IPO Review and Registration Progress - Three companies passed the IPO review last week, including Hongban Technology, Taijin New Energy, and Jiangtian Technology, with plans to list on different exchanges [2][3] - Hongban Technology focuses on the research, production, and sales of printed circuit boards, targeting high-end applications in various sectors, including consumer electronics and automotive electronics [2] - Financial data for Hongban Technology shows projected revenues of 2.702 billion yuan and 2.726 billion yuan for 2024 and the first three quarters of 2025, respectively, with net profits of 214 million yuan and 413 million yuan [2] - Taijin New Energy specializes in high-end green electrolysis equipment and has faced scrutiny regarding its future performance stability and revenue recognition policies [3] - Jiangtian Technology, engaged in label printing products, reported a revenue of 468 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.85% [3] Upcoming IPOs - Five companies are scheduled for IPO reviews this week, including Qilong Ocean and Haisheng Medical, with plans to raise significant capital [4][5] - Qilong Ocean's revenue heavily relies on its partnership with CNOOC, with sales to the company accounting for over 75% of its revenue in recent years [4] - Haisheng Medical's revenue and net profit have declined, attributed to decreased sales in monitoring and surgical care products [6] - Shandong Tourism aims to raise 1.555 billion yuan through its IPO, focusing on various tourism-related projects [7] New Stock Listings and Performance - Danana Biological officially listed on the North Exchange, with a remarkable first-day increase of nearly 500% [11] - Other newly listed stocks include Heyuan Biological, Taikai Ying, and Xian Yicai, all showing significant gains on their debut [12] - Upcoming new stock subscriptions include Beikang Detection, with an issue price of 6.7 yuan per share, and two other companies set to announce their prices soon [13][14] Company Financials and Market Position - Shenghe Jingwei, a semiconductor packaging company, reported a revenue growth rate of 1st among the top ten global packaging enterprises from 2022 to 2024 [8] - The company aims to raise 4.8 billion yuan for advanced packaging projects, indicating strong market demand for its services [8] - Moer Thread and Tian Su Measurement received approval for their IPO registrations, with Moer Thread focusing on GPU development [9] Industry Trends - The IPO market is witnessing a mix of successful listings and some terminations, reflecting the competitive landscape and regulatory scrutiny [9][10] - The healthcare and technology sectors are particularly active, with companies like Haisheng Medical and Shenghe Jingwei leading the charge in innovation and market expansion [6][8]

Group 1 - Karen Co., Ltd. signed a device procurement contract worth 198 million yuan with BOE Technology Group's subsidiary [1] - Pingzhi Information's subsidiary signed a procurement framework agreement with China Telecom totaling approximately 74 million yuan [1] - Huaxin Environmental Protection obtained a loan commitment of 72 million yuan from China Minsheng Bank for stock repurchase [2] Group 2 - Sichuan Gold obtained a mining license for the Suoluo Gold Mine area [3] - *ST Huifeng's subsidiary, Kofit Company, is undergoing bankruptcy liquidation [4] - Blue Arrow Electronics decided to terminate and exit a joint investment project due to market changes [6] Group 3 - Junhe Materials is planning to issue H-shares and list on the Hong Kong Stock Exchange [7] - Longping High-Tech reported a 2.41% year-on-year decline in total revenue for the period from October 1, 2024, to September 30, 2025 [8] - Hongsheng Huayuan's subsidiary is a candidate for a 584 million yuan project with the State Grid [10] Group 4 - Weisheng Information won multiple projects in the power and public utility sectors, totaling 89.94 million yuan [12] - Heng Rui Pharmaceutical received approval for a clinical trial of a combination therapy for prostate cancer [13] - Saito Bio's subsidiary received approval for the listing of a raw material drug [15] Group 5 - Aikang Pharmaceutical's application for a new drug was accepted by the National Medical Products Administration [16] - Chengfa Environment was selected as a supplier for a waste-to-energy project in Indonesia [16] - Dalian Electric Porcelain's subsidiary is a candidate for a 59 million yuan project with the State Grid [17] Group 6 - Denghai Seed reported a 20.01% year-on-year decline in revenue for the 2024-2025 business year [18] - Tongda Co., Ltd. is a candidate for a 133 million yuan project with the State Grid [20] - Hanma Technology's electric heavy-duty truck sales increased by 325.7% year-on-year in October [21] Group 7 - Cap Bio received a patent for a microfluidic chip for live cell sorting [21] - Renfu Pharmaceutical's subsidiary received approval for a clinical trial of a drug for postherpetic neuralgia [22] - Daon Co., Ltd. received approval for a share issuance to acquire 100% of Daon Titanium Industry [22] Group 8 - Han Jian Heshan signed a procurement contract for reinforced concrete drainage pipes worth 207 million yuan [23] - Haisike's innovative drug HSK39297 received approval for clinical trials [25] - Tongguang Cable is a candidate for a 138 million yuan project with the State Grid [27] Group 9 - Jiuqiang Bio received medical device registration certificates for two new products [29] - Visionox is planning a change of control and has suspended trading [30] - Shenyu Co., Ltd. received approval for a convertible bond issuance [31] Group 10 - Metro Design's asset restructuring has resumed review by the Shenzhen Stock Exchange [33] - BAIC Blue Valley's private placement application was approved by the Shanghai Stock Exchange [34] - Seris set the H-share issuance price at 131.50 HKD per share, with listing on November 5 [35]

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is strategically expanding its business in the semiconductor industry, particularly in advanced packaging and storage chip sectors, to capitalize on the growing demand driven by AI infrastructure [2][3]. Group 1: Company Developments - On October 14, 2025, the company announced a significant investment by acquiring a 27.5445% stake in Hefei Xinfeng Technology Co., Ltd., and forming a strategic partnership with East China Technology (Suzhou) Co., Ltd. to expand into 3D DRAM and other storage chip packaging services [2]. - The company is focusing on advanced packaging technologies, including Chiplet, Fan-out, 3D, and SiP, leveraging its expertise in bump manufacturing as a foundational technology [2]. - As of September 30, 2025, the company reported a revenue of 1.295 billion yuan, marking a year-on-year growth of 21.05%, and a net profit of 124 million yuan, with a growth of 23.21% [9]. Group 2: Market Position and Financials - The company has a significant international presence, with overseas revenue accounting for 54.15% of total revenue, benefiting from the depreciation of the Chinese yuan [4]. - The main business of the company is integrated circuit advanced packaging and testing services, with display driver chip packaging accounting for 90.25% of its revenue [3][8]. - As of September 30, 2025, the number of shareholders increased to 23,500, with an average of 36,445 shares held per shareholder, indicating growing investor interest [9].

Report's Investment Rating for the Industry - No information regarding the industry investment rating is provided in the report. Core Views - The bond market sentiment was generally positive last week due to factors such as the central bank's resumption of treasury bond trading, loose cross - month funds, the stock market decline after the Sino - US summit, and weak PMI data. The 10 - year treasury bond yield closed at 1.80% on Friday, down 5.32bp from the previous week [1][7][8]. - The equity market rose first and then fell last week. With positive factors like Sino - US trade negotiations, the release of the "15th Five - Year Plan" draft, and the Fed's interest - rate cut expectation, the A - share market was strong in the first half of the week, with the Shanghai Composite Index hitting a new high above 4000. However, it declined in the second half as positive news materialized and the demand for profit - taking increased. The technology hardware sector, which had a high increase previously, led the decline [1][7]. - Most convertible bond issues rose last week. The CSI Convertible Bond Index increased by 0.79% for the whole week, the median price rose by 0.63%, and the calculated arithmetic average parity increased by 0.64%. The overall conversion premium rate increased by 0.10% compared with the previous week [1][8]. - Convertible bonds are still restricted by high prices, high premiums, and frequent redemptions. The overall opportunity is hard to find as the median convertible bond price remains above 130 yuan. For different types of convertible bonds, there are different challenges, such as limited capacity and return space for low - price strategies in debt - biased convertible bonds, over - anticipation of underlying stock price increases in balanced convertible bonds, and the risk of double - killing of valuation and parity in high - quality "core stocks" of non - redeemable equity - biased convertible bonds during market fluctuations [2][17]. - Given the strong bullish atmosphere in the equity market, it is difficult to make decisions on increasing or decreasing positions. The overall assets should be treated with a trading - band mindset. When selecting bonds, it is advisable to allocate evenly across industries. For balanced convertible bonds, choose those with high - volatility underlying stocks that can quickly digest the high convertible bond premiums, and for equity - biased convertible bonds, focus on low - premium targets [2][17]. Summary by Relevant Catalogs Market Trends (2025/10/27 - 2025/10/31) Stock Market - The equity market showed a volatile trend. The Shanghai Composite Index had different daily changes: up 1.18% on Monday, down 0.22% on Tuesday, up 0.7% on Wednesday, down 0.73% on Thursday, and down 0.81% on Friday. Different sectors had varying performances each day [7]. - Most Shenwan primary industries rose last week. The top - performing industries were power equipment (4.29%), non - ferrous metals (2.56%), steel (2.55%), basic chemicals (2.50%), and comprehensive (2.26%), while communication (-3.59%), beauty care (-2.21%), banking (-2.16%), and electronics (-1.65%) performed poorly [8]. Bond Market - The bond market sentiment was good. The 10 - year treasury bond yield closed at 1.80% on Friday, down 5.32bp from the previous week, influenced by factors such as the central bank's actions, fund conditions, stock market movements, and PMI data [1][7][8]. Convertible Bond Market - Most convertible bond issues rose. The CSI Convertible Bond Index increased by 0.79% for the whole week, the median price rose by 0.63%, and the arithmetic average parity increased by 0.64%. The overall conversion premium rate increased by 0.10% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds in different parity ranges also changed [1][8]. - In terms of industries, most convertible bond industries rose. The top - performing industries were steel (+3.04%), machinery and equipment (+2.15%), national defense and military industry (+1.75%), and automobile (+1.16%), while communication (-3.18%), beauty care (-3.17%), building materials (-0.75%), and media (-0.48%) performed poorly [11]. - At the individual bond level, Titan (solid - state battery concept), Dazhong (lithium mine), Zhenhua (chromium salt), Zhonghuan Zhuan 2 (innovative drugs), and Yunji (belt conveyor) convertible bonds led the increase, while Tongguang (optical fiber cable), Shuiyang (skin care products), Jingda (controllable nuclear fusion), Huayi (semiconductor clean room), and Wujin (stainless steel) convertible bonds led the decline [1][12]. - The total trading volume of the convertible bond market last week was 310.731 billion yuan, with an average daily trading volume of 62.146 billion yuan, which was higher than the previous week [15]. Valuation Overview - As of October 31, 2025, for equity - biased convertible bonds, the average conversion premium rates in different parity intervals were at different percentile levels since 2010 and 2021. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan was -5.3%, at the 0%/1% percentile levels since 2010/2021. The average implied volatility of all convertible bonds was 40.84%, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stocks was -1.34%, both at certain percentile levels [18]. Primary Market Tracking Last Week (2025/10/27 - 2025/10/31) - Qizhong Convertible Bond announced its issuance, and Jin 25 and Funeng Convertible Bonds were listed. Qizhong Convertible Bond has a scale of 850 million yuan, Jin 25 Convertible Bond has a scale of 2 billion yuan, and Funeng Convertible Bond has a scale of 3.802 billion yuan. Each bond's underlying company has its own business characteristics, financial performance, and planned use of funds after deducting issuance fees [26][27][29]. - One company (Ruikeda) got new approval for registration, one company (Shuangle Co., Ltd.) passed the listing committee review, 13 companies' applications were accepted by the exchange, one company (Mankun Technology) passed the shareholders' meeting, and 4 companies announced board proposals [31]. Future Week (2025/11/3 - 2025/11/7) - As of the announcement on October 31, there is no convertible bond announced for issuance, and Jinlang Zhuan 02 is expected to be listed. It has a scale of 1.677 billion yuan, and its underlying company has specific business operations, financial data, and planned use of funds [30]. - Currently, there are 94 convertible bonds waiting to be issued, with a total scale of 143.51 billion yuan. Among them, 5 have been approved for registration with a total scale of 4.15 billion yuan, and 6 have passed the listing committee review with a total scale of 3.38 billion yuan [31].

Group 1: IPO Market Developments - The week of October 27 to November 2 saw significant IPO activity, including the listing of the first batch of newly registered companies in the Sci-Tech Innovation Board's growth tier, with three unprofitable companies making their debut [1] - The companies He Yuan Bio-U, Xi'an Yicai-U, and Bi Bei Te-U collectively listed on the Sci-Tech Innovation Board, with closing prices on October 31 showing substantial increases compared to their issue prices, with gains of 3.25 times, 2.33 times, and 92% respectively [1] - Mo Er Thread received its IPO registration approval on October 30, taking four months from application acceptance to registration effectiveness [1][2] Group 2: Mo Er Thread Company Overview - Mo Er Thread, established in June 2020, focuses on the research, design, and sales of GPUs and related products, aiming to raise 8 billion yuan through its IPO for various AI and graphics chip development projects [2] - The company plans to allocate funds for the development of a new generation of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2] Group 3: Tian Su Measurement Company Insights - Tian Su Measurement, which provides calibration, testing, and certification services, received its IPO registration approval during the same week, but highlighted risks related to declining certificate prices that could impact performance [2][3] - The company's calibration business revenue accounted for over 91% of its main business income during the reporting period, with a noted decrease in certificate prices from 142.01 yuan to 119.43 yuan [2] Group 4: Sheng He Jing Wei Semiconductor Company Profile - Sheng He Jing Wei Semiconductor's IPO application was accepted on October 30, with plans to raise 4.8 billion yuan, focusing on advanced packaging and testing for integrated circuits [3] - The company reported revenues of 16.33 billion yuan in 2022, with projections of 30.38 billion yuan and 47.05 billion yuan for the following years, but also noted a significant customer concentration risk [3][4] Group 5: Zhu Zhou Ke Neng New Materials Company Status - Zhu Zhou Ke Neng New Materials' IPO application was terminated after being in a stagnant state since July 2023, despite meeting the R&D investment criteria for the Sci-Tech Innovation Board [4][5] - The company specializes in the research, production, and sales of rare metal elements and reported fluctuating revenues and net profits, alongside deteriorating cash flow from operating activities [5]

Core Viewpoint - The company, Shenghe Jingwei, has received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 4.8 billion yuan for advanced packaging projects related to multi-chip integration technology [1][4]. Financial Performance - The company reported revenues of approximately 1.633 billion yuan in 2022, 3.038 billion yuan in 2023, and projected revenues of 4.705 billion yuan in 2024, with a net profit of -329 million yuan in 2022, 34.13 million yuan in 2023, and 214 million yuan in 2024 [2]. - The compound annual growth rate (CAGR) of the company's revenue from 2022 to 2024 is the highest among the top ten global packaging and testing companies [2]. Market Position - Shenghe Jingwei is ranked as the tenth largest packaging and testing company globally and the fourth largest domestically, with a leading position in various service areas within mainland China [2]. - The company holds the largest market share in 12-inch WLCSP revenue in mainland China, approximately 31% [2]. Technology and Innovation - The company has established a comprehensive technology platform for multi-chip integration packaging, particularly excelling in 2.5D integration technology, where it ranks first in revenue in mainland China with an 85% market share [3]. - Globally, the company holds an 8% market share in the 2.5D sector, competing with major players like TSMC, Intel, and Samsung [3]. Strategic Goals - The IPO aims to expand production capacity to meet the growing demand for high-performance chips, which are crucial for China's digital economy and AI development [4]. - The company plans to enhance its manufacturing and management systems, focusing on quality control and comprehensive service capabilities in advanced packaging [5].

Core Viewpoint - Shenghe Jingwei Semiconductor Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, indicating a significant step in its growth trajectory in the semiconductor industry [3]. Company Overview - Shenghe Jingwei is an advanced packaging and testing enterprise for integrated circuits, focusing on 12-inch silicon wafer processing and providing wafer-level packaging (WLP) and multi-chip integration packaging services [3]. - The company aims to support high-performance chips, particularly GPUs, CPUs, and AI chips, through heterogeneous integration methods that enhance performance metrics such as computing power, bandwidth, and energy efficiency [3]. Financial Performance - The company reported revenues of 1.633 billion yuan, 3.038 billion yuan, and 4.705 billion yuan for the years 2022, 2023, and 2024 respectively, with a projected revenue of 3.178 billion yuan for the first half of 2025 [3]. - Net profits for the same periods were -329 million yuan, 34.13 million yuan, 214 million yuan, and 43.5 million yuan for the first half of 2025 [3]. Market Position - According to Gartner, Shenghe Jingwei is projected to be the 10th largest packaging and testing company globally and the 4th largest domestically by 2024, with the highest compound annual growth rate in revenue among the top ten companies from 2022 to 2024 [3]. Shareholding Structure - As of the date of the prospectus, the largest shareholder is Wuxi Chanfang Fund with a 10.89% stake, followed by a group of shareholders from the China Merchants Bank system with a combined 9.95% [4]. - The company has no controlling shareholder or actual controller, ensuring a dispersed shareholding structure where no single shareholder can dominate the shareholder meetings [5].

Core Viewpoint - Tongfu Microelectronics is a leading integrated circuit packaging and testing company, achieving significant revenue and profit growth in the semiconductor industry, driven by advanced packaging demands, particularly from AI applications [2][6]. Group 1: Company Overview - Tongfu Microelectronics was established on February 4, 1994, and listed on the Shenzhen Stock Exchange on August 16, 2007. The company is headquartered in Nantong, Jiangsu Province, and is recognized for its full industry chain service capabilities in integrated circuit packaging and testing [1]. - The company operates in various sectors, including semiconductor packaging, storage, nuclear fusion, superconductivity, and nuclear power [1]. Group 2: Financial Performance - In Q3 2025, Tongfu Microelectronics reported a revenue of 20.116 billion yuan, ranking second among 13 companies in the industry. The top competitor, Changjiang Electronics Technology, achieved a revenue of 28.669 billion yuan, while the industry average was 5.49 billion yuan [2]. - The net profit for the same period was 999.4 million yuan, the highest in the industry, with Changjiang Electronics' net profit at 951 million yuan and the industry average at 250 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 63.04%, an increase from 59.46% year-on-year and above the industry average of 40.98% [3]. - The gross profit margin was reported at 15.26%, up from 14.33% year-on-year but still below the industry average of 20.20% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 27.05% to 350,700, with an average holding of 4,327.16 shares, a decrease of 21.29% [5]. - Among the top ten shareholders, Hong Kong Central Clearing Limited held 53.7918 million shares, an increase of 28.7179 million shares from the previous period [5]. Group 5: Market Outlook - Huachuang Securities noted that Tongfu Microelectronics achieved record high performance in Q3 2025, driven by the recovery of industry demand and product structure optimization. The company is well-positioned to benefit from the growing demand for advanced packaging driven by AI [6]. - Dongguan Securities highlighted the company's continuous high growth in operating performance, particularly in mid-to-high-end product revenues, and its strategic partnership with AMD as a core packaging supplier [6].

Core Insights - The company, Jingfang Technology, is a pioneer in the application of WLCSP in the sensor field, particularly in CIS, and has a diverse range of technical and product service capabilities [1] Group 1: Business Performance - For Q3 2025, Jingfang Technology reported revenue of 1.066 billion yuan, ranking 8th in the industry, significantly lower than the top competitor Changdian Technology at 28.669 billion yuan and second-place Tongfu Microelectronics at 20.116 billion yuan [2] - The net profit for the same period was 271 million yuan, ranking 4th in the industry, below Tongfu Microelectronics' 994 million yuan and Changdian Technology's 951 million yuan, but above the industry average of 250 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 12.80%, an increase from 8.94% year-on-year, but still significantly lower than the industry average of 40.98%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 47.75%, up from 43.60% year-on-year, and higher than the industry average of 20.20%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 7.82% to 147,700, while the average number of circulating A-shares held per shareholder decreased by 7.26% to 4,416.77 [5] - Notable changes among the top ten circulating shareholders included a decrease in holdings by Dongwu Mobile Internet Mixed A and an increase by Hong Kong Central Clearing Limited [5] Group 4: Strategic Developments - The company is focusing on advanced packaging technology and expanding its capabilities in the automotive CIS sector, enhancing its competitive edge in emerging application markets [6] - Jingfang Technology is also involved in significant acquisitions, such as Anteryon in the Netherlands and VisIC in Israel, to broaden its technological scope and industry collaboration [6]

Core Viewpoint - Liyang Chip, a well-known independent third-party professional testing technology service provider in China, focuses on integrated circuit testing and has a comprehensive testing capability for SoC chips [1] Group 1: Business Performance - In Q3 2025, Liyang Chip achieved revenue of 443 million yuan, ranking 11th among 13 companies in the industry, while the industry leader, Changjiang Electronics, reported revenue of 28.669 billion yuan [2] - The net profit for the same period was 2.7353 million yuan, placing the company 10th in the industry, with the top performer, Tongfu Microelectronics, reporting a net profit of 999.4 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Liyang Chip's debt-to-asset ratio was 55.25%, down from 56.24% year-on-year, which is higher than the industry average of 40.98% [3] - The gross profit margin for Q3 2025 was 26.02%, an increase from 24.51% year-on-year, exceeding the industry average of 20.20% [3] Group 3: Executive Compensation - The chairman, Huang Jiang, received a salary of 4.605 million yuan in 2024, an increase of 22,100 yuan from 2023 [4] - The general manager, Zhang Yifeng, earned 2.7631 million yuan in 2024, up by 27,300 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 50.88% to 22,800, while the average number of circulating A-shares held per account decreased by 33.44% to 8,924.17 [5] - The company is pursuing a "one body, two wings" strategy, with integrated circuit testing revenue growing by 21.85% year-on-year in the first half of 2025 [5] Group 5: Future Outlook - Revenue is projected to grow by 24.6%, 24.2%, and 23.0% from 2025 to 2027, reaching 608 million, 756 million, and 930 million yuan respectively, with net profit expected to turn positive by 2027 [5] - The company is focusing on the autonomous driving and robotics sectors to enhance future growth potential [5]