8月8日下午，沈阳宏远电磁线股份有限公司（以下简称"宏远股份"，股票代码：920018.BJ）向不特定 合格投资者公开发行股票并在北交所上市网上路演在全景路演举行。 投资者交流环节，问及与同行业上市公司技术实力，宏远股份董事、副总经理、董事会秘书何润称，公 司同行业可比上市公司，精达股份、长城科技产品的应用领域与公司产品应用领域不同；金杯电工应用 于电力变压器的电磁线业务主要由其子公司统力电工开展；经纬辉开电磁线产品主要应用于高压、超高 压变压器。另外，公司是国家级"制造业单项冠军企业"，荣获辽宁省科学技术进步三等奖，在同行业公 司中拥有较强的技术实力。 天眼查信息显示，宏远股份主要从事电磁线的研发、生产和销售，产品主要包括换位导线、纸包线、漆 包线、漆包纸包线、组合导线等多种品类，目前主要应用于高电压、大容量电力变压器、换流变压器和 电抗器等大型输变电设备。 二十多年的专业技术积累与市场沉淀，宏远股份现已成为具有成熟研发和生产能力的高压、超高压、特 高压变压器用电磁线产品制造商，是国家级"制造业单项冠军企业"、辽宁省"制造业单项冠军企业"、辽 宁省"专精特新"中小企业、国家级"绿色工厂"、高新技术企业，20 ...

8月8日下午，沈阳宏远电磁线股份有限公司（以下简称"宏远股份"，股票代码：920018.BJ）向不特定 合格投资者公开发行股票并在北交所上市网上路演在全景路演举行。 投资者交流环节，问及产品应用情况，宏远股份董事、副总经理、董事会秘书何润介绍，公司产品广泛 应用于我国多项具有行业领先水平的重大超/特高压输电工程，包括世界上电压等级最高的±1100kV 的 昌吉—古泉特高压直流输电工程，锡盟—泰州、扎鲁特—青州等多项±800kV特高压直流输电工程，世 界首个柔性直流电网工程（北京冬奥会重点配套工程）±500kV 张北柔性直流输电工程，以及东吴特高 压变电站扩建工程、川渝特高压交流工程等多项 1000kV、1000MVA 特高压交流工程。 天眼查信息显示，宏远股份主要从事电磁线的研发、生产和销售，产品主要包括换位导线、纸包线、漆 包线、漆包纸包线、组合导线等多种品类，目前主要应用于高电压、大容量电力变压器、换流变压器和 电抗器等大型输变电设备。 二十多年的专业技术积累与市场沉淀，宏远股份现已成为具有成熟研发和生产能力的高压、超高压、特 高压变压器用电磁线产品制造商，是国家级"制造业单项冠军企业"、辽宁省"制造业单 ...

Core Viewpoint - The company Jingwei Huirun plans to acquire 100% equity of Zhongxing System Technology Co., Ltd. for 850 million yuan in cash, resulting in a stock price surge. The acquisition comes with a staggering premium of 1077%, while the company's cash reserves are only 811 million yuan, which is less than the acquisition price [1][10]. Group 1: Financial Performance and Valuation - In the first half of 2025, Jingwei Huirun reported revenue of 1.275 billion yuan, a year-on-year decline of 20.23%, and a net profit of 14.08 million yuan, down 70.78% [2][11]. - The target company, Zhongxing System, is projected to have a net profit of 65.92 million yuan in 2024 and 31.70 million yuan in the first half of 2025, which is more than double Jingwei Huirun's net profit for the same period [2][11]. - The valuation premium of 1077% is contentious, with Zhongxing System's total equity assessed at 853 million yuan, while its net assets were only 72.49 million yuan as of June 2025 [2][11]. Group 2: Debt and Financial Structure - Zhongxing System has a high debt-to-asset ratio of 96%, indicating a leveraged operation that significantly affects its risk resilience [3][12]. - Jingwei Huirun's acquisition is entirely cash-based, putting pressure on its cash flow, as its cash reserves of 811 million yuan are below the acquisition cost of 850 million yuan. The company's interest-bearing liabilities, including short-term loans and current portion of non-current liabilities, total 852 million yuan [5][14]. - The target company's total liabilities amount to 1.819 billion yuan against total assets of 1.892 billion yuan, resulting in a debt ratio of 96.17% [7][16]. Group 3: Strategic Considerations - The funding for the acquisition is described as "self-owned funds or self-raised funds," leaving room for potential future debt financing [6][15]. - This acquisition represents a cross-industry merger, as Jingwei Huirun's main business is in liquid crystal displays and electromagnetic wire products, while Zhongxing System specializes in private network communication systems and digital technology services [6][15]. - The rapid technological updates in the private network communication industry necessitate continuous R&D investment, posing new challenges for Jingwei Huirun, which primarily operates in traditional manufacturing [6][15].

在他看来，宏远股份能取得今天的成绩，关键在于紧跟产业升级和行业进步的方向与趋势，心无旁骛地 钻研电磁线细分领域并持续推动创新研发。 宏远股份电磁线产品行销全球的背后，是中国构建的全球领先、高效智能的特高压输电网络。从人烟稀 少的西部荒漠到人口稠密的东部用电大省，一根根特高压输电线路架起了一条条绿色能源"高速公路"， 打造出一条从技术到施工全面领跑世界的特高压产业链，成为绿色电力输送的全球标杆。 "这恰恰是宏远股份一路壮大的产业背景，也是公司发展的重要优势。"杨绪清说，"中国特高压电网一 步步的发展，给关键设备变压器提质升级实时提供新课题，自然对变压器线圈提出了更高要求，促使我 们持续强化技术创新，向着技术更先进、性能更优异的方向不断前进。" 宏远股份的发展优势体现在多个方面。从产业链端看，沈阳工业底蕴深厚，拥有成熟的产业链和深厚的 技术积累。"当前，沈阳以特变电工为链主的输变电产业集群发展快速，产业协同效应强，为公司发展 日前，中国证券报联合北交所开展的2025北交所万里行调研活动走进宏远股份。宏远股份董事长杨绪清 在接受中国证券报记者专访时表示，公司深耕电磁线领域多年，产业基础牢固，创新能力突出，发展前 景 ...

宏远股份位于沈阳经济技术开发区，成立几十年来一直深耕特高压输变电领域，在电磁线细分市场成果 丰硕，行业地位突出。 "我们始终专注于高电压、大容量变压器用电磁线产品的研发制造，对标国际标准和国内外前沿技术， 研发了包括阶梯状组合换位导线、内屏蔽组合换位导线、多根数换位导线、光纤系列绕组线、耐高温自 粘漆包换位导线等在内的诸多电磁线产品。"杨绪清说，"这些代表性产品有效满足了我国高电压、大容 量变压器升级改造的技术要求和市场需求。" 在他看来，宏远股份能取得今天的成绩，关键在于紧跟产业升级和行业进步的方向与趋势，心无旁骛地 钻研电磁线细分领域并持续推动创新研发。 宏远股份电磁线产品行销全球的背后，是中国构建的全球领先、高效智能的特高压输电网络。从人烟稀 少的西部荒漠到人口稠密的东部用电大省，一根根特高压输电线路架起了一条条绿色能源"高速公路"， 打造出一条从技术到施工全面领跑世界的特高压产业链，成为绿色电力输送的全球标杆。 "这恰恰是宏远股份一路壮大的产业背景，也是公司发展的重要优势。"杨绪清说，"中国特高压电网一 步步的发展，给关键设备变压器提质升级实时提供新课题，自然对变压器线圈提出了更高要求，促使我 们持续 ...

Core Insights - Financial empowerment is driving industrial upgrades in Meizhou, Guangdong, with banks providing tailored financial solutions to support technology-driven enterprises [1][2][3] Group 1: Company Developments - Guangdong Jinyan Electric Co., Ltd. has become a leader in the electromagnetic wire industry, focusing on core products for sectors like new energy vehicles and drones [1] - The company is expanding its production capacity by establishing a new base for fine electromagnetic wire, addressing the domestic supply gap in high-end products [1] - Longyu New Materials Co., Ltd. has received a customized financing solution from Postal Savings Bank, enabling it to achieve a production value exceeding 1 billion yuan in 2024 [2] Group 2: Financial Institutions' Role - Postal Savings Bank has provided over 1.1 billion yuan in loans to technology enterprises in Meizhou, utilizing a "technology flow" evaluation system to convert intellectual property into credit metrics [2] - Agricultural Bank's "Technology e-loan" has effectively alleviated funding pressures for companies like Hongyu Circuit Board Co., Ltd., which faced financial strain due to increased orders [2][3] - By the end of September, Agricultural Bank's manufacturing loan balance exceeded 7 billion yuan, reflecting a nearly 1 billion yuan increase since the beginning of the year [3]

IPO Review and Registration Progress - Five companies passed the IPO review last week, including振石股份, 易思维, 爱得科技, 通领科技, and 兢强科技, with振石股份 planning to raise approximately 39.81 billion yuan [3][4] - 易思维 focuses on machine vision equipment for automotive manufacturing, reporting revenues of 20.4 million yuan and a net loss of 7.1755 million yuan for the first three quarters of 2025 [4] - Three companies passed the review at the North Exchange, with爱得科技 specializing in orthopedic medical devices, 通领科技 in automotive interior parts, and 兢强科技 in electromagnetic wire [5] Upcoming IPOs - Three companies, 永大股份, 美德乐, and 海菲曼, are set to present their IPO applications this week at the North Exchange [6] - 永大股份 reported revenues of 696 million yuan in 2022, with a projected decline in net profit for 2024 [6] - 美德乐's revenue from products in the new energy battery sector accounts for about 60% of its main business income, with high customer concentration [7] - 海菲曼 expects revenues between 232 million and 266 million yuan for 2025, with a net profit forecast of 70 million to 85 million yuan [7] New IPO Applications - Two IPO applications were accepted last week, with 北斗院 focusing on satellite navigation and space control technologies, and 格林生物 specializing in fragrance products [8][9] - 北斗院's revenue for 2025 is projected at 112 million yuan, with a declining gross margin trend [9] - 格林生物 aims to raise approximately 690 million yuan for various projects, including the production of high-end fragrances [9] New Stock Listings - Four new stocks were listed last week, with 大鹏工业 seeing a significant first-day increase of 1211.11% [11][13] - 海安集团 will officially list on November 25, with a share price of 48 yuan, reporting a revenue decline of 4.77% for the first three quarters of 2025 [12] - Other companies listed include 北矿检测, 恒坤新材, and 南网数字, all showing substantial first-day gains [13] Upcoming New Stock Subscriptions - Two new stocks are scheduled for subscription this week, with 摩尔线程 setting a record IPO price of 114.28 yuan per share [14] - 摩尔线程 expects to raise approximately 7.576 billion yuan, which would be a record for the year in the Sci-Tech Innovation Board [14] - 百奥赛图 anticipates a revenue of 1.351 billion yuan for 2025, reflecting a growth of 37.75% [16]

Core Viewpoint - Six companies are set to present their initial public offerings (IPOs) to the listing committees of the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange, with a total fundraising target of approximately 29.63 billion yuan [1][2]. Group 1: Upcoming IPOs - The companies planning to go public include one on the Sci-Tech Innovation Board and five on the Beijing Stock Exchange [2][4]. - The company with the highest fundraising target is 易思维 (Yisiwei), aiming to raise 1.214 billion yuan for projects related to machine vision product industrialization and research [2][8]. - 美德乐 (Meidele) and 永大股份 (Yongda) are also notable, with fundraising targets of 645 million yuan and 458 million yuan, respectively [2][8]. Group 2: Company Details - 易思维 specializes in the research, production, and sales of automotive machine vision equipment [4]. - 美德乐 focuses on the research, design, manufacturing, and sales of intelligent manufacturing equipment [8]. - 永大股份 is engaged in the research, design, manufacturing, sales, and related technical services of pressure vessels [7]. - 通领科技 (Tongling Technology) develops and produces automotive interior components [5]. - 兢强科技 (Jingqiang Technology) is a major supplier of aluminum-based electromagnetic wire products, primarily producing enameled aluminum wire [5]. - 爱得科技 (Aide Technology) specializes in the research, production, and sales of orthopedic medical devices [6].

Core Viewpoint - Hongyuan Co., Ltd. has established a significant competitive advantage in the ultra-high voltage power transmission sector, focusing on the research and development of electromagnetic wire products for high voltage and large capacity transformers, aligning with international standards and advanced technologies [1][2][3] Group 1: Competitive Advantages - The company has a strong foundation in the electromagnetic wire sector, with a focus on innovation and meeting the evolving demands of the ultra-high voltage power grid [2][3] - Hongyuan's products are widely used in China's leading ultra/high voltage direct current projects, showcasing the company's technological leadership and comprehensive strength [4][5] - The company benefits from a mature industrial chain in Shenyang, which enhances supply chain efficiency and reduces procurement and logistics costs [2][4] Group 2: Market Position and Expansion - Hongyuan's electromagnetic wire products cover all major domestic ultra-high voltage equipment manufacturers and have a presence in overseas markets such as the Middle East, North America, and Southeast Asia [4][6] - The company is actively expanding into the new energy vehicle sector, recognizing the increasing demands for high-performance electromagnetic wire in electric motors [6][7] - The successful IPO on the Beijing Stock Exchange marks a new phase for the company, providing capital to strengthen its core business and expand its industrial layout [6][7] Group 3: Innovation and R&D - The company emphasizes a systematic approach to innovation, focusing on high-tech and high-value-added product development, and has established a dedicated R&D center for electromagnetic wire [5][6] - Hongyuan has accumulated 80 patents and has participated in drafting several national and industry standards, which supports its innovation efforts [5][6] - The company aims to enhance its digital and intelligent manufacturing capabilities to improve product quality and operational efficiency [5][6]

Core Viewpoint - The company, Hongyuan Co., has established a strong position in the electromagnetic wire sector, focusing on high-voltage and large-capacity transformer products, while also expanding into the new energy vehicle market to create new growth points [1][2][4]. Company Overview - Hongyuan Co. has been deeply engaged in the ultra-high voltage transmission and transformation sector for decades, achieving significant results in the electromagnetic wire niche market [2][3]. - The company has developed various electromagnetic wire products that meet the technical requirements and market demands for high-voltage and large-capacity transformers [2][3]. Competitive Advantages - The company benefits from a robust industrial foundation in Shenyang, which has a mature supply chain and strong technological accumulation [3]. - Hongyuan Co. has a comprehensive product range that covers all major domestic ultra-high voltage equipment manufacturers and has a presence in overseas markets such as the Middle East, North America, and Southeast Asia [3][4]. Innovation and Development - The company has made significant advancements in electromagnetic wire products for ultra/high voltage applications, participating in leading projects like the Changji-Guquan ±1100kV ultra-high voltage direct current transmission project [4][5]. - Hongyuan Co. emphasizes a systematic approach to innovation, focusing on high-tech and high-value-added product development, and has established a research and development center to tackle cutting-edge technologies [5][6]. Market Trends and Future Plans - The global demand for electricity is increasing, driving the growth of the electromagnetic wire industry, and the company aims to optimize its product structure to enhance market competitiveness [4][6]. - Following its IPO on the Beijing Stock Exchange, Hongyuan Co. plans to leverage capital market resources to strengthen its core business and expand its industrial chain layout, particularly in the new energy vehicle sector [7][8]. New Energy Vehicle Sector - The company is actively expanding into the new energy vehicle market, focusing on the production of special electromagnetic wires for high-efficiency electric motors, which are critical for the performance and quality of electric vehicles [7][8]. - The IPO funding will support the establishment of a production base for special electromagnetic wires for 800V electric motors, enhancing the company's product portfolio and creating a dual business model of ultra-high voltage transmission and new energy vehicles [8][9].