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 - Next week, there will be five new stocks available for subscription, with three on the ChiNext board, one on the Shenzhen main board, and one on the Beijing Stock Exchange [1] Group 1: New Stock Subscription Schedule - On Monday, September 15, investors can subscribe to the ChiNext stock United Power at an issue price of 12.48 CNY per share and a price-to-earnings ratio of 32.87 [2] - On Tuesday, September 16, investors can subscribe to the Beijing Stock Exchange stock Jinhua New Materials at an issue price of 18.15 CNY per share and a price-to-earnings ratio of 11.52, as well as the ChiNext stock Jianfa Zhixin with an undisclosed issue price [2] - On Friday, September 19, investors can subscribe to the ChiNext stock Yunhan Xincheng and the Shenzhen main board stock Ruili Kemi, both with undisclosed issue prices [2] Group 2: United Power Details - United Power's public offering will consist of 28,857.49 million shares, with a maximum subscription limit of 40,000 shares for online applications, requiring a market value of 400,000 CNY in the Shenzhen market for top-tier subscriptions [1] - According to Wind data, United Power ranks third in the number of shares issued among new stocks in the Shanghai and Shenzhen markets this year, only behind the Shanghai main board stock Huadian New Energy and the Sci-Tech Innovation Board stock Yitang Shares, making it the most likely new stock to be successfully subscribed on the ChiNext board this year [1]

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].

Core Insights - The total number of financing events in the domestic primary market this week is 91, a decrease of 70 compared to last week, with a total disclosed financing amount of 3.812 billion RMB [2] - The most active sectors in financing events are intelligent manufacturing, artificial intelligence, and healthcare, with 21, 18, and 11 events respectively [4] - The highest disclosed financing amount comes from the intelligent manufacturing sector, totaling approximately 1.763 billion RMB, with "Xizhi Technology" completing a C round financing of over 1.5 billion RMB [4][13] - The artificial intelligence sector follows with a disclosed financing total of 720 million RMB, where "Ruilong Surgery" completed a D round financing of 67 million USD [4][14] Industry Distribution - Intelligent manufacturing leads with 21 financing events, followed by artificial intelligence with 18 events, and healthcare with 11 events [4] - "Xizhi Technology," focused on optical computing technology, is a notable player in intelligent manufacturing [4] - "Ruilong Surgery," specializing in minimally invasive and digital surgical solutions, is a key player in the artificial intelligence sector [4] Regional Distribution - The majority of disclosed financing events are concentrated in Jiangsu and Guangdong, each with 20 events, followed by Shanghai with 13 events [7][9] - Jiangsu's disclosed financing amounts to 270 million RMB from 7 events, while Shanghai has a significant disclosed amount of 2.473 billion RMB from 7 events [9] Stage Distribution - The majority of financing events are in the early stage, with 69 events, followed by 15 in the growth stage and 7 in the late stage [10] Major Financing Events - "Xizhi Technology" completed a C round financing of over 1.5 billion RMB [13] - "Ruilong Surgery" completed a D round financing of 67 million USD [14] - "Shuimu Medical," a medical device certification service provider, completed an A round financing of 280 million RMB [14] M&A Activity - There were 14 disclosed M&A events this week, an increase of 3 compared to last week, with notable transactions including Zijin Mining's acquisition of 84% of Jiangsu Jinsha Molybdenum for 5.91 billion RMB [25] - Other significant acquisitions include "Zhangtai Zhirun" being acquired for 827 million RMB and "Niwei Automotive" for 666 million RMB [26]

Core Viewpoint - Suzhou Huichuan United Power System Co., Ltd. (referred to as "United Power") has gained significant market attention following its successful IPO approval on the ChiNext board, marking a benchmark for spin-off listings in the A-share market due to its clear independent main business and leading market position [1] Group 1: Company Overview - United Power is the only entity within the Huichuan Technology system that operates electric drive and power systems for new energy vehicles, showcasing a complete and independent product development, production, and sales system [3][4] - The company has achieved rapid revenue growth, with revenues of 29.03 billion, 50.27 billion, 93.65 billion, and 161.78 billion from 2021 to 2024, reflecting a compound annual growth rate of approximately 79.39% [4][8] - As of May 2025, United Power has an order backlog of 78.59 billion, indicating strong short-term performance support [4] Group 2: Market Position - United Power holds a leading position in the new energy vehicle core component market, with a market share of approximately 10.7% for electric control products, 10.5% for motors, 6.3% for drive assemblies, and 4.5% for on-board chargers [5] - The company is recognized as the largest independent third-party power system supplier in China, which is a core support for its successful IPO [4][5] Group 3: Technological Leadership - United Power has invested heavily in R&D, with expenditures of 57.18 million, 62.56 million, and 90.84 million over the past three years, totaling 210.58 million [8] - The company has established a robust R&D team of over 1,800 personnel, with more than half holding master's or doctoral degrees, focusing on high-power density, high efficiency, and low noise technologies [8] - United Power has developed 26 core product technologies and 6 platform technologies, holding 98 invention patents and 407 utility model patents, achieving breakthroughs in key technologies such as IGBT/SiC power modules [8][9] Group 4: Industry Impact - The successful listing of United Power is expected to significantly influence the development of China's new energy vehicle industry chain, enhancing the domestic supply chain and promoting technological upgrades [9] - The company’s expansion and technological advancements are anticipated to stimulate regional economic growth and support the transformation of traditional industries [9]

Core Viewpoint - Suzhou United Power System Co., Ltd. (referred to as "United Power") has met the conditions for listing and is positioned as a leading enterprise in the new energy vehicle power system sector, having been spun off from Huichuan Technology [2][3] Group 1: Company Overview - United Power is the only entity within the Huichuan Technology system that operates the electric drive and power systems for new energy vehicles, showcasing a complete and independent R&D, production, and sales system [2][3] - Huichuan Technology, the parent company, has a market capitalization of 170 billion yuan and reported a revenue of 37.04 billion yuan in 2024, with a year-on-year growth of 21.77% [3] Group 2: Business Performance - United Power's revenue has shown significant growth from 2.90 billion yuan in 2021 to 16.18 billion yuan in 2024, with a compound annual growth rate of approximately 79.39% over the past three years [4] - In 2024, United Power held a market share of approximately 10.7% in the electric control products segment, ranking first among third-party suppliers [4] Group 3: Industry Position and Innovation - United Power is positioned at the core of the new energy vehicle industry chain, focusing on technological innovation in core components, and has developed 26 core product technologies and 98 invention patents [6] - The company has actively participated in national key research projects, enhancing its technological barriers and industry recognition [6] Group 4: Spin-off Benefits - The spin-off of United Power aims to enhance its transparency and showcase its value, which is expected to positively impact its valuation and stock price [7] - This separation allows Huichuan Technology to focus on its core business, improving operational efficiency and reducing risks associated with diversification [7][8]