Core Viewpoint - The demand for smart ring network cabinets is significantly influenced by the State Grid Corporation of China, which is a major user of distribution equipment and plays a leading role in the construction of smart grids and new power systems in China. The total tender volume for smart ring network cabinets is expected to reach 36,631 units in 2024, reflecting a year-on-year increase of 40.02% [1][10]. Market Policy - The smart ring network cabinet falls under the category of "C38 Electrical Machinery and Equipment Manufacturing" in China's national economic industry classification. The development of this industry is supported by various policies aimed at enhancing the safety and efficiency of the power system, including guidelines for rural power grid enhancement and the promotion of intelligent manufacturing [4][6]. Industry Chain - The upstream of the smart ring network cabinet industry includes suppliers of metals such as copper, aluminum, and steel, as well as insulation materials and electronic components. The downstream market primarily consists of applications in urban residential areas, secondary substations, and industrial enterprises [7]. Development Status - The primary customers for smart ring network cabinets are subsidiaries of the State Grid, which imposes strict quality and technical requirements on distribution equipment. The demand from the State Grid serves as a barometer for the market's development [9][10]. Competitive Landscape - The smart ring network cabinet market in China is characterized by a fragmented competitive landscape, with 296 companies winning tenders in 2024, totaling 14.6 billion yuan. Key players include Guodian NARI Technology Co., Ltd., Beijing Haochuang Ruitong Electric Equipment Co., Ltd., and Keda Intelligent Electric Technology Co., Ltd. [13][14]. Development Trends - Future advancements in technologies such as 5G, IoT, big data, and AI are expected to enhance the capabilities of smart ring network cabinets, enabling faster response times and more efficient data processing. The demand for high-capacity ring network cabinets is anticipated to grow due to increasing power needs and the expansion of the power grid [21].

Core Viewpoint - Changgao Electric Group Co., Ltd. is planning to issue convertible bonds to raise funds for expanding its production capacity and enhancing its technological capabilities in the electric power industry, aligning with national energy policies and market demands [2][14][16]. Group 1: Issuance Details - The company intends to issue convertible bonds with a total amount not exceeding RMB 855.5782 million, with each bond having a face value of RMB 100 [18][19]. - The funds raised will be allocated to projects including high-voltage switches, closed-type combination electrical appliances, and transformers, among others [19][20]. - The issuance is expected to enhance the company's production capacity and support its strategic development in the electric power sector [16][19]. Group 2: Credit Rating and Risk Factors - The convertible bonds have been rated AA- by China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook [2][7]. - The bonds are unsecured, which may increase repayment risks if the company faces significant operational challenges [3][4]. - The company has highlighted risks related to customer concentration, accounts receivable collection, and market competition, which could impact its financial performance [4][5][6]. Group 3: Industry Context - The electric power industry is experiencing rapid growth driven by national policies promoting energy transition and infrastructure modernization [14][15][17]. - The demand for electric power equipment is expected to rise due to increasing electricity consumption and the need for grid upgrades to accommodate renewable energy sources [14][15]. - The company is positioned to benefit from these trends by focusing on innovative and environmentally friendly products, aligning with the national goals of carbon neutrality [17][18].

上市保荐书 华泰联合证券有限责任公司关于 长高电新科技股份公司向不特定对象发行可转换公司债券 并在主板上市之上市保荐书 深圳证券交易所： 作为长高电新科技股份公司（以下简称发行人、公司）向不特定对象发行可 转换公司债券并在主板上市的保荐人，华泰联合证券有限责任公司及其保荐代表 人已根据《中华人民共和国公司法》 （以下简称《公司法》）、 《中华人民共和国证 券法》 （以下简称《证券法》）等法律法规和中国证券监督管理委员会（以下简称 中国证监会）及贵所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业 务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 （二）发行人的主营业务 发行人主营业务包括输变电设备业务以及电力勘察设计和工程总包业务两 个板块，致力于成为"电力能源综合服务商"。输变电设备领域是发行人的核心 业务板块，主要产品包括高压开关、封闭式组合电器、成套电器三大类产品。电 力勘察设计和工程总包业务主要为客户提供输变电工程及新能源发电的勘察设 计、施工总包以及 EPC 等一站式电力工程服务。 （三）发行人主要经营和财务数据 ...

关于长高电新科技股份公司 向不特定对象发行可转换公司债券并在 主板上市之 发行保荐书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 发行保荐书 华泰联合证券有限责任公司 关于长高电新科技股份公司 向不特定对象发行可转换公司债券并在主板上市之发行保 荐书 长高电新科技股份公司（以下简称发行人、长高电新）申请向不特定对象发 行可转换公司债券并在主板上市，依据《公司法》 《证券法》 《上市公司证券发行 注册管理办法》 （以下简称《再融资注册办法》）等相关的法律、法规的有关规定， 提交发行申请文件。华泰联合证券有限责任公司（以下简称华泰联合证券、保荐 人）作为其本次发行的保荐人，刘栋和刘天际作为具体负责推荐的保荐代表人， 特为其出具本发行保荐书。 保荐人华泰联合证券、保荐代表人刘栋和刘天际承诺：本保荐人和保荐代表 人根据《公司法》《证券法》等有关法律、法规和中国证监会、深圳证券交易所 的有关规定，诚实守信、勤勉尽责，严格按照依法制定的业务规则、行业执业规 范和道德准则出具本发行保荐书，并保证所出具文件的真实性、准确性和完整性。 发行保荐书 三、保荐人及其关联方与发行 ...

Group 1: Company Overview - Shanda Electric Power is an indirect holding company of Shandong University, primarily engaged in the research, manufacturing, sales, and service of smart grid monitoring and new energy-related products [1][5] - The company is recognized as a national-level specialized and innovative "little giant" enterprise and a gazelle enterprise in Shandong Province [1] - The main products include fault recording monitoring devices, transmission line fault monitoring devices, and time synchronization devices [1] Group 2: Financial Information - Shanda Electric Power's initial public offering (IPO) price was 14.66 CNY per share, with an institutional offering price of 15.06 CNY per share, resulting in a market capitalization of 2.388 billion CNY [2] - The company's earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 19.57, compared to the industry average P/E ratio of 20.25 [2] - Revenue from the smart grid monitoring sector is expected to be 5.76 million CNY, accounting for 87.94% of total revenue, while the new energy sector is projected to contribute 0.79 million CNY, or 12.06% [6] Group 3: Fundraising and Investment Plans - Shanda Electric Power plans to allocate 1.35 billion CNY (27.00%) for smart grid fault analysis and intelligent distribution network equipment production projects [4] - The company intends to invest 1.80 billion CNY (36.00%) in a research and development center project [4] - Additional investments include 0.40 billion CNY (8.00%) for new energy vehicle smart charging pile production and 0.90 billion CNY (18.00%) for working capital [5] Group 4: Market Position and Client Relationships - Shanda Electric Power has established long-term stable partnerships with major clients such as State Grid and Southern Power Grid, enhancing its competitive edge in the smart grid monitoring and new energy sectors [5] - The company operates 17 liaison offices across major cities in China, covering 22 provinces, 5 autonomous regions, and 4 municipalities [5] Group 5: Risks and Challenges - The company has reported lower research and development (R&D) investment levels compared to industry peers, with R&D expenses of 31.43 million CNY, 37.58 million CNY, and 45.96 million CNY from 2022 to 2024, resulting in R&D expense ratios of 6.57%, 6.84%, and 6.98% respectively [6] - Shanda Electric Power is highly sensitive to revenue fluctuations from State Grid, with sensitivity coefficients of 1.53, 1.36, and 1.29 for the years 2022 to 2024 [6] Group 6: Company Overview (Jiyuan Group) - Jiyuan Group specializes in the research and industrialization of dietary nutritional supplements, providing nutritional raw materials and formulations [7] - The company has developed into a leading global supplier of HMB raw materials and high-quality glucosamine products [11] Group 7: Financial Information (Jiyuan Group) - Jiyuan Group's IPO price was 10.88 CNY per share, with an institutional offering price of 11.09 CNY per share, resulting in a market capitalization of 4.352 billion CNY [8] - The company has a projected P/E ratio of 25.51, with comparable companies showing higher dynamic P/E ratios [8] Group 8: Fundraising and Investment Plans (Jiyuan Group) - Jiyuan Group plans to invest 2.06 billion CNY (34.23%) in the construction of a nutritional health raw material production base [10] - Additional investments include 1.47 billion CNY (24.44%) for expanding the production line of nutritional health foods and 0.99 billion CNY (16.45%) for a technology innovation center [10] Group 9: Market Position and Client Relationships (Jiyuan Group) - The company has established partnerships with numerous global brands, including Abbott, Sanofi, and Nestlé, for the supply of HMB and other nutritional products [11] - Jiyuan Group's revenue from nutritional raw materials is projected to be 5.71 million CNY, 6.09 million CNY, and 6.47 million CNY from 2022 to 2024, maintaining a revenue contribution of over 60% [11]

Group 1: Shanda Electric Power (山大电力) - Shanda Electric Power is an indirect holding enterprise of Shandong University, focusing on the research, manufacturing, sales, and service of smart grid monitoring and new energy products [1][3] - The company has a market capitalization of 17.91 billion yuan and an issuance price of 14.66 yuan per share, with an issuance P/E ratio of 19.57 [2] - The revenue structure is stable, with the smart grid monitoring sector contributing 87.94% of the total revenue in 2024, while the new energy sector accounts for 12.06% [4] - The company has established long-term partnerships with major clients such as State Grid and Southern Power Grid, enhancing its competitive edge in the smart grid monitoring and new energy sectors [3][4] - The company plans to invest 1.35 billion yuan in smart grid fault analysis and distribution network intelligence projects, and 1.80 billion yuan in R&D center projects [2][3] Group 2: Jiyuan Group (技源集团) - Jiyuan Group specializes in the research and industrialization of dietary nutritional supplements, with a focus on products like HMB and glucosamine [5][10] - The company has a market capitalization of 38.08 billion yuan and an issuance price of 11.09 yuan per share, with an institutional offering price of 10.88 yuan [6] - Jiyuan Group is the largest global supplier of HMB raw materials and has established partnerships with major companies such as Abbott and Nestlé [10][11] - The revenue from nutritional raw materials is projected to be 5.71 billion yuan in 2022, increasing to 6.47 billion yuan by 2024, maintaining a revenue share of over 60% [10][11] - The company plans to invest 2.06 billion yuan in the construction of a nutritional health raw material production base and 1.47 billion yuan in the expansion of its production line [9][10]

Core Viewpoint - Haocreat Ruitong Electric Equipment Co., Ltd. has applied for IPO on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to raise approximately 476.54 million yuan, focusing on smart distribution equipment and digital solutions for distribution networks [1]. Group 1: Company Overview - Haocreat Ruitong specializes in the research, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations [1]. - The company is recognized as a high-tech enterprise and plays a crucial role in the digital transformation of distribution networks, supporting the construction of a new power system [1][2]. Group 2: Industry Context - The power distribution and control equipment manufacturing industry has established a competitive market structure, with major clients like State Grid and Southern Power Grid typically using a bidding system for procurement [2]. - Companies in this sector compete based on technical strength, product quality, pricing, qualifications, and brand influence [2]. Group 3: Competitive Advantages - Haocreat Ruitong has a strong focus on R&D and innovation, maintaining a competitive edge in product quality and management [3]. - The company ranks 6th, 2nd, and 3rd in the number of bids won for smart ring main units, smart pole-mounted switches, and box-type substations, respectively, indicating a strong market position [3]. Group 4: Financial Performance - The company’s projected revenues for 2022, 2023, and 2024 are approximately 560 million yuan, 672 million yuan, and 867 million yuan, respectively, with net profits of about 68.76 million yuan, 87.41 million yuan, and 111 million yuan [3]. - Total assets are expected to grow from 462.09 million yuan in 2022 to 711.96 million yuan in 2024, with equity attributable to shareholders increasing from 233.58 million yuan to 436.02 million yuan over the same period [4].

Group 1 - The core business of the company is divided into two segments: power transmission and distribution equipment, and oriented silicon steel [1] - The acquisition of 79.97% of Yunnan Transformer Electric Co., Ltd. significantly enhanced the company's supply capacity from 110kV to 500kV, strengthening its competitive position in the railway traction transformer market [1] - In 2024, Yunnan Transformer contributed 696 million yuan in revenue, becoming a major source of growth for the company's power transmission and distribution equipment business [1] Group 2 - The company has established a strategic development framework that focuses on Southwest China while radiating nationwide and globally, forming long-term stable partnerships with key domestic and international clients [2] - The company aims to expand its international presence through technology export and capacity cooperation, participating in power infrastructure construction to enhance global competitiveness [2] - The company plans to actively promote its "Belt and Road" business layout, optimizing its service radius in Southeast Asia to 300 kilometers [2] Group 3 - The company intends to accelerate its intelligent upgrade over the next three years, pushing traditional power transmission and distribution equipment towards digitalization and IoT [3] - The company will explore applications in AI, big data, cloud computing, and 5G, while also advancing the research and development of integrated smart box transformers for energy storage and smart microgrid applications [3]

Group 1: Company Overview - Zhongce Rubber is one of the largest tire manufacturers in China, engaged in the research, production, and sales of various tire products including all-steel tires and semi-steel tires [1][6] - The company has established a strong brand presence with well-known brands such as "Chaoyang," which was recognized as a "China Famous Trademark" in 2004 [6] - Zhongce Rubber ranks among the top ten tire manufacturers globally and has consistently held the top position in the China Rubber Industry Association's tire enterprise rankings [6] Group 2: Financial Metrics - Zhongce Rubber's IPO price was set at 46.50 CNY per share, with an issuance price-to-earnings ratio of 12.24, compared to the industry average of 22.83 [2] - The company plans to invest 17 billion CNY in a high-performance tire digital factory project and 8.5 billion CNY in a production project for all-steel radial tires [4][10] - The direct sales channel gross profit margins for Zhongce Rubber from 2021 to the first half of 2024 are projected to be 11.22%, 10.79%, 15.11%, and 18.69% respectively [6] Group 3: Market Position and Challenges - Zhongce Rubber's sales channels are primarily focused on the replacement tire market, with a need to strengthen its presence in the original equipment manufacturer (OEM) market [6] - The company faces challenges in entering high-end OEM supply chains, where it currently lags behind international brands [6] - The company has a significant customer base, including major automotive manufacturers, but is exposed to risks from changes in demand influenced by macroeconomic factors [6] Group 4: Company Overview of Youyou Green Energy - Youyou Green Energy specializes in the research, production, and sales of core components for electric vehicle DC charging equipment, with products ranging from 15KW to 40KW charging modules [11] - The company has been recognized as a "specialized and innovative small giant" by the Ministry of Industry and Information Technology and has established a technology research center for charging piles [11] - Youyou Green Energy holds a 10.58% market share in the domestic charging module market, with significant partnerships with leading companies like ABB and NIO [11] Group 5: Financial Metrics of Youyou Green Energy - The IPO price for Youyou Green Energy was set at 89.60 CNY per share, with an issuance price-to-earnings ratio of 15.37, compared to the industry average of 19.25 [8] - The company plans to allocate 2.7 billion CNY each for the construction of a production base and a headquarters and R&D center, along with 1.6 billion CNY for working capital [10] - Revenue projections for Youyou Green Energy from 2022 to 2024 are 9.88 billion CNY, 13.76 billion CNY, and 14.97 billion CNY, with net profits of 1.96 billion CNY, 2.68 billion CNY, and 2.56 billion CNY respectively [11][12] Group 6: Market Position and Challenges of Youyou Green Energy - Youyou Green Energy has experienced a decline in revenue from its major client, ABB, with sales dropping from 2.75 billion CNY in 2022 to an expected 1.17 billion CNY in 2024 [12] - The company faces potential risks in 2025 due to unfavorable changes in industry policies, increased competition, and fluctuations in raw material prices [12] - The company has established long-term partnerships with key players in the industry, but the stability of these relationships is crucial for future growth [12]

Core Viewpoint - The company Youyou Green Energy (301590.SZ) is a leading supplier of charging modules for electric vehicles in China, focusing on the research, production, and sales of core components for DC charging equipment [5]. Group 1: Company Overview - Youyou Green Energy is recognized as a national high-tech enterprise specializing in the development and production of DC charging modules ranging from 15KW to 40KW [1][5]. - The company has established long-term partnerships with major players in the industry, including ABB and NIO, highlighting its market influence and technical capabilities [5]. Group 2: Financial Performance - The projected revenues for Youyou Green Energy from 2022 to 2024 are 9.88 billion yuan, 13.76 billion yuan, and 14.97 billion yuan, respectively, with net profits of 1.96 billion yuan, 2.68 billion yuan, and 2.56 billion yuan [5]. - The company achieved a market share of 10.58% in the domestic charging module market, with an estimated domestic sales volume of 76.90 billion watts in 2023 [5]. Group 3: Market Dynamics - The charging module market in mainland China is expected to grow significantly, with an estimated increase of 726.60 billion watts in 2023 [5]. - The company faces potential risks related to market competition and changes in industry policies that could impact its future performance [6]. Group 4: Investment and Funding - The company plans to allocate 2.70 billion yuan for the construction of a production base for charging modules and another 2.70 billion yuan for its headquarters and research center [4]. - An additional 1.60 billion yuan is earmarked for working capital [4].