Group 1 - The core point of the article is the announcement by Xinhua Jin (SH 600735) regarding the dismissal of its Vice President and Chief Financial Officer, Cao Xu, and the appointment of Sun Huimin as the new CFO [1] - The decision to dismiss Cao Xu was made after considering various factors and was approved unanimously by the board during the third meeting of the 14th Board of Directors [1] - The company reported its revenue composition for the first half of 2025, with hair products accounting for 61.93%, e-commerce for 21.37%, textiles for 14.87%, others for 1.81%, and graphite for 0.01% [1] Group 2 - As of the report, Xinhua Jin has a market capitalization of 2.4 billion [1]

Core Viewpoint - Shandong Xinhua Jin International Co., Ltd. (Xinhua Jin) faces risk warnings due to non-operational fund occupation by related parties, leading to stock suspension and a change in stock abbreviation to "ST Xinhua Jin" starting September 30 [1][2]. Group 1: Regulatory Actions - Xinhua Jin's stock will be suspended for one day on September 29 and will be subject to risk warnings due to failure to clear non-operational fund occupation within one month [1][2]. - The company received an administrative regulatory decision from the Qingdao Securities Regulatory Bureau regarding the non-operational occupation of funds by Xinhua Jin Group, controlled by the actual controller Zhang Jianhua [1][2]. Group 2: Financial Performance - As of the half-year report disclosed on August 26, Xinhua Jin Group and its related parties had a non-operational fund occupation balance of 406 million yuan [1]. - For the first half of the year, Xinhua Jin reported operating revenue of 669 million yuan, a year-on-year decrease of 24.92%, and a net profit attributable to shareholders of 12.87 million yuan, down 39.45% year-on-year [2]. - The company's net profit after deducting non-recurring items was 5.31 million yuan, reflecting a significant decrease of 73.61% year-on-year [2]. Group 3: Stock Performance - Following the administrative regulatory measures and risk warnings, Xinhua Jin's stock price has been on a downward trend since August 27, closing at 5.6 yuan per share on September 26, with a decline of 2.61% [3].

Core Viewpoint - Xinhua Jin (600735) will be subject to risk warning due to the non-operational occupation of funds by related parties, which has not been repaid within one month as required by regulations [1][2]. Group 1: Financial and Regulatory Issues - Xinhua Jin's stock will be suspended from trading on September 29 and will be subject to risk warning starting September 30, with its securities name changing to ST Xinhua Jin [2]. - As of the half-year report disclosure date in 2025, the balance of non-operational funds occupied by Xinhua Jin Group and its related parties amounts to 406 million yuan, which must be repaid within six months of receiving the regulatory decision [2]. - The company has not yet repaid the occupied funds, leading to the implementation of risk warning measures by the exchange [2]. Group 2: Management Actions - The company is urging Xinhua Jin Group to actively promote the equity transfer of Shandong Jimo Yellow Wine Factory Co., Ltd. and to accelerate the liquidation and disposal of other assets to raise funds for repayment [3]. - The board and management of Xinhua Jin are taking the matters outlined in the regulatory decision seriously and are making efforts to mitigate the impact on the company [2]. Group 3: Shareholder Issues - The controlling shareholder, Shandong Lujin Import and Export Group Co., Ltd., has had a total of 612,400 shares judicially frozen and 18.5 million shares marked for judicial preservation, representing 100% of its holdings and 43.27% of the total shares of Xinhua Jin [4]. - The judicial freezing of shares is related to a property preservation case involving Lianyungang Kelehe Technology Co., Ltd. and Lujin Group [4][5]. Group 4: Business Performance - Xinhua Jin primarily operates in "new trade and new materials," focusing on the export of hair products and textiles, as well as graphite deep processing and applications [6]. - In the first half of the year, the company reported revenue of approximately 670 million yuan, a year-on-year decrease of 24.92%, and a net profit attributable to shareholders of approximately 12.87 million yuan, down nearly 40% [6]. - The company's net profit after deducting non-recurring items was 5.31 million yuan, a decline of 73.61% year-on-year [6].

Core Viewpoint - Several companies, including Beijing Micro Nano Star Technology Co., Ltd. and Benyuan Quantum Computing Technology (Hefei) Co., Ltd., have recently filed for IPO guidance, indicating a growing interest in sectors like commercial aerospace and quantum computing in China [1][5]. Group 1: Micro Nano Star Technology - Micro Nano Star, established in August 2017 with a registered capital of 62.5625 million yuan, focuses on the research and manufacturing of satellite systems and ground station products [3][4]. - The company has developed and launched 27 satellites, covering various categories such as narrowband low-power communication and high-resolution optical remote sensing [4]. - Micro Nano Star has completed 14 rounds of financing, with total funding exceeding 2 billion yuan and a valuation surpassing 7 billion yuan, positioning it as a commercial aerospace unicorn [4]. Group 2: Benyuan Quantum - Benyuan Quantum, founded in September 2017 with a registered capital of 30 million yuan, is recognized as a leading quantum computing enterprise in China, focusing on building a self-controlled quantum computing ecosystem [5][6]. - The company has developed the third-generation superconducting quantum computer "Benyuan Wukong," which has been deployed in various locations across China [5]. - In 2024, Benyuan Quantum reported revenue of 99.3849 million yuan with a net loss of 34.1928 million yuan, while its competitor, GuoDun Quantum, reported a revenue of 253 million yuan with a net loss of 31.84 million yuan [6]. Group 3: Zhenhua Haike - Zhenhua Haike, established in 1979 with a registered capital of 114.52669 million yuan, specializes in the research, production, and sales of pumps and motors for naval vessels [9][10]. - The company reported a revenue of 579 million yuan in 2024, with a growth rate of 4.1%, but experienced a net profit decline of 21.92% due to rising raw material costs and military pricing sensitivity [10]. - The ship pump market in China is expected to exceed 30 billion yuan by 2025, with a compound annual growth rate of around 15% [9]. Group 4: CarCool - CarCool, founded in June 2011 with a registered capital of 45 million yuan, is a national-level specialized "little giant" enterprise focusing on automotive emergency start power supplies and energy storage [12][13]. - The company has developed the world's first lithium battery automotive emergency start power supply and has a significant market presence in over 30 countries [14]. - The founder, Lei Yun, is a notable figure with a strong academic background, having studied at Peking University and holding an MBA from the University of Wales [13]. Group 5: Haishen - Haishen, established in June 2020 with a registered capital of 120 million yuan, specializes in the research, production, and sales of hair products, with a strong international market presence [14][15]. - The company has completed multiple rounds of financing and aims to apply for a main board listing [14]. - Haishen's products are sold in over 30 countries, including the UK, France, and the US, showcasing its global reach [14]. Group 6: Jimei New Materials - Jimei New Materials, founded in January 2006 with a registered capital of 53.34 million yuan, focuses on the design, development, and production of cellulose acetate sheets, primarily used in eyewear [17][18]. - The company has established long-term partnerships with major eyewear manufacturers and reported revenues of 228.6433 million yuan in 2022, 263.5295 million yuan in 2023, and 302.2947 million yuan in 2024 [18]. - In the first half of 2025, Jimei New Materials experienced a slight revenue decline of 0.64% compared to the previous year [18].

星标 ★ IPO日报 精彩文章第一时间推送 过去一周（9月15日-21日），证监会官网新增披露，北京微纳星空科技股份有限公司（下称"微纳星空"）、本源量子计算科技（合肥）股份有限 公司（下称"本源量子"）、江苏振华海科装备科技股份有限公司（下称"振华海科"）、深圳市卡儿酷科技股份有限公司（下称"卡儿酷"）、青岛 海森林发制品集团股份有限公司（下称"海森林"）、深圳市集美新材料股份有限公司（下称"集美新材"）等公司进行了上市辅导备案。 IPO日报注意到，上交所副理事长霍瑞戎9月16日在公开论坛上透露，上交所已与多家商业航天、人工智能、低空经济企业开展预沟通，推动第 五套标准扩围至相关行业领域。上述企业上，微纳星空作为专业的商业航天企业，准备上市恰逢其时。 此外，由中国量子计算行业领军人物中 科院院士郭光灿、中科大教授郭国平创立的本源量子也备受市场关注。 制图：佘诗婕 公司提供包括论证、设计、制造、测试、发射、测运控在内的"一站式"星地一体化交付服务。其客户包括政府科研机构、电信公司、互联网公司 以及一些新兴的商业应用方。中国航天科技集团、中国科学院以及一些大型央企，也是它的合作方。 作为一家专业的商业航天企业， ...

Core Viewpoint - Xinhua Jin (600735.SH) is facing significant financial challenges, including a large amount of non-operating fund occupation by its controlling shareholder, Xinhua Jin Group, totaling 406 million yuan [2][3]. Financial Situation - As of the latest report, Xinhua Jin's revenue for 2024 was 1.637 billion yuan, a decrease of 30.97% year-on-year, with a net profit of -134 million yuan, down 354.59% [7]. - In the first half of 2025, the company reported revenue of 669 million yuan, a decline of 24.92% year-on-year, and a net profit of 12.87 million yuan, down 39.45% [7]. Fund Occupation and Regulatory Actions - Xinhua Jin Group and its affiliates have not returned the occupied funds, leading to regulatory scrutiny and potential administrative measures, including stock suspension and delisting warnings if the funds are not recovered within six months [3][4]. - The company is actively pursuing the recovery of these funds and is urging Xinhua Jin Group to expedite the disposal of other assets to raise the necessary capital [4]. Shareholder Actions and Agreements - Qingdao Beer announced a share transfer agreement with Xinhua Jin Group and Lu Jin Group for 100% equity of Jimo Yellow Wine, with a total consideration of 665 million yuan [2][6]. - However, four months after the announcement, there has been no update on the progress of the share transfer [2][6]. Business Operations - Xinhua Jin's business primarily focuses on "new trade and new materials," including the export of hair products and textiles, as well as graphite processing [7]. - The company has faced challenges in its operations, particularly in the second-hand car segment, which was divested in late 2024, impacting revenue [7].

IPO Pipeline Overview - As of September 21, there are 279 companies in the IPO pipeline, with 21 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 25 on the Shenzhen Main Board, 27 on the Growth Enterprise Market, and 170 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - Hebei Shichang Automotive Parts Co., Ltd. was listed between September 15 and September 21, closing at 40.50 yuan per share, representing a 271.56% increase, with a trading volume of 641 million yuan and a turnover rate of 87.48% [3]. New Counseling Records - Eight new companies were added to the counseling records from September 15 to September 21, including Beijing Weina Star Technology Co., Ltd. and others, focusing on various sectors such as satellite technology, quantum computing, and environmental equipment [4][5]. Companies Undergoing Review - Yuan Chuang Technology Co., Ltd. and Suzhou New Guangyi Electronics Co., Ltd. successfully passed the review process, while Xiamen Youxun Chip Co., Ltd. had its review results postponed [8][9]. Registration Approval - Three companies received registration approval from September 15 to September 21, including Zhongcheng Zhixin Engineering Consulting Group Co., Ltd., which provides comprehensive consulting services, and Nabaichuan New Energy Co., Ltd., focusing on thermal management for electric vehicle batteries [10]. Terminated Reviews - Four companies, including Hengyang Jinzelite Special Alloy Co., Ltd. and others, withdrew their IPO applications during the same period [11][12][13].

Group 1 - The core point of the news is that Qingdao Haishen Hair Products Group Co., Ltd. is progressing with its IPO plans, aiming to become the first A-share listed company in the hair products sector in Shandong province [1] - Haishen has initiated a new round of IPO guidance registration with Guotai Haitong Securities Co., Ltd. after previously signing an IPO guidance agreement with Guotai Junan Securities [1] - The company has a strong market position, claiming to have the highest export value of high-end hair products in China, and has been a supplier for L'Oréal since 2012 [6] Group 2 - The controlling shareholder of Haishen is Qingdao Haishen Holding Group Co., Ltd., which holds a 65.36% stake in the company [1] - Haishen has completed multiple rounds of financing since its establishment, with investors including Qingsong Capital and Caitong Venture Capital [1] - The company has expanded its operations, opening its first flagship store in Shanghai in 2023 and establishing a new R&D center for high-end wigs in 2023 [9]

Core Viewpoint - The first phase of the employee stock ownership plan of Henan Ruibeka Hair Products Co., Ltd. has reached its expiration date on September 19, 2025, and all shares held under this plan have been sold [1][6]. Summary by Sections Approval Procedures for the Employee Stock Ownership Plan - The company held board meetings and a shareholders' meeting in September 2016 to approve the employee stock ownership plan and related matters [1]. - On November 12, 2016, the company announced the completion of stock purchases under the plan, acquiring a total of 18,722,649 shares, with a lock-up period of 12 months [2]. - The plan's duration was initially set for a maximum of 24 months, expiring on September 19, 2018 [2]. - In April 2017, the company approved a capital reserve conversion plan, increasing the shares held under the employee stock ownership plan to 22,467,179 shares [2]. - The plan's duration was extended for an additional 24 months in August 2018 and again in August 2020 [3]. - In September 2022, the duration was extended for another 12 months, and in August 2023, it was further extended by 2 years, now set to expire on September 19, 2025 [4]. Sale of Shares Under the Employee Stock Ownership Plan - The first phase of the employee stock ownership plan has now expired, and all shares have been sold [5][6].

Company Overview - Qingdao Haishen Hair Products Group Co., Ltd. (referred to as "Haishen") has filed for listing on the main board with the Qingdao Securities Regulatory Bureau on September 18, 2025 [1] - The company was established on June 19, 2020, with a registered capital of 120 million yuan, and is controlled by Qingdao Haishen Holding Group Co., Ltd., which holds 65.36% of its shares [1][2] - As of May 2025, Haishen Group has 16 subsidiaries and 1,400 employees, with 7 factories in China and 2 overseas production bases, exporting to 26 countries and regions [2] Business Development - Haishen started as an exporter of hair products and gained significant recognition in international markets [2] - The company became a supplier for L'Oréal in 2012 and ranked third in export volume among Chinese hair product companies in 2017 [3] - In 2021, Haishen's export volume exceeded 100 million USD for the first time, and in 2022, it completed a Series A financing round [3] Market Position - The hairpiece market is primarily concentrated in Europe, North America, and Africa, with the domestic market gradually emerging [5] - Haishen is recognized as a leading player in the high-end hairpiece export sector, holding the top position in the industry [5] - Competitors in the Chinese market include Rebeccah and Baositang, with Rebeccah facing significant financial challenges recently [5]