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 - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "Nongda Technology") has been approved for IPO on the Beijing Stock Exchange, marking it as the 76th company approved this year, with a focus on the development, production, and sales of new fertilizers and their intermediates [1][3]. Company Overview - Nongda Technology's main business includes the research, production, sales, and technical services of new fertilizers and their intermediates [1]. - The company is controlled by Tai'an Mingquan Investment Group Co., Ltd., which holds 54.29% of the shares, while Ma Xuewen, the actual controller, holds a total of 70.10% of the shares through direct and indirect ownership [1][2]. IPO Details - The company plans to publicly issue up to 20 million shares, with a minimum of 25% of the total shares to be held by public shareholders post-issuance [3]. - The total funds to be raised amount to approximately 41.25 million yuan, which will be allocated to projects including a 300,000-ton annual production of humic acid intelligent high tower compound fertilizer and a 150,000-ton bio-fertilizer production line [3]. Regulatory Insights - The review committee raised inquiries regarding the authenticity of the company's operating performance, specifically the reasons for declining revenue despite increasing net profit and gross margin [5]. - Questions were also raised about the sustainability of the company's operating performance and the feasibility of absorbing the new production capacity from the fundraising projects [5].

再来看经营信息，合泰检测系公司实际控制人马学文实际控制的企业，主要从事土壤检验检测、农产品 质量 安全检测等技术服务业务；报告期内公司基于所生产肥料产品的送检需求及部分政府采购项目中 的土壤检测环节需要，向合泰检测采购肥料检测服务和土壤检测服务。 根据《天眼查》查询显示，在2022年11月10日发布中标公告的"2022年山东省第三次土壤普查省级土壤 样品库建设项目"中，农大科技与合泰检测同为投标单位，最终由农大科技以396.2万元中标。 【环球网财经综合报道】山东农大肥业科技股份有限公司的主营业务为肥料生产，以自有知识产权的腐 植酸活化技术、包膜控释技术等核心技术为基础，主要产品包括腐植酸增效肥、缓（控）释肥、水溶性 肥等新型肥料，及控释包膜尿素等新型肥料中间体，目前该公司正在申请上市。 公开数据显示，农大科技在报告期内公司累计分红18000万元，三年累计净利润34767.07万元，累计分 红金额占同期净利润比例为51.77%，对此公司在《审核问询函的回复》中披露："分红金额处于合理水 平，公司实施现金分红不会对日常经营产生较大影响，与公司的经营情况相匹配。" 但另一方面，公司本次IPO计划募集资金4.13亿 ...

Core Viewpoint - Five companies are set to present their IPO applications, with the highest fundraising target being 3.981 billion yuan by Zhenstone Co., Ltd. [1] Group 1: Upcoming IPOs - Zhenstone Co., Ltd. aims to raise 3.981 billion yuan for projects including the construction of a fiberglass product production base and a composite materials production base [1][2] - Strong One Co., Ltd. plans to raise 1.5 billion yuan, while Hengyun Chang intends to raise 1.469 billion yuan [1] - The geographical distribution of the companies includes two from Jiangsu Province, and one each from Shandong, Zhejiang, and Guangdong Provinces [1] Group 2: Company Profiles - Zhenstone Co., Ltd. specializes in the research, production, and sales of fiber-reinforced materials in the clean energy sector [2] - Strong One Co., Ltd. is one of the few domestic manufacturers with the capability to design and mass-produce MEMS probe cards [3] - Hengyun Chang focuses on the development and production of plasma radio frequency power systems and related devices [3] - Tongbao Optoelectronics is engaged in the design, research, production, and sales of automotive LED modules and lights [4] - Nongda Technology specializes in the research, production, and sales of new fertilizers and their intermediates [4]

Core Insights - This week (November 10-14), four companies are scheduled for IPO meetings, with two aiming for the Sci-Tech Innovation Board and two for the Beijing Stock Exchange [1][2] Group 1: Companies and Their IPO Plans - Strong One Co., Ltd. plans to raise 1.5 billion yuan, focusing on the development and production of probe cards and related projects [1][2] - Hengyun Chang intends to raise 1.469 billion yuan, specializing in plasma radio frequency power systems and related technologies [1][2] - Nongda Technology aims to raise 413 million yuan, focusing on the research and production of new fertilizers [1][4] - Tongbao Optoelectronics plans to raise 330 million yuan, engaged in the design and production of automotive LED modules and lights [1][3] Group 2: Regional Distribution - Among the four companies, two are from Jiangsu Province, while one each is from Shandong and Guangdong Provinces [1]

Core Viewpoint - Shandong Agricultural University Fertilizer Technology Co., Ltd. (referred to as "the Company") is scheduled for a review meeting on November 14, 2025, to discuss its performance forecast for 2025, which indicates a potential decline in revenue and net profit compared to previous years [1][3]. Financial Performance - The Company has experienced a decline in revenue for two consecutive years, with significant fluctuations in gross profit margins, which were 13.27%, 15.04%, 18.83%, and 17.49% from 2022 to 2025 [3][4]. - For 2025, the Company forecasts revenue between 2.2 billion to 2.4 billion yuan, representing a year-on-year change of -6.91% to 1.56%, and net profit between 140 million to 160 million yuan, with a year-on-year change of -3.64% to 10.13% [4][5]. Business Operations - The Company specializes in the research, production, and sales of new fertilizers and their intermediates, including humic acid-enhanced fertilizers and controlled-release fertilizers [2]. - The Company has a diverse customer base, including major agricultural input companies and government clients, which has led to an increase in accounts receivable, reaching 387 million yuan by the end of the reporting period [7]. Production Capacity and Utilization - The Company has a low production capacity utilization rate, below 60%, while still planning to expand production capacity significantly [9][10]. - The Company plans to raise funds for new projects, including a 300,000-ton humic acid intelligent high-tower compound fertilizer project and a 150,000-ton bio-fertilizer production line [9]. Corporate Governance and Financial Management - The Company’s major shareholder is Mingquan Investment, controlled by Ma Xuewen and his son, who collectively hold 76.10% of the shares [11]. - Despite a significant cash dividend of 180 million yuan in 2022, the Company plans to raise 40 million yuan to supplement its working capital, raising questions about its financial management strategy [13][14].

Core Insights - The successful launch of the high tower granulation production line at Xinjiang Akesu Alar High-tech Industrial Development Zone marks the full-scale operation of two key production lines for Xinyangfeng Agricultural Technology Co., Ltd. [1] - The Akesu base, which began construction in October 2024, has achieved rapid implementation of critical production capacity within a year through scientific planning and efficient execution [1] - The high tower production line will primarily produce high-end compound fertilizers, while the previously launched water-soluble fertilizer line focuses on modern agricultural needs for water-saving, efficient, and precise fertilization [1] - The two production lines complement each other, forming a "dual-engine" product matrix that enhances the company's comprehensive supply capacity and market competitiveness in the Northwest region [1] - The full operation of the core production lines at the Akesu project is a key step in the company's national capacity layout and a solid measure to implement the concept of "serving modern agriculture" [1] - Leveraging Akesu's unique geographical advantages, the company aims to quickly respond to market demands in the Northwest and expand the reach of high-quality fertilizer resources to promote regional agricultural modernization [1]

Group 1 - Postal Savings Bank of China (PSBC) Shandong Branch is actively supporting the "Three Autumns" production by leveraging its resources in a major grain-producing province, focusing on early deployment and comprehensive financial support [1] - The bank has established a customer database for grain clients and created a grid marketing team to address financial service needs through direct engagement [1] - PSBC has implemented a fast-track loan approval process to meet the urgent financing needs of grain clients, utilizing mobile technology to facilitate on-site credit services [1] Group 2 - Shandong Youbang Fertilizer Technology Co., Ltd. has developed new fertilizer formulations suitable for wet soil conditions due to continuous rainfall, leading to increased orders [2] - The company faced cash flow pressures for raw material procurement, prompting PSBC to provide a quick loan of 10 million yuan through its online "Micro Loan" service [2] - The financial support has enabled the company to maintain production and fulfill existing and new orders, contributing to the stability of grain supply and economic development [2]

Group 1 - A new company, Runyao Chemical (Yunnan) Co., Ltd., has been established with a registered capital of 6.1 million RMB [1] - The legal representative of the company is Yang Shaohai [1] - The company's business scope includes the production of fertilizers, research and development of bio-organic fertilizers, and sales of agricultural products [1] Group 2 - The company is involved in various agricultural services, including soil pollution treatment and crop cultivation services [1] - It also engages in the sale and service of agricultural machinery and the processing of both edible and non-edible agricultural products [1] - The company will operate independently within the scope of its business license, except for projects that require approval from relevant authorities [1]

Core Points - The provincial agricultural and rural department has initiated a "double random, one public" supervision inspection of fertilizer production enterprises starting from mid-August, aiming to purify the fertilizer production and operation market and ensure agricultural production and product quality safety [1] - The inspection will conclude by the end of October and targets organic fertilizers, organic-inorganic compound fertilizers, and compound fertilizers, with a minimum of 30% of marked enterprises being inspected, totaling no less than 183 companies [1] - The inspection will cover whether products have obtained fertilizer registration certificates, if there are any expired, counterfeit, or rented certificates, whether technical indicators match the registration certificate, compliance of packaging labels with regulations, and if production conditions meet the requirements of registered products [1] - Results of the inspections will be recorded in the regulatory platform and publicly disclosed in the National Enterprise Credit Information Publicity System (Shandong) [1]