Group 1: New Stock Subscription - Bibet - Bibet is a biopharmaceutical company focused on innovative drug development, particularly in oncology, autoimmune diseases, and metabolic diseases [2] - The company has a market capitalization of 6.401 billion yuan and an issue price of 17.78 yuan per share, with an institutional offering price of 18.12 yuan per share [5] - Bibet's primary research pipeline includes one approved innovative drug, BEBT-908, and several others in various clinical trial phases [6][8] - The company plans to invest 9.49 billion yuan in new drug research and development, 5.55 billion yuan in a research center and production base, and 5 billion yuan to supplement working capital [5] Group 2: Financial Performance and Risks - Bibet - Bibet has not generated any revenue and has reported continuous net losses since its establishment, with losses of 1.88 million yuan, 1.73 million yuan, and 0.56 million yuan in recent years [9] - The company is heavily reliant on the commercialization of BEBT-908, which is expected to be conditionally approved for market by June 30, 2025 [8] - The company faces risks related to the commercialization of its products, including market access, insurance inclusion, and sales network establishment [8] Group 3: New Stock Listing - Daosheng Tianhe - Daosheng Tianhe is a national high-tech enterprise specializing in the research, production, and sales of new materials, particularly epoxy resins and polyurethane [10] - The company has a market capitalization of 3.943 billion yuan and an issue price of 5.98 yuan per share, with an institutional offering price of 6.32 yuan per share [13] - Daosheng Tianhe is recognized as a leading supplier of wind turbine blade materials and has established stable relationships with major industry players [15][16] Group 4: Financial Performance and Market Position - Daosheng Tianhe - The company reported revenues of 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan from 2022 to 2024, with net profits of 110 million yuan, 155 million yuan, and 155 million yuan respectively [16] - Daosheng Tianhe's performance has shown volatility, influenced by market competition, seasonal fluctuations, and raw material price changes [16] - The company has obtained 69 patents, including 38 invention patents, enhancing its competitive edge in the market [16]

Group 1: New Stock Subscription - Bibet - Bibet (688759.SH) is a biopharmaceutical company focused on innovative drug development, particularly in oncology, autoimmune diseases, and metabolic diseases [1][4] - The company has a market capitalization of 6.401 billion yuan and an issue price of 17.78 yuan per share, with an expected price-to-earnings ratio of 31.83 [4] - Bibet's research pipeline includes one approved innovative drug, BEBT-908, and several others in various clinical trial phases, with a significant focus on unmet clinical needs [5][6][7] Group 2: Financial Performance and Funding - Bibet has reported net losses of 0.0188 billion yuan, 0.0173 billion yuan, and 0.0056 billion yuan over the past three years, indicating ongoing financial challenges [8] - The company plans to allocate 9.49 billion yuan (47.35%) of its raised funds to new drug research and development, 5.55 billion yuan (27.71%) to the construction of a research center, and 5.00 billion yuan (24.94%) for working capital [4] Group 3: New Stock Listing - Daosheng Tianhe - Daosheng Tianhe (601026.SH) is a national high-tech enterprise specializing in the research, production, and sales of new materials, particularly epoxy resins and polyurethane [1][11] - The company has a market capitalization of 3.943 billion yuan and an issue price of 5.98 yuan per share, with a price-to-earnings ratio of 29.05 [11] - Daosheng Tianhe is recognized as a leading supplier of materials for wind turbine blades and has established stable relationships with major industry players [14][15] Group 4: Financial Performance and Market Position - Daosheng Tianhe's revenue for 2022, 2023, and 2024 was 3.436 billion yuan, 3.202 billion yuan, and 3.238 billion yuan, with net profits of 0.11 billion yuan, 0.155 billion yuan, and 0.155 billion yuan respectively [15] - The company has been recognized as a national-level "little giant" enterprise and has obtained 69 patents, including 38 invention patents [15]

Core Viewpoint - The company Daoshengtianhe (601026.SH) is a leading player in the global wind turbine blade material market, focusing on the research, production, and sales of advanced materials such as epoxy resin, polyurethane, acrylic, and silicone [1][5]. Company Overview - Daoshengtianhe is recognized as a national high-tech enterprise and is the largest producer of epoxy resin for wind turbine blades globally [5][6]. - The company has established stable partnerships with major industry players, including Vestas, BYD, and GAC Group, enhancing its influence in both domestic and international markets [5][6]. Financial Performance - The company reported revenues of 34.36 billion yuan, 32.02 billion yuan, and 32.38 billion yuan for the years 2022 to 2024, with year-on-year growth rates of 9.89%, -6.81%, and 1.13% respectively [6]. - The net profit attributable to shareholders for the same period was 1.10 billion yuan, 1.55 billion yuan, and 1.55 billion yuan, with growth rates of 30.08%, 40.12%, and 0.01% respectively [6]. IPO Details - The IPO price is set at 5.98 yuan per share, with an institutional offering price of 6.32 yuan per share, and a market capitalization of 31.55 billion yuan [3]. - The company aims to raise 5.59 billion yuan, with 80.53% allocated to the production of high-end adhesives and composite materials for new energy and power batteries [3]. Industry Position - Daoshengtianhe's epoxy resin series for wind turbine blades has ranked first in global sales from 2022 to 2024, while its structural adhesive for wind turbine blades ranked second domestically and third globally [5]. - The company is the only Chinese enterprise supplying both epoxy resin and structural adhesives to Vestas, a major player in the wind energy sector [5].

Core Viewpoint - The company Daosheng Tianhe (601026.SH) is a leading player in the new materials sector, focusing on the research, production, and sales of high-performance thermosetting resin materials, particularly for wind power blades and new energy vehicles [1][5]. Company Overview - Daosheng Tianhe is recognized as a national high-tech enterprise and is the largest producer of epoxy resin for wind power blades globally [5][6]. - The company has established stable partnerships with major industry players, including Vestas, BYD, and GAC Group, enhancing its influence in both domestic and international markets [5][6]. Financial Performance - The company reported revenues of 34.36 billion yuan in 2022, with a slight decline to 32.02 billion yuan in 2023, and a marginal increase to 32.38 billion yuan in 2024, reflecting a growth rate of 9.89%, -6.81%, and 1.13% respectively [6]. - The net profit attributable to shareholders was 1.10 billion yuan in 2022, increasing to 1.55 billion yuan in both 2023 and 2024, with growth rates of 30.08%, 40.12%, and 0.01% respectively [6]. Market Position - The company is the only Chinese enterprise supplying both epoxy resin and structural adhesives to international wind power giants like Vestas, which strengthens its market position [5]. - Daosheng Tianhe has been recognized as a "little giant" enterprise and holds 69 patents, including 38 invention patents, showcasing its innovation capabilities [6]. Investment Details - The IPO price is set at 5.98 yuan per share, with an institutional offering price of 6.32 yuan per share, and a market capitalization of 31.55 billion yuan [3]. - The company plans to allocate 80.53% of the raised funds (5.59 billion yuan) towards the production of high-end adhesives and high-performance composite materials [3].

Core Viewpoint - Daosheng Tianhe Material Technology (Shanghai) Co., Ltd. is positioned as a leading enterprise in the high-performance thermosetting resin materials industry, focusing on new materials for the renewable energy sector and aiming for global leadership in comprehensive new material solutions [2][18]. Business Overview - The company specializes in the research, production, and sales of high-performance thermosetting resin materials, including epoxy resins, polyurethanes, acrylics, and organosilicon, with applications in wind energy, new energy vehicles, and industrial adhesives [3][4]. - The product lines include materials for wind turbine blades, new composite materials, and adhesives for new energy vehicles, serving various sectors such as wind energy, new energy vehicles, energy storage, and aerospace [3][5]. Sales and Financial Performance - The company's self-produced product sales volumes for the years 2022 to 2025 are projected to be 127,500 tons, 168,700 tons, 187,100 tons, and 106,100 tons, respectively, indicating a growth trend [4]. - The reported operating revenues for the same period are 3.436 billion yuan, 3.202 billion yuan, 3.238 billion yuan, and 1.785 billion yuan [7]. - The net profits for the years are 108 million yuan, 152 million yuan, 155 million yuan, and 85 million yuan [8]. - The sales gross margins are reported at 10.76%, 12.34%, 11.61%, and 12.43% [9]. - Research and development expenses are 94.07 million yuan, 101.75 million yuan, 87.69 million yuan, and 44.00 million yuan, representing 2.74%, 3.18%, 2.71%, and 2.47% of operating revenue, respectively [10]. Future Development Plans - The company aims to solidify its leading position in wind turbine blade materials while making significant progress in new energy vehicles, energy storage, hydrogen energy, aerospace, and power sectors [11][12]. - The diversification strategy includes expanding into photovoltaic, consumer electronics, semiconductors, rail transportation, 3D printing, 5G communication, shipping, and construction materials [12][13]. Industry Position and Market Outlook - The company is recognized as a leading player in the green new materials sector, being one of the largest producers of epoxy resins for wind turbine blades globally [18]. - The market for epoxy resins used in wind turbine blades is projected to grow significantly, with global sales expected to reach 78,612 tons by 2030, reflecting a compound annual growth rate of 6.56% from 2024 to 2030 [15]. - The new composite materials market is anticipated to replace traditional materials in various industries, with the global epoxy resin composite market expected to reach $42.92 billion by 2027, growing at a CAGR of approximately 6.2% from 2020 to 2027 [17]. IPO and Fundraising - The company plans to use the proceeds from its IPO to enhance production capabilities, optimize product structure, and strengthen innovation capabilities [21][23]. - The IPO involves issuing 13.188 million shares, representing 20% of the total share capital post-issue [20]. - The fundraising projects include a high-end adhesive and high-performance composite resin system with an annual production capacity of 56,000 tons, primarily for wind energy and new energy vehicles [22].