IPO Review and Registration Progress - Three companies were reviewed for IPO, with two approvals and one deferral. Yongda Co. faced a deferral, while Meidele and Haifiman received approvals [2][3] - Yongda Co. reported a revenue of 361 million yuan for the first three quarters of 2025, a year-on-year decline of 25.16%, and a net profit of 70 million yuan, down 3.34% [2] - Meidele's revenue from products used in the new energy battery sector accounted for about 60% of its main business income, with a high customer concentration [2] - Haifiman specializes in high-end audio products, facing inquiries regarding its technological advancements and acquisition rationality [3] Upcoming IPOs - Three companies are set to present for IPO this week: Zuxing New Materials, Mirui Technology, and Jintai Co., all targeting the Beijing Stock Exchange [4] - Zuxing New Materials has previously attempted IPOs in 2016 and 2020 but withdrew applications. Its revenue for 2022 to 2024 was 629 million, 690 million, and 707 million yuan, with net profits showing fluctuations [4][5] - Mirui Technology's revenue for the first three quarters of 2025 was 549 million yuan, down 0.95%, with a net profit of 51 million yuan, down 12.93% [6] New Stock Listings - Two new stocks were listed last week: Hai'an Group and Nante Technology, with Nante's first-day increase of 183.03% [13][14] - This week, Jingchuang Electric is scheduled to list, with an issue price of 12.1 yuan per share. For the first three quarters of 2025, it reported a revenue of 403 million yuan, up 9.48% [13] Recent IPO Approvals and Terminations - Two IPO registrations were approved: Zhixin Co. and Qiangyi Co. [10] - Zhixin Co. plans to raise 1.329 billion yuan for production line expansion and working capital, while Qiangyi Co. focuses on semiconductor testing hardware [11] - Two IPO applications were terminated due to voluntary withdrawals, including Mingshan Environmental Energy [12] Upcoming New Stock Subscriptions - Two new stocks are set for subscription this week: Muxi Co. and Angrui Micro, both targeting the Sci-Tech Innovation Board [15] - Muxi Co. aims to raise 3.904 billion yuan for GPU development projects, reporting a revenue of 1.236 billion yuan for the first three quarters of 2025, up 453.52% [15] - Angrui Micro plans to raise 2.067 billion yuan for 5G chip development, with a revenue of 1.335 billion yuan and a net loss of 63 million yuan for the same period [16]

Group 1: IPO Review and Approval - This week, the Beijing Stock Exchange (BSE) concluded its IPO review, with 3 companies undergoing scrutiny and 2 successfully passing the review [2] - Yongda Co., Ltd. became the first project this year to have its IPO review postponed, raising market concerns due to ongoing issues regarding the sustainability of its performance and the rationality of its fundraising projects [2] - Yongda has adjusted its fundraising plans twice during the review process, eliminating a liquidity support project and reducing the proposed investment scale for its "Heavy Chemical Equipment Production Base Phase I" project, adding uncertainty to its review [2] Group 2: Companies Approved for IPO - Kunshan Haifiman Technology Group Co., Ltd. was approved for IPO, specializing in high-end audio products under the brand "HIFIMAN," with projected revenues of 1.54 billion yuan in 2022 and a net profit of 360 million yuan [3] - Dalian Meidele Industrial Automation Co., Ltd. also received approval, focusing on intelligent manufacturing equipment, with revenues of 10.31 billion yuan in 2022 and a net profit of 2.22 billion yuan [4] Group 3: Newly Listed Companies - Hai'an Group officially listed on the Shenzhen Stock Exchange, opening with a surge of over 68%, closing at 83.52 yuan per share, with a total market value of 15.532 billion yuan [5] - Innovation Industry, an electrolytic aluminum company, debuted on the Hong Kong Stock Exchange with a first-day increase of 32.76%, focusing on alumina refining and electrolytic aluminum smelting [6] - Nant Technology saw a significant first-day increase of 183.03% on the BSE, closing at 24.51 yuan per share [7] Group 4: Companies Filing for IPO - Kewang Pharmaceutical, founded in 2017, focuses on tumor immunotherapy with a pipeline of 7 major assets, including the core product ES102, which is in clinical development [11] - Mingyu Pharmaceutical, established in 2018, has a core pipeline in the tumor field, including ADC and dual-target antibodies, with a recent valuation of 3.936 billion yuan after a financing round [12] - Baoji Pharmaceutical, founded in 2019, specializes in recombinant biopharmaceuticals and is in the clinical stage with its core pipeline KJ017, aimed at treating complex diseases [13]

Core Viewpoint - Dongfang Precision Engineering announced a major asset sale plan to sell 100% equity of its corrugated cardboard production line business, including the Italian Fosber Group, for a total consideration of €774 million, aiming to focus on strategic transformation and technological innovation [1][2] Group 1: Asset Sale Details - The transaction will be executed in cash and will utilize a locked box mechanism for price adjustment, with the lockbox date set for December 31, 2024 [1] - The sale is part of the company's response to the national strategy for developing new productivity and aims to streamline operations by reducing international management scope [1] Group 2: Strategic Focus Post-Sale - Following the transaction, the company plans to increase investment in its water propulsion equipment business, particularly in high-power and new energy outboard motors, to enhance its competitiveness globally [2] - The company will allocate more resources to emerging fields such as embodied intelligence and robotics, aiming to build a future-oriented intelligent manufacturing equipment business system [2] - This asset optimization is expected to strengthen the company's financial position, improve operational efficiency, and lay a solid foundation for sustainable shareholder returns and high-quality development [2]

Core Viewpoint - Dalian Meidele Industrial Automation Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking it as the 82nd company to pass the review this year, with a total of 35 companies approved on the Beijing Stock Exchange [1]. Group 1: Company Overview - Dalian Meidele is a leading supplier of intelligent conveyor systems in China, focusing on the research, design, manufacturing, and sales of intelligent manufacturing equipment, with main products including modular conveyor systems and industrial components [2]. - The company plans to publicly issue up to 16 million shares on the Beijing Stock Exchange, with a potential additional 2.4 million shares if the over-allotment option is exercised, bringing the total to a maximum of 18.4 million shares [3]. Group 2: Financial Aspects - Meidele aims to raise 645 million yuan (approximately 64.5 million) through this IPO, which will be allocated to several projects including the fourth phase of Meidele's construction project and the development of high-end intelligent conveyor systems [3]. Group 3: Underwriting and Approval - The underwriting institution for Meidele's IPO is Guotai Junan Securities Co., Ltd., marking the 12th successful IPO project for the firm this year [2]. - The review meeting raised inquiries regarding the compliance of revenue recognition and the sustainability of operating performance, particularly in light of declining performance from major end customers and slowed capacity expansion [4].

Core Viewpoint - Dalian Meidel Industrial Automation Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, focusing on smart manufacturing equipment development and production [1] Financial Performance - The company reported revenues of 1.031 billion yuan in 2022, 1.009 billion yuan in 2023, and projected 1.138 billion yuan in 2024, indicating a revenue growth of 12.73% in 2024 compared to 2023 [1] - Net profits for the same years were 222.2 million yuan in 2022, 205.2 million yuan in 2023, and an expected 211.1 million yuan in 2024, reflecting a year-on-year increase of 2.70% in 2024 [1] - Key financial metrics for 2024 include basic and diluted earnings per share of 3.76 yuan, and a weighted average return on equity of 23.41% [1] Investment Projects - The funds raised from the IPO will be allocated to several projects, including high-end intelligent conveyor system development, South China intelligent conveyor equipment production, East China industrial automation conveyor equipment production, and the fourth phase of Dalian Meidel's construction project [1]

北京商报讯（记者 马换换 李佳雪）11月27日晚间，北交所官网显示，大连美德乐工业自动化股份有限 公司（以下简称"美德乐"）IPO当日上会获得通过。 据了解，美德乐是智能输送系统供应商，主营智能制造装备的研发、设计、制造和销售业务，主要产品 为模块化输送系统和工业组件。公司IPO于2025年5月29日获得受理，并于6月27日进入问询阶段。本次 冲击上市，公司拟募集资金约6.45亿元。 在上市委会议现场，关于收入确认合规性，上市委要求美德乐说明终端客户与集成商的验收流程存在差 异的原因，同类产品存在多种收入确认方式的合理性。 另外，上市委要求美德乐说明主要终端客户业绩下滑、新增扩建产能放缓背景下，经营业绩的稳定性及 可持续性，是否存在业绩下滑风险。 ...

Group 1 - The core point of the article is that Boshi Co., Ltd. (SZ 002698) held its first board meeting of the sixth session on November 27, 2025, where it reviewed the proposal for appointing the company's board secretary [1] - For the first half of 2025, Boshi Co., Ltd.'s revenue composition was as follows: intelligent manufacturing equipment accounted for 69.88%, industrial services accounted for 27.24%, and environmental processes and equipment accounted for 2.89% [1] - As of the time of reporting, Boshi Co., Ltd. had a market capitalization of 15.6 billion yuan [1]

Core Viewpoint - Huachangda (300278.SZ) focuses on intelligent manufacturing equipment and does not engage in component business [1] Company Summary - The company's main business is intelligent manufacturing equipment [1] - The company has clarified its operational focus through an interaction on its platform [1]

Core Viewpoint - Three companies are set to present their IPO applications at the North Exchange, with a total fundraising target of 13.83 billion yuan [1][2]. Group 1: Companies and Their Business Focus - Meidel is primarily engaged in the research, design, manufacturing, and sales of intelligent manufacturing equipment [3]. - Haifiman focuses on the design, research, production, and sales of its own brand "HIFIMAN" audio products, including headphones and playback devices [3]. - Zuxing New Materials specializes in the research, production, and sales of micro-fine spherical aluminum powder and its deep-processing products, such as aluminum pigments [4]. Group 2: IPO Details - Meidel plans to raise 645 million yuan, with funds allocated for high-end intelligent conveyor system projects and other related developments [2]. - Haifiman aims to raise 430 million yuan, while Zuxing New Materials has a target of 208 million yuan [2]. - The upcoming IPOs include Zuxing New Materials (2300,000 shares), Haifiman (1280,830 shares), and Meidel (1600,000 shares), with respective listing dates on November 27, November 28, and December 3, 2025 [4].

Core Viewpoint - The company XinYuren experienced a decline in stock price by 1.47% on November 26, with a trading volume of 36.71 million yuan, indicating potential investor concerns regarding its financial performance and market position [1]. Financing Summary - On November 26, XinYuren had a financing buy-in amount of 7.41 million yuan, with a net financing buy of 3.06 million yuan after 4.35 million yuan in financing repayments. The total financing and margin balance reached 90.61 million yuan, accounting for 7.25% of its market capitalization, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1]. - The company had no short selling activity on the same day, with a short selling balance of 0.00 shares, placing it in the 90th percentile level over the past year, suggesting a lack of bearish sentiment among investors [1]. Business Performance - As of September 30, the number of shareholders for XinYuren increased by 5.27% to 8,315, while the average circulating shares per person decreased by 2.77% to 6,400 shares [2]. - For the period from January to September 2025, XinYuren reported a revenue of 94.75 million yuan, a significant year-on-year decrease of 50.12%. The net profit attributable to shareholders was -15.7 million yuan, reflecting a drastic decline of 106.31% compared to the previous year [2]. Dividend and Shareholding Structure - Since its A-share listing, XinYuren has distributed a total of 19.37 million yuan in dividends [3]. - As of September 30, 2025, among the top ten circulating shareholders, Yuanxin Yongfeng High-end Manufacturing A (006969) emerged as the eighth largest shareholder with 364,100 shares, marking its entry as a new shareholder. Meanwhile, Zhonghai Energy Strategy Mixed (398021) and Jinying Reform Dividend Mixed (001951) exited the top ten list [3].