Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The report highlights that the company is the largest global supplier of HMB and focuses on the muscle and joint health market, with a strong presence in various international markets [1][4] - The company is expected to achieve a revenue growth of 12.3% year-on-year in 2024, reaching 1 billion yuan, with a net profit growth of 9.0% to 170 million yuan [2] - The report emphasizes the high growth potential in the muscle health and aging economy sectors, driven by the increasing demand for HMB and joint health products [4] Summary by Sections Company Overview - The company is the largest global supplier of HMB and a core supplier of high-quality glucosamine and chondroitin sulfate, with established partnerships with major brands like Abbott and Blackmores [1] - The company has a significant international revenue share, with over 90% of its income coming from overseas sales [2] Product Performance - In 2024, the revenue from nutritional raw materials and formulations is expected to be 650 million yuan and 350 million yuan, respectively, accounting for 65% and 35% of total revenue [2] - The gross profit margins for HMB, glucosamine, and chondroitin sulfate are projected to be 62%, 39%, and 29%, respectively [2] Market Trends - The global HMB market is projected to grow at a compound annual growth rate (CAGR) of approximately 11.54% from 2024 to 2030, with an expected production of 3,571.69 tons by 2030 [3] - The report notes that the demand for glucosamine and chondroitin sulfate is also on the rise, with a CAGR of 4.2% and 3.5% expected for the respective markets from 2022 to 2027 and 2023 to 2030 [3]

IPO Pipeline Overview - As of July 27, there are 305 companies in the IPO pipeline, with 30 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 30 on the Growth Enterprise Market, and 183 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 24 accepted, 223 under inquiry, 12 approved, 27 suspended, and 19 registered [3] Newly Listed Companies - During the period from July 21 to July 27, two companies were newly listed: Shandong Shanda Electric Power Technology Co., Ltd. on the Growth Enterprise Market and Jiyuan Group Co., Ltd. on the Shanghai Main Board [4] - Shandong Shanda Electric Power Technology Co., Ltd. closed at 66.85 CNY per share, with a surge of 356.00% and a trading volume of 22.22 billion CNY, achieving a turnover rate of 82.61% [4][6] - Jiyuan Group Co., Ltd. closed at 40.75 CNY per share, with an increase of 274.54% and a trading volume of 13.72 billion CNY, achieving a turnover rate of 80.75% [6] New Counseling Record Companies - Six companies were newly recorded for counseling from July 21 to July 27, including Guangde Tianyun New Technology Co., Ltd. and Beijing Yingshirui Technology Co., Ltd. [7] - Guangde Tianyun New Technology Co., Ltd. focuses on the development, production, and sales of automotive sunroofs and interior components [8] - Beijing Yingshirui Technology Co., Ltd. integrates advanced cloud computing and AI technologies to provide digital service solutions for environmental monitoring [8] CSRC Review Status - Qingdao Taikaiying Special Tire Co., Ltd. successfully passed the review, while Xiamen Hengkang New Materials Technology Co., Ltd. was postponed [10] - Qingdao Taikaiying specializes in the design, research, sales, and service of tires for the mining and construction industries [12] CSRC Registration Approval - Three companies received registration approval from July 21 to July 27: Ningbo Nengzhiguang New Materials Technology Co., Ltd., Shanghai Balanshi Automotive Testing Equipment Co., Ltd., and Beijing Haochuang Ruitong Electric Equipment Co., Ltd. [14] - Ningbo Nengzhiguang focuses on the research, production, and sales of polymer additives and functional polymer materials [16] - Shanghai Balanshi specializes in automotive maintenance and testing equipment [17] Termination of Review - No companies withdrew from the review process during the period from July 21 to July 27 [20]

AI and Market Trends - AI applications are entering a rapid growth phase, supported by mature infrastructure and decreasing costs of large model calls, enhancing commercial potential[3] - China possesses significant data reserves and a broad demand scale, providing a competitive advantage for AI development[3] Market Performance - The A-share market experienced a general rise, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week[15] - Mid-cap indices such as the CSI 500 and CSI 1000 outperformed large-cap indices, with increases of 3.28% and 2.38% respectively[17] Dietary Supplements Industry - The global dietary supplement market is projected to reach $223 billion by 2026, driven by population growth and increasing health awareness[5] - HMB, a key nutrient for muscle health, is expected to see global production reach 3,572 tons by 2030, indicating strong market potential[5] Investment Recommendations - Recommended stocks include Toris (拓尔思), which has a robust open-source intelligence data resource, and Songlin Technology (松霖科技), focusing on health robots[3] - Other notable mentions are Rongxin Culture (荣信文化), which is expanding into AI+ education scenarios[3] Corporate Actions - This week, two companies listed on the A-share market, with C Shanda and C Jiyuan seeing first-day gains of 356% and 274% respectively[33] - There were six new public offerings announced, with an average discount rate of 18.9% and an average return of 40.7% on recent fundraising projects[34][40]

Core Insights - The company has over 20 years of experience in the global dietary supplement industry, focusing on scientific research and clinical trials to provide innovative and customized nutritional ingredients and formulations [1] - In 2024, the company achieved a revenue of 1.002 billion yuan, representing a year-on-year growth of 12.33% [1] Industry Overview - The global dietary supplement market exceeded $187 billion in 2023 and is expected to maintain a steady growth rate of 6% over the next three years, reaching $223 billion by 2026 [2] - The company operates as both a nutritional ingredient supplier and a formulation manufacturer, with strong competitiveness in HMB, glucosamine, and other nutritional ingredients [2] Product Segmentation - **HMB**: The company holds over 50% of the global market share and is a key player in the HMB industry, collaborating with major companies like Metabolic and Abbott to drive HMB commercialization [2] - **Glucosamine**: The company is a leading provider of high-quality glucosamine, achieving a stable global market share of 12.61% in 2024 [3] - **Other Nutritional Ingredients**: The company has enhanced its research capabilities through the strategic acquisition of Metabolic Technologies, focusing on new ingredient development [3] - **Formulation Business**: The company emphasizes innovative dosage forms and has obtained TGA GMP certification for its production facility, enabling it to offer personalized nutritional solutions [4] Financial Projections - The company is expected to achieve revenues of 1.184 billion yuan, 1.436 billion yuan, and 1.758 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.2%, 21.2%, and 22.5% respectively [5] - Projected net profits for the same period are 199 million yuan, 239 million yuan, and 310 million yuan, with growth rates of 13.8%, 20.1%, and 30.1% respectively [5]

Group 1: A-Share Market Performance - The Shanghai Composite Index broke through the 3600-point mark for the first time since October 8, 2024, led by banks and brokerages [1] - The A-share market showed mixed performance, with the Shanghai Index reaching a new high for the year, while the North Securities 50 Index weakened [2] - Non-bank financials, steel, and banking sectors saw significant gains, while defense and military industry sectors weakened [2] Group 2: New Stock Listings - Two new stocks were listed today, both experiencing significant gains, with Shanda Electric reaching a peak increase of over 500% before narrowing its gains [4] - Shanda Electric specializes in smart products for power systems and has established a leading position in the market for its monitoring devices [5] - The second new stock, Jiyuan Group, saw a peak increase of over 300% and focuses on the research and development of dietary supplements [4][6] Group 3: Hong Kong Market Performance - The Hong Kong market showed strong performance, with the Hang Seng Index rising over 0.8% during the morning session [7] - Leading stocks in the Hang Seng Index included Zhongsheng Holdings, Baidu Group, China Life, and Kuaishou [7] - The stock Feishang No Smoke Coal experienced a dramatic rise, with a peak increase of over 400% [7]

Market Overview - The Shanghai Composite Index broke through the 3600-point mark for the first time since October 8, 2024, driven by a short-term rally in the banking and brokerage sectors, with Guosheng Financial hitting the daily limit [1] - The Hong Kong stock market showed significant strength, with the Hang Seng Index rising over 0.8% during the morning session [2][12] - The A-share market exhibited mixed performance, with the Shanghai Index reaching a new high for the year while the North Star 50 Index weakened [4] Sector Performance - In terms of industry sectors, non-bank financials, steel, and banking sectors led the gains, while defense and military industries showed weakness [5] - The brokerage sector, often seen as a market barometer, experienced a notable rally, with Guosheng Financial hitting the daily limit and other major brokerages like Citic Securities also seeing gains of over 2% [6] New Listings - Two new stocks debuted in the A-share market, both experiencing significant gains during the morning session [8] - Shanda Electric saw its stock price surge by over 500% at one point, focusing on smart products for power systems and maintaining a leading position in the industry [9] - Jiyuan Group's stock rose by over 300%, specializing in dietary supplements and becoming a major supplier of HMB raw materials globally [10] Hong Kong Market Highlights - The Hong Kong market continued to show strength, with notable gains in stocks such as Zhongsheng Holdings, Baidu Group, and China Life [13] - Other volatile stocks in the Hong Kong market included Feishang Wuyan Coal, which surged by over 400% [14]

Group 1 - The company, Jiyuan Group, has initiated its subscription process, offering a total of 50.01 million shares, with 12.002 million shares available for online subscription at a price of 10.88 yuan per share and a price-earnings ratio of 25.51 times [1][3] - The subscription date is set for July 14, 2025, with the announcement of the winning numbers and payment date on July 16, 2025 [3] - The maximum subscription limit for a single account is 12,000 shares, requiring a minimum market value of 120,000 yuan for top-tier subscriptions [3] Group 2 - The company's main business focuses on the research, innovation, and industrialization of dietary nutritional supplements [2] - The funds raised will be allocated to several projects, including the construction of a nutritional health raw material production base (206.29 million yuan), supplementing working capital (150 million yuan), expanding the production line for nutritional health foods in Qidong (147.31 million yuan), and establishing a technology innovation center in Qidong (99.14 million yuan) [4] Group 3 - Key financial indicators for the company show total assets of 11.86 billion yuan in 2024, an increase from 10.19 billion yuan in 2023 and 9.24 billion yuan in 2022 [5] - Net profit for 2024 is reported at 1.74 billion yuan, up from 1.60 billion yuan in 2023 and 1.42 billion yuan in 2022, with a basic earnings per share of 0.50 yuan [5] - The company's return on equity (ROE) for 2024 is 20.52%, a decrease from 23.48% in 2023 and 27.18% in 2022 [5]

Group 1: New Stock Offerings - Two new stocks are set to be offered for subscription this week: Jiyuan Group on the Shanghai Stock Exchange and Shanda Electric on the ChiNext board, both starting on Monday [1][3] Group 2: Jiyuan Group Overview - Jiyuan Group is the largest global supplier of HMB raw materials and a core supplier of high-quality glucosamine and chondroitin sulfate [2][5] - The company focuses on the research and development of dietary nutritional supplements and has over 20 years of experience in the global dietary supplement industry [4] - Jiyuan Group's revenue for 2022, 2023, and 2024 is projected to be 947 million, 892 million, and 1 billion yuan respectively, with net profits of 142 million, 160 million, and 174 million yuan [6] Group 3: Jiyuan Group's Fundraising Plans - The funds raised will be invested in the construction of a nutritional health raw material production base, expansion of production lines, and a technology innovation center [7] Group 4: Shanda Electric Overview - Shanda Electric is a high-tech enterprise focused on the research and development of intelligent products for power systems, with a strong presence in smart grid monitoring technology [8] - The company has established good relationships with major power companies and has a market presence across 22 provinces, 5 autonomous regions, and 4 municipalities in China [8] - Shanda Electric's revenue for 2022, 2023, and 2024 is projected to be 478 million, 549 million, and 658 million yuan respectively, with net profits of 77 million, 103 million, and 127 million yuan [9] Group 5: Shanda Electric's Fundraising Plans - The funds raised will be used for projects related to power grid fault analysis, smart equipment production, and the development of intelligent charging stations for new energy vehicles [9] Group 6: Recent Market Trends - Recently listed new stocks have shown strong performance, with a notable example being Tongyu New Materials, which saw a 128% increase on its first trading day [11]

Group 1 - The core viewpoint of the news is that Jiyuan Group is launching an IPO to raise funds for expanding its production capacity and enhancing its R&D capabilities in the dietary supplement industry [1][2]. - Jiyuan Group plans to issue 50.01 million shares at a price of 10.88 yuan per share, with a total post-issue share capital of approximately 400 million shares [1]. - The company has established itself as a leading supplier in the global HMB market, holding over 50% market share and possessing multiple core patents and clinical data [2]. Group 2 - The company has shown steady growth in revenue and profit, with projected revenues of 9.47 billion yuan, 8.92 billion yuan, and 10.02 billion yuan from 2022 to 2024, and net profits of 1.42 billion yuan, 1.6 billion yuan, and 1.74 billion yuan respectively [2]. - The funds raised from the IPO, totaling 603 million yuan, will be allocated to the construction of a nutritional health raw material production base, expansion of production lines, and a technology innovation center [2]. - Jiyuan Group aims to continue its focus on technological innovation, increasing R&D investment, and optimizing production processes to enhance product quality and brand value [3].

Group 1: New IPOs - This week, there are two new stocks available for subscription: one on the Shanghai Stock Exchange and one on the ChiNext [1][2] - The Shanghai Stock Exchange new stock, Jiyuan Group (603262), has an issue price of 10.88 yuan and a price-to-earnings ratio of 25.95 times, compared to the industry average of 15.28 times [2] - The ChiNext new stock, Shanda Electric (301609), has an issue price of 14.66 yuan and a price-to-earnings ratio of 19.57 times, with the industry average at 19.03 times [2] Group 2: Jiyuan Group Overview - Jiyuan Group specializes in the research, innovation, and industrialization of dietary nutritional supplements and is the largest global supplier of HMB raw materials [2][6] - HMB, or β-hydroxy-β-methylbutyrate, is a metabolite of the essential amino acid leucine, promoting protein synthesis and reducing breakdown, thus enhancing strength and delaying muscle fatigue [2] - The company has established long-term partnerships with major brands such as Abbott, Blackmores, and Nutramax, covering markets in China, Asia, the US, Europe, Australia, and South America [2] Group 3: Financial Performance of Jiyuan Group - From 2023 to the first quarter of 2025, Jiyuan Group achieved revenues of 892 million yuan, 1 billion yuan, and 265 million yuan, with net profits of 160 million yuan, 174 million yuan, and 43 million yuan respectively [2] Group 4: Shanda Electric Overview - Shanda Electric focuses on the research and industrialization of smart products related to power systems, with two main business segments: smart grid monitoring and renewable energy [3] - The company’s leading products include fault recording monitoring devices and transmission line fault monitoring devices [3] Group 5: Financial Performance of Shanda Electric - From 2023 to the first quarter of 2025, Shanda Electric reported revenues of 549 million yuan, 658 million yuan, and 111 million yuan, with net profits of 103 million yuan, 127 million yuan, and 17 million yuan respectively [3] Group 6: Fundraising Plans - Jiyuan Group plans to raise a total of 544 million yuan for projects including the construction of a nutritional health raw material production base and a technology innovation center [3][5] - Shanda Electric aims to raise 597 million yuan for projects related to smart grid fault analysis and production of intelligent charging piles for new energy vehicles [3][5] Group 7: North Chip Life IPO - North Chip Life is set to present its IPO on July 18, focusing on innovative medical devices for cardiovascular disease diagnosis and treatment [4] - The company’s core products include the first domestically approved high-definition IVUS diagnostic system and FFR measurement system, filling a gap in the domestic market [4][5]