Core Viewpoint - Xihua Technology officially listed on the Shanghai Stock Exchange on December 23, marking a new phase of capital empowerment and aiming to seize opportunities in the renewable wind power industry [1] Group 1: Company Overview - Xihua Technology specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components [1] - The company has received 117 authorized patents, including 27 invention patents, and has been recognized as a national-level "Little Giant" enterprise and a national high-tech enterprise [1] Group 2: Market Position and Financial Performance - Xihua Technology holds approximately 20% of the global market share in the wind turbine gearbox component casting segment from 2022 to 2024, with sales volume increasing from 77,700 tons to 91,400 tons [2] - The company's operating revenue for the years 2022, 2023, and 2024 was 942 million yuan, 908 million yuan, and 955 million yuan respectively, while net profits were 184 million yuan, 177 million yuan, and 142 million yuan, indicating stable profitability [2] - In the first half of 2025, operating revenue grew to 580 million yuan, a year-on-year increase of 36.67%, with net profit increasing to 94.29 million yuan, up 55.67% year-on-year [2] Group 3: Research and Development - Xihua Technology has increased its R&D investment from 35.50 million yuan in 2022 to 47.00 million yuan in 2024, focusing on advanced technology fields [3] - The company is advancing projects for high-power wind turbine gearboxes, with the 16-20MW gearbox project entering mass production and the 22-25MW gearbox project in the sample testing phase [3] Group 4: Future Strategy - The company aims to continue focusing on high-end equipment components, driven by customer needs, and to leverage opportunities in the renewable wind power sector through technological innovation and capacity expansion [3] - Xihua Technology aspires to become a leading global manufacturer of high-end equipment components in the renewable wind power field, integrating R&D, production, and sales [3]

Core Viewpoint - Xihua Technology officially listed on the Shanghai Stock Exchange on December 23, 2025, with an initial price of 10.10 yuan per share, and the opening price on the first day reached 28.45 yuan per share, reflecting a significant increase of 181.68% [1] Company Overview - Xihua Technology specializes in the research, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components and auxiliary components for injection molding machines [3] - The company has over 20 years of industry experience, emphasizing technological innovation as the foundation for its development, particularly excelling in "thick-section" ductile iron technology [3] Product Characteristics - The products of Xihua Technology are characterized by high strength, high plasticity, high precision, and high reliability, suitable for complex environmental conditions such as offshore typhoons, seawater corrosion, high-altitude cold, and desert sandstorms [5] - Key technical indicators such as tensile strength, low-temperature impact, and elongation meet or exceed industry standards [5] Industry Recognition - The company has received several honors, including being recognized as a national-level "specialized, refined, and innovative" small giant enterprise, a national high-tech enterprise, and a technology center recognized by Jiangsu Province [5] - Xihua Technology has established long-term relationships with major clients in the industry, including top global wind turbine gearbox manufacturers and leading companies in the injection molding sector, with most partnerships lasting over ten years [5] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 950.81 million yuan, representing a year-on-year growth of 35.35%, and a net profit of 161.57 million yuan, with a year-on-year increase of 55.22% [5] - The net profit attributable to the parent company, excluding non-recurring gains and losses, reached 161.32 million yuan, showing a remarkable growth rate of 58.62% [5] Future Outlook - The company plans to continue focusing on the high-end equipment component sector, driven by customer demand, and aims to seize opportunities in the renewable wind energy industry through technological innovation and capacity expansion [6] - Xihua Technology is committed to enhancing its R&D capabilities, expanding its product line, and increasing its operational scale to become a leading global manufacturer in the field of high-end equipment components [6]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 1: Company Details and Financials 纳百川 (Nabichuan) - Industry: Leading company in battery thermal management in China - IPO Price: 22.63 CNY per share, PE ratio: 28.70, industry PE ratio: 28.71 [2] - Revenue and Profit: Expected revenues of 1.031 billion CNY in 2022, 1.136 billion CNY in 2023, and 1.437 billion CNY in 2024; net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3] 优迅股份 (Youshun) - Industry: Leading company in optical communication chips in China - IPO Price: 51.66 CNY per share, PE ratio: 60.27, industry PE ratio: 58.09 [2] - Revenue and Profit: Expected revenues of 339 million CNY in 2022, 313 million CNY in 2023, and 411 million CNY in 2024; net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4] 元创股份 (Yuanchuang) - Industry: Leading company in rubber track manufacturing in China - IPO Price: 24.75 CNY per share, PE ratio: 12.93, industry PE ratio: 26.37 [2] - Revenue and Profit: Expected revenues of 1.261 billion CNY in 2022, 1.141 billion CNY in 2023, and 1.349 billion CNY in 2024; net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5] 天溯计量 (Tiansu) - Industry: Leading company in measurement and testing services in China - IPO Price: Not specified, but expected to issue 16.3043 million shares [6] - Revenue and Profit: Expected revenues of 597 million CNY in 2022, 726 million CNY in 2023, and 800 million CNY in 2024; net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [6] 锡华科技 (Xihua) - Industry: Leading company in wind power equipment components in China - IPO Price: Not specified, but expected to issue 100 million shares [7] - Revenue and Profit: Expected revenues of 942 million CNY in 2022, 908 million CNY in 2023, and 955 million CNY in 2024; net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [7]

Summary of Upcoming IPOs - Next week, there will be 5 new IPOs available for subscription, including 2 from the main board, 2 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1][2]. Group 1: Company Details 纳百川 (Nabichuan) - Issued at 22.63 CNY per share with a P/E ratio of 28.7, close to the industry average of 28.71 [3]. - Plans to issue 27.92 million shares, with a maximum subscription limit of 6,500 shares requiring a market value of 65,000 CNY [3]. - Major supplier of battery thermal management systems for several leading electric vehicle manufacturers, including CATL and NIO [3]. - Revenue projections for 2022-2024 are 1.031 billion CNY, 1.136 billion CNY, and 1.437 billion CNY, with net profits of 113 million CNY, 98 million CNY, and 95 million CNY respectively [3]. 优迅股份 (Youshun) - Issued at 51.66 CNY per share with a P/E ratio of 60.27, compared to the industry average of 58.09 [4]. - Plans to issue 20 million shares, with a maximum subscription limit of 4,500 shares requiring a market value of 45,000 CNY [4]. - A leading supplier in the optical communication chip sector, focusing on R&D and sales of optical transceiver chips [4]. - Revenue projections for 2022-2024 are 339 million CNY, 313 million CNY, and 411 million CNY, with net profits of 81 million CNY, 72 million CNY, and 78 million CNY respectively [4]. 元创股份 (Yuanchuang) - Issued at 24.75 CNY per share with a P/E ratio of 12.93, below the industry average of 26.37 [5]. - Plans to issue 19.6 million shares, with a maximum subscription limit of 19,500 shares requiring a market value of 195,000 CNY [5]. - A key player in the rubber track industry, providing products for agricultural and engineering machinery [5]. - Revenue projections for 2022-2024 are 1.261 billion CNY, 1.141 billion CNY, and 1.349 billion CNY, with net profits of 139 million CNY, 178 million CNY, and 155 million CNY respectively [5]. 天溯计量 (Tiansu) - Plans to issue 16.3043 million shares, with a maximum subscription limit of 4,000 shares requiring a market value of 40,000 CNY [7]. - A leading national measurement and testing service provider, serving various industries including biomedicine and new energy [7]. - Revenue projections for 2022-2024 are 597 million CNY, 726 million CNY, and 800 million CNY, with net profits of 84 million CNY, 101 million CNY, and 111 million CNY respectively [8]. 锡华科技 (Xihua) - Plans to issue 100 million shares, with a maximum subscription limit of 21,000 shares requiring a market value of 210,000 CNY [9]. - A leader in the wind power equipment components sector, specializing in the development and manufacturing of wind turbine gearbox components [9]. - Revenue projections for 2022-2024 are 942 million CNY, 908 million CNY, and 955 million CNY, with net profits of 183 million CNY, 177 million CNY, and 142 million CNY respectively [9].

Core Viewpoint - Xihua Technology officially launched its IPO on December 4, 2025, aiming to issue 100 million new shares, accounting for 21.74% of the total share capital post-IPO [1] Group 1: Company Overview - Xihua Technology specializes in the R&D, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components and injection molding machine parts [1] - The company is one of the few in China capable of providing full-process services for wind turbine gearbox components, positioning itself as a leader in the global industry [1] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 950.81 million yuan, a year-on-year increase of 35.35% [1] - Net profit reached 161.57 million yuan, reflecting a year-on-year growth of 55.22% [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, grew to 161.32 million yuan, with a significant year-on-year increase of 58.62% [1] Group 3: Technological and Product Advantages - The company has over 20 years of industry experience, establishing a robust R&D system and strong competitive advantages in core technologies [2] - Xihua Technology is advancing its manufacturing technology for wind turbine gearbox components, focusing on thick-section ductile iron technology to address industry challenges [2] - The company offers comprehensive services from raw material manufacturing to finished product processing, enhancing procurement efficiency and production quality for clients [2] Group 4: Client Relationships and Market Expansion - Xihua Technology has established stable partnerships with leading companies in the wind turbine gearbox sector, such as NGC, Flender, and ZF, with most collaborations lasting over ten years [3] - The company is actively expanding its client base, forming stable relationships with quality enterprises like Delijia and CRRC, thereby enhancing its customer matrix and business growth potential [3] Group 5: Fundraising Purpose - The company plans to invest the raised funds into projects such as the "Wind Power Core Equipment R&D Center and Industrialization Project (Phase I)" and "Key Core Components R&D Project for Wind Turbine Gearboxes" [3] - Successful implementation of these projects is expected to support scale expansion, industry chain improvement, market development, and technological upgrades, thereby strengthening the company's core competitiveness [3]

Core Viewpoint - The company, Xihua Technology, is preparing for an IPO to raise funds for expanding its production capacity and enhancing its R&D capabilities in the wind power sector, which is experiencing significant growth due to global energy transition trends and supportive domestic policies [1][2][5]. Group 1: Company Overview - Xihua Technology specializes in the R&D, manufacturing, and sales of high-end equipment components, primarily focusing on wind turbine gearbox components and injection molding machine parts [1]. - The company has established subsidiaries and production bases, gradually forming a comprehensive service capability from raw materials to finished products [1]. Group 2: Industry Context - The global wind power industry is witnessing growth driven by the acceleration of energy transition and advancements in renewable energy technologies [2]. - Domestic policies in China are providing a solid foundation for the development of the wind power industry [2]. Group 3: Financial Aspects - Xihua Technology plans to raise 1.498 billion yuan through its IPO, with 1.448 billion yuan allocated for the first phase of its wind power core equipment industrialization project [5]. - The company reported a 36.67% year-on-year increase in revenue for the first half of 2025, reaching 580.44 million yuan, and a 55.67% increase in net profit [10]. Group 4: R&D and Production Capacity - The industrialization project aims to enhance production capacity by adding advanced manufacturing equipment, which will enable an annual increase of 150,000 tons in wind power component processing capacity [5]. - The R&D center will focus on optimizing ductile iron processes and improving gearbox performance, thereby driving technological innovation [6]. Group 5: Customer Relationships and Market Position - Xihua Technology has established stable partnerships with leading global manufacturers in the wind power gearbox sector, which has contributed to its revenue growth [8]. - The company’s products cover a wide range of wind turbine capacities, with significant market share growth in large megawatt products [9].