Group 1 - The core point of the article is that Lier Technology (SH 688683) announced a board meeting held via telecommunication to discuss the proposal for the cancellation of a subsidiary and related transactions [1] - For the fiscal year 2024, Lier Technology's revenue composition is as follows: 79.52% from the manufacturing of electronic components and specialized electronic materials, 17.45% from aluminum materials for new energy batteries, and 3.03% from other businesses [1] - As of the report date, Lier Technology has a market capitalization of 4.9 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Core Viewpoint - Sichuan Huafeng Technology Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in the telecommunications and industrial electric vehicle sectors [12][14]. Financial Performance - The company achieved operating revenue of 1.10 billion yuan, a 128.26% increase compared to the same period last year [4]. - The total profit reached 154.10 million yuan, a significant recovery from a loss of 21.24 million yuan in the previous year [4]. - Net profit attributable to shareholders was 150.70 million yuan, up from a loss of 17.93 million yuan [4]. - The net cash flow from operating activities was -235.90 million yuan, indicating increased operational costs [4]. - The company's net assets increased by 10.35% to 1.61 billion yuan, and total assets grew by 26.35% to 3.50 billion yuan [4]. Industry Overview - The company operates in the connector manufacturing industry, which is experiencing steady growth globally, with the market expected to reach 112.4 billion USD by 2025 [6][12]. - The Chinese connector market reached 205.8 billion yuan in 2023, growing by 9.1% year-on-year [6]. - The connector industry is crucial for various sectors, including defense, aerospace, telecommunications, automotive, and industrial applications [6][12]. Business Development - The company focuses on high-speed backplane connectors and electric vehicle connectors, benefiting from the rise of AI and the increasing penetration of electric vehicles [12][14]. - The company has established partnerships with major clients such as Huawei, ZTE, and BYD, enhancing its market position [13][14]. - The company is actively involved in developing new technologies and products, including high-speed connectors for AI servers and electric vehicles [14][16]. Research and Development - The company invested 64.97 million yuan in R&D, a 27.31% increase from the previous year, and filed for 38 new patents during the reporting period [14][15]. - The company has developed advanced products such as 56G and 112G backplane connectors, and is working on 224G upgrades [14][16]. - The company emphasizes collaboration with educational institutions to enhance its talent pool and innovation capabilities [14][15].

Core Viewpoint - The company plans to issue shares to specific investors to raise up to 300 million RMB, aiming to enhance its capital strength and profitability while meeting the growing demand for its functional materials in strategic emerging industries [1][10][21]. Group 1: Background and Purpose of the Issuance - The issuance is driven by the company's core business in functional materials, particularly functional coating adhesive films, which are classified under the electronic component manufacturing industry [1][6]. - The company aims to increase production capacity and efficiency through the introduction of automated equipment and new production lines to meet the rising market demand [7][10]. Group 2: Market Opportunities - The demand for high-performance hot melt adhesive films is expected to grow significantly due to the increasing applications in new energy vehicles and electronic components [3][4]. - The global market for new energy vehicles is projected to reach 18.236 million units in 2024, with a year-on-year growth of 24.4%, indicating a robust market for related materials [4][8]. - The energy storage sector is also expanding, with a global new energy storage installation capacity growth of 110% in 2024, further driving demand for the company's products [5][8]. Group 3: Business Overview - The company's main business includes the research, production, and sales of functional materials, specifically functional coating adhesive films, new energy battery collectors, and carbon nanotube powders [6][21]. - The functional coating adhesive films are critical materials for electronic components and are widely used in consumer electronics, new energy vehicles, and semiconductors [6][21]. Group 4: Financial Implications - The funds raised will be allocated to projects that align with the company's strategic direction, including the construction of new material production facilities and working capital supplementation [10][21]. - The issuance is expected to enhance the company's asset and net asset scale, improving financial strength and supporting future growth [9][11]. Group 5: Compliance and Fairness of the Issuance - The issuance complies with relevant regulations and has been approved by the company's board and shareholders, ensuring transparency and fairness in the process [15][17]. - The selection of issuance targets is appropriate, adhering to regulatory standards and ensuring that investors possess the necessary risk awareness and financial capability [12][13].

Core Viewpoint - The report highlights the financial performance and operational developments of CWB Automotive Electronics Co., Ltd. for the first half of 2025, indicating stable revenue growth but a decline in net profit due to increased costs and investments in new projects [1][9]. Company Overview and Financial Indicators - CWB Automotive Electronics Co., Ltd. reported a revenue of approximately 867.78 million yuan, a 5.13% increase compared to the same period last year [2][15]. - The total profit for the period was approximately 116.77 million yuan, reflecting an 18.92% decrease year-on-year [2][15]. - The net profit attributable to shareholders was approximately 106.80 million yuan, down 16.98% from the previous year [2][15]. - The net cash flow from operating activities decreased by 56.60% to approximately 93.09 million yuan [2][15]. - The company's total assets increased by 1.30% to approximately 2.49 billion yuan, while net assets attributable to shareholders rose by 2.16% to approximately 1.99 billion yuan [2][15]. Industry Overview - The automotive industry in China experienced a positive trend in the first half of 2025, with vehicle production and sales increasing by 12.5% and 11.4%, respectively [3][4]. - The new energy vehicle sector saw significant growth, with production and sales increasing by 41.4% and 40.3%, respectively, accounting for 44.3% of total new vehicle sales [3][4]. - The connector market is projected to grow, with the global market expected to reach 112.4 billion USD by 2025, driven by technological advancements and increased demand [4][5]. Business Operations - CWB focuses on automotive electronics and consumer electronics, with a strong emphasis on R&D and product innovation [5][6]. - The company has established long-term partnerships with major automotive suppliers, enhancing its market position [6][9]. - The production model is primarily based on "sales-driven production," allowing for flexibility and efficiency in meeting customer demands [7][8]. Research and Development - The company has a robust R&D team, with recent innovations leading to the development of new products in the automotive sector, particularly in new energy and intelligent driving systems [10][11]. - CWB has filed for several new patents, indicating a commitment to innovation and maintaining a competitive edge in the industry [10][11]. Future Outlook - The company is expanding its production capabilities with new facilities in Jiaxing and Germany, aimed at enhancing its global presence and responsiveness to market demands [11][12]. - CWB is optimistic about future growth despite current profit pressures, focusing on strategic investments and market expansion [10][12].

Group 1 - The company, Lier Technology, announced the convening of its 16th board meeting on August 20, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] - For the year 2024, Lier Technology's revenue composition is as follows: 79.52% from electronic components and specialized electronic materials manufacturing, 17.45% from aluminum materials for new energy batteries, and 3.03% from other businesses [1] - As of the report, Lier Technology has a market capitalization of 5.3 billion yuan [1]

Economic Performance Overview - All 31 provinces in China have reported their economic data for the first half of the year, showing resilience and steady growth despite a complex environment, with 22 provinces achieving growth rates at or above the national average of 5.3% [1][2] - Tibet led the growth with a rate of 7.2%, while several provinces such as Gansu (6.3%), Hubei (6.2%), and Zhejiang (5.8%) also showed strong performance [2] Regional Economic Contributions - The top ten provinces by GDP in the first half of the year included Guangdong (68,725.4 billion), Jiangsu (66,967.8 billion), and Shandong (50,046 billion), with Guangdong maintaining its position as the largest economy [3] - The total import and export value of Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong accounted for 64.1% of the national total, reflecting a year-on-year growth of 4.8% [3] Policy and Investment Trends - Policies aimed at boosting domestic demand and technological upgrades have been implemented, with significant increases in equipment investment in Beijing (99% growth) and retail sales in Zhejiang showing over 60% growth in certain categories [4][5] - The manufacturing sector has seen robust growth, with provinces like Anhui and Hunan reporting increases in industrial output and profits exceeding national averages [4][5] Emerging Industries and Innovations - In the eastern region, industries such as artificial intelligence and high-tech manufacturing in provinces like Zhejiang and Fujian have shown double-digit growth [5] - The western provinces are also advancing, with Sichuan reporting substantial increases in the production of new energy vehicles and solar batteries [5] Future Economic Strategies - Provinces are focusing on expanding domestic demand, enhancing new productivity, and deepening reforms to ensure sustainable economic growth in the second half of the year [7][8] - Specific strategies include Guangdong's emphasis on consumption, investment, and exports, while Jiangsu aims to enhance its market and innovation capabilities [8][9]

Core Viewpoint - The company plans to transfer 27.89% of its stake in Shanghai Zijiang New Materials Technology Co., Ltd. to Shanghai Weitai Industrial Automation Co., Ltd. for RMB 298.52 million, while retaining a 31.05% stake post-transaction [1][2][3] Summary by Sections Transaction Overview - The company holds 58.94% of Zijiang New Materials and intends to transfer 16,562,301 shares, representing 27.89% of the total shares, to Weitai [2][3] - The transaction is classified as a related party transaction and does not constitute a major asset restructuring [1][2] - Approval from Weitai's shareholders and relevant regulatory bodies is required for the transaction to proceed [1][5] Financial Details - The valuation of Zijiang New Materials was assessed at RMB 1.1 billion, reflecting a net asset appreciation of RMB 564.996 million, with an appreciation rate of 105.61% [3][14] - The agreed transfer price of RMB 298.52 million is based on the assessed value, with a payment structure involving installments [3][23] Related Party Transaction - The transaction involves related parties, as Weitai is controlled by the same individual as the company, and there are no other significant related transactions in the past 12 months [2][6][8] - The company’s board approved the transaction with a majority vote, and independent directors reviewed it prior to the board meeting [5][27] Impact on Company - The transaction is expected to positively influence the company's net profit by approximately RMB 250 million for the fiscal year 2025 [26] - Post-transaction, Zijiang New Materials will no longer be included in the company's consolidated financial statements, clarifying the company's core business focus [26][27] Regulatory Compliance - The transaction must comply with relevant legal and regulatory requirements, including approvals from Weitai's shareholders and other necessary permits [5][27] - The company has ensured that the transaction adheres to market principles and does not harm the interests of shareholders [26]

Economic Overview - The overall economy of the province has stabilized and shown progress, with key indicators such as consumer market, industrial production, and new productivity performing well, indicating a trend towards high-quality development [1] Consumer Market - The consumer market in the province continues to show a steady upward trend, with the total retail sales of social consumer goods in May increasing by 6.3% year-on-year, accelerating by 1.3 percentage points compared to April [1] - From January to May, the total retail sales of social consumer goods grew by 5.6% year-on-year, with a slight acceleration of 0.1 percentage points compared to the previous four months [1] - The "old-for-new" policy has effectively stimulated consumption, with related goods in categories such as automobiles, home appliances, 3C digital products, and home goods achieving a total retail sales of 67.22 billion yuan in May, a year-on-year increase of 18.6% [2] - Green and smart products are experiencing rapid growth, with year-on-year increases in sales of new energy vehicles, smartphones, and energy-efficient appliances ranging from 28.8% to 147.0% [2] Industrial Production - The industrial economy of the province has maintained a relatively fast growth rate, with the added value of industrial enterprises above designated size increasing by 6.2% year-on-year in May [2] - Among the 40 industrial categories, 30 reported year-on-year growth, resulting in a growth coverage of 75% [2] - Key industries such as electronics, automobiles, and aerospace have shown significant growth rates of 13.5%, 11.6%, and 12.7% respectively [2] - High-tech manufacturing and digital product manufacturing have outpaced overall industrial growth, with increases of 9.8% and 9.7% year-on-year [3] Investment Trends - Infrastructure investment has maintained a rapid growth rate, with a year-on-year increase of 8.7% from January to May, contributing 1.3 percentage points to overall investment growth [3] - Significant growth in infrastructure projects with planned total investments of 500 million yuan and above, with increases of 7.2% and 8.8% respectively [3] - Key sectors such as electricity and heat production, water transportation, and internet services have seen investment growth rates of 58.9%, 32.3%, and 49.4% respectively [3]

Market Overview - On May 30, the three major A-share indices collectively declined, with the Shanghai Composite Index falling by 0.47% to 3347.49 points, the Shenzhen Component Index down by 0.85% to 10040.63 points, and the ChiNext Index decreasing by 0.96% to 1993.19 points [1]. Fund Manager Changes - In the past 30 days (April 30 to May 30), a total of 513 fund managers have left their positions across various funds. On May 30 alone, 39 funds announced changes in fund managers, with 6 leaving due to job changes and 2 due to personal reasons [1]. - Notable fund managers who left include those managing a total of 15 funds and 24 funds respectively, indicating significant turnover that could impact fund performance [1]. New Fund Managers - New fund managers have taken over several funds, including Yan Peixian at China Europe Fund, managing assets totaling 12.365 billion yuan, with a notable return of 87.82% over 10 years and 49 days on the China Europe Pure Bond One Year A fund [3]. - Other new appointments include managers for the China Europe Xingyue Bond A and C funds, as well as the China Europe Xingying One Year Open Bond Initiation fund [3]. Fund Research Activity - In the last month, Huaxia Fund conducted the most company research, engaging with 67 listed companies, followed by Bosera Fund with 62 and Harvest Fund with 60 [5]. - The most researched industry was specialized equipment, with 278 instances of fund company inquiries, followed by the medical device sector with 210 inquiries [5]. Individual Stock Research - The most researched stock in the past month was Zhaowei Electromechanical, with 88 fund management companies participating in the research, followed by Anji Technology and Heng'erda with 82 and 80 respectively [6]. - In the past week (May 23 to May 30), Huafeng Technology led with 33 fund institutions conducting research, followed by Jucheng Co., Kexing Pharmaceutical, and Aisen Co. with 27, 24, and 17 respectively [6].

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 大连达利凯普科技股份公司 （Dalian Dalicap Technology Co.,Ltd.） （辽宁省大连市金州区董家沟街道金悦街 21 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 大连达利凯普科技股份公司 招股说明书（注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之 ...