Core Viewpoint - Zhejiang Tongfu Te Meike Co., Ltd. (Tongfu Co.) is initiating its journey to list on the Beijing Stock Exchange, aiming to raise 820 million yuan through its public offering, which will shift its production model from outsourcing to self-production [1][3]. Company Overview - Tongfu Co. primarily engages in the research, design, production, and sales of stainless steel vacuum insulation containers, with 90% of its revenue coming from OEM products and only 10% from its own brand [1][5]. - The company has previously attempted to go public, with its first application in July 2022 and subsequent updates, but faced challenges in meeting the requirements of the Shanghai Stock Exchange [4]. Financial Performance - The projected revenues for Tongfu Co. from 2022 to 2024 are 1.973 billion yuan, 2.118 billion yuan, and 2.760 billion yuan, respectively, with net profits of 218 million yuan, 180 million yuan, and 231 million yuan [3][8]. - As of the end of 2023, total assets are reported at approximately 1.668 billion yuan, with total equity of about 996 million yuan [2]. Production Capacity and Strategy - The company plans to use the raised funds to expand its production capacity significantly, targeting an annual output of 70 million stainless steel containers post-expansion [8]. - Current production capacity is limited, with actual production rates nearing saturation at 95.65% in 2024, indicating a need for increased capacity to meet growing market demand [7][8]. Market Context - The domestic market for thermal containers is experiencing steady growth, with demand projected to rise from 187.61 million units in 2025 to 220.44 million units by 2030 [7]. - The transition from an outsourcing model to a self-production model is seen as crucial for Tongfu Co. to enhance its brand presence and reduce reliance on external suppliers [5][6].

北交所于2024年12月30日受理了安胜科技提交的公开发行相关申请文件，并按照规定进行了审核。 2025年5月20日，安胜科技向北交所提交了《浙江安胜科技股份有限公司关于撤回向不特定合格投资者 公开发行股票并在北京证券交易所上市申请文件的申请》，申请撤回申请文件。根据《北京证券交易所 向不特定合格投资者公开发行股票并上市审核规则》第五十五条的有关规定，北交所决定终止安胜科技 公开发行股票并在北京证券交易所上市的审核。 安胜科技是专注于不锈钢等多种不同材质器皿的研发设计、生产和销售的高新技术企业，产品包括不锈 钢真空保温器皿（具有保温效果的杯类、瓶类、壶类器皿及具有超大容量、异型等特征的特种容器 等）、不锈钢非真空器皿以及其他器皿产品（塑料、玻璃、金属铝等其他材质的器皿以及杯壶配件）， 广泛应用于户外、家居、办公、婴童、礼品等领域。 截至招股说明书签署日，安胜科技第一大股东上海御微直接持有公司46.90%的股权，系公司控股股 东。吕峥健直接持有公司20.20%股份，并通过持有上海御微100.00%的股份、永康御乐22.75%的出资份 额、永康御健0.11%的出资份额合计持有公司69.66%股份，且拥有公司79. ...

Core Viewpoint - The document outlines the underwriting and issuance process for Zhejiang Haers Vacuum Containers Co., Ltd.'s A-share stock offering to specific investors, detailing the roles of the underwriters and the company's compliance with relevant regulations [1][19][22]. Group 1: Issuer Information - The issuer, Zhejiang Haers Vacuum Containers Co., Ltd., has a registered capital of 466,267,732 RMB and is listed on the Shenzhen Stock Exchange under the stock code 002615 [6][19]. - As of December 31, 2024, the total share capital of the issuer is 466,295,732 shares, with 34.81% being restricted shares and 65.19% being unrestricted shares [4][19]. - The company’s major shareholders include the employee stock ownership plan and the Industrial and Commercial Bank of China, holding a combined 51.44% of shares [4][19]. Group 2: Financial Performance - The total assets of the company as of December 31, 2024, are 337,641.47 million RMB, with total liabilities of 166,179.19 million RMB [9][10]. - The net profit for the year ending December 31, 2024, is reported at 28,717.93 million RMB, showing an increase from previous years [10][9]. - The company has a cash dividend distribution totaling 32,111.69 million RMB over the last three years, with an average annual net profit of 74,223.39 million RMB [8][7]. Group 3: Issuance Details - The total amount to be raised in this issuance is 75,490.00 million RMB, which will be used for the "Haers Future Intelligent Creation" project [24][28]. - The issuance will be directed to no more than 35 specific investors, and the pricing will be set at no less than 80% of the average trading price over the previous 20 trading days [26][24]. - The lock-up period for the issued shares will be six months post-issuance, adhering to regulatory requirements [26][24]. Group 4: Underwriter Information - The underwriter, Zhongyin International Securities Co., Ltd., has appointed representatives Yuan Jing and Li Ruijun for this issuance, both of whom have extensive experience in IPOs and capital market transactions [2][3]. - The underwriting process has undergone rigorous internal review and has been approved by the internal committee of Zhongyin Securities [19][12].

Core Viewpoint - The report discusses the financial matters related to Zhejiang Hars Vacuum Vessel Co., Ltd. in response to the second round of inquiry from the Shenzhen Stock Exchange regarding its application for a specific stock issuance. Group 1: Financial Performance - The sales expenses for the reporting periods were 150.92 million, 178.18 million, and 178.18 million yuan, with a high expense ratio attributed to the significant share of domestic self-owned brand sales and high advertising and promotional costs [2] - The company’s main revenue source is from overseas OEM/ODM business, with stable major clients, but the sales expense ratio is significantly higher than comparable companies like Jiayi Co. and Ansheng Technology [2][6] - The company’s sales expenses for overseas and domestic markets were 118.08 million (41.61%) and 165.67 million (58.39%) yuan respectively, indicating a growth in sales expenses due to increased personnel costs and promotional expenses for self-owned brands [10][12] Group 2: Comparison with Peers - The company selected comparable companies based on business models, customer concentration, and sales channels, including Jiayi Co., Ansheng Technology, and others, to assess its market position [4][6] - The company’s sales expense rate is higher than the average of comparable companies, primarily due to differences in business models and customer concentration [13][16] - The company’s self-owned brand sales accounted for 19.39%, 25.66%, and 21.67% over the reporting periods, which is higher than peers like Jiayi Co. and Ansheng Technology, reflecting a strategic focus on enhancing brand presence [9][18] Group 3: Sales Strategy and Market Position - The company’s sales strategy includes a mix of OEM/ODM and self-owned brand models, with a significant portion of revenue coming from overseas sales [16][17] - The online sales ratio for the company was 5.04%, 6.71%, and 4.36% over the reporting periods, indicating a developing online sales strategy compared to peers with higher online sales ratios [8][19] - The company’s focus on building its self-owned brand has led to increased sales expenses, which is expected as the brand is still in its growth phase [20][21]

A股上市公司迎来新一波"回购潮"之际，多位百亿基金经理的最新调仓动向也随之曝光。 具体来看，易方达基金副总经理张坤管理的易方达优质企业三年持有因持仓被动超限，于4月29日卖出招商银行300万股；与此同时，张坤于2025 年一季度期间大幅增持顺丰高达3170万股。 此外，易方达基金基金经理陈皓管理的易方达品质动能三年，在4月对医药股健友股份进行了进一步加仓；汇添富基金基金经理胡昕炜、永赢基金 首席权益投资官高楠则对耐用消费品个股——嘉益股份均有所增持；国海富兰克林基金权益投资总监赵晓东则增持了黄酒股古越龙山。 除了部分百亿基金经理调仓动作曝光外，整体来看，在4月公募机构调研方面，电子医药行业霸榜。其中，电子行业个股立讯精密最受公募机构调 研青睐，是当月唯一一只调研次数突破100次的个股，充分彰显其市场关注度。 张坤卖出招行、再加仓顺丰 5月1日，易方达基金发布旗下基金关联交易事项公告，张坤在管的易方达优质企业三年持有因其持仓招商银行（600036）的比例被动超过基金资 产净值的10%而做出相关调整，于4月29日卖出300万股，卖出金额为1.27亿元。 | 基金名称 | 证券代码 | 卖出时间 | 卖出数量(股) ...