Company Overview - Full Name: Beilong Precision Technology Co., Ltd [1] - Abbreviation: Beilong Precision [1] - Stock Code: 301567.SZ [1] - IPO Application Date: June 18, 2021 [1] - Listing Date: January 16, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Manufacturing of Computers, Communications, and Other Electronic Devices [1] - IPO Sponsor: Industrial Securities [1] - Lead Underwriters: Zhang Huahui, Jia Xiaobin [1] - IPO Legal Advisor: Beijing Guantao Zhongmao Law Firm [1] - IPO Audit Firm: Zhonghui Certified Public Accountants (Special General Partnership) [1] Disclosure and Evaluation - Disclosure Issues: Required to explain the reasons for IPO intermediary fees in 2018 and disclose any previous applications or guidance [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: 942 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no penalties [3] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amounted to 36.1172 million yuan, with a commission rate of 9.35%, higher than the average of 7.71% [3] - First Day Performance: Stock price increased by 192.03% on the first day of listing [4] - Three-Month Performance: Stock price increased by 77.73% compared to the issuance price [6] - Issuance Price-Earnings Ratio: 30.35 times, which is 94.17% of the industry average of 32.23 times [7] - Actual Fundraising: Expected and actual fundraising amount is 386 million yuan [8] Post-Listing Performance - Short-term Performance: In 2024, the company's revenue increased by 5.65% year-on-year, while net profit attributable to shareholders decreased by 34.75%, and non-recurring net profit decreased by 38.41% year-on-year [9] - Subscription Rate: Abandonment rate of 0.58% [10] Overall Evaluation - Total Score: 80.5 points, classified as B-level [10] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, high issuance cost rate, decline in net profit in the first accounting year, and abandonment rate of 0.58% [10]

Company Overview - Full Name: Xi'an Nova Star Cloud Technology Co., Ltd [1] - Abbreviation: Nova Star Cloud [1] - Stock Code: 301589.SZ [1] - IPO Application Date: December 27, 2021 [1] - Listing Date: February 8, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: Minsheng Securities [1] - Lead Underwriters: Wang Bing, Tong Mu [1] - IPO Legal Advisor: King & Wood Mallesons [1] - IPO Audit Firm: Dahua Certified Public Accountants [1] IPO Performance - Listing Cycle: Nova Star Cloud's listing cycle is 773 days, exceeding the average of 629.45 days for A-share companies listed in 2024 [1] - Underwriting Fees: The underwriting and sponsorship fees amount to 94.717 million yuan, with a commission rate of 5.81%, lower than the average of 7.71% [1] - First Day Performance: The stock price increased by 202.62% on the first day of listing compared to the issue price [1] - Three-Month Performance: The stock price rose by 230.22% over the first three months post-listing compared to the issue price [1] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 21.93 times, which is 73.05% of the industry average of 30.02 times [1] - Fundraising: Expected fundraising was 1.21 billion yuan, while actual fundraising reached 1.629 billion yuan, resulting in an oversubscription rate of 34.70% [1] Financial Performance - Revenue Growth: In 2024, the company's operating revenue increased by 7.38% year-on-year [1] - Net Profit Decline: The net profit attributable to the parent company decreased by 2.31% year-on-year [1] - Non-recurring Net Profit: The non-recurring net profit attributable to the parent company also decreased by 2.09% year-on-year [1] Additional Metrics - Abandonment Rate: The abandonment rate is 3.20% [1] - Overall Score: Nova Star Cloud's IPO project received a total score of 86, classified as Grade B [1] - Negative Factors: The negative factors affecting the score include the need for improved information disclosure quality, a listing cycle exceeding two years, a decline in net profit in the first accounting year post-listing, and an abandonment rate of 3.20% [1]

Company Overview - Company Name: Guangdong Meixin Technology Co., Ltd. [1] - Stock Code: 301577.SZ [1] - IPO Application Date: December 30, 2021 [1] - Listing Date: January 24, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: Guojin Securities [1] IPO Details - Underwriting and Sponsorship Fees: 34.1891 million yuan [1] - Underwriting Commission Rate: 8.44%, higher than the average of 7.71% [1] - Total Fundraising: Expected 405 million yuan, actual 405 million yuan [1] Performance Metrics - First Day Stock Price Increase: 88.80% compared to the issue price [1] - Stock Price Increase in First Three Months: 34.48% compared to the issue price [1] - Issuance Price-Earnings Ratio: 25.22 times, which is 79.48% of the industry average of 31.73 times [1] Financial Performance - 2024 Revenue: Decreased by 3.09% year-on-year [1] - 2024 Net Profit: Decreased by 41.32% year-on-year [1] - 2024 Non-recurring Net Profit: Decreased by 46.30% year-on-year [1] Additional Metrics - Abandonment Rate: 1.09% [1] - Total Score for IPO Project: 84.5 points, classified as Grade B [1] - Negative Factors Affecting Score: Information disclosure quality needs improvement, listing cycle exceeds two years, high issuance cost rate, decline in revenue and net profit in the first accounting year, abandonment rate [1]

Company Overview - Company Name: Guangdong Meixin Technology Co., Ltd. [1] - Stock Code: 301577.SZ [1] - IPO Application Date: December 30, 2021 [1] - Listing Date: January 24, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Manufacturing of computers, communications, and other electronic devices [1] - IPO Sponsor: Guojin Securities [1] - IPO Underwriters: Guojin Securities [1] - IPO Legal Advisor: Beijing Zhonglun Law Firm [1] - IPO Audit Firm: BDO China Shu Lun Pan Certified Public Accountants [1] Disclosure and Evaluation - Disclosure Analysis: Required to analyze whether the issuer meets ChiNext positioning and ensure the accuracy of information disclosure [1] - Regulatory Penalties: No penalties [2] - Public Supervision: No penalties [2] - Listing Cycle: 755 days, exceeding the average of 629.45 days for 2024 A-share listings [1] - Multiple Applications: Not applicable, no penalties [2] Financial Metrics - Underwriting Fees: 34.1891 million yuan, with a commission rate of 8.44%, higher than the average of 7.71% [2] - Initial Listing Performance: Stock price increased by 88.80% on the first day [3] - Three-Month Performance: Stock price increased by 34.48% compared to the issue price [4] - Issuance Price-Earnings Ratio: 25.22 times, which is 79.48% of the industry average of 31.73 times [5] - Actual Fundraising: Expected and actual fundraising amount is 405 million yuan [6] Post-Listing Performance - Short-term Revenue Performance: Revenue decreased by 3.09% year-on-year [7] - Short-term Net Profit Performance: Net profit decreased by 41.32% year-on-year [7] - Non-recurring Net Profit Performance: Non-recurring net profit decreased by 46.30% year-on-year [7] - Abandonment Rate: 1.09% [8] Overall Evaluation - Total Score: 84.5 points, classified as B-level [8] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, high issuance cost, decline in revenue and net profit in the first accounting year, abandonment rate of 1.09% [8]

Company Overview - Full Name: Xi'an Nova Star Cloud Technology Co., Ltd [1] - Abbreviation: Nova Star Cloud [1] - Stock Code: 301589.SZ [1] - IPO Application Date: December 27, 2021 [1] - Listing Date: February 8, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: Minsheng Securities [1] - Legal Advisor: Beijing King & Wood Mallesons [1] - Audit Firm: Dahua Certified Public Accountants [1] Performance Evaluation - Disclosure Issues: Required to clarify whether the actual controller has changed in the last two years and to disclose relevant customer and supplier overlaps [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Nova Star Cloud's listing cycle is 773 days, exceeding the average of 629.45 days for 2024 A-share listings [3] - Multiple Applications: Not applicable, no deductions [3] - Issuance Costs: Underwriting and sponsorship fees amount to 94.717 million yuan, with a commission rate of 5.81%, lower than the average of 7.71% [4] - First Day Performance: Stock price increased by 202.62% on the first day of listing [4] - Three-Month Performance: Stock price increased by 230.22% compared to the issuance price [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 21.93 times, which is 73.05% of the industry average of 30.02 times [6] - Actual Fundraising Ratio: Expected fundraising of 1.21 billion yuan, actual fundraising of 1.629 billion yuan, with an oversubscription ratio of 34.70% [7] - Short-term Performance Post-Listing: Revenue increased by 7.38% year-on-year, while net profit decreased by 2.31% year-on-year [8] - Abandonment Rate: Abandonment rate is 3.20% [9] Overall Score - Total Score: Nova Star Cloud's IPO project scored 86 points, classified as Grade B [9] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, net profit decline in the first accounting year, and abandonment rate of 3.20% [9]

Group 1 - The core viewpoint of the news is that 欧陆通 has experienced a significant stock price increase of 5.06%, reaching 235.86 CNY per share, with a trading volume of 1.062 billion CNY and a turnover rate of 4.35%, resulting in a total market capitalization of 25.822 billion CNY [1] - 欧陆通, established on May 29, 1996, and listed on August 24, 2020, specializes in the research, production, and sales of switch power supply products, with 99.57% of its main business revenue coming from the computer, communication, and other electronic equipment manufacturing industry [1] Group 2 - From the perspective of the top ten circulating shareholders, 睿远基金 holds a position in 欧陆通, with its fund, 睿远成长价值混合A (007119), reducing its holdings by 185,200 shares in the second quarter, now holding 657,400 shares, which accounts for 0.61% of the circulating shares [2] - 睿远成长价值混合A (007119) has achieved a year-to-date return of 58.27%, ranking 519 out of 8246 in its category, and a one-year return of 86.03%, ranking 833 out of 8054 [2] Group 3 - The fund managers of 睿远成长价值混合A (007119) are 傅鹏博 and 朱璘, with 傅鹏博 having a tenure of 16 years and 246 days, achieving a best fund return of 429.69% during his tenure [3] - 朱璘 has a tenure of 6 years and 176 days, with a best fund return of 89.16% during his tenure [3]

Core Insights - The article discusses the growth of the computer, communication, and other electronic equipment manufacturing industry in China, highlighting an increase in the number of enterprises in this sector [1]. Industry Overview - As of January to July 2025, there are 29,994 enterprises in the computer, communication, and other electronic equipment manufacturing industry, which is an increase of 1,537 enterprises compared to the same period last year, representing a year-on-year growth of 5.4% [1]. - This sector accounts for 5.76% of the total industrial enterprises in China [1]. Company Listings - The article lists several companies in the industry, including China Great Wall (000066), Inspur Information (000977), Newland (000997), Meishi Technology (001229), and others [1]. Research Report - The insights are based on a report by Zhiyan Consulting titled "Market Monitoring and Development Trend Analysis of China's Communication Equipment Industry from 2025 to 2031" [1]. Statistical Data - The data referenced is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, indicating a robust growth trend in the manufacturing sector [1].

Core Viewpoint - The report highlights the performance and trends in China's computer, communication, and other electronic equipment manufacturing industry, indicating a slight decline in export value in April 2025 while showing overall growth in the first four months of the year [1]. Group 1: Industry Overview - In April 2025, the export value of the computer, communication, and other electronic equipment manufacturing industry reached 473.51 billion yuan, representing a year-on-year decrease of 2.7% [1]. - From January to April 2025, the cumulative export value for the industry was 1,911.66 billion yuan, reflecting a year-on-year growth of 4.5% [1]. - The report includes a statistical graph depicting the export value trends from 2019 to April 2025, sourced from the National Bureau of Statistics and organized by Zhiyan Consulting [1]. Group 2: Companies Mentioned - Listed companies in the report include China Great Wall (000066), Inspur Information (000977), Newland (000997), Meishi Technology (001229), Zhiwei Intelligent (001339), Nasda (002180), Zhengtong Electronics (002197), Dahua Technology (002236), Electric Science Network Security (002268), Zhongwei Electronics (300270), Zhiditech (301503), Zhongrun Optics (688307), YingShi Network (688475), and Sanwei Xinan (688489) [1]. Group 3: Research and Consulting - Zhiyan Consulting is identified as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive consulting services, including industry research reports, business plans, feasibility studies, and customized services [1]. - The firm emphasizes its professional approach, quality service, and keen market insights to empower investment decisions [1].

Group 1: Upcoming IPOs - Four new stocks are scheduled for subscription from September 15 to September 19, with key companies being Fangqu He Power, a leader in China's new energy vehicle power systems, and Ruili Kemi, a company developing active safety systems for automobiles [1] Group 2: Company Details - **United Power (Chuangye Board, 301656)**: - Subscription Date: September 15, Monday - Subscription Code: 3016 - Industry: Automotive Manufacturing - Issuance P/E Ratio: 32.87 - Industry Average P/E Ratio: 29.0 - Comparable Companies: Jingjin Electric, Ju Yi Technology, Yingboer - Highlight: Backed by controlling shareholder Huichuan Technology, the company has gradually developed into a leader in China's automotive power systems [2] - **Jianfa Zhixin (Chuangye Board, 301584)**: - Subscription Date: September 16, Tuesday - Subscription Code: 3015 - Industry: Wholesale - Issuance P/E Ratio: Not provided - Industry Average P/E Ratio: 25.7 [2] - **Ruili Kemi (Shenzhen Main Board, 001285)**: - Subscription Date: September 19, Friday - Subscription Code: 0012 - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing - Issuance P/E Ratio: 53.1 - Industry Average P/E Ratio: Not provided - Comparable Companies: Wan'an Technology, Bertley, Rongtai Shares - Highlight: One of the few companies in China capable of developing active safety systems such as ABS and ESC, with core products widely used in commercial and passenger vehicles [3] - **Yunhan Xincheng (Chuangye Board, 301563)**: - Subscription Date: September 19, Friday - Subscription Code: 3015 - Industry: Wholesale - Issuance P/E Ratio: Not provided - Industry Average P/E Ratio: 25.7 - Comparable Companies: Liyuan Information, Runxin Technology, Shangluo Electronics - Highlight: The company is a leading player in the online distribution of electronic components in China [4]

Company News - Dongcai Technology announced on September 12 that due to the rising demand in the high-end server industry, there has been increased market attention on its high-speed electronic resin products, benefiting from the high-quality development in emerging fields such as artificial intelligence and computing power upgrades [4] - Qingshan Paper Industry, which has seen its stock price hit the limit up for four consecutive trading days since September 9, stated that its subsidiary's net profit is minimal and will not impact the main business. The company noted high stock price volatility and turnover rate, indicating potential speculation risks [5] - Tuojing Technology plans to issue A-shares to no more than 35 specific investors, raising up to 4.6 billion yuan for high-end semiconductor equipment industrialization and technology research projects [5] - TCL Technology signed a project cooperation agreement to build an 8.6-generation printed OLED display panel production line with a total investment of approximately 29.5 billion yuan, with TCL contributing 8.85 billion yuan [6] - *ST Guandao announced it received an administrative penalty from the China Securities Regulatory Commission and will face mandatory delisting due to major violations [7] - *ST Dongtong is under investigation for financial data falsification, facing a fine of 229 million yuan and potential delisting procedures due to significant violations [7] Industry News - The Ministry of Industry and Information Technology, along with other agencies, issued a work plan for the power equipment industry, projecting an average revenue growth rate of around 6% for traditional power equipment from 2025 to 2026, with a 7% growth for advanced manufacturing clusters [3] - The National Development and Reform Commission announced a new action plan for large-scale construction of new energy storage, aiming for an installed capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [3] - The China Securities Regulatory Commission revised the classification supervision regulations for futures companies to improve the regulatory framework and resource allocation [2]