Core Viewpoint - The article discusses the upcoming IPOs of five new stocks in the A-share market, highlighting their potential and industry significance. Group 1: Upcoming IPOs - Five new stocks are set for subscription from September 15 to September 19, including companies in the fields of new energy vehicles, medical devices, and electronic components [1]. - The companies include: - United Power: A leader in new energy vehicle power systems [1]. - Jianfa Zhixin: A national distributor of high-value medical devices [3]. - Jinhua New Materials: A leader in silane crosslinking agents and hydroxylamine salts [5]. - Yunhan Xincheng: A B2B leader in electronic components [7]. - Ruili Kemi: A leader in active safety systems for commercial vehicles [8]. Group 2: Company Profiles - **United Power**: - Focuses on electric drive systems and power systems for smart electric vehicles [2]. - Revenue projections for 2022-2024 are 5.027 billion, 9.365 billion, and 16.178 billion yuan, with net profits of -179 million, 186 million, and 936 million yuan respectively [2]. - **Jianfa Zhixin**: - Engages in direct sales and distribution of medical devices, providing centralized operation services for medical consumables [3]. - Revenue projections for 2022-2024 are 11.882 billion, 15.443 billion, and 17.923 billion yuan, with net profits of 174 million, 196 million, and 228 million yuan respectively [3][4]. - **Jinhua New Materials**: - Specializes in the research, production, and sales of fine chemicals, particularly silane crosslinking agents [5][6]. - Revenue projections for 2022-2024 are 994 million, 1.115 billion, and 1.239 billion yuan, with net profits of 80 million, 173 million, and 211 million yuan respectively [6]. - **Yunhan Xincheng**: - An innovative high-tech enterprise focusing on electronic component distribution and industrial internet integration [7]. - Revenue projections for 2022-2024 are 4.333 billion, 2.637 billion, and 2.577 billion yuan, with net profits of 136 million, 79 million, and 88 million yuan respectively [7]. - **Ruili Kemi**: - Develops and produces core components for active safety systems in vehicles [8]. - Revenue projections for 2022-2024 are 1.326 billion, 1.760 billion, and 1.977 billion yuan, with net profits of 97 million, 236 million, and 269 million yuan respectively [8][9].

Group 1: New Stock Performance - The recent new stocks on the Beijing Stock Exchange have shown high activity, with the stock of Sanxie Electric rising over 860% on its first day, closing up 785.62%, marking the highest first-day increase of the year [1] - Aifenda's stock also saw a first-day increase of 170.03%, with a single subscription yield exceeding 16,000 yuan [1] Group 2: Upcoming New Stocks - Five new stocks are scheduled for subscription next week, including three from the ChiNext board, one from the Shenzhen main board, and one from the Beijing Stock Exchange [4] - The first stock to be subscribed on September 15 is United Power, a leader in the new energy vehicle power system industry, with a projected domestic market share of over 10% for its electric control and motor products by 2024 [1][6] Group 3: Financial Projections - United Power expects a net profit of 750 million to 900 million yuan for the first three quarters of 2025, representing a year-on-year growth of 31.05% to 57.26% [6][7] - Jianfa Zhixin anticipates a net profit of 200 million to 222 million yuan for the same period, reflecting a growth of 30% to 40% [8][10] - Ruili Kemi projects a net profit of 196 million to 220 million yuan, with a growth rate of 11.96% to 25.67% [11][12] - Yunhan Xincheng expects a net profit of 77 million to 80 million yuan, indicating a growth of 38.71% to 44.11% [13][14]

Summary of Key Points Group 1: New Stock Offerings - Five new stocks are available for subscription next week, including United Power, which is referred to as "Little Huawei" [1][2] - United Power's subscription code is 301656, with an issue price of 12.48 yuan per share and an issuance P/E ratio of 32.87 times [2] - The total number of shares issued by United Power is 289 million, with 40.4 million shares available for online subscription [2] Group 2: Company Overview - United Power aims to become a global leader in intelligent electric vehicle components and solutions, focusing on electric drive systems and power systems [2] - The company is controlled by Huichuan Technology, which has a team with a background in Huawei, leading to its nickname in the industry [2] - United Power's market share in China's new energy passenger vehicle control and motor sectors is 10.7% and 10.5%, respectively, ranking second overall and first among third-party suppliers [2] Group 3: Financial Performance - United Power's revenue for 2022, 2023, and 2024 was 5.03 billion, 9.37 billion, and 16.18 billion yuan, respectively, with net profits of -179 million, 186 million, and 936 million yuan [6] - The company expects revenue of 14 billion to 15.5 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 30.62% to 44.61% [8][9] Group 4: Major Clients - Major clients of United Power include Li Auto, GAC Group, Chery Automobile, Xiaomi Automobile, and Geely Group, with Xiaomi being the fourth-largest client in 2024 [3][5] Group 5: Other New Stocks - Jin Hua New Materials, with a subscription code of 920015, has an issue price of 18.15 yuan per share and a P/E ratio of 11.52 times [11] - The company specializes in silane crosslinking agents and has clients including Bayer and Wanhua Chemical [10][11] - Revenue for Jin Hua New Materials from 2022 to 2024 was 994 million, 1.12 billion, and 1.24 billion yuan, with net profits of 79.59 million, 173 million, and 211 million yuan [12] Group 6: Additional Companies - Jianfa Zhixin is a national high-value medical device distributor, with revenue from 2022 to 2024 at 11.88 billion, 15.44 billion, and 17.92 billion yuan, and net profits of 174 million, 196 million, and 228 million yuan [17] - Yunhan Xincheng, a national-level specialized enterprise, reported revenues of 4.33 billion, 2.64 billion, and 2.58 billion yuan from 2022 to 2024, with net profits of 136 million, 78.61 million, and 88.27 million yuan [19] - Rui Li Ke Mi, a leader in commercial vehicle active safety systems, had revenues of 1.33 billion, 1.76 billion, and 1.98 billion yuan from 2022 to 2024, with net profits of 96.96 million, 236 million, and 269 million yuan [23]

Core Viewpoint - Five new stocks are available for subscription next week, with United Power being referred to as "Little Huawei" in the electric vehicle power system sector [2][3]. Group 1: United Power - United Power's subscription code is 301656, with an issue price of 12.48 yuan per share and an issue price-to-earnings ratio of 32.87 times, compared to the industry average of 29.08 times [4]. - The total number of shares issued by United Power is 289 million, including 40.4 million for online subscription. The maximum subscription limit for investors is 40,000 shares, requiring a market value of 400,000 yuan in Shenzhen [4]. - United Power aims to become a global leader in intelligent electric vehicle components and solutions, focusing on core components such as electric drive systems and power systems [4]. - In 2024, United Power holds a market share of 10.7% in electric control and 10.5% in motors for new energy passenger vehicles, ranking second overall and first among third-party suppliers [4]. - Major clients of United Power include Li Auto, GAC Group, Chery Automobile, Xiaomi Automobile, and Geely Group, with Xiaomi being the fourth-largest client in 2024, contributing 1.285 billion yuan, accounting for 7.94% of total sales [5]. Group 2: Financial Performance of United Power - United Power's revenue from 2022 to 2024 is projected to be 5.027 billion yuan, 9.365 billion yuan, and 16.178 billion yuan, with net profits of -179 million yuan, 186 million yuan, and 936 million yuan respectively [8]. - For the first three quarters of 2025, United Power expects revenue between 14 billion to 15.5 billion yuan, representing a year-on-year growth of 30.62% to 44.61%, and net profit between 750 million to 900 million yuan, with a growth of 31.05% to 57.26% [9]. Group 3: Jin Hua New Material - Jin Hua New Material's subscription code is 920015, with an issue price of 18.15 yuan per share and an issue price-to-earnings ratio of 11.52 times, compared to the industry average of 27.57 times [13]. - The total number of shares issued is 32.67 million, with 26.13 million available for online subscription. The maximum subscription limit is 1.5516 million shares [14]. - Jin Hua New Material is a leading company in the field of silane crosslinking agents and has been recognized as a national-level specialized and innovative "little giant" enterprise [14]. - Revenue for Jin Hua New Material from 2022 to 2024 is projected to be 994 million yuan, 1.115 billion yuan, and 1.239 billion yuan, with net profits of 79.59 million yuan, 173 million yuan, and 211 million yuan respectively [14]. Group 4: Financial Performance of Jin Hua New Material - Jin Hua New Material expects a revenue of 1.063 billion yuan for the entire year of 2025, a year-on-year decrease of 14.25%, and a net profit of 199 million yuan, a decrease of 5.47% [16]. Group 5: Jianfa Zhixin - Jianfa Zhixin's subscription code is 301584, focusing on high-value medical device distribution and direct sales [19]. - The total number of shares issued is 63.19 million, with 10.11 million available for online subscription [19]. - Revenue for Jianfa Zhixin from 2022 to 2024 is projected to be 11.882 billion yuan, 15.443 billion yuan, and 17.923 billion yuan, with net profits of 174 million yuan, 196 million yuan, and 228 million yuan respectively [19]. Group 6: Financial Performance of Jianfa Zhixin - Jianfa Zhixin expects revenue of approximately 14.8 billion to 15.5 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10% to 15%, and net profit of 200 million to 222 million yuan, with a growth of 30% to 40% [20]. Group 7: Yunhan Xincheng - Yunhan Xincheng's subscription code is 301563, recognized as a national-level specialized and innovative "little giant" enterprise [21]. - The total number of shares issued is 16.28 million, with 4.15 million available for online subscription [22]. - Revenue for Yunhan Xincheng from 2022 to 2024 is projected to be 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan, with net profits of 136 million yuan, 78.61 million yuan, and 88.27 million yuan respectively [23]. Group 8: Financial Performance of Yunhan Xincheng - Yunhan Xincheng expects revenue of 2.2 billion to 2.3 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 19.11% to 24.52%, and net profit of 77 million to 80 million yuan, with a growth of 38.71% to 44.11% [25]. Group 9: Rui Li Ke Mi - Rui Li Ke Mi's subscription code is 001285, specializing in active safety systems for commercial vehicles [27]. - The total number of shares issued is 45.04 million, with 16.22 million available for online subscription [28]. - Revenue for Rui Li Ke Mi from 2022 to 2024 is projected to be 1.326 billion yuan, 1.760 billion yuan, and 1.977 billion yuan, with net profits of 96.96 million yuan, 236 million yuan, and 269 million yuan respectively [28]. Group 10: Financial Performance of Rui Li Ke Mi - Rui Li Ke Mi expects revenue of 1.55 billion to 1.73 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.82% to 27.04%, and net profit of 196 million to 220 million yuan, with a growth of 11.96% to 25.67% [31].

Summary of Upcoming IPOs - Next week, there are 5 new stocks available for subscription, including 3 on the ChiNext board, 1 on the Shenzhen main board, and 1 on the Beijing Stock Exchange [1] - The schedule includes: - Monday (September 15): United Power (Subscription Code: 301656) - Tuesday (September 16): Jinhua New Materials (Subscription Code: 920015), Jianfa Zhixin (Subscription Code: 301584) - Friday (September 19): Yunhan Xincheng (Subscription Code: 301563), Ruili Kemi (Subscription Code: 001285) [1][2] United Power - United Power's issue price is 12.48 CNY per share with a P/E ratio of 32.87, compared to the industry average P/E of 29.08 [3] - The company plans to issue 28.85749 million shares, with a maximum subscription limit of 40,000 shares and a required market value of 400,000 CNY [3] - United Power is a leading enterprise in the domestic new energy vehicle power system sector, established in 2016 and a subsidiary of Huichuan Technology [3] - The company serves major domestic and international automotive brands, including Li Auto, Xiaomi, and Volvo [3] - Revenue projections for 2022 to 2024 are 5.027 billion CNY, 9.365 billion CNY, and 16.178 billion CNY, with net profits of -179 million CNY, 186 million CNY, and 936 million CNY respectively [4] Jinhua New Materials - Jinhua New Materials' issue price is 18.15 CNY per share with a P/E ratio of 11.52 [6] - Established in 2007, the company is a leader in silane crosslinking agents and fine chemicals, serving sectors like construction, energy, and electronics [6] - The company has stable partnerships with major firms such as Bayer and Wanhua Chemical [6] - Revenue projections for 2022 to 2024 are 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY, with net profits of 80 million CNY, 173 million CNY, and 211 million CNY respectively [6] Jianfa Zhixin - Jianfa Zhixin is a leading medical device distributor in China [7] - The company plans to issue 63.1933 million shares, with a maximum subscription limit of 10,000 shares and a required market value of 100,000 CNY [8] - Revenue projections for 2022 to 2024 are 11.882 billion CNY, 15.443 billion CNY, and 17.923 billion CNY, with net profits of 174 million CNY, 196 million CNY, and 228 million CNY respectively [8] Yunhan Xincheng - Yunhan Xincheng is a leading online distributor of electronic components [9] - The company plans to issue 16.279 million shares, with a maximum subscription limit of 4,000 shares and a required market value of 40,000 CNY [10] - Revenue projections for 2022 to 2024 are 4.333 billion CNY, 2.637 billion CNY, and 2.577 billion CNY, with net profits of 136 million CNY, 79 million CNY, and 88 million CNY respectively [11] Ruili Kemi - Ruili Kemi is a leading enterprise in active safety systems for commercial vehicles [12] - The company plans to issue 45.0445 million shares, with a maximum subscription limit of 16,000 shares and a required market value of 160,000 CNY [12] - Revenue projections for 2022 to 2024 are 1.326 billion CNY, 1.760 billion CNY, and 1.977 billion CNY, with net profits of 97 million CNY, 236 million CNY, and 269 million CNY respectively [12]

Summary of Upcoming IPOs - Five new stocks will be available for subscription next week, including three from the ChiNext board, one from the Shenzhen main board, and one from the Beijing Stock Exchange [1][2]. Company Highlights United Power - United Power is a leading company in the domestic new energy vehicle power system sector [2][3]. - The offering price is set at 12.48 CNY per share with a price-to-earnings (P/E) ratio of 32.87, compared to the industry average P/E of 29.08 [2]. - The company plans to issue 28.857 million shares, with a maximum subscription limit of 40,000 shares for online investors [2]. - Revenue projections for 2022 to 2024 are 5.027 billion CNY, 9.365 billion CNY, and 16.178 billion CNY, respectively, with net profits of -179 million CNY, 186 million CNY, and 936 million CNY [3]. Jinhua New Materials - Jinhua New Materials is a leading company in the silane crosslinking agent sector [4][5]. - The offering price is 18.15 CNY per share with a P/E ratio of 11.52 [5]. - Revenue projections for 2022 to 2024 are 994 million CNY, 1.115 billion CNY, and 1.239 billion CNY, with net profits of 80 million CNY, 173 million CNY, and 211 million CNY [5]. Jianfa Zhixin - Jianfa Zhixin is a leading medical device distributor in China [6]. - The company plans to issue 63.193 million shares, with a maximum subscription limit of 10,000 shares [6]. - Revenue projections for 2022 to 2024 are 11.882 billion CNY, 15.443 billion CNY, and 17.923 billion CNY, with net profits of 174 million CNY, 196 million CNY, and 228 million CNY [6]. Yunhan Xincheng - Yunhan Xincheng is a leading online distributor of electronic components [7]. - The company plans to issue 16.279 million shares, with a maximum subscription limit of 4,000 shares [6]. - Revenue projections for 2022 to 2024 are 4.333 billion CNY, 2.637 billion CNY, and 2.577 billion CNY, with net profits of 136 million CNY, 79 million CNY, and 88 million CNY [7]. Ruili Kemi - Ruili Kemi is a leading company in commercial vehicle active safety systems [8]. - The company plans to issue 45.045 million shares, with a maximum subscription limit of 16,000 shares [8]. - Revenue projections for 2022 to 2024 are 1.326 billion CNY, 1.760 billion CNY, and 1.977 billion CNY, with net profits of 97 million CNY, 236 million CNY, and 269 million CNY [8].

Economic Data Release - The National Bureau of Statistics will release August industrial added value, fixed asset investment, and retail sales data on September 15, with an expected year-on-year growth of 6% for industrial added value [2] - The China Passenger Car Association anticipates a 2% year-on-year increase in retail sales of passenger cars for August, a decline from July's growth rate [2] - The expected year-on-year growth for social retail sales is approximately 3.3%, slightly lower than July's growth [2] - Fixed asset investment growth for January to August is projected at 1.4%, down from 1.6% for January to July, with manufacturing investment expected to be 6% and infrastructure investment slightly slowing to 7% [2] Important Conferences - The 22nd China-ASEAN Expo will be held from September 17 to 21 in Nanning, featuring around 3,200 enterprises from 45 countries and covering an exhibition area of approximately 160,000 square meters [3] - The 2025 World Energy Storage Conference will take place in Ningde from September 16 to 18, alongside several other significant conferences in various sectors [3] Federal Reserve Interest Rate Decision - The Federal Reserve is expected to announce a rate decision on September 18, with a 92% probability of a 25 basis point cut and an 8% probability of a 50 basis point cut [4] - Recent economic data suggests a trend of slowing labor demand, leading to expectations of a rate cut to support the job market [4] New Stock Issuance - Four new stocks are set to be issued next week, with a total of approximately 413 million shares and expected fundraising of 7.645 billion yuan [4] - Companies involved include United Power, which focuses on smart electric vehicle components, and Jianfa Zhixin, a high-value medical device distributor [5]

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.47, which places it in the 19.6% percentile of the non-technology innovation system AHP model [5][6]. Core Insights - The company is positioned as a leading online distributor of electronic components in China, leveraging a self-built B2B e-commerce platform to provide a one-stop service that includes component procurement, technical solution design, and PCBA manufacturing [2][7]. - The company has established a significant user base, with over 696,500 registered users and more than 158,900 enterprise customers by the end of 2024, reflecting its ability to meet one-stop procurement needs effectively [7][8]. - The "sell first, buy later" model adopted by the company allows it to maintain stable profitability while reducing inventory pressure and procurement costs, with over 80% of its revenue generated through this model [10][11]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for the company, excluding liquidity premium factors, is 1.47, indicating a position in the upper-middle tier of the distribution market [5][6]. Company Highlights and Features - The company has a robust supplier network with over 4,200 suppliers and 2,500 data-sharing partners, offering a wide range of SKUs exceeding 27.99 million [7][8]. - The company has become the exclusive online authorized distributor for NXP in Greater China, enhancing its market position [7][8]. Financial Comparison with Peers - The company's revenue for 2022-2024 was 4.333 billion, 2.637 billion, and 2.577 billion CNY, respectively, placing it in the mid-tier compared to peers [17][20]. - The net profit for the same period was 136 million, 79 million, and 88 million CNY, which is above the average of comparable companies [17][20]. - The gross margin has improved from 12.16% in 2022 to 16.28% in 2024, indicating effective cost management and a shift in revenue contribution structure [20][21]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the upgrade of its big data center and component trading platform, construction of an electronic industry collaborative manufacturing service platform, and smart shared warehousing [29][30]. - The total investment for these projects is estimated at 29.13 million, 13.43 million, and 9.60 million CNY, respectively [30].

Investment Rating - The report assigns a rating based on the AHP score of 1.47, placing the company in the 19.6% percentile of the non-innovation system AHP model, indicating a relatively strong position in the market [6][7]. Core Insights - The company is positioned as a leading online distributor of electronic components in China, leveraging a self-built B2B e-commerce platform to provide a one-stop service that includes component procurement, technical solution design, and PCBA manufacturing [8][9]. - The company has achieved significant growth in user engagement, with over 696,500 registered users and more than 158,900 cumulative ordering enterprises by the end of 2024, reflecting a robust demand for its services [8][9]. - The "sell first, buy later" model adopted by the company allows it to maintain stable profitability while reducing inventory pressure and procurement costs, with over 80% of revenue generated through this model [12][13]. Summary by Sections AHP Score and Expected Allocation - The AHP score, adjusted for liquidity premium factors, is 1.47, indicating a strong market position, with expected allocation ratios for offline investors set at 0.0223% and 0.0192% under neutral conditions [6][7]. Company Highlights and Features - The company has established itself as a one-stop service platform, significantly reducing costs through centralized procurement and offering a wide range of services across the electronic manufacturing supply chain [8][9]. - The company has partnered with over 4,200 suppliers, with 2,500 engaged in data collaboration, providing a vast inventory of 27.99 million SKUs available for sale daily [8][9]. Financial Comparison with Peers - The company's revenue from 2022 to 2024 was 4.33 billion, 2.64 billion, and 2.58 billion respectively, placing it in the mid-range compared to peers, while its net profit was 136 million, 79 million, and 88 million, exceeding the average of comparable companies [18][21]. - The gross margin has shown a consistent increase from 12.16% in 2022 to 16.28% in 2024, attributed to a diverse product range and effective inventory management [21][24]. Fundraising Projects and Development Vision - The company plans to raise funds for upgrading its big data center and component trading platform, building an electronic industry collaborative manufacturing service platform, and constructing intelligent shared warehousing [31][32]. - The expected internal rate of return for these projects is not specified, but they are aimed at enhancing service capabilities and operational efficiency [32].

Group 1 - The core viewpoint of the news is that the company is upgrading its online marketplace and enhancing service capabilities through various projects, which will improve customer experience and operational efficiency [1][3] - The company has canceled the "supplementary working capital" project, reducing the total investment from 942 million yuan to 522 million yuan [1] - The company is focusing on integrating technologies like the Internet, big data, and artificial intelligence into its traditional electronic component distribution business to enhance supply chain efficiency [3] Group 2 - The company, Yunhan Xincheng, is recognized as a leading innovative high-tech enterprise in the electronic component distribution sector, with numerous accolades such as "National Supply Chain Innovation and Application Pilot Enterprise" and "National Specialized and New Small Giant Enterprise" [2] - The total investment for the key projects includes 291.29 million yuan for the big data center upgrade, 134.31 million yuan for the electronic industry collaborative manufacturing service platform, and 95.98 million yuan for the intelligent shared warehousing project, totaling 521.59 million yuan [2] - The company aims to leverage its capital market advantages post-IPO to enhance R&D capabilities and expand market share, ensuring the stability and reliability of electronic component supply channels [3] Group 3 - The company plans to issue 16.279 million shares at a price yet to be determined, with a pre-issue net asset value of 15.32 yuan per share [4] - The company reported a weighted average return on equity of 12.55% for 2024, a decrease of 0.14 percentage points from the previous year [21] - As of the first half of 2025, the company's cash flow from operating activities was negative 119 million yuan, a decrease of 145 million yuan year-on-year [23]