Group 1: New Stock Offerings - This week (December 8 to 12), there are five new stocks available for subscription, including one from the Shenzhen main board, one from the Shanghai main board, two from the ChiNext board, and one from the Sci-Tech Innovation board [1] - The subscription dates are as follows: Nabai Chuan and Youxun Co., Ltd. on December 8, Yuanchuang Co., Ltd. on December 9, and Tiansu Measurement and Xihua Technology on December 12 [1] Group 2: Company Highlights - Nabai Chuan focuses on thermal management systems for power batteries in electric vehicles and has become a benchmark enterprise in the domestic battery liquid cooling plate sector, benefiting from over ten years of technological accumulation [2] - Youxun Co., Ltd. is a leading enterprise in the optical communication chip sector, recognized for providing comprehensive optical communication chip solutions and has achieved significant market presence in both domestic and global markets [3][4] - Yuanchuang Co., Ltd. is a major player in the rubber track industry, offering over a thousand types of rubber track products and recognized for its technical strength and industry position [4] - Xihua Technology specializes in the research, manufacturing, and sales of components for large high-end equipment, particularly wind power gearbox components, and is a leader in the global industry [4] - Tiansu Measurement, established in 2009, is a national independent third-party measurement and testing service provider, recognized as a national high-tech enterprise and a champion in the manufacturing sector [5]

Group 1: Company Overview - Yuxin Co., Ltd. is a leading enterprise in the domestic optical communication chip sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [2] - Nabai Chuan specializes in thermal management systems for new energy vehicles and has established itself as a key supplier for major manufacturers like CATL and Sungrow [4][5] - Yuanchuang Co., Ltd. is a prominent player in the rubber track industry, producing tracks for agricultural and engineering machinery [7] - Xihua Technology is a global leader in manufacturing specialized components for large high-end equipment, particularly in the wind power sector [9][10] - Tiansu Measurement is a national independent third-party measurement and testing service provider, offering calibration, testing, and certification services across various industries [12] Group 2: Financial Performance - Yuxin Co., Ltd. projected revenues for 2022, 2023, and 2024 are 339 million yuan, 313 million yuan, and 411 million yuan, respectively, with net profits of approximately 81.4 million yuan, 72.1 million yuan, and 77.9 million yuan [3] - Nabai Chuan's expected revenues for the same period are 1.031 billion yuan, 1.136 billion yuan, and 1.437 billion yuan, with net profits of 113 million yuan, 98 million yuan, and 95 million yuan [5] - Yuanchuang Co., Ltd. anticipates revenues of 1.261 billion yuan, 1.141 billion yuan, and 1.349 billion yuan, with net profits of 139 million yuan, 178 million yuan, and 155 million yuan [7] - Xihua Technology's projected revenues are 942 million yuan, 908 million yuan, and 955 million yuan, with net profits of 183 million yuan, 177 million yuan, and 142 million yuan [10] - Tiansu Measurement expects revenues of 597 million yuan, 726 million yuan, and 800 million yuan, with net profits of 84 million yuan, 101 million yuan, and 111 million yuan [13] Group 3: Investment Plans - Yuxin Co., Ltd. plans to invest raised funds into the development and industrialization of next-generation access network and high-speed data center chips, as well as vehicle-mounted chip projects [3] - Nabai Chuan intends to use its raised funds for the annual production project of 3.6 million sets of water-cooled plates and to supplement working capital [6] - Yuanchuang Co., Ltd. will invest in production base construction, technology center development, and working capital [8] - Xihua Technology aims to invest in the industrialization of core wind power equipment and the establishment of a research and development center [11] - Tiansu Measurement will allocate funds for enhancing measurement and testing capabilities, building regional laboratories, and developing a digital center [13]

Core Viewpoint - Xihua Technology plans to publicly issue 100 million shares, all of which are new shares, resulting in a total share capital of 460 million shares. The company aims to become a global leader in the manufacturing of high-end equipment components for the renewable energy sector, particularly in wind power [1][2]. Company Overview - Xihua Technology specializes in the research, development, manufacturing, and sales of large high-end equipment components, primarily focusing on wind turbine gearbox components and injection molding machine parts. The company is recognized as a global leader in this industry, known for its reliable quality and advanced technology [1][2]. - The company has over 20 years of experience in the industry and has developed several core technologies, including alloy composition schemes and high-strength ductile iron control techniques, ensuring high strength, plasticity, precision, and reliability of its products [2]. Issuance Arrangement - The initial strategic placement will involve 30 million shares, accounting for 30% of the total issuance. Before the strategic placement mechanism is activated, the offline initial issuance will be 49 million shares (70% of the remaining shares), while the online initial issuance will be 21 million shares (30% of the remaining shares). The preliminary inquiry period is set for December 9, with an online roadshow on December 11 [1][3]. Financial Performance - For the first half of 2025, the total assets amounted to 2.036 billion yuan, with a net profit of 94.955 million yuan. The company's revenue for the same period was 580.439 million yuan, reflecting a decrease in net profit compared to previous years [7]. - The company’s net profit margin and return on equity have shown a downward trend, with a net profit margin of 7.74% and a return on equity of 7.74% for the first half of 2025 [7]. Client Base - The top five clients for the first half of 2025 include: 1. Nankai Gear Group: 242.852 million yuan (43.17%) 2. CRRC Corporation: 84.3135 million yuan (14.99%) 3. Delijia: 65.8714 million yuan (11.71%) 4. Haitian Plastic Machinery: 64.1868 million yuan (11.41%) 5. Flanders Group: 51.611 million yuan (9.17%) - The total revenue from these clients accounted for 90.45% of the company's total revenue [5]. Industry Position - Xihua Technology is one of the few companies in China capable of providing full-process services for wind turbine gearbox components, aiming to support the rapid development of the national renewable energy sector [1][2]. - The company’s products are primarily used in large wind power equipment and injection molding machines, with a significant portion of its revenue derived from the wind power sector [9].