Group 1: IPO Review Highlights - This week, the A-share IPO review market demonstrated high activity and efficiency, with 7 companies successfully passing the review, achieving a 100% approval rate and setting a record for the highest number of reviews in a single week this year [2] - The companies reviewed span across the core sectors of the Shanghai, Shenzhen, and Beijing stock exchanges, indicating a balanced distribution: 1 from the Shanghai main board, 1 from the Sci-Tech Innovation Board, 2 from the Growth Enterprise Market, and 3 from the Beijing Stock Exchange [2] - Among the 7 companies, 6 were accepted for review within a year, with 5 having submitted their applications only about six months ago, highlighting the capital market's role in supporting technological innovation and the real economy [2] Group 2: Company Financials - **Guangzhou Huigu New Materials Technology Co., Ltd.**: Revenue for 2022-2024 was 664 million, 717 million, and 817 million CNY, with net profits of 26 million, 106 million, and 146 million CNY respectively [3] - **Chengdu Hongming Electronics Co., Ltd.**: Revenue for 2022-2024 was 3.146 billion, 2.727 billion, and 2.494 billion CNY, with net profits of 690 million, 598 million, and 386 million CNY respectively [4] - **Anhui Linping Circular Development Co., Ltd.**: Revenue for 2022-2024 was 2.879 billion, 2.800 billion, and 2.485 billion CNY, with net profits of 154 million, 212 million, and 153 million CNY respectively [5][6] - **Shandong Yuelong Rubber and Plastic Technology Co., Ltd.**: Revenue for 2022-2024 was 189 million, 219 million, and 268 million CNY, with net profits of 47.9 million, 60.8 million, and 83.6 million CNY respectively [7] - **Youyan Metal Composite Materials (Beijing) Co., Ltd.**: Revenue for 2022-2024 was 414 million, 498 million, and 610 million CNY, with net profits of 24 million, 45 million, and 55 million CNY respectively [9] - **Jiangsu Yuanli Digital Technology Co., Ltd.**: Revenue for 2022-2025 was 502.85 million, 527.15 million, 544.88 million, and 285.49 million CNY, with net profits of 60.94 million, 73.85 million, 82.03 million, and 43.44 million CNY respectively [10] - **Guangdong Meiya Tourism Technology Group Co., Ltd.**: Revenue for 2022-2025 was 457.39 million, 353.51 million, 400.95 million, and 182.65 million CNY, with net profits of 23.96 million, 69.26 million, 75.02 million, and 36.16 million CNY respectively [11] Group 3: New Listings - **Bai Ao Sai Tu**: Listed on the Sci-Tech Innovation Board on December 10, 2023, after previously listing on the Hong Kong Stock Exchange, raising approximately 1.267 billion CNY [12] - **Transsion Holdings**: Plans to achieve dual listing in A-share and Hong Kong, with a projected smartphone shipment of 201 million units in 2024, capturing 14% of the global market share [13] - **Shangdingxin**: A power semiconductor supplier, has re-applied for listing on the Hong Kong Stock Exchange after a previous application lapsed [14] - **Dazhu CNC**: Previously listed on the A-share market, has submitted a second application for listing on the Hong Kong Stock Exchange [15] - **Huaxida**: Reapplying for listing after a previous application lapsed, focusing on smart home solutions [16] - **Xihua Technology**: A leading company in edge AI chips, showing significant growth with a compound annual growth rate of 67.8% from 2022 to 2024 [18] - **Ledong Robotics**: A leading intelligent robotics company, has submitted a second application for listing on the Hong Kong Stock Exchange, with cumulative losses of 212 million CNY over the past three and a half years [19]

2025年12月12日，北交所上市委将召开审议会议，对广东美亚旅游科技集团股份有限公司的IPO申请进行审核，公司计划募集资金2亿 元，保荐机构为广发证券股份有限公司，律师事务所为北京市中伦律师事务所，会计师事务所为广东司农会计师事务所（特殊普通合 伙）。 美亚科技主要面向旅业同行客户和企事业客户，提供涵盖航旅票务、商旅管理和会奖旅游三大场景的数字化泛商旅出行服务。 报告期内（2022年至2025年上半年），美亚科技的营业收入分别为4.57亿元、3.54亿元、4.01亿元、1.83亿元；净利润分别为4032.8万 元、7218.35万元、7740万元、3627.63万元。 | 项目 | 2025年6月30日 | 2024年12月31日 | 2023年12月31日 | 2022年12月31日 | | --- | --- | --- | --- | --- | | | /2025年1月-6月 | /2024年度 | /2023年度 | /2022年度 | | 资产总计(元) | 1.180, 140, 613. 42 | 1.058.759.363.51 | 941.736.087.35 | 762.607.294 ...

Core Viewpoint - The report outlines ten guiding principles for the sustainable development of the global tourism industry, emphasizing the need for a transformative approach that balances economic growth with cultural heritage preservation and community empowerment [5][31]. Group 1: Guiding Principles - Principle 1: Adapt, upgrade, and customize products and services to meet the evolving needs of diverse tourists while respecting cultural authenticity [6][7]. - Principle 2: Strategically focus on high-potential growth areas by developing unique experiences that align with local resources and community values [8][9]. - Principle 3: Foster responsible technology and innovation to enhance visitor experiences while ensuring fairness and privacy [12]. - Principle 4: Develop resilience strategies to mitigate risks from geopolitical conflicts, environmental changes, and demographic shifts [13][14]. - Principle 5: Encourage mutual understanding between residents and tourists by involving local communities in tourism governance [15][16]. - Principle 6: Implement regenerative practices to minimize environmental impact and promote ecological restoration [19][20]. - Principle 7: Address labor shortages through inclusive workforce development programs that enhance skills and job quality [21][22]. - Principle 8: Support the development of small and medium-sized enterprises (SMEs) as they are crucial for providing unique local experiences [23][24]. - Principle 9: Invest in sustainable infrastructure that meets industry growth needs while considering environmental and social sustainability [26][27]. - Principle 10: Revitalize unique cultural heritage by transforming it into a source of contemporary creativity and meaningful cross-cultural exchange [28][29]. Group 2: Implementation and Collaboration - The effective implementation of these principles requires breaking traditional boundaries and establishing collaborative mechanisms among various stakeholders in the tourism ecosystem [31][32]. - A comprehensive approach is necessary to address the interconnected challenges faced by the tourism industry, emphasizing the importance of collaboration across public, private, and community sectors [33][34]. - The report envisions a future where tourism serves as a catalyst for enhancing global resilience, promoting cultural exchange, and achieving inclusive prosperity [55].

Core Viewpoint - Meiya Technology is advancing its IPO process and aims to raise 360 million yuan to enhance its smart travel services and expand internationally [1][8] Group 1: Company Overview - Meiya Technology is a comprehensive travel solution provider, offering digital travel services including air ticketing, business travel management, and incentive travel [1] - The company has obtained BSP authorization from 145 airlines, providing a competitive edge in ticket pricing [1] - Meiya Technology ranks fifth in the business travel management market in China, following major players like Ctrip and Alibaba [1] Group 2: Financial Performance - The company's revenue from 2021 to 2024 shows significant fluctuations, while net profit remains relatively stable, attributed to business restructuring [2] - Revenue from air ticketing has decreased significantly from 65.48% in 2022 to 30.42% in 2023 due to reduced charter business volume, while business travel management and incentive travel revenues are growing [2] - Cash flow from operating activities has also shown considerable volatility, not aligning with net profit trends, primarily due to the growth in business travel management and extended credit terms with clients [5] Group 3: Competitive Landscape - Ctrip Group is both a major competitor and a key client for Meiya Technology, contributing to its sales from 2021 to 2023 [6] - The relationship with Ctrip reflects the complex and diverse competitive and cooperative dynamics within the business travel industry [6] Group 4: Future Outlook - Despite financial volatility, the company expresses confidence in future growth through the development of smart travel services and international expansion [5][8] - Successful IPO is expected to provide additional funding and market attention, potentially enhancing the company's industry position and competitiveness [8]

Core Viewpoint - The Chinese tourism market is experiencing a strong recovery and has broad development prospects, driven by improved visa, transportation, payment, and tax refund policies for foreign visitors [1][2]. Group 1: Market Recovery and Projections - In 2024, inbound tourists are expected to reach 132 million, with total spending of $94.2 billion, recovering to 97.2% and 93.5% of 2019 levels respectively [1]. - In the first quarter of 2025, inbound tourism is projected to be 35.02 million, a year-on-year increase of 19.6%, with foreign tourists accounting for 7.37 million, up 39.2% [1]. - The growth trend in inbound tourism is expected to continue, with predictions for even better data in 2025 [1]. Group 2: Strategies for Market Expansion - The cultural and tourism department aims to enhance the convenience of inbound tourism through improved visa, payment, travel, and accommodation processes [2]. - New tourism products and experiences will be developed to cater to diverse market demands, including educational tourism, incentive travel, medical tourism, and wellness retreats [2]. - The focus will be on creating a new supply structure that integrates traditional and modern elements, short-term and long-term offerings, and caters to both mass and niche markets [2]. Group 3: Enhancing Consumer Experience - The introduction of more digital cultural experiences, live performances, and workshops will modernize traditional cultural elements for foreign visitors [2]. - The number of duty-free shops will be increased, and the range of "buy now, tax refund" products will be expanded to meet diverse foreign tourist needs [2]. - China aims to present a more open, rich, and intelligent service experience to global tourists, positioning itself as a top global travel destination [2].