Core Viewpoint - The stock price of Jiuzhou Yiguai (688485.SH) has declined, closing at 15.46 yuan, a drop of 4.63% [1] Group 1: Company Overview - Jiuzhou Yiguai was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 18, 2023, with an issuance of 37.573016 million shares at a price of 17.47 yuan per share [1] - The stock reached its highest price of 22.50 yuan on the first day of trading, marking the peak since its listing [1] - Currently, the stock is in a state of decline, having fallen below its initial offering price [1] Group 2: Financial Details - The total amount raised from the initial public offering (IPO) was 656.4006 million yuan, with a net amount of 581.2187 million yuan after expenses [1] - The final net amount raised was 7,552.13 million yuan less than originally planned [1] - The IPO expenses totaled 75.1819 million yuan (excluding VAT), with underwriting fees amounting to 52.2808 million yuan [1] Group 3: Fund Utilization - The funds raised are intended for projects including the construction of a comprehensive noise and vibration control research and development base, smart operation and maintenance technology for urban rail infrastructure, and the establishment of a marketing and service network, as well as to supplement operating funds [1]

Core Viewpoint - The company, Beijing Jiuzhou Yigu Environmental Technology Co., Ltd., reported its financial performance for the third quarter of 2025, highlighting significant revenue growth and increased investment in research and development [1] Financial Performance - In the first three quarters of the year, the company achieved a total revenue of 135 million yuan, with the third quarter alone contributing 46.8462 million yuan [1] - Research and development investment for the first three quarters amounted to 18.3234 million yuan, reflecting a year-on-year increase of 18.05% [1] - The proportion of R&D investment to total revenue reached 13.61%, which is an increase of 5.37 percentage points compared to the previous year [1] Business Focus - The company primarily serves the urban rail transit and suburban railway sectors, providing solutions such as steel spring floating track bed vibration reduction systems, prefabricated steel spring floating slabs, isolation-type high-elasticity vibration pads, and polyurethane vibration pads [1] - Additionally, the company engages in smart operation and maintenance, damage treatment, and wheel-rail condition monitoring for both new and existing urban rail lines [1]

Company Summary - Jiuzhou Yitui (SH 688485) announced on October 28 that it has recognized credit impairment losses and asset impairment losses totaling 24.21 million yuan for the first three quarters of 2025, impacting the company's consolidated profit by the same amount [1] - The impairment preparation data has not been audited by an accounting firm, and the final figures will be based on the annual audited financial data [1] - For the year 2024, the company's revenue composition is as follows: noise and vibration control industry accounts for 99.57%, while other businesses account for 0.43% [1] - As of the report date, Jiuzhou Yitui has a market capitalization of 2.6 billion yuan [1] Industry Summary - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with the technology sector leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a potential shift in market dynamics [1]

Core Viewpoint - 九州一轨 (688485.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges since its IPO in January 2023 [1][2]. Financial Performance - The company achieved an operating revenue of 87.74 million yuan, a year-on-year decrease of 24.58% [1]. - The net profit attributable to shareholders was -2.13 million yuan, an improvement from -15.47 million yuan in the same period last year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -3.16 million yuan, compared to -18.54 million yuan in the previous year [1]. - The net cash flow from operating activities was -41.71 million yuan, compared to -107 million yuan in the same period last year [1]. IPO and Fundraising - 九州一轨 raised a total of 656.40 million yuan through its initial public offering, with a net amount of 581.22 million yuan after expenses [2]. - The final net fundraising amount was 75.52 million yuan less than originally planned [2]. - The funds were intended for projects including noise and vibration control research, smart operation technology for urban rail infrastructure, and marketing network development [2]. - The total issuance costs for the IPO amounted to 75.18 million yuan, excluding VAT, with underwriting fees of 52.28 million yuan [2].

有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 北京九州一轨环境科技股份有限公司 BeijingJiuzhouyiguiEnvironmentalTechnologyCo.，Ltd. （注册地址：北京市房山区窦店镇广茂路32号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具 九州一轨 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全 ...