Summary of Key Points Core Viewpoint The news highlights the recent activities in the IPO market, including new listings, applications for IPOs, and financial data of companies preparing for public offerings. It emphasizes the performance of newly listed companies and their market potential. Group 1: New Listings - Shanghai Stock Exchange had no new listings, while Shenzhen Stock Exchange's ChiNext saw one company, Shihang New Energy, listed on April 2, with a first-day increase of 244.49% and a market value of approximately 12.4 billion yuan [3][4]. - Jiangsu Hongxin was listed on the Hong Kong Stock Exchange on March 31, with a closing price of 2.51 HKD per share, a slight increase from its issue price of 2.50 HKD, resulting in a market value of about 540 million HKD [10][34]. Group 2: IPO Applications - No companies submitted IPO applications on the Shanghai or Shenzhen stock exchanges during the period [6]. - Seven companies submitted IPO applications on the Hong Kong Stock Exchange, including: - Lens Technology, a leading provider of precision manufacturing solutions for smart terminals [16]. - Jiaxin International, focused on tungsten mining in Kazakhstan, with significant resources and production capabilities [20][21]. - Shangdingxin, a fabless power semiconductor supplier [24][25]. - Wenda Technology, providing smart city solutions and property services [26][28]. - Dongpeng Beverage, a leading functional beverage company in China, with a market share increase from 15.0% in 2021 to 26.3% in 2024 [31]. - Lalamove, a logistics platform with a significant market share in China [35][36]. - Xin Hehua, a major supplier of traditional Chinese medicine products [38][39]. Group 3: Financial Data - Shihang New Energy reported a revenue increase of 154.15% from its issue price [3]. - Lens Technology projected revenues of 46.6 billion yuan, 54.3 billion yuan, and 69.8 billion yuan for 2022, 2023, and 2024, respectively, with net profits increasing by 20.72% and 20.88% in 2023 and 2024 [18]. - Jiaxin International has not generated revenue yet, with projected net losses of 94.45 million HKD, 80.13 million HKD, and 177 million HKD for 2022, 2023, and 2024 [22]. - Dongpeng Beverage's revenues are expected to grow from 8.5 billion yuan in 2022 to 15.8 billion yuan in 2024, with net profits increasing significantly [32]. - Lalamove's revenues are projected to rise from 1.036 billion USD in 2022 to 1.593 billion USD in 2024, with adjusted net profits turning positive in 2024 [36].

Group 1: Baijiu Industry - The current PE-TTM for the baijiu sector is 19.31 times, which is at the 6.18% percentile over the past decade, indicating significant safety margins [1] - High-end baijiu brands like Kweichow Moutai and Wuliangye are expected to maintain market share through "price protection and volume control" strategies, with projected net profit growth rates of 13.3% and 12.7% for 2024 respectively [1] - Regional leaders such as Shanxi Fenjiu and Jinshiyuan are benefiting from channel penetration and the recovery of banquet scenarios, with sales growth expected to exceed 30% during the 2025 Spring Festival [1] Group 2: Consumer Goods - The beer sector continues to see high-end trends, with Qingdao Beer achieving an ASP of 4200 yuan per thousand liters and Yanjing Beer having over 25% revenue contribution from its U8 flagship product [3] - Functional beverages like Dongpeng Beverage, which holds a 31% market share, are rapidly expanding into coffee and energy tea, with a projected revenue growth of 45% year-on-year by Q4 2024 [4] - Health drinks such as Xiangpiaopiao's zero-sugar freeze-dried fruit tea have seen online sales double, with a projected PE of only 20 times in 2025 [5] Group 3: Snacks and Prepared Foods - Online sales for snack brands like Three Squirrels have surged, with a 200% year-on-year increase in GMV through Douyin, while Yanjinpuzi's quail egg product has annual sales of 1 billion [7] - The prepared food sector is benefiting from B-end restaurant recovery and C-end penetration, with companies like Anjifood seeing 30% of their revenue from prepared foods after acquiring Frozen Food Mr. [8] Group 4: Seasoning and Baking Supply Chain - Leading seasoning brands like Haitian Flavoring have reduced channel inventory to 2.5 months, while Qianhe Flavoring has over 50% revenue from zero-additive soy sauce, benefiting from restaurant recovery and household consumption upgrades [10] - Yeast leader Angel Yeast is experiencing over 25% growth in overseas revenue due to capacity release and cost reductions [11] - Innovations in raw materials are seen in companies like Lihai Foods, which has a 60% year-on-year increase in cream revenue, and Huirong Technology, with 30% of its plant-based cream revenue coming from exports [12] Group 5: New Tea Beverage Supply Chain - The IPO of Mixue Ice City has a significant impact, with a frozen capital of 1.77 trillion HKD, benefiting related A-share companies in the supply chain [14] - Companies like Anjifood and Xianle Health are positioned as suppliers of jam and frozen fruits, while Yudong Technology and Hexing Packaging are focusing on eco-friendly solutions and cost advantages in packaging materials [15][16] - The global expansion plan of Mixue, with 46,000 stores, could lead to a 30%+ increase in orders for supply chain companies [17] Group 6: Policies and Industry Trends - The Chinese government's "restore and expand consumption" policy is expected to result in over 300 billion yuan in consumer subsidies by 2025, directly benefiting the food and beverage sector [18] - Retail sales are projected to grow by 3.5% year-on-year in 2024, with health food categories (low-sugar/low-fat) expected to exceed 20% growth [19] - Valuation shifts are evident, with many sub-sectors like seasoning having a PE of 28 times compared to a historical average of 40 times, alongside noticeable foreign capital inflows [19]