Market Performance - On December 22, 2025, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3917.36 points, up 0.69%, the Shenzhen Component Index at 13332.73 points, up 1.47%, and the ChiNext Index at 3191.98 points, up 2.23%. Over 2900 stocks rose, and the total trading volume in the Shanghai and Shenzhen markets was 1.86 trillion yuan, an increase of 130 billion yuan from the previous trading day [1] - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing up 0.43% at 25801.77 points and a total trading volume of 169.77 billion HKD. The Hang Seng Tech Index rose by 0.87% to 5526.83 points [1] - In the U.S. stock market, all three major indices continued to rise for three consecutive days, with the Dow Jones Industrial Average up 0.47% to 48362.68 points, the S&P 500 up 0.64% to 6878.49 points, and the Nasdaq Composite up 0.52% to 23428.83 points [1] New Stock Listings - Xihua Technology, with stock code 603248, was listed at an issue price of 10.1 yuan per share and an earnings ratio of 33.12 times. The company specializes in the R&D, manufacturing, and sales of high-end equipment components, primarily focusing on wind power gearbox components [2] - Tian Su Measurement, with stock code 301449, was listed at an issue price of 36.8 yuan per share and an earnings ratio of 21.78 times. It is a national independent third-party measurement and testing service provider, serving various sectors including biomedicine, automotive, new energy, and rail transportation [2] Important News - The Shanghai Futures Exchange announced adjustments to trading limits for silver futures contracts, effective December 24, 2025. Non-futures company members and certain foreign participants will have a maximum daily opening position limit of 10,000 contracts for the AG2602 contract [3] - The Ministry of Commerce of China will implement temporary anti-subsidy measures on imported dairy products from the EU starting December 23, 2025, due to preliminary findings of subsidies causing substantial harm to the domestic dairy industry [3]

Core Viewpoint - The article discusses the IPOs of several companies, including 蘅东光, 天溯计量, and 锡华科技, highlighting their business models, market positions, and potential risks associated with their operations. Group 1: 蘅东光 - 蘅东光, established in September 2011, specializes in the R&D, manufacturing, and sales of passive optical devices in the optical communication field, recognized as a national high-tech enterprise [2] - The company has achieved significant technological milestones, including 111 domestic patents and 1 international patent, and has established long-term partnerships with major clients like AT&T, Verizon, and Google [2] - 蘅东光's assets and revenue are projected to grow rapidly, with a compound annual growth rate (CAGR) of 61.34% for total assets and 66.33% for revenue from 2022 to 2024 [3] Group 2: 天溯计量 - 天溯计量, founded in 2009, is an independent third-party measurement and testing service provider, offering calibration, testing, and certification services across various fields [4] - The company has developed extensive battery testing capabilities and serves notable clients in the new energy sector, including 中创新航 and 小鹏汽车 [4] - 天溯计量's gross margin has shown a declining trend, with figures of 52.67%, 53.86%, 53.40%, and 51.56% from 2022 to the first half of 2025, indicating potential pricing pressures in the market [5][6] Group 3: 锡华科技 - 锡华科技 focuses on the R&D, manufacturing, and sales of specialized components for large high-end equipment, particularly in the wind power sector, and is recognized for its comprehensive service capabilities [6] - The company has a high customer concentration risk, with revenue from its top five clients accounting for over 90% of its main business income from 2022 to 2025 [7] - 锡华科技 aims to reduce its customer concentration by expanding its production capacity and acquiring new clients, although it remains vulnerable to fluctuations in its major clients' performance [7] Group 4: 纳百川 - 纳百川, established in 2007, specializes in thermal management products for electric vehicle batteries and fuel vehicles, being one of the early entrants in the new energy vehicle sector [8] - The company has a strong partnership with 宁德时代, with significant revenue dependence on this client, accounting for over 44% of its sales from 2022 to the first quarter of 2025 [9][10] - Despite its growth, 纳百川 acknowledges the risks associated with its reliance on 宁德时代, particularly if market conditions change and demand decreases [10]

Group 1: New IPOs - Five new stocks are available for subscription this week, including Nabichuan and Youxun Co. on Monday, Yuanchuang Co. on Tuesday, and Tianshu Measurement and Xihua Technology on Friday [1][2][3] - Nabichuan focuses on thermal management products for new energy vehicles and fuel vehicles, with an IPO price of 22.63 yuan per share and projected revenues of 10.31 billion yuan in 2022, increasing to 14.37 billion yuan in 2024 [1] - Youxun Co., a leader in optical communication, has an IPO price of 51.66 yuan per share, with expected revenues of 3.39 billion yuan in 2022, rising to 4.10 billion yuan in 2024 [2] - Yuanchuang Co. specializes in rubber tracks, with an IPO price of 24.75 yuan per share and projected revenues of 12.61 billion yuan in 2022, decreasing to 11.41 billion yuan in 2023 before increasing again in 2024 [2] - Tianshu Measurement, a high-tech enterprise, plans to raise 4.24 billion yuan for various projects, with projected revenues of 7.26 billion yuan in 2023, increasing to 8 billion yuan in 2024 [3] - Xihua Technology focuses on high-end equipment components, with a significant revenue increase of 35.35% in the first three quarters of 2025 [3] Group 2: Market Performance - The A-share market has seen over a hundred new stocks listed this year, with none experiencing a drop in price post-IPO [4] - The average first-day increase for new stocks exceeds 200%, with the recent "domestic GPU first stock" Moer Thread rising by 425.46% on its debut [4] - Estimated profit for a single subscription of Moer Thread is approximately 243,100 yuan, making it one of the most profitable IPOs since 2020 [4]

股票简称：天溯计量 股票代码：301449 深圳天溯计量检测股份有限公司 SHENZHEN TIANSU CALIBRATION AND TESTING CO., LTD. （深圳市龙岗区宝龙街道宝龙社区锦龙大道2号1栋1层-6层、4栋1层-5层、2栋1 层-2层） 首次公开发行股票并在创业板上市 上市公告书 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 深圳天溯计量检测股份有限公司 上市公告书 特别提示 深圳天溯计量检测股份有限公司（以下简称"天溯计量""公司""本公 司"或"发行人"）股票将于 2025 年 12 月 23 日在深圳证券交易所创业板上 市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面 临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露 的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发 行股票并在创业板上市招股说明书中的相同。如本上市公告书中合计数与各加 数直接 ...

Core Insights - The company aims to enhance its technical capabilities, expand its service network, and optimize operational efficiency through strategic projects funded by its upcoming IPO [1][2] - The company has established itself as a national high-tech enterprise and has received various recognitions, including being named a champion enterprise in Guangdong's manufacturing sector in 2024 [1][2] Financial Performance - The company's revenue for 2023, 2024, and the first half of 2025 is reported at 726 million, 800 million, and 409 million respectively, while the net profit attributable to the parent company is 101 million, 111 million, and 55.57 million [2] Business Development - The company focuses on industrial metrology services and has developed twelve core technologies, serving strategic emerging industries such as biomedicine and high-end equipment [2] - The company plans to leverage its metrology calibration and testing services to become a leading enterprise in the domestic metrology and testing field by enhancing its laboratory network and continuing technological innovation [2]

Company Overview - Tian Su Measurement, established in 2009, is a national, comprehensive independent third-party measurement and testing service provider, specializing in calibration, testing, and certification services [1] - The company has developed into a national high-tech enterprise and has received various accolades, including being recognized as a "single champion enterprise" in Guangdong Province's manufacturing sector [1] Financial Performance - For the period from 2023 to the first half of 2025, Tian Su Measurement reported revenues of 726 million yuan, 800 million yuan, and 409 million yuan respectively, with net profits of 101 million yuan, 111 million yuan, and 55.576 million yuan [2] - The company has shown a positive growth trend in both revenue and net profit [2] Research and Development - From 2022 to the first half of 2025, the company invested a total of 108 million yuan in research and development [2] - As of August 31, 2025, Tian Su Measurement has obtained 133 patents, including 43 invention patents, showcasing its commitment to technological innovation [2] Market Position and Client Relationships - Tian Su Measurement has established long-term partnerships with major corporations such as Shougang Group, China Railway, and State Grid, resulting in a high client retention rate and stable revenue streams [2] - The company operates 27 laboratories across the country, enabling a grid-based market layout for rapid response and efficient service [2] Industry Trends - The measurement and calibration industry has seen growth from 607 institutions in 2016 to 791 in 2023, with a compound annual growth rate of 3.85% [3] - The total revenue of calibration institutions has increased from 5.668 billion yuan in 2016 to an estimated 11.604 billion yuan in 2024, reflecting a compound annual growth rate of 9.37% [3] - The industry is experiencing a trend towards concentration, with larger institutions benefiting from opportunities for branding and internationalization [3]

Group 1: Company Overview - Yuxin Co., Ltd. is a leading enterprise in the domestic optical communication chip sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [2] - Nabichuan specializes in thermal management systems for new energy vehicles and has established itself as a key supplier for major manufacturers like CATL and Sungrow [4][5] - Yuanchuang Co., Ltd. is a major player in the rubber track industry, providing products for agricultural and engineering machinery [7] - Xihua Technology is a global leader in manufacturing specialized components for large high-end equipment, particularly in the wind power sector [9][10] - Tiansu Measurement is a comprehensive independent third-party measurement and testing service provider, serving various sectors including biomedicine and new energy [12] Group 2: Financial Performance - Yuxin Co., Ltd. projected revenues for 2022, 2023, and 2024 are 339 million, 313 million, and 411 million yuan respectively, with net profits of approximately 81.4 million, 72.1 million, and 77.9 million yuan [3] - Nabichuan's expected revenues for the same period are 1.031 billion, 1.136 billion, and 1.437 billion yuan, with net profits of 113 million, 98 million, and 95 million yuan [6] - Yuanchuang Co., Ltd. anticipates revenues of 1.261 billion, 1.141 billion, and 1.349 billion yuan, with net profits of 139 million, 178 million, and 155 million yuan [7][8] - Xihua Technology's projected revenues are 942 million, 908 million, and 955 million yuan, with net profits of 183 million, 177 million, and 142 million yuan [10][11] - Tiansu Measurement expects revenues of 597 million, 726 million, and 800 million yuan, with net profits of 84 million, 101 million, and 111 million yuan [13] Group 3: Investment Plans - Yuxin Co., Ltd. plans to invest raised funds into the development and industrialization of next-generation access network and high-speed data center chips, as well as vehicle-mounted chip projects [3] - Nabichuan intends to use its raised funds for the production of water-cooled plates and to supplement working capital [6] - Yuanchuang Co., Ltd. will invest in production base construction, technology center development, and working capital [8] - Xihua Technology aims to invest in the industrialization of core wind power equipment and the establishment of a research and development center [11] - Tiansu Measurement's funds will be directed towards enhancing measurement capabilities, building regional laboratories, and digital center projects [13]

Core Viewpoint - Shenzhen Tian Su Measurement Testing Co., Ltd. has received approval for its initial public offering (IPO) of A-shares on the ChiNext board, with a total issuance of 16,304,348 shares at a price of RMB 36.80 per share [1][2]. Group 1: Issuance Details - The IPO will be conducted through a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public [1]. - The initial strategic placement was set at 2,445,651 shares, accounting for 15% of the total issuance, with the final strategic placement adjusted to 1,630,434 shares, representing 10% of the total [2][3]. - The final allocation after the strategic placement resulted in 7,581,414 shares for offline issuance and 7,092,500 shares for online issuance, with a final online subscription rate of 0.0144% [3]. Group 2: Subscription and Payment - The subscription and payment for the new shares concluded on December 16, 2025, with strategic placement investors fulfilling their payment obligations [4][5]. - The total number of shares subscribed by offline investors was 7,580,500, with a total payment amounting to RMB 278,962,400 [10]. Group 3: Underwriting and Fees - The total issuance costs amounted to RMB 75.3686 million, including underwriting fees of RMB 60 million and other associated costs [12]. - The underwriting firm, China Merchants Securities, will underwrite all shares that were not subscribed by investors, totaling 52,370 shares [9][11].

Group 1 - The core business of Jiangtian Technology is to provide label integration for mid-to-high-end consumer brands, with a focus on self-adhesive labels for various sectors [2][3] - The company has a total market capitalization of 1.121 billion yuan and an issuance price of 21.21 yuan, with a price-to-earnings ratio of 14.5 [2] - In the past three years, the company's revenue has shown significant growth, with 2023 revenue at 508 million yuan (+53.00%) and a projected net profit of 538 million yuan for 2024 (+6.00%) [3] Group 2 - The company has a market share of 58.09% from its top five customers in 2024, indicating strong customer reliance [3] - The main revenue sources include 79.58% from film-based self-adhesive labels, 14.75% from paper-based self-adhesive labels, and 5.38% from other printing products [2] - The fundraising will be directed towards the construction of intelligent production lines for packaging printing products and technology research and development [3]

| 配售对象 | 有效申购股 数(万股) | | 12 2019 | | 各类投资者配 | | --- | --- | --- | --- | --- | --- | | A 类投资者 | 2.289.920 | 65.98% | 5.333.651 | 70.35% | 0.02329187% | | B 类型容者 | 1.180.580 | 34.02% | 2.247.763 | 29.65% | 0.01903948% | | 2217 | 3,470,500 | 100.0% | 7.581.414 | 100.00% | | | 25084 115 80 | | 庆配股数(股) | 获配金额(元) | | 限售期 | | | | 1.630.434 | 59.999.971.20 | | 12个月 | 特别提示 深圳天溯计量检测股份有限公司(以下简称"天溯计量"、"发行人"或"公司")首次公开发行人民币普通股 (A股)并在创业板上市(以下简称"本次发行")的申请已经深圳证券交易所(以下简称"深交所")上市委会议 审议通过,并已获中国证券监督管理委员会同意注册(证监许可〔2025〕2424号)。 本 ...