Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 282 listed companies as of November 16, 2025. The market is experiencing a slowdown in new listings and IPO activities, while some companies are progressing through the listing process. Trading Activity - As of November 16, 2025, the BSE has 282 listed companies with a total share capital of 39.228 billion shares and a circulating share capital of 25.056 billion shares [2] - The weekly trading volume from November 10 to November 16 was 4.909 billion shares, a decrease of 0.32% compared to the previous week [3] - The weekly trading value was 106.96 billion yuan, down 5.86% from the previous week [3] - The average trading price was 21.79 yuan, reflecting a decrease of 5.56% [3] - The BSE 50 Index fell by 0.56% to 1514.20 points, with 18 stocks rising and 32 falling [3] New Listings and IPOs - During the week of November 10 to November 16, one company opened for subscription, two companies passed the review, and one company's listing application was accepted [5][17] - As of November 16, 2025, there are 111 companies awaiting review, including 2 that are "accepted," 95 that are "inquired," 8 that have been "approved by the listing committee," and 6 that have "submitted registration" [5] - No companies were listed or received registration approval during this period [12][19] Company Highlights - Nantong Technology Co., Ltd. plans to raise 286 million yuan for projects related to high-end precision components [9] - From 2022 to 2024, Nantong Technology reported revenues of 834 million yuan, 938 million yuan, and 1.031 billion yuan, with net profits of 46.64 million yuan, 84.18 million yuan, and 98.22 million yuan respectively [10] - Changzhou Tongbao Optoelectronics Co., Ltd. aims to raise 330 million yuan for projects in the new energy vehicle sector [15] - Shandong Agricultural University Fertilizer Technology Co., Ltd. plans to raise 413 million yuan for various agricultural projects [16] - Guangdong Hengji Metal Co., Ltd. has had its listing application accepted and plans to raise 440 million yuan for new production facilities [18] Counseling and Review Process - One company passed the counseling acceptance during the week, while three companies entered the counseling period [20][23] - Companies are actively engaging in the counseling process to prepare for future IPOs, with several companies having their counseling applications accepted [21][25]

Core Viewpoint - Sichuan Xinyu Machinery Parts Processing Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the machinery parts processing industry [1] Company Summary - The legal representative of the company is Su Huaismong [1] - The company’s registered capital is 1 million RMB [1] - The business scope includes general projects such as machinery parts processing, metal cutting processing services, machinery equipment sales, and machinery equipment leasing [1] - Additional services offered include metal surface treatment, heat treatment processing, quenching processing, non-ferrous metal rolling processing, and sales of metal cutting machine tools [1] - The company also engages in the sale of building materials, labor services (excluding labor dispatch), hardware retail, and sales of building decoration materials [1] Industry Summary - The establishment of the company reflects ongoing developments in the machinery parts processing sector, which encompasses a wide range of services and products [1] - The inclusion of various processing and sales activities suggests a comprehensive approach to meeting market demands in the machinery and construction industries [1]

Core Viewpoint - Shenzhen Gongchuang Rapid Intelligent Manufacturing Precision Parts Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on various manufacturing and sales activities in the automotive and mechanical parts sectors [1] Company Overview - The company is legally represented by Lin Peixin [1] - The registered capital is 2 million RMB [1] Business Scope - General business activities include: - Manufacturing and sales of automotive parts and accessories - Processing and sales of mechanical parts and components - Manufacturing and sales of molds, plastic products, rubber products, and metal tools - Manufacturing and sales of electrical equipment and metal materials - Research and development in metal products, mechanical equipment, automotive parts, and household appliances - Technical services, development, consulting, and technology transfer [1] Licensing - There are no licensed business activities required for the company [1]

Group 1: Deep Sea Technology Industry - The government has positioned deep sea technology as a strategic emerging industry, alongside commercial aerospace and low-altitude economy, highlighting its importance for national security and resource safety [6][7] - The deep sea sector is crucial for ensuring resource security, as the global underwater resource competition intensifies, particularly with the U.S. and Japan accelerating their deep-sea mining efforts [7] - The blue economy in China reached a production value of 10.54 trillion yuan in 2024, indicating significant market potential for growth in related sub-industries [8] - The deep sea technology industry chain spans from basic materials to high-end equipment manufacturing, with a focus on "deep sensing" capabilities as a foundational infrastructure for development [8] Group 2: New Consumption - Crystal International - Crystal International reported a revenue of 1.229 billion USD in H1 2025, a year-on-year increase of 12.42%, and a net profit of 98 million USD, reflecting strong operational resilience despite external challenges [11][12] - The company improved its gross profit margins in leisure and intimate apparel due to enhanced production efficiency, with gross margins reaching 20.50% and 20.80% respectively [12] - Crystal International's strategic advantages, including its FOB revenue structure and strong brand client pricing power, have helped mitigate the impact of tariffs [12][13] Group 3: New Consumption - Laopu Gold - Laopu Gold achieved a revenue of 12.354 billion yuan in H1 2025, a remarkable year-on-year growth of 251%, with a net profit of 2.268 billion yuan, reflecting strong market positioning and brand influence [15][16] - The company expanded its offline presence with 41 self-operated stores across 16 cities, achieving an average sales performance of approximately 459 million yuan per store [17] - Laopu Gold's brand strength is validated by a high overlap rate with major luxury brands, and the company plans to adjust product prices to support profit performance [17][18] Group 4: North Exchange - Youji Co., Ltd. - Youji Co., Ltd. reported a revenue of 443 million yuan in H1 2025, a year-on-year increase of 19%, and a net profit of 34.3 million yuan, reflecting strong growth driven by capacity release and business expansion [19][20] - The company experienced significant revenue growth in the oil and gas sector, with a 19% increase, and a 48% increase in the aviation sector due to the integration of Beiyang Precision [20][21] - The mechanical parts processing industry is expected to benefit from global industrial upgrades and domestic demand expansion, positioning China as a key supplier in the global market [21][22]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The mechanical components processing industry is expected to benefit from global industrial iteration and domestic demand expansion, with mechanical component exports likely to continue growing [6] - The company reported a year-on-year increase of 37% in net profit attributable to shareholders for the first half of 2025, driven by capacity release and the consolidation of Byang Precision's aviation business expansion [5][7] - The company is positioned as a significant supplier in the global equipment manufacturing sector, with a comprehensive and competitive industrial system in mechanical components processing [6] Financial Performance - For the first half of 2025, the company achieved revenue of 443 million yuan (up 19% year-on-year) and a net profit of 34.3 million yuan (up 37% year-on-year) [7] - The revenue for Q2 2025 was 261 million yuan (up 17% year-on-year and up 43% quarter-on-quarter), with a net profit of 18.79 million yuan (up 8% year-on-year and up 21% quarter-on-quarter) [7] - The company’s revenue from oil and gas fluid control equipment and components increased by 19% year-on-year, while revenue from the aviation sector surged by 48% year-on-year [7] Profit Forecast and Valuation - The forecasted net profits for the company from 2025 to 2027 are 95 million yuan, 111 million yuan, and 128 million yuan, respectively, corresponding to price-to-earnings ratios of 34.9, 29.9, and 25.7 times [5][8] - The company is expected to maintain a robust growth trajectory, with projected revenue growth rates of 13.20% in 2025, 13.71% in 2026, and 13.81% in 2027 [8]

浙江坤博精工科技股份有限公司 浙江省嘉兴市海盐县秦山街道许油车村 浙江坤博精工科技股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书不具有据以发行股票的法律效力，投 资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所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。 保荐机构（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 证券简称： 坤博精工 证券代码： 873570 中国证监会和北京证券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者保证。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 ...

证券简称： 坤博精工 证券代码： 873570 浙江坤博精工科技股份有限公司 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券 交易所主要服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 浙江省嘉兴市海盐县秦山街道许油车村 浙江坤博精工科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股 票的法律效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 中国证监会和北京证券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者保证。 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 ...