic component distributors, being the top online distributor on the list [5]. Business Model and Strategy - The company aims to leverage big data, AI, and internet technologies to enhance efficiency and reduce transaction costs in the electronic industry, focusing on the pain points of the supply chain [2][4]. - Yunhan Chip City connects over 4,200 suppliers and serves approximately 158,900 electronic product manufacturers, providing comprehensive supply chain services [8]. - The company emphasizes a deep understanding of the industry and a commitment to quality, having established a database of over one million golden samples to ensure product authenticity [9][10]. Technological and Operational Advancements - The company has developed a digital service system for supply chain management, enhancing operational efficiency through digital collaboration with suppliers [12]. - Yunhan Chip City is continuously expanding its services in collaborative manufacturing and intelligent warehousing, focusing on digitalization and automation [13]. Future Outlook - The recent IPO raised 440 million yuan, which will be invested in upgrading the data center and electronic component trading platform, as well as building a collaborative manufacturing service platform [14]. - The company plans to expand its market presence by focusing on small, scattered, and urgent orders, while also preparing to enter international markets, as evidenced by the establishment of an overseas operation center in Singapore [14][16]. - The industry is expected to see significant mergers and acquisitions, with Yunhan Chip City considering strategic acquisitions that align with its existing resources and flow [15][16].

Group 1: Company Overview - Ruili Kemi (瑞立科密) specializes in the research, production, and sales of core components related to active safety systems for motor vehicles, and is recognized as a national high-tech enterprise [2] - Yunhan Xincheng (云汉芯城) is an innovative high-tech enterprise that integrates electronic component distribution with industrial internet, focusing on the R&D, production, and procurement needs of small-batch electronic components in the electronic manufacturing industry [3] Group 2: Shareholding Structure - Ruili Kemi's controlling shareholder is Ruili Group, which holds 64.16% of the company's total shares prior to the issuance, with Zhang Xiaoping, Chi Shuping, and Zhang Jiarui collectively controlling 71.56% of the shares [2] - Yunhan Xincheng's chairman and legal representative, Zeng Ye, directly holds 33.03% of the company's shares before the issuance, and through his role in Sai Consulting, he indirectly controls an additional 2.16%, totaling 35.19% [3] Group 3: Fundraising and Utilization - Ruili Kemi raised a total of 1.904 billion yuan (190,448.34 million yuan) in this issuance, with a net amount of 1.756 billion yuan (175,597.95 million yuan) after deducting issuance costs, which will be used for the construction of an intelligent electronic control system R&D headquarters, R&D center, information technology projects, and to supplement working capital [2] - Yunhan Xincheng raised a total of 439.53 million yuan (43,953.37 million yuan) in this issuance, with a net amount of 371.52 million yuan (37,152.02 million yuan) after deducting issuance costs, which will be allocated for upgrading the big data center and component trading platform, building an electronic industry collaborative manufacturing service platform, and constructing intelligent shared warehousing [3]

Market Overview - On September 29, 2025, A-shares saw all three major indices rise, with the Shanghai Composite Index closing at 3862.53 points, up 0.9% [1] - The Shenzhen Component Index closed at 13479.43 points, up 2.05%, and the ChiNext Index closed at 3238.01 points, up 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.16 trillion yuan, an increase of 100 billion yuan from the previous trading day [1] - Hong Kong stocks also experienced gains, with the Hang Seng Index rising 1.89% to 26622.88 points and a total trading volume of 3090.96 million HKD [1] - In the US market, all three major indices closed higher, with the Dow Jones up 0.15% to 46316.07 points and the Nasdaq Composite up 0.48% to 22591.15 points [1] New IPOs - Two new stocks were listed on September 29, 2025, with no new stock subscriptions [1] - Yunhan Xincheng, listed on the ChiNext with a stock code of 301563, had an issue price of 27 yuan per share and a price-to-earnings ratio of 20.91 [1] - The company focuses on electronic component distribution and industrial internet integration, providing a full range of services from product selection to technical support [1] Policy Developments - The National Development and Reform Commission (NDRC) is actively promoting a new type of policy financial tool with a scale of 500 billion yuan to support effective investment in specific projects [3] - The NDRC aims to ensure that funds from this financial tool are quickly allocated to projects to promote stable economic development [3] Industry Licensing - The Ministry of Industry and Information Technology has issued a satellite mobile communication business license to China Mobile, allowing it to engage in satellite communication services [4] - This move follows similar licensing for China Telecom and China Unicom, enhancing emergency communication and services in remote areas [4] Smart Technology Promotion - The NDRC is working to expand the market for smart terminals and intelligent entities by focusing on policy guidance, technological innovation, and market demand [6] - The initiative aims to support the application of artificial intelligence in key sectors such as education, healthcare, and transportation, promoting new products and applications [6]

Core Viewpoint - Yunhan Chip City officially launched its IPO on September 11, aiming to raise funds for its innovative electronic component distribution and industrial internet integration business [1][4] Company Overview - Yunhan Chip City is an innovative high-tech enterprise focusing on the research, production, and procurement of small-batch electronic components within the electronic manufacturing industry [1][2] - The company operates a self-built B2B online marketplace, providing a one-stop supply chain service for electronic components, including product design, PCBA manufacturing, and technical support [1][2] Industry Context - The electronic component distribution industry is a key focus area supported by the government, with approximately 56% of procurement relying on distributors, and over 99% of electronic manufacturers using this method [2] - Traditional distribution models struggle to meet the diverse and fluctuating demands of small-batch orders, leading to inefficiencies in the industry [2] Business Model and Innovation - Yunhan Chip City integrates traditional distribution methods with emerging industrial internet models, aligning with the "three innovations and four new" positioning of the Growth Enterprise Market [3] - The company emphasizes innovation, holding 17 invention patents and 255 software copyrights, and has a strong management and R&D team with expertise in the electronic component service sector [3] Future Investments - The IPO proceeds will be invested in upgrading data centers, enhancing the component trading platform, and building collaborative manufacturing service platforms and smart shared warehousing [4] - Yunhan Chip City has received multiple honors, establishing itself as a leading B2B enterprise in the electronic component sector [4]

● 本报记者 乔翔 在电子元器件的世界，一颗颗尺寸微小的芯片，承载着智能时代的宏大叙事。然而，从原厂到产线，传 统流通链路往往需辗转多级分销，流程冗长、效率受限。一家上海企业正以数字化之力重塑这一路径 ——它就是专注电子元器件数字化供应链服务的云汉芯城。 "5000元和50万元的订单，在公司内部经过销售、采购、物流等一套流程后，成本其实是一样的。但 5000元的订单，走完这一圈后，一定亏钱。"云汉芯城董事长曾烨日前在接受中国证券报记者采访时， 一语道破电子元器件分销行业痼疾，"传统的电子元器件分销模式，依赖于大批量订单摊薄成本，而那 些小批量、多品种的研发级订单需求，却长期得不到很好的响应。" 2010年左右，在行业摸爬滚打已久的曾烨突然意识到，如果通过在线化的方式，整合大量零散的订单， 压缩供应链中间环节，减少操作损耗，是否能解决行业痛点并实现商业目的？这一问，问出了云汉芯城 的数字化初心。于是，云汉芯城开始自建平台，坚持在线化、数字化路径。 经过十余年的验证，基于对数字化内核的深度理解，云汉芯城逐渐从一家传统的线下代理商，蜕变为电 子元器件产业互联网的领军者。 积极打造数字基座 如果说"小散临急"是云汉数 ...

如今，这个选择已被证明具有前瞻性：2011年曾烨把线下分销公司整体搬上云端，成为国内最早"啃元 器件长尾采购硬骨头"的线上玩家；14年后，云汉芯城以15.89万家企业客户、69.65万平台注册用户、年 峰值订单6.8万笔的成绩登陆创业板，为"产业互联网如何跑通"提供了"云汉样板"。 C 12 67 (E t 曾烨 ◎记者 邓贞 "小订单，也能长出大平台。"云汉芯城董事长曾烨对上海证券报记者说。这一总结看似轻描淡写，背后 其实是公司对电子产业互联网二十多年的探索历程。从2002年深圳华强北的一家传统元器件分销商，到 如今服务超15万家企业客户的产业互联网标杆，曾烨带领云汉芯城走出了一条以数字化重构电子供应链 的独特路径。 目前，云汉芯城线上商城每日可支持上百万级的搜索量，搜索匹配率维持在90%左右，月处理订单数峰 值达6.8万笔，报关商品归类自动匹配率超95%。 把握行业痛点，建立B2B线上商城 曾烨的创业故事始于2002年的深圳。当时，他创立"云汉电子"，从事电子元器件的传统代理与分销业 务。多年的线下经营让他深入了解到电子制造行业的核心痛点——小批量采购需求难以得到有效满足。 电子元器件行业长期存在"上游批 ...

Core Insights - Yunhan Chip City has transformed from a traditional electronic component distributor to an industrial internet platform, focusing on digital solutions to enhance supply chain efficiency [1][3][7] - The company is set to go public, aiming to raise funds for upgrading its data center and component trading platform, reinforcing its core business model [3][6] Group 1: Supply Chain Reconstruction - The traditional distribution model is inefficient for small orders, leading to a lack of service for "small and urgent" demands in the electronic manufacturing sector [3] - In 2010, the company launched a B2B online marketplace to integrate scattered orders and reduce operational costs, marking a strategic shift towards a digital supply chain [3][4] - The current business model consists of three collaborative segments: transaction platform, data services, and PCBA manufacturing, which collectively drive natural business growth [3][4] Group 2: Data-Driven Industrial Internet - The core of the industrial internet lies in data-driven capabilities, which the company has developed over more than a decade, creating a data platform with over 44 million electronic component SPU product data and 93 million parameter substitution relationships [5] - The HiBOM intelligent selection tool significantly reduces the time required for BOM processing from days to minutes, achieving over 90% accuracy [5] - The company has established a comprehensive quality inspection system, including a "golden sample" library, ensuring high-quality standards and preventing counterfeit products [5][6] Group 3: Domestic and Global Strategy - The company focuses on domestic production and global expansion, collaborating with over 500 domestic manufacturers to build a database of over 780,000 substitution relationships [7] - A new global operations center in Singapore was established in 2023 to replicate successful domestic internet models overseas, enhancing global supply chain efficiency [7] - The platform currently offers over 1.2 million models of domestic components, with a growing sales proportion of domestic products [7]

Company Overview - Yunhan Xincheng is one of the earliest companies in China to launch an online B2B marketplace for electronic components, becoming a leading enterprise in the electronic components distribution sector [1][2] - The company focuses on the R&D, production, and procurement of small-batch electronic components for the electronic manufacturing industry [1][2] Business Performance - In 2022, 2023, and projected for 2024, the company achieved revenues of 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan, with year-on-year growth rates of 12.97%, -39.14%, and -2.27% respectively [3] - The net profit attributable to the parent company for the same years was 136 million yuan, 79 million yuan, and 88 million yuan, with year-on-year growth rates of -15.86%, -42.04%, and 12.29% respectively [3] - The company expects a revenue increase of 19.11% to 24.52% and a net profit increase of 38.71% to 44.11% for the first nine months of 2025 compared to the same period in 2024 [3] Market Position - As of the end of 2024, Yunhan Xincheng's B2B online marketplace had over 696,500 registered users and served more than 158,900 enterprise clients, processing over 3.75 million orders [2] - The company collaborates with over 4,200 suppliers, with more than 2,500 engaged in data cooperation, offering a daily inventory of 27.9924 million SKUs, significantly surpassing traditional distributors [2] Industry Context - The electronic components distribution market in China is rapidly growing, with the market size increasing from 1.2 trillion yuan in 2015 to 1.85 trillion yuan in 2022 [2] - Approximately 56% of electronic components procurement relies on distribution channels, with over 99% of electronic manufacturers using this method for material procurement [2] IPO Details - Yunhan Xincheng's IPO involved issuing 16.28 million shares, raising 440 million yuan, with plans to invest in three projects including a big data center and an electronic component trading platform [3][4] - The company's dynamic price-to-earnings ratio is 16.93, significantly lower than the average of comparable companies at 72.6 [4][5] - The IPO price was set at 27 yuan per share, which is in the mid-range for the ChiNext board, and the company’s fundraising amount is relatively low compared to other IPOs this year [5]