Investment Rating - The report maintains a rating of "Overweight" for the light industry manufacturing sector [1]. Core Insights - The report highlights the listing of Daxing Technology, the leading company in the folding bicycle market, which holds a market share of 36.5% in sales. The company is expected to achieve a revenue of 450 million yuan in 2024, with a compound annual growth rate (CAGR) of 33.1% from 2022 to 2024. The sales volume is projected to reach 229,500 units in 2024, with a CAGR of 24.1% during the same period. The folding bicycle segment is characterized as a low penetration, high growth niche market, suitable for urban applications and with a low barrier to entry for new riders [5][6]. Summary by Sections Market Overview - The light industry manufacturing index increased by 1.88% from September 8 to September 12, 2025, ranking 13th among 28 Shenwan industries. The textile and apparel index rose by 0.67%, ranking 20th [10]. Key Company Performance - Daxing Technology has established a comprehensive sales network covering offline, online, and overseas markets, with 680 domestic dealerships as of April 2025. The company has significant potential for market expansion, particularly in overseas channels, where it generated approximately 30 million yuan in revenue in 2024 [5][6]. Investment Opportunities - The report suggests actively monitoring the folding bicycle sector due to its high growth potential and the competitive advantages of leading companies like Daxing Technology. Additionally, it emphasizes investment opportunities in the consumer supply chain as companies expand overseas, particularly in packaging and hygiene products [5][6]. Sector Recommendations - The report recommends focusing on companies with strong growth potential in the new consumer market, particularly in the trendy toy segment, and highlights the performance of companies like Pop Mart and Morning Glory, which are expected to benefit from expanding demand and market presence [6][67].

01 上周上市企业： 金融服务提供商道元集团 成功在美国纳斯达克挂牌上市 美国东部时间9月9日，来自澳门的多元化咨询及金融科技解决方案供应商——道元集团，成功在美国纳斯达克挂牌上市。该公司成立于2019年，主要通过 在澳门及中国的运营实体，提供产业园区咨询、商务投资咨询以及金融科技产品与服务。此次IPO，道元集团共发行150万股股份，总募集资金600万美 元。截至定稿，该公司市值为3209万美元。 折叠自行车公司大行科工赴港IPO 成功在港交所主板挂牌上市 北京时间9月9日，来自广东深圳的折叠自行车公司——大行科工，成功在港交所主板IPO上市。该公司创立于1982年，凭借逾40年的发展，大行品牌在技 术实力、创新精神、匠心工艺，以及对卓越性能和产品质量的追求方面享负盛名。根据灼识咨询的资料，按2024年零售量计，该公司于中国内地折叠自行 车行业市场份额达26.3%，按2024年零售额计，市场份额为36.5%。此次IPO，大行科工全球发售792万股股份，首发募集资金3.92亿港元。截至定稿，该 公司市值为15.7亿港元。中信建投国际为其独家保荐人。 02 上周递表企业： 汽车无线传感SoC公司琻捷电子 递表港交 ...

Core Viewpoint - The capital market is experiencing a vibrant IPO season in September, with significant activity in both domestic and international markets, indicating a shift in the global IPO landscape [2]. Group 1: Companies Approved for IPO - Weite Environment successfully passed the IPO review after changing underwriters and responding to multiple inquiries, with projected revenues of 3.29 billion yuan and net profits of 51.3 million yuan for 2024 [3]. - Yatu High-tech, a high-tech enterprise specializing in industrial coatings, reported a compound annual growth rate of 15.43% in revenue from 2022 to 2024, with a net profit of 145 million yuan in 2024 [4]. Group 2: Newly Listed Companies - Aifenda, a company specializing in HVAC products, saw its stock surge by 170% on its debut, closing at 74.77 yuan with a market cap of 6.48 billion yuan [5]. - Sanxie Electric, a high-tech enterprise in control motors, experienced a dramatic increase of over 860% in stock price on its first day of trading [6]. - Dahan Technology, known as the "first folding bicycle stock" in mainland China, opened at 67.5 HKD, a 36.36% increase from its issue price, with a revenue growth of 77.56% from 2022 to 2024 [8]. Group 3: Companies Filing for IPO - Electric Construction New Energy plans to raise 9 billion yuan, focusing on wind and solar power projects, with a market share of 1.43% in the domestic market [9]. - Xici Technology, a magnetic sensor company, reported fluctuating revenues, with 2024 projected revenue of 703 million yuan [10][11]. - Sige New Energy, founded by a former Huawei executive, achieved 1.2 billion yuan in revenue within four months of operation, with plans to list in Hong Kong [12]. - Maiketian, a global medical solutions provider, reported revenues of 1.31 billion yuan in 2023, with a growth of 15.4% in the first half of 2025 compared to the previous year [14]. - Bomingwei Robotics, a provider of special space robots, reported a revenue of 249 million yuan in 2024, with a compound annual growth rate of 23.9% over the past three years [15]. Group 4: Market Dynamics - Nasdaq plans to raise the minimum public holding market value from 5 million USD to 15 million USD, significantly increasing the cost of listing for Chinese companies [16].

Group 1 - The core point of the news is the significant oversubscription of Dahang Kegong's IPO, which reached a record 6688 times, indicating strong market interest and demand for the stock [2][4]. - Dahang Kegong's IPO was priced at HK$49.50, with a minimum subscription of 100 shares, resulting in a market value of HK$4,950 per lot [2]. - The allocation results showed that the probability of winning a lottery for the "A" group was approximately 20%, while for the "B" group, it was about 10%, indicating a preference for the "A" group in the allocation process [2][3]. Group 2 - The total fundraising amount for Dahang Kegong was HK$392 million, with a public offering amount of only HK$39.2 million, leading to a massive subscription of HK$262.2 billion [4]. - Dahang Kegong operates in the niche market of folding bicycles and has maintained a revenue and net profit growth rate of over 30%, with a forward valuation of 27 times, which is considered reasonable [5]. - The company faces concerns regarding its future growth potential due to its focus on a niche consumer product and the age of its founder, who is 84 years old [5].

Group 1 - In August 2025, the Hong Kong Stock Exchange (HKEX) saw 6 new IPOs raising a total of 53.86 billion HKD, with Tianyue Advanced and Jiaxin International Resources leading the fundraising efforts at 20.44 billion HKD and 13.79 billion HKD respectively [1][2] - The overall trend indicates a slowdown in IPO activity since June 2025, with only 58 new IPOs raising over 134.1 billion HKD from January to August 2025 [2][6] - As of August 31, 2025, there are 234 companies in the IPO queue on HKEX, with 124 on the main board and 5 having passed the hearing [1][6] Group 2 - Tianyue Advanced, listed on August 20, 2025, had an issue price of 42.8 HKD per share and saw a first-day closing increase of 6.4%, although its stock price has since declined to 44.1 HKD [5] - Silver Pharmaceutical, which focuses on diabetes and metabolic disease treatments, had an issue price of 18.68 HKD per share and experienced a first-day price surge of over 200%, but has since dropped to around 42 HKD [5] - Major companies like Luxshare Precision and others are continuing to pursue IPOs in Hong Kong, indicating ongoing interest in the "A+H" market strategy [9]

Investment Rating - The investment rating for the company is 6.1 out of 10, based on operational performance, industry outlook, valuation, and market sentiment [7]. Core Insights - The company is the largest folding bicycle manufacturer in mainland China, holding a market share of 26.3% by retail volume and 36.5% by retail value as of 2024 [1]. - The company has shown rapid growth, with a compound annual growth rate (CAGR) of 24.1% in sales from 2022 to 2024, and a significant increase in net profit by 69.3% year-on-year as of April 2025 [2]. - The folding bicycle market in China is expected to grow at a CAGR of 14.5% from 2024 to 2029, which is higher than the global average [3][10]. Company Overview - The company was founded in 1982 by Dr. Han Dewei and has a strong brand presence with popular models like the P8 [1]. - As of April 2025, the company collaborates with 38 distributors across 30 provinces in China, covering 680 retail points and has expanded its online sales channels [1]. - The product mix is primarily mid-range, with 69.5% of revenue coming from products priced between 2500-5000 RMB [1]. Financial Performance - Sales figures for the company were 148,956 units in 2022, 156,877 units in 2023, and projected 229,525 units in 2024, indicating a strong growth trajectory [2]. - Revenue for the same years was 254.2 million RMB in 2022, 300.2 million RMB in 2023, and projected 450.7 million RMB in 2024, with a CAGR of 33.1% [2]. - The gross profit margin has remained stable at around 33% as of April 2025 [2]. Industry Status and Outlook - The global bicycle market is projected to reach 178 million units in retail volume by 2024, with a CAGR of 1.7% from 2019 to 2024 [3]. - The folding bicycle segment is expected to grow significantly, with a projected retail volume of 3.7 million units and a retail value of 23.1 billion RMB in 2024 [3]. - Key drivers for market growth include urbanization, innovation in folding bicycle design, and increasing consumer preference for eco-friendly products [3]. Strengths and Opportunities - The company is recognized as a leading player in the folding bicycle industry with strong technical innovation and a diverse product portfolio [4]. - It has established a robust multi-channel sales and distribution network, enhancing its market reach [4]. - The management team is experienced and international, contributing to the company's strategic growth [4]. Use of Proceeds - Approximately 30% of the net proceeds from the IPO will be used for modernizing production systems and expanding operational scale [6]. - Another 30% will be allocated to strengthening the distribution network and strategic brand development [6]. - The remaining funds will support research and development capabilities and general corporate purposes [6].

Core Insights - Hong Kong Stock Exchange (HKEX) has reported record-high trading volumes across spot, derivatives, and Stock Connect, with IPO financing returning to the top globally [1][2] - The IPO market in Hong Kong is experiencing strong growth, particularly with companies from Shenzhen's Bao'an District showing significant activity [1][2] - Notable companies from Bao'an, including Luxshare Precision, Xinwanda, and Zhaowei Electromechanical, are pursuing IPOs, reflecting the region's attractiveness for capital [1][2][6] IPO Market Performance - In the first half of 2025, HKEX saw 44 new listings, raising HKD 109.4 billion, an eightfold increase year-on-year, marking the highest half-year performance since 2021 [2] - The trend of mainland leading companies going public in Hong Kong is driven by the need for international market presence and financing [2][6] Company Strategies and Focus - Companies like Xinwanda and Zhaowei Electromechanical are focusing their IPO proceeds on global expansion and technological development [2][3] - Luxshare Precision aims to enhance its production capacity, particularly in automotive and consumer electronics sectors, through its IPO funding [3] Emerging Industry Clusters - Bao'an is witnessing the rise of "hidden champions" in sectors like robotics, AI, and semiconductors, showcasing the region's industrial evolution [4][5] - Companies such as Haiching Zhiyuan and Wanan Robotics are leading in their respective fields, with significant market shares in AI and robotics [5] Government Support and Capital Dynamics - The local government's policies have been instrumental in fostering a conducive environment for tech startups, facilitating direct financing through IPOs [6][7] - Bao'an has established a robust pipeline of over 800 potential listing companies and a fund matrix exceeding RMB 100 billion to support early-stage financing [6][7]

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].

Group 1: Market Performance - The Hang Seng Index rose by 1.62% to 25,538.07 points, reaching a nearly four-year high on July 23 [1] - Major tech stocks, including Tencent, Alibaba, Baidu, JD.com, and Kuaishou, showed strong performance, with Tencent's stock price increasing by 4.94% to 552.00 HKD, regaining a market capitalization of over 500 billion HKD [1] Group 2: Company Developments - Guangdong Tianyu Semiconductor Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange for a second time after its previous application expired on December 23, 2024 [2] - Tianyu Semiconductor is a leading supplier in the silicon carbide epitaxial wafer sector in China, ranking first in revenue and sales in 2024 [2] - Dahon Technology (Shenzhen) Co., Ltd. also refiled its prospectus with the Hong Kong Stock Exchange after its previous application expired on January 20, 2025 [3] - Dahon holds the largest market share in the folding bicycle industry in China at 26.3% by retail volume and 36.5% by retail value in 2024 [3] - Zhongwei Semiconductor, listed on the Sci-Tech Innovation Board, announced plans to issue overseas listed foreign shares and apply for a listing on the Hong Kong Stock Exchange [4] - Zhongwei focuses on microcontroller unit design, with applications across various sectors, indicating a solid domestic market foundation [4]