Group 1: Recent IPOs - Custom consumer goods manufacturer Maikris successfully listed on NASDAQ, raising approximately $6.5 million by issuing 1.625 million shares, with a market capitalization of $48.96 million [1] - Hong Kong construction subcontractor Masonglory successfully listed on NASDAQ, raising $6 million by issuing 1.5 million shares, with a market capitalization of $70.42 million [2] - Financial printing service provider Rich Sparkle successfully listed on NASDAQ, raising $5 million by issuing 1.25 million shares, with a market capitalization of $45.88 million [3] - Pan-Asian life insurance company FWD Group successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 3.471 billion by issuing 91.3421 million shares, with a market capitalization of HKD 48.362 billion [4] - Shenzhen-based motor control semiconductor supplier FENGCHUANG Technology successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.259 billion by issuing 18.7444 million shares, with a market capitalization of HKD 14.888 billion [5] - Beijing-based AMR warehouse robot solution provider Geekplus successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 2.712 billion by issuing 161 million shares, with a market capitalization of HKD 19.223 billion [6] - Beijing-based communication service provider Xunzhong Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 413 million by issuing 30.44 million shares, with a market capitalization of HKD 1.785 billion [7] - Wuhan-based private dental service provider Dazhong Dental successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 217 million by issuing 10.8618 million shares, with a market capitalization of HKD 1.022 billion [8] - Hunan-based precision manufacturing solution provider Lens Technology successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 4.768 billion by issuing 262 million shares, with a market capitalization of HKD 102.6 billion [9] Group 2: Upcoming IPOs - Chinese fast-food brand Laoxiangji has re-filed for an IPO on the Hong Kong Stock Exchange, aiming for a main board listing, with a market share of 0.9% in the Chinese fast-food industry for 2024 [10] - Lithium-ion battery separator manufacturer Xingyuan Material has filed for an IPO on the Hong Kong Stock Exchange, being the first in China to master dry unidirectional stretching technology for battery separators, with a global market share ranking first by shipment volume in 2024 [11] Group 3: Market Insights - Despite the announcement of new tariffs by the U.S. on multiple countries, U.S. stock markets have shown resilience, focusing more on corporate earnings and technological innovation rather than tariff changes, supported by stable economic data and expectations of interest rate cuts [12]

Overview - The company, Fulongma Group Co., Ltd., has provided a guarantee for its wholly-owned subsidiary, Fulongma Environmental Services (Fuzhou Cangshan) Co., Ltd., amounting to a maximum of 710,000 RMB [1][2] - As of the announcement date, the total guarantee amount provided to the subsidiary is 6,574,800 RMB, which is within the authorized limit set by the shareholders' meeting [1][2] - The subsidiary's asset-liability ratio does not exceed 70%, ensuring financial stability [1] Guarantee Details - The guarantee is for a performance bond of up to 710,000 RMB, required for the establishment of a dedicated account for sanitation workers' wages and other operational expenses [1][3] - The company has applied for a performance bond from Industrial Bank Co., Ltd. with a guarantee period until March 31, 2026 [6] - The total external guarantees currently being fulfilled by the company and its subsidiaries amount to 222,086,219 RMB, representing 6.64% of the latest audited net assets [5][7] Subsidiary Information - Fulongma Environmental Services (Fuzhou Cangshan) Co., Ltd. was established on April 23, 2023, with a registered capital of 17 million RMB [4] - The company is involved in various environmental services, including urban waste management and sanitation operations [4] Financial Performance - As of March 31, 2025, the subsidiary's total assets were approximately 74.65 million RMB, with net assets of about 27.26 million RMB [5] - The subsidiary reported an operating income of approximately 12.63 million RMB and a net profit of about 1.05 million RMB for the first quarter of 2025 [5]

近日，在濉溪县双堆集镇李湖西、周于配电改造工程现场，国网濉溪县供电公司双堆中心供电所带电作业人员身穿绝缘 服、头戴安全帽，熟练操控绝缘斗臂车缓缓升空，逐步靠近带电线路，开展带电搭火作业，这是双堆供电所首次独立自主完成 10kV线路带电作业，将台区升级改造与带电作业协同，实现台区升级"零感知"，用技术赋能居民生活。 【责任编辑：刘澄谚 】 图二：5月21日，濉溪县供电公司专业人员指导双堆中心供电所开展带电作业。储运涛摄。 目前，通过多轮次帮扶指导，濉溪县供电公司南坪供电所、双堆供电所已具备自主开展带电作业能力，大大提升了濉溪县 供电公司带电作业人员承载力。 图一：5月21日，双堆中心供电所带电作业人员正在开展带电作业。储运涛摄。 今年来，濉溪县供电公司坚持"少停多供、能带不停"的原则，充分实施带电作业，减少停电时长及范围，完成带电作业次 数1281次，同比增加79.53%，实现配网优化和客户供电"两不误"。 下一步，濉溪县供电公司将继续大力开展不停电作业和综合检修，持续指导、提升供电所不停电作业能力。力求以高标准 的不停电作业，为濉溪县的高质量发展提供坚强电力保障。 预计今年迎峰度夏期间，双堆镇原罗集113线路 ...

Group 1 - The company announced the suspension of underground mining services at the Kamoa-Kakula copper mine due to multiple seismic events and safety concerns [1][2] - The company will assess the impact of this suspension on its annual production plan based on the owner's investigation results regarding the seismic events [2] - The company has confirmed that the announcement contains no false records, misleading statements, or major omissions [1] Group 2 - The second extraordinary general meeting of shareholders was held on May 26, 2025, with all resolutions passed without objection [4][5] - The meeting was legally convened and conducted, with the chairman presiding and utilizing a combination of on-site and online voting [6] - The company authorized the chairman to decide on the remaining capital contribution for a 50% stake in CMH [6][7]

丨证券研究报告丨 联合研究丨公司点评丨中际联合（605305.SH） [Table_Title] 中际联合 24A&25Q1 点评：业绩持续高增，盈 利能力进一步提升 报告要点 [Table_Summary] 公司是风电高空作业设备龙头，主要产品在风力发电行业细分市场占有率第一，国内风电项目 持续释放，带动产业链出货增长，公司有望显著受益。同时，随着公司费用可控及非风电业务 的布局，公司盈利能力有望继续提升。 分析师及联系人 [Table_Author] 赵智勇 邬博华 倪蕤 司鸿历 屈奇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com SAC：S0490517110001 SAC：S0490514040001 SAC：S0490520030003 SAC：S0490520080002 SAC：S0490524070003 SFC：BRP550 SFC：BQK482 SFC：BUD284 1 中际联合（605305.SH） cjzqdt11111 [Table_Title 中际联合 24A&25Q1 2] 点评：业绩持续高增，盈 利能力进一步提升 [Table_Su ...

Core Viewpoint - The State Grid Taiyuan Power Supply Company has successfully implemented a "live working + generator support" model, achieving uninterrupted power supply during maintenance operations, thereby enhancing user experience and operational efficiency [1][3][5]. Group 1: Uninterrupted Power Supply Operations - The company has replaced old ring network cabinets without affecting the power supply to residents and businesses, demonstrating the effectiveness of the new operational model [1]. - In 2024, the company plans to implement 192 distribution network projects and install 5,266 automation terminals, aiming for a 95% connectivity rate by the end of the year [3]. - The introduction of generator units allows for seamless switching between power sources, ensuring that users remain unaware of maintenance activities [3]. Group 2: Reliability and Efficiency Improvements - The annual reduction in power outage duration exceeds 6,000 hours, with power supply reliability reaching 99.99% [5]. - The company is committed to optimizing the "zero perception" operational model, which is expected to contribute significantly to the city's high-quality development [5].

Core Insights - The company achieved a revenue of 1.299 billion yuan in 2024, representing an 18% year-on-year increase, with Q4 revenue at 365 million yuan, down 10% year-on-year [1] - The company’s net profit attributable to shareholders reached 315 million yuan, a 52% increase year-on-year, with Q4 net profit at 77 million yuan, down 13% year-on-year [2] - The company is expanding its overseas market presence and product line, indicating significant long-term growth potential [3] Revenue Breakdown - Revenue from aerial safety lifting equipment in 2024 was 889 million yuan, up 16% year-on-year [1] - Revenue from aerial safety protection equipment was 355 million yuan, up 24% year-on-year [1] - Revenue from aerial safety operation services was 46 million yuan, up 1% year-on-year [1] Regional Performance - Domestic sales in 2024 amounted to 644 million yuan, an increase of 16% year-on-year [1] - International sales reached 646 million yuan, a 19% increase year-on-year [1] Industry Performance - Revenue from the wind power sector was 1.254 billion yuan, up 16% year-on-year [1] - Non-wind power sectors generated revenue of 35.32 million yuan, a significant increase of 172% year-on-year [1] Profitability Metrics - The company’s net profit margin improved significantly, with a sales net profit margin of 24.24%, up 5.51 percentage points year-on-year [2] - The gross profit margin for 2024 was 45.49%, slightly down by 0.64 percentage points year-on-year [2] Cost Management - The company’s expense ratio decreased to 22.64%, down 5.25 percentage points year-on-year, indicating improved cost control [2] Product and Market Expansion - The company is focusing on expanding its overseas business, particularly in the wind power high-altitude operation equipment market, which is larger than the domestic market [3] - New product developments include dual-machine linkage solutions and heavy-load elevators, aimed at various sectors such as construction and communication [3] Future Revenue Projections - Revenue forecasts for 2025 and 2026 are adjusted to 1.615 billion yuan and 1.932 billion yuan, respectively, with expected year-on-year growth of 24% and 20% [3] - The projected net profit for 2025 and 2026 is adjusted to 394 million yuan and 475 million yuan, with expected growth rates of 25% and 21% [3]