Group 1 - The Shanghai and Shenzhen Stock Exchanges received one new IPO application last week, marking the second IPO application accepted in the second half of this year [1] - Suzhou Lianxun Instrument Co., Ltd. is the newly accepted company, applying for listing on the Sci-Tech Innovation Board with a proposed financing of 1.954 billion yuan [1] - The company specializes in the research, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment, with projected revenues of 214 million yuan, 276 million yuan, 789 million yuan, and 201 million yuan for the years 2022 to 2025 Q1 [1] Group 2 - The company has indicated risks of declining operating performance due to industry cycles, market fluctuations, and increased costs, which could lead to a potential drop in operating profit exceeding 50% or even losses in extreme cases [2] - Accounts receivable balances at the end of each reporting period were 896.297 million yuan, 1.36 billion yuan, 2.55 billion yuan, and 3.05 billion yuan, representing 41.81%, 49.16%, 32.28%, and 37.95% of the respective revenues [2] Group 3 - Three companies passed the IPO review during the week, including Xi'an Yiswei Material Technology Co., Ltd., which is the first unprofitable company accepted for listing after the release of new policies [3] - Two companies received IPO approval, including Marco Polo Holdings Co., Ltd., which took over two years from application acceptance to receiving the registration approval [3] - One company, Wuxi Sunshine Precision Machinery Co., Ltd., terminated its IPO review, citing high customer concentration and reliance on a single major customer as risks [4]

Core Viewpoint - The report highlights the strong performance of Tonghui Electronics in the first half of 2025, with significant growth in net profit and a positive outlook for future product development and market competitiveness [1][4]. Financial Performance - In H1 2025, the company achieved a revenue of 100.58 million yuan, a year-on-year increase of 16.81% [1] - The net profit attributable to shareholders reached 29.31 million yuan, up 55.40% year-on-year [1] - The company's net profit growth outpaced revenue growth, with a net profit margin of 29.11%, an increase of 7.31 percentage points year-on-year [2] Product Development and R&D - The company maintained a high level of R&D investment, with R&D expenses amounting to 13.64 million yuan in H1 2025, a 15.18% increase year-on-year [3] - The company has a robust patent portfolio, including 68 software copyrights and 83 authorized patents, with 56 being invention patents [3] - New product launches, particularly in semiconductor testing and analysis, are expected to enhance the company's product matrix and market competitiveness [3] Investment Outlook - The company is projected to have EPS of 0.38, 0.46, and 0.56 yuan for 2025-2027, corresponding to P/E ratios of 67, 56, and 46 times [4] - The focus on electronic measurement instruments and expansion into semiconductor and renewable energy testing is expected to drive future growth [4]

Group 1: IPO Market Trends - The enthusiasm for mainland companies to list in Hong Kong has significantly increased, with around 20 projects currently in progress [1] - In the first seven months of the year, Hong Kong's IPO market recorded 53 new listings, raising approximately HKD 127 billion, a year-on-year increase of over six times [4] - The Hong Kong IPO market has become more accommodating for unprofitable companies, with flexible market capitalization requirements [1][4] Group 2: Company Specifics - Luxshare Technology - Luxshare Technology plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its global strategy and international brand image [2] - In 2024, Luxshare Technology achieved total revenue of CNY 3.717 billion, a year-on-year growth of 34.07%, and a net profit of CNY 258 million, up 97.03% [2] - The company's product structure shows that enameled wire accounts for 50.26% of revenue, high-altitude operation equipment 28.44%, and photovoltaic power generation 19.05% [2] Group 3: Growth Areas and Future Plans - Luxshare Technology's overseas sales reached CNY 120 million in 2024, a year-on-year increase of 140.33%, contributing to 3.24% of total revenue [2] - The company is focusing on silicon carbide business, which is crucial for semiconductor chip production [3] - Other companies like Junsheng Electronics and Wanxing Technology are also pursuing Hong Kong listings to support their global expansion and financing needs [5][6]

Group 1 - The latest stock price of Puyuan Precision Electric is 36.49 yuan, up 0.55% from the previous trading day, with a trading volume of 0.75 billion yuan and a fluctuation of 2.56% [1] - Puyuan Precision Electric specializes in the research, production, and sales of electronic measurement instruments, with applications in communication, semiconductors, and automotive electronics [1] - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to further advance its global strategic layout, indicating that the Hong Kong market's financing capabilities will support its core technology breakthroughs and global market expansion [1] Group 2 - As of August 12, 2025, the main capital outflow for Puyuan Precision Electric was 6.859 million yuan, accounting for 0.28% of the circulating market value, with a cumulative net outflow of 3.2846 million yuan over the past five days, representing 0.13% of the circulating market value [1]

Core Viewpoint - Puyuan Precision Electric plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image while diversifying financing channels [2][5]. Group 1: Company Actions - The company will consider the interests of existing shareholders and the conditions of domestic and international capital markets when determining the timing and issuance window for the H-share offering [5]. - Puyuan Precision Electric has appointed Deloitte as the auditing firm for the H-share issuance and the first overseas audit after the listing [5]. - The company is actively discussing related work with intermediaries regarding the H-share issuance and listing, with specific details yet to be finalized [5]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 776 million yuan, representing a year-on-year increase of 15.7%, while the net profit attributable to shareholders decreased by 14.5% to 92.3 million yuan [6]. - In the first quarter of 2025, the company reported a revenue of 168 million yuan, up 11.14% year-on-year, but the net profit attributable to shareholders fell by 40.03% to 3.78 million yuan [7]. Group 3: Market Position - As of August 8, the company's stock price closed at 35.94 yuan per share, with a total market capitalization of 6.98 billion yuan [8].

Core Viewpoint - Company Puyuan Precision Electric (688337) plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its international brand image and diversify financing channels [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 168 million yuan, a year-on-year increase of 11.14% [1] - The sales revenue of self-developed core technology platform products grew by 39.21% year-on-year, accounting for 46.69% of total revenue [1] - The R&D expense ratio reached 31.54%, with increases in R&D personnel salaries and equipment depreciation impacting net profit [1] Group 2: Strategic Developments - The company is establishing R&D centers in Xi'an, Shanghai, and Penang, Malaysia, and has set up overseas subsidiaries in Portland, Munich, Tokyo, Singapore, South Korea, and Malaysia [2] - The acquisition of 100% of Naisou Electronics has strengthened the company's strategic deployment in the solutions sector, leading to the release of SUA8000 modular instruments and SPQ array testing solutions [2] - The company is transitioning from a product-centric approach to a customer solutions-centric strategy, with the acquisition accelerating this shift and enhancing the technical matrix of "instrument ecosystem + system-level solutions" [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced structural growth in demand within the consumer electronics and new energy sectors, with a significant increase in net profit attributable to shareholders by 55% year-on-year in H1 2025 [2] - The company's revenue for H1 2025 reached 101 million yuan, representing a year-on-year increase of 16.81%, while the net profit attributable to shareholders was 29 million yuan, up 55.40% year-on-year [2] - The growth in performance is primarily driven by the implementation of the new "old-for-new" policy and the gradual recovery of domestic industrial product demand, particularly in testing needs for consumer electronics and new energy [2][3] Summary by Sections Financial Performance - In Q2 2025, the company's revenue was 61 million yuan, with a quarter-on-quarter increase of 12.74% and a year-on-year increase of 57.31%. The net profit attributable to shareholders was 19 million yuan, with a quarter-on-quarter increase of 34.08% and a year-on-year increase of 95.31% [2] - The gross profit margin for H1 2025 improved by 2.11 percentage points to 57.69%, while the net profit margin increased by 7.31 percentage points to 29.11% [2] Business Segments - The revenue from component parameter testing instruments increased by 9.14% year-on-year to 45 million yuan, accounting for 45% of total revenue, with a gross margin of 65.04% [3] - The revenue from safety wire testing instruments rose by 10.74% year-on-year to 23 million yuan, representing 22.54% of total revenue, with a gross margin of 43.93% [3] - The weak signal detection instruments benefited from increased demand in the semiconductor industry, with revenue growing by 37.59% year-on-year to 20 million yuan, accounting for 19.84% of total revenue, and a gross margin of 57.25% [3] Product Development and Market Expansion - The company has continuously optimized its product structure and introduced competitive new products, moving towards the mid-to-high-end market. In 2024, it plans to launch seven new products, including battery pack internal resistance testing systems and modular wire harness testing systems [4] - The company has sufficient production capacity, with the new factory capable of producing 65,000 sets of intelligent electronic measuring instruments annually, effectively overcoming capacity bottlenecks [4] - The company plans to invest 100,000 euros to establish a wholly-owned subsidiary in Munich, Germany, to enhance its market share in Europe and expand overseas business [4]

IPO Pipeline Overview - As of July 27, there are 305 companies in the IPO pipeline, with 30 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 30 on the Growth Enterprise Market, and 183 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 24 accepted, 223 under inquiry, 12 approved, 27 suspended, and 19 registered [3] Newly Listed Companies - During the period from July 21 to July 27, two companies were newly listed: Shandong Shanda Electric Power Technology Co., Ltd. on the Growth Enterprise Market and Jiyuan Group Co., Ltd. on the Shanghai Main Board [4] - Shandong Shanda Electric Power Technology Co., Ltd. closed at 66.85 CNY per share, with a surge of 356.00% and a trading volume of 22.22 billion CNY, achieving a turnover rate of 82.61% [4][6] - Jiyuan Group Co., Ltd. closed at 40.75 CNY per share, with an increase of 274.54% and a trading volume of 13.72 billion CNY, achieving a turnover rate of 80.75% [6] New Counseling Record Companies - Six companies were newly recorded for counseling from July 21 to July 27, including Guangde Tianyun New Technology Co., Ltd. and Beijing Yingshirui Technology Co., Ltd. [7] - Guangde Tianyun New Technology Co., Ltd. focuses on the development, production, and sales of automotive sunroofs and interior components [8] - Beijing Yingshirui Technology Co., Ltd. integrates advanced cloud computing and AI technologies to provide digital service solutions for environmental monitoring [8] CSRC Review Status - Qingdao Taikaiying Special Tire Co., Ltd. successfully passed the review, while Xiamen Hengkang New Materials Technology Co., Ltd. was postponed [10] - Qingdao Taikaiying specializes in the design, research, sales, and service of tires for the mining and construction industries [12] CSRC Registration Approval - Three companies received registration approval from July 21 to July 27: Ningbo Nengzhiguang New Materials Technology Co., Ltd., Shanghai Balanshi Automotive Testing Equipment Co., Ltd., and Beijing Haochuang Ruitong Electric Equipment Co., Ltd. [14] - Ningbo Nengzhiguang focuses on the research, production, and sales of polymer additives and functional polymer materials [16] - Shanghai Balanshi specializes in automotive maintenance and testing equipment [17] Termination of Review - No companies withdrew from the review process during the period from July 21 to July 27 [20]

Core Viewpoint - The China Securities Regulatory Commission has accepted the application for the initial public offering (IPO) and listing guidance of China Electronics Technology Group Corporation Si Yi Technology Co., Ltd., with the filing date set for July 23, 2025, and the guiding institution being Guotai Junan Securities [1] Group 1: Company Background - Si Yi Technology was established in 2015 and specializes in the research, development, manufacturing, and sales of electronic measurement instruments, with main products including complete machines, testing systems, and components [4] - The company previously applied for an IPO on the Sci-Tech Innovation Board in December 2022, which was accepted by the Shanghai Stock Exchange, with the sponsoring institution being CITIC Securities [3][4] Group 2: Financial Performance - The company's revenue for the years 2020, 2021, and 2022 was 1.2508 billion, 1.5131 billion, and 1.9492 billion yuan respectively, while net profits were 119.04 million, 191.33 million, and 227.87 million yuan [5] - The non-recurring net profits for the same years were 67.54 million, 152.27 million, and 198.04 million yuan, indicating a steady growth trend [5] - Government subsidies accounted for a significant portion of the total profit, with proportions of 46.54%, 22.59%, and 17.18% for the respective years [5] Group 3: IPO Fund Utilization - The previous IPO fundraising plan included projects such as the renovation and expansion of high-end electronic measurement instrument production lines, R&D and industrialization of new-generation mobile communication testing, and the establishment of a technology innovation center, with a total intended investment of 1.206 billion yuan [6] - The total planned investment for these projects was 1.2055 billion yuan, with specific allocations for each project [6] Group 4: Shareholding Structure - China Electronics Technology Group Corporation directly holds 41.74 million shares of Si Yi Technology, accounting for 50.54% of the total share capital, making it the controlling shareholder and actual controller of the company [6]

Group 1 - The core viewpoint is that China Electronics Technology Group Corporation's subsidiary, Electric Measurement Technology Co., Ltd. (referred to as "Electric Measurement"), is making a renewed attempt to go public after withdrawing its IPO application in 2023, indicating its ambition to access capital markets again [1] - Electric Measurement is a leading enterprise in the domestic electronic measurement instrument sector, with a strong focus on R&D, manufacturing, and sales, and it holds the largest market share in this field [1] - The company has the largest professional R&D team in China and is a leader in terahertz technology, being one of the earliest research teams globally in this area [1] Group 2 - The electronic measurement instrument market is crucial for high-end manufacturing, defense technology, telecommunications, and aerospace, with increasing demand driven by the rapid development of domestic industries such as 5G and semiconductors [2] - The market has been dominated by international giants like Keysight and Rohde & Schwarz, resulting in a low domestic production rate [2] - If the IPO is successful, Electric Measurement is expected to gain more financial support to accelerate its core technology development and market expansion [2]