证券日报网讯 9月4日晚间，嘉元科技发布公告称，公司分别于2025年7月31日召开第五届董事会第四十 九次会议审议通过了《关于取消监事会、变更注册资本、修订并办理工商变更登记的议案》、2025年8 月19日召开公司2025年第三次临时股东大会审议通过《关于取消监事会、变更注册资本、修订并办理工 商变更登记的议案》。近日，公司已完成工商变更登记和备案手续，并取得了梅州市市场监督管理局换 发的《营业执照》。 （文章来源：证券日报） ...

Financing & Review - In August 2025, 5 new stocks were issued on the North Exchange, raising a total of 1.22 billion yuan[6] - Cumulatively, 12 new stocks were issued from January to August 2025, with total fundraising amounting to 3.739 billion yuan[6] - As of the end of August, there are 13 companies that have passed the review but not yet registered, with a proposed fundraising of 2.610 billion yuan[6] Subscription & Issuance - The median first-day increase for the 5 new stocks listed in August was +271.09%, with individual increases of +369.54%, +340.71%, +271.09%, +263.98%, and +203.94%[4] - The theoretical subscription yield for individual new stocks in August ranged from +0.066% to +0.128%[4] - The cumulative theoretical yield for new stock subscriptions from January to August 2025 increased by +1.42%[4] Market Trends & Predictions - The average top subscription amount in August was 11.60 million yuan, with a median freezing fund range of 564.54 billion to 740.83 billion yuan[6] - The expected annual issuance of new stocks is estimated at 30, with a total fundraising of 7.5 billion yuan under a neutral assumption[7] - The anticipated first-day price increase for new stocks is projected at 300%, with various scenarios considered[7] Investment Analysis - The North Exchange is entering a normalized issuance period, with subscription yields appearing attractive[7] - The average yield increase for 5 new stocks listed in August is +0.11%, suggesting a potential annualized yield increase of +3.31% if 30 stocks are issued[7] - The North Exchange's strategic investment opportunities are highlighted, particularly in the context of the recent expansion of strategic placement investors[7]

Group 1 - The company currently has the production capacity for rolled alloy copper foil, which is a specialized material for high-speed transmission in dynamic flexible motion applications [1] - The processing difficulty of alloy copper foil is high, resulting in a greater added value compared to other types of copper foil [1] - There is a distinction between alloy copper foil and electrolytic copper foil, with the latter being used in the PCB industry as static copper foil that cannot be bent repeatedly, indicating different demand and applications [1]

Group 1 - The company, Bo Wei Alloy (601137.SH), currently has the production capacity for rolled alloy copper foil, which is a specialized material for high-speed transmission in dynamic flexible motion applications [1] - The processing difficulty of alloy copper foil is high, resulting in a greater added value compared to other types of copper foil [1] - The company clarifies that electrolytic copper foil, used in the PCB industry, is static and cannot be bent repeatedly, indicating that the demand and applications for these materials are different and currently do not have mutual substitutability [1]

Core Viewpoint - The company clarified its product applications and confirmed it does not engage in certain high-tech fields such as robotics and bridge construction [1][3]. Group 1 - The company produces steel wires primarily used in automotive seat frames, conveyor belts, and hoses [1]. - The company does not participate in projects related to bridge construction or robotics [1].

Core Viewpoint - The company, Rihua Co., Ltd. (stock code: 603218), focuses on providing casting steel products primarily for the energy equipment sector, including wind power, steam power, gas power, hydropower, and nuclear power [1] Group 1 - The company has developed capabilities for casting large-tonnage steel components, which will be utilized with the introduction of new equipment by 2025 [1] - The company's casting products also serve various other sectors, including hydraulic equipment, marine equipment, offshore engineering, and construction machinery [1]

Core Viewpoint - Wenzhou Hongfeng (300283.SZ) is actively involved in the research, production, and sales of electrical contact materials and functional composite materials, which are widely used across various industries including aerospace, medical materials, 5G technology, and liquid cooling technology [1] Group 1: Applications and Innovations - The company's electrical contact materials and functional composite materials serve as fundamental components in numerous sectors, including industrial electrical equipment, consumer electronics, home appliances, automotive engineering, automation equipment, wind and solar power generation, and data centers [1] - In the 5G smart terminal sector, the company has developed specialized heat dissipation materials that have entered mass production, finding extensive applications in consumer electronics and 5G smart terminal devices [1] - In the medical field, the company has created materials for treating vascular tumors, medical imaging, and electrode surgical knives [1] Group 2: Material Properties and Supply - The company's metal matrix composite materials combine the high strength and corrosion resistance of stainless steel with the high thermal conductivity of copper, making them ideal for manufacturing condensers, oil coolers, and various heat exchangers [1] - Currently, these materials are being supplied to well-known domestic clients in the thermal management system sector [1]

Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]

Company Overview - Full Name: Zhengzhou Suda Industrial Machinery Service Co., Ltd [1] - Abbreviation: Suda Co., Ltd [1] - Stock Code: 001277.SZ [1] - IPO Application Date: June 22, 2022 [1] - Listing Date: September 3, 2024 [1] - Listing Board: Shenzhen Main Board [1] - Industry: Metal Products, Machinery and Equipment Repair [1] - IPO Sponsor: Guosen Securities [1] - Lead Underwriters: Ge Tiwu, Liu Lingyun [1] - IPO Legal Advisor: Beijing Zhonglun Law Firm [1] - IPO Audit Firm: Tianjian Accounting Firm (Special General Partnership) [1] IPO Details - The company is described as a leading provider of aftermarket services in domestic service, repair, and remanufacturing technology [1] - The average listing cycle for A-share companies in 2024 is 629.45 days, while Suda Co., Ltd's listing cycle is 804 days, exceeding the average [1] - The underwriting and sponsorship fees amount to 56.5 million yuan, with a commission rate of 9.29%, higher than the average of 7.71% [1] Market Performance - On the first day of listing, the stock price increased by 36.16% compared to the issue price [1] - Over the first three months post-listing, the stock price rose by 15.59% compared to the issue price [1] Financial Metrics - The company's issue price-to-earnings ratio is 15.05 times, which is 71.09% of the industry average of 21.17 times [1] - Expected fundraising is 608 million yuan, with actual fundraising also at 608 million yuan [1] Short-term Performance - In 2024, the company's operating revenue decreased by 6.89% year-on-year, while net profit attributable to shareholders fell by 13.55%, and non-recurring net profit decreased by 15.82% year-on-year [1] - The abandonment rate for the IPO was 1.02% [1] Overall Assessment - The total score for Suda Co., Ltd's IPO project is 79.5 points, classified as Grade C [1] - Negative factors affecting the score include the need for improved information disclosure quality, a listing cycle exceeding two years, multiple applications, a high issuance cost rate, and a decline in revenue and profit in the first accounting year post-listing [1]

Company Overview - Full Name: Zhengzhou Suda Industrial Machinery Service Co., Ltd [1] - Abbreviation: Suda Co., Ltd [1] - Stock Code: 001277.SZ [1] - IPO Application Date: June 22, 2022 [1] - Listing Date: September 3, 2024 [1] - Listing Board: Shenzhen Main Board [1] - Industry: Metal Products, Machinery and Equipment Repair [1] - IPO Sponsor: Guosen Securities [1] - IPO Underwriters: Guosen Securities [1] - IPO Legal Advisor: Beijing Zhonglun Law Firm [1] - IPO Audit Firm: Tianjian Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure Issues: Required to clarify the statement of being a leading provider in the domestic aftermarket service and repair sector; needed to describe "information management advantages" in simpler terms; required to explain the reason for the change of signing accountant [1] - Regulatory Penalties: No deductions [1] - Public Supervision: No deductions [1] - Listing Cycle: Deductions applied; Suda Co., Ltd's listing cycle is 804 days, exceeding the average of 629.45 days for 2024 A-share listings [1] - Multiple Applications: Yes [1] - Issuance Costs: Underwriting and sponsorship fees amount to 56.5 million yuan, with a commission rate of 9.29%, higher than the average of 7.71% [1] Market Performance - First Day Performance: Stock price increased by 36.16% on the first day of listing [2] - Three-Month Performance: Stock price increased by 15.59% compared to the issue price within three months [2] Financial Metrics - Issuance Price-Earnings Ratio: Suda Co., Ltd's issuance P/E ratio is 15.05 times, which is 71.09% of the industry average of 21.17 times [3] - Actual Fundraising Ratio: Expected and actual fundraising amount is 608 million yuan [4] Short-Term Performance - Revenue: In 2024, the company's revenue decreased by 6.89% year-on-year [5] - Net Profit: The net profit attributable to the parent company decreased by 13.55% year-on-year [5] - Non-recurring Net Profit: The non-recurring net profit attributable to the parent company decreased by 15.82% year-on-year [5] - Abandonment Rate: The abandonment rate is 1.02% [5] Overall Score - Total Score: Suda Co., Ltd's IPO project total score is 79.5, classified as Grade C [5] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, multiple applications, high issuance cost rate, revenue and profit decline in the first accounting year, abandonment rate of 1.02% [5]