公告显示，立功科技主要面向工业智能物联、汽车电子领域用户授权分销MCU芯片、驱动芯片和存储 芯片等各类IC产品，立功科技主要代理包括NXP(恩智浦)、ISSI(矽成)、3PEAK(思瑞浦)、瑞芯微、兆易 创新、复旦微电子等知名芯片品牌。NXP是立功科技授权代理的核心产品线之一，立功科技设立初期即 从事飞利浦半导体事业部(NXP前身)的MCU等产品在中国地区的推广，在NXP从飞利浦独立后，立功科 技成为NXP的授权分销商，是NXP主要的MCU分销商之一。NXP在全球汽车电子芯片领域拥有较强的 综合竞争优势。同时，立功科技拥有的授权代理资质中，复旦微电子、瑞芯微、ISSI(矽成)等品牌，亦 能与公司现有业务、产品品类形成较强的互补性和业务协同性。 交易完成后，通过整合双方上述国内外知名原厂的授权代理资质，公司可以进一步丰富分销产品组合， 并将原厂的竞争力转化为公司整体的竞争力，持续开拓下游中高端产品市场，满足客户通过一站式采 购，全面降低综合采购成本的需求，增强原厂、客户与公司之间的合作黏性，提升公司的市场竞争力和 盈利能力。 交易资金来源于上市公司的自有资金及通过外部融资方式筹措资金。公司拟通过发行可转换公司债 ...

IPO Review and Registration Progress - Two companies, Weite Environment and Yatu High-tech, successfully passed the IPO review and plan to list on the Beijing Stock Exchange [2] - Weite Environment focuses on water resource pipeline leakage control technology consulting and construction, with projected revenues of 303 million yuan, 293 million yuan, and 329 million yuan from 2022 to 2024 [2] - Yatu High-tech specializes in high-performance industrial coatings, with revenues expected to grow from 557 million yuan in 2022 to 742 million yuan in 2024 [3] - Three companies, Yuanchuang Co., New Guangyi, and Youxun Co., are scheduled for IPO review this week [4] - Yuanchuang Co. has experienced revenue fluctuations, with 2023 revenue at 1.141 billion yuan, down 9.45% year-on-year [4] - New Guangyi's revenue is projected to increase from 455 million yuan in 2022 to 657 million yuan in 2024, with a high customer concentration [5][6] - Youxun Co. focuses on optical communication chips, with 2025 revenue expected to be 238 million yuan [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Sanxie Electric's share price increasing by 785.62% on its debut [9] - Sanxie Electric specializes in control motors, reporting a revenue of 256 million yuan for the first half of 2025 [9] - Aifenda, which focuses on electric towel racks, saw its share price rise by 170.03% on its first day of trading, with a revenue of 505 million yuan for the first half of 2025 [10] - This week, five new stocks are scheduled for subscription, including Jinhua New Materials with an issue price of 18.15 yuan per share [11] - Jinhua New Materials specializes in ketoxime fine chemicals, with a revenue of 571 million yuan in the first half of 2025 [12] - Yunhan Chip City, focusing on electronic components distribution, reported a revenue of 1.44 billion yuan in the first half of 2025 [12]

Group 1: Financial Performance - The company received CNY 4.5 billion in accounts receivable and paid CNY 6 billion in accounts payable, related to its electronic components distribution business [3] - The company's gross margin is influenced by sales and procurement activities, remaining relatively stable, while inventory impacts can enhance gross margin during upward cycles [2] - As of June 30, 2025, the total number of shareholders is 34,000 [3] Group 2: Market Dynamics - The prices of the company's distributed and self-produced products are influenced by market conditions and supply-demand relationships [2] - A significant increase in stock price of over 70% within a week raises questions about the alignment of company performance with its valuation [3] Group 3: Strategic Initiatives - The company has established a joint venture, Wuxi New Wei Intelligent Computing Technology Co., Ltd., with a registered capital of CNY 120 million, where the company contributes CNY 30 million, representing 25% of the capital [3] - The joint venture aims to respond to national policy directions and integrate various technologies and resources to support the digital economy [3]

Group 1: New IPOs - This week (September 15 to 19), there are 5 new stocks available for subscription, including 1 from the Shenzhen Main Board, 3 from the ChiNext, and 1 from the Beijing Stock Exchange [1] - The ChiNext new stock, United Power, has an issue price of 12.48 CNY per share and a price-to-earnings ratio of 32.87, compared to the industry average of 28.3 [2] - United Power is a leading enterprise in the new energy vehicle power system, operating independently within the Inovance Technology system since 2016, and plans to raise 3.601 billion CNY through its IPO [2] - Another ChiNext new stock, Jianfa Zhixin, focuses on high-value medical device distribution and plans to raise 484 million CNY [3] - The Shenzhen Main Board new stock, Ruili Kemi, specializes in active safety systems for vehicles and aims to raise funds for various projects [3] - The ChiNext new stock, Yunhan Xincheng, is an innovative high-tech enterprise in electronic component distribution, planning to raise 522 million CNY [4] Group 2: Upcoming IPO Meetings - Three companies are scheduled for IPO meetings this week: Yuxun Co. for the Sci-Tech Innovation Board, Xin Guoyi for the ChiNext, and Yuanchuang Co. for the Shenzhen Main Board [5] - Yuxun Co. is a national champion in the optical communication field, focusing on the development and sales of optical communication chips, with an IPO fundraising target of 889 million CNY [6] - Xin Guoyi specializes in high-performance specialty functional materials, aiming to raise 638 million CNY through its IPO [6] - Yuanchuang Co. is a leading player in the rubber track industry, with a significant market share and plans to raise 485 million CNY [7]

Core Viewpoint - The article discusses the upcoming IPOs of five new stocks in the A-share market, highlighting their potential and industry significance. Group 1: Upcoming IPOs - Five new stocks are set for subscription from September 15 to September 19, including companies in the fields of new energy vehicles, medical devices, and electronic components [1]. - The companies include: - United Power: A leader in new energy vehicle power systems [1]. - Jianfa Zhixin: A national distributor of high-value medical devices [3]. - Jinhua New Materials: A leader in silane crosslinking agents and hydroxylamine salts [5]. - Yunhan Xincheng: A B2B leader in electronic components [7]. - Ruili Kemi: A leader in active safety systems for commercial vehicles [8]. Group 2: Company Profiles - **United Power**: - Focuses on electric drive systems and power systems for smart electric vehicles [2]. - Revenue projections for 2022-2024 are 5.027 billion, 9.365 billion, and 16.178 billion yuan, with net profits of -179 million, 186 million, and 936 million yuan respectively [2]. - **Jianfa Zhixin**: - Engages in direct sales and distribution of medical devices, providing centralized operation services for medical consumables [3]. - Revenue projections for 2022-2024 are 11.882 billion, 15.443 billion, and 17.923 billion yuan, with net profits of 174 million, 196 million, and 228 million yuan respectively [3][4]. - **Jinhua New Materials**: - Specializes in the research, production, and sales of fine chemicals, particularly silane crosslinking agents [5][6]. - Revenue projections for 2022-2024 are 994 million, 1.115 billion, and 1.239 billion yuan, with net profits of 80 million, 173 million, and 211 million yuan respectively [6]. - **Yunhan Xincheng**: - An innovative high-tech enterprise focusing on electronic component distribution and industrial internet integration [7]. - Revenue projections for 2022-2024 are 4.333 billion, 2.637 billion, and 2.577 billion yuan, with net profits of 136 million, 79 million, and 88 million yuan respectively [7]. - **Ruili Kemi**: - Develops and produces core components for active safety systems in vehicles [8]. - Revenue projections for 2022-2024 are 1.326 billion, 1.760 billion, and 1.977 billion yuan, with net profits of 97 million, 236 million, and 269 million yuan respectively [8][9].

Group 1: New Stock Performance - The recent new stocks on the Beijing Stock Exchange have shown high activity, with the stock of Sanxie Electric rising over 860% on its first day, closing up 785.62%, marking the highest first-day increase of the year [1] - Aifenda's stock also saw a first-day increase of 170.03%, with a single subscription yield exceeding 16,000 yuan [1] Group 2: Upcoming New Stocks - Five new stocks are scheduled for subscription next week, including three from the ChiNext board, one from the Shenzhen main board, and one from the Beijing Stock Exchange [4] - The first stock to be subscribed on September 15 is United Power, a leader in the new energy vehicle power system industry, with a projected domestic market share of over 10% for its electric control and motor products by 2024 [1][6] Group 3: Financial Projections - United Power expects a net profit of 750 million to 900 million yuan for the first three quarters of 2025, representing a year-on-year growth of 31.05% to 57.26% [6][7] - Jianfa Zhixin anticipates a net profit of 200 million to 222 million yuan for the same period, reflecting a growth of 30% to 40% [8][10] - Ruili Kemi projects a net profit of 196 million to 220 million yuan, with a growth rate of 11.96% to 25.67% [11][12] - Yunhan Xincheng expects a net profit of 77 million to 80 million yuan, indicating a growth of 38.71% to 44.11% [13][14]

Summary of Key Points Group 1: New Stock Offerings - Five new stocks are available for subscription next week, including United Power, which is referred to as "Little Huawei" [1][2] - United Power's subscription code is 301656, with an issue price of 12.48 yuan per share and an issuance P/E ratio of 32.87 times [2] - The total number of shares issued by United Power is 289 million, with 40.4 million shares available for online subscription [2] Group 2: Company Overview - United Power aims to become a global leader in intelligent electric vehicle components and solutions, focusing on electric drive systems and power systems [2] - The company is controlled by Huichuan Technology, which has a team with a background in Huawei, leading to its nickname in the industry [2] - United Power's market share in China's new energy passenger vehicle control and motor sectors is 10.7% and 10.5%, respectively, ranking second overall and first among third-party suppliers [2] Group 3: Financial Performance - United Power's revenue for 2022, 2023, and 2024 was 5.03 billion, 9.37 billion, and 16.18 billion yuan, respectively, with net profits of -179 million, 186 million, and 936 million yuan [6] - The company expects revenue of 14 billion to 15.5 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 30.62% to 44.61% [8][9] Group 4: Major Clients - Major clients of United Power include Li Auto, GAC Group, Chery Automobile, Xiaomi Automobile, and Geely Group, with Xiaomi being the fourth-largest client in 2024 [3][5] Group 5: Other New Stocks - Jin Hua New Materials, with a subscription code of 920015, has an issue price of 18.15 yuan per share and a P/E ratio of 11.52 times [11] - The company specializes in silane crosslinking agents and has clients including Bayer and Wanhua Chemical [10][11] - Revenue for Jin Hua New Materials from 2022 to 2024 was 994 million, 1.12 billion, and 1.24 billion yuan, with net profits of 79.59 million, 173 million, and 211 million yuan [12] Group 6: Additional Companies - Jianfa Zhixin is a national high-value medical device distributor, with revenue from 2022 to 2024 at 11.88 billion, 15.44 billion, and 17.92 billion yuan, and net profits of 174 million, 196 million, and 228 million yuan [17] - Yunhan Xincheng, a national-level specialized enterprise, reported revenues of 4.33 billion, 2.64 billion, and 2.58 billion yuan from 2022 to 2024, with net profits of 136 million, 78.61 million, and 88.27 million yuan [19] - Rui Li Ke Mi, a leader in commercial vehicle active safety systems, had revenues of 1.33 billion, 1.76 billion, and 1.98 billion yuan from 2022 to 2024, with net profits of 96.96 million, 236 million, and 269 million yuan [23]

Core Viewpoint - Five new stocks are available for subscription next week, with United Power being referred to as "Little Huawei" in the electric vehicle power system sector [2][3]. Group 1: United Power - United Power's subscription code is 301656, with an issue price of 12.48 yuan per share and an issue price-to-earnings ratio of 32.87 times, compared to the industry average of 29.08 times [4]. - The total number of shares issued by United Power is 289 million, including 40.4 million for online subscription. The maximum subscription limit for investors is 40,000 shares, requiring a market value of 400,000 yuan in Shenzhen [4]. - United Power aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core components such as electric drive systems and power systems [4]. - In 2024, United Power holds a market share of 10.7% in electric control and 10.5% in motors for new energy passenger vehicles, ranking second overall and first among third-party suppliers [4]. - Major clients of United Power include Li Auto, GAC Group, Chery Automobile, Xiaomi Automobile, and Geely Group, with Xiaomi being the fourth-largest client in 2024, contributing 1.285 billion yuan, accounting for 7.94% of total sales [5]. Group 2: Financial Performance of United Power - United Power's revenue from 2022 to 2024 is projected to be 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan, with net profits of -179 million yuan, 186 million yuan, and 936 million yuan respectively [8]. - For the first three quarters of 2025, United Power expects revenue between 14 billion to 15.5 billion yuan, representing a year-on-year growth of 30.62% to 44.61%, and net profit between 750 million to 900 million yuan, with a growth of 31.05% to 57.26% [9]. Group 3: Jin Hua New Material - Jin Hua New Material's subscription code is 920015, with an issue price of 18.15 yuan per share and an issue price-to-earnings ratio of 11.52 times, compared to the industry average of 27.57 times [13]. - The total number of shares issued is 32.67 million, with 26.13 million available for online subscription. The maximum subscription limit is 1.5516 million shares [14]. - Jin Hua New Material is a leading company in the field of silane crosslinking agents and has been recognized as a national-level specialized and innovative "little giant" enterprise [14]. - Revenue for Jin Hua New Material from 2022 to 2024 is projected to be 994 million yuan, 1.115 billion yuan, and 1.239 billion yuan, with net profits of 79.59 million yuan, 173 million yuan, and 211 million yuan respectively [14]. Group 4: Financial Performance of Jin Hua New Material - Jin Hua New Material expects a revenue of 1.063 billion yuan for the entire year of 2025, a year-on-year decrease of 14.25%, and a net profit of 199 million yuan, a decrease of 5.47% [16]. Group 5: Jianfa Zhixin - Jianfa Zhixin's subscription code is 301584, focusing on high-value medical device distribution and direct sales [19]. - The total number of shares issued is 63.19 million, with 10.11 million available for online subscription [19]. - Revenue for Jianfa Zhixin from 2022 to 2024 is projected to be 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan, with net profits of 174 million yuan, 196 million yuan, and 228 million yuan respectively [19]. Group 6: Financial Performance of Jianfa Zhixin - Jianfa Zhixin expects revenue of approximately 14.8 billion to 15.5 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10% to 15%, and net profit of 200 million to 222 million yuan, with a growth of 30% to 40% [20]. Group 7: Yunhan Xincheng - Yunhan Xincheng's subscription code is 301563, recognized as a national-level specialized and innovative "little giant" enterprise [21]. - The total number of shares issued is 16.28 million, with 4.15 million available for online subscription [22]. - Revenue for Yunhan Xincheng from 2022 to 2024 is projected to be 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan, with net profits of 136 million yuan, 78.61 million yuan, and 88.27 million yuan respectively [23]. Group 8: Financial Performance of Yunhan Xincheng - Yunhan Xincheng expects revenue of 2.2 billion to 2.3 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.11% to 24.52%, and net profit of 77 million to 80 million yuan, with a growth of 38.71% to 44.11% [25]. Group 9: Rui Li Ke Mi - Rui Li Ke Mi's subscription code is 001285, specializing in active safety systems for commercial vehicles [27]. - The total number of shares issued is 45.04 million, with 16.22 million available for online subscription [28]. - Revenue for Rui Li Ke Mi from 2022 to 2024 is projected to be 1.326 billion yuan, 1.760 billion yuan, and 1.977 billion yuan, with net profits of 96.96 million yuan, 236 million yuan, and 269 million yuan respectively [28]. Group 10: Financial Performance of Rui Li Ke Mi - Rui Li Ke Mi expects revenue of 1.55 billion to 1.73 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.82% to 27.04%, and net profit of 196 million to 220 million yuan, with a growth of 11.96% to 25.67% [31].

Summary of Upcoming IPOs - Next week, there are 5 new stocks available for subscription, including 3 on the ChiNext board, 1 on the Shenzhen main board, and 1 on the Beijing Stock Exchange [1] - The schedule includes: - Monday (September 15): United Power (Subscription Code: 301656) - Tuesday (September 16): Jinhua New Materials (Subscription Code: 920015), Jianfa Zhixin (Subscription Code: 301584) - Friday (September 19): Yunhan Xincheng (Subscription Code: 301563), Ruili Kemi (Subscription Code: 001285) [1][2] United Power - United Power's issue price is 12.48 CNY per share with a P/E ratio of 32.87, compared to the industry average P/E of 29.08 [3] - The company plans to issue 28.85749 million shares, with a maximum subscription limit of 40,000 shares and a required market value of 400,000 CNY [3] - United Power is a leading enterprise in the domestic new energy vehicle power system sector, established in 2016 and a subsidiary of Huichuan Technology [3] - The company serves major domestic and international automotive brands, including Li Auto, Xiaomi, and Volvo [3] - Revenue projections for 2022 to 2024 are 5.027 billion CNY, 9.365 billion CNY, and 16.178 billion CNY, with net profits of -179 million CNY, 186 million CNY, and 936 million CNY respectively [4] Jinhua New Materials - Jinhua New Materials' issue price is 18.15 CNY per share with a P/E ratio of 11.52 [6] - Established in 2007, the company is a leader in silane crosslinking agents and fine chemicals, serving sectors like construction, energy, and electronics [6] - The company has stable partnerships with major firms such as Bayer and Wanhua Chemical [6] - Revenue projections for 2022 to 2024 are 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY, with net profits of 80 million CNY, 173 million CNY, and 211 million CNY respectively [6] Jianfa Zhixin - Jianfa Zhixin is a leading medical device distributor in China [7] - The company plans to issue 63.1933 million shares, with a maximum subscription limit of 10,000 shares and a required market value of 100,000 CNY [8] - Revenue projections for 2022 to 2024 are 11.882 billion CNY, 15.443 billion CNY, and 17.923 billion CNY, with net profits of 174 million CNY, 196 million CNY, and 228 million CNY respectively [8] Yunhan Xincheng - Yunhan Xincheng is a leading online distributor of electronic components [9] - The company plans to issue 16.279 million shares, with a maximum subscription limit of 4,000 shares and a required market value of 40,000 CNY [10] - Revenue projections for 2022 to 2024 are 4.333 billion CNY, 2.637 billion CNY, and 2.577 billion CNY, with net profits of 136 million CNY, 79 million CNY, and 88 million CNY respectively [11] Ruili Kemi - Ruili Kemi is a leading enterprise in active safety systems for commercial vehicles [12] - The company plans to issue 45.0445 million shares, with a maximum subscription limit of 16,000 shares and a required market value of 160,000 CNY [12] - Revenue projections for 2022 to 2024 are 1.326 billion CNY, 1.760 billion CNY, and 1.977 billion CNY, with net profits of 97 million CNY, 236 million CNY, and 269 million CNY respectively [12]

Summary of Upcoming IPOs - Five new stocks will be available for subscription next week, including three from the ChiNext board, one from the Shenzhen main board, and one from the Beijing Stock Exchange [1][2]. Company Highlights United Power - United Power is a leading company in the domestic new energy vehicle power system sector [2][3]. - The offering price is set at 12.48 CNY per share with a price-to-earnings (P/E) ratio of 32.87, compared to the industry average P/E of 29.08 [2]. - The company plans to issue 28.857 million shares, with a maximum subscription limit of 40,000 shares for online investors [2]. - Revenue projections for 2022 to 2024 are 5.027 billion CNY, 9.365 billion CNY, and 16.178 billion CNY, respectively, with net profits of -179 million CNY, 186 million CNY, and 936 million CNY [3]. Jinhua New Materials - Jinhua New Materials is a leading company in the silane crosslinking agent sector [4][5]. - The offering price is 18.15 CNY per share with a P/E ratio of 11.52 [5]. - Revenue projections for 2022 to 2024 are 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY, with net profits of 80 million CNY, 173 million CNY, and 211 million CNY [5]. Jianfa Zhixin - Jianfa Zhixin is a leading medical device distributor in China [6]. - The company plans to issue 63.193 million shares, with a maximum subscription limit of 10,000 shares [6]. - Revenue projections for 2022 to 2024 are 11.882 billion CNY, 15.443 billion CNY, and 17.923 billion CNY, with net profits of 174 million CNY, 196 million CNY, and 228 million CNY [6]. Yunhan Xincheng - Yunhan Xincheng is a leading online distributor of electronic components [7]. - The company plans to issue 16.279 million shares, with a maximum subscription limit of 4,000 shares [6]. - Revenue projections for 2022 to 2024 are 4.333 billion CNY, 2.637 billion CNY, and 2.577 billion CNY, with net profits of 136 million CNY, 79 million CNY, and 88 million CNY [7]. Ruili Kemi - Ruili Kemi is a leading company in commercial vehicle active safety systems [8]. - The company plans to issue 45.045 million shares, with a maximum subscription limit of 16,000 shares [8]. - Revenue projections for 2022 to 2024 are 1.326 billion CNY, 1.760 billion CNY, and 1.977 billion CNY, with net profits of 97 million CNY, 236 million CNY, and 269 million CNY [8].