2025年岁末 资本市场好戏连台 宝安企业迎来上市"加速度" 蘅东光本次发行价格为每股31.59元，市盈率14.99倍，上市当日开盘价报350元，涨幅高达1008%，上市当日市值超200亿元，成为北交所市值第三企业。 2025年12月31日 蘅东光在北京证券交易所正式挂牌上市 两日之内两家企业相继鸣锣敲钟，不仅彰显了宝安企业的强劲实力，更让宝安区2025年新增境内上市企业数量锁定全市第一，为全区全年资本市场建设画 上圆满句号。 图源：蘅东光官方网站 硬核技术是蘅东光的核心竞争力 公司通过多年积累构建起 "三大类、十小类" 核心技术体系 覆盖产品设计与工艺、生产制造 智能化与数字化全流程 蘅东光位于新安街道，成立于2011年，是一家名副其实的技术驱动型企业。作为国家级重点"小巨人"企业、深圳市"瞪羚企业"，公司聚焦光通信领域无源 光器件产品的研发、制造与销售，构建起无源光纤布线、无源内连光器件及配套业务三大核心板块，主要产品包括光纤连接器、多光纤并行无源内连光器 件等关键品类，广泛应用于全球数据中心及电信网络。 在产品布局上，蘅东光可生产288芯至3456芯超大芯数光纤预端接布线总成，高密度无源光纤柔性线路产品 ...

Core Viewpoint - The company, Hengdongguang Communication Technology (Shenzhen) Co., Ltd., has shown significant growth in its financial performance for the first three quarters of 2025 and is expected to achieve substantial profits for the entire year [1][2]. Financial Performance - As of September 30, 2025, the company's total assets reached 1.581 billion yuan, reflecting a 14.04% increase compared to the end of 2024 [3]. - For the first nine months of 2025, the company's operating revenue was 1.625 billion yuan, a 91.38% increase year-on-year, while the net profit attributable to shareholders was 224 million yuan, up 123.75% from the previous year [3]. - The company anticipates its operating revenue for 2025 to be between 2.11 billion and 2.2 billion yuan, representing a growth of 60.45% to 67.30% compared to 1.315 billion yuan in 2024 [4]. - The expected net profit for 2025 is projected to be between 270 million and 300 million yuan, indicating an increase of 82.13% to 102.36% from 148 million yuan in 2024 [4]. Business Focus - Hengdongguang specializes in the research, manufacturing, and sales of passive optical devices in the optical communication sector, with key product lines including passive optical fiber cabling, passive internal connection devices, and related supporting businesses [2]. Fundraising and Expansion Plans - The funds raised from the IPO will primarily be used for the expansion of the Guilin manufacturing base, the expansion of the Vietnam production base, the establishment of an optical research and development center at headquarters, and to supplement working capital [2]. Accounts Receivable Growth - The company's accounts receivable have grown rapidly, with balances at the end of each reporting period from 2022 to mid-2025 showing significant increases, raising concerns about potential financial impacts if these receivables are not collected [10]. - The accounts receivable as a percentage of total assets were 24.72% in 2022, increasing to 25.32% by mid-2025, with the ratio of accounts receivable to operating revenue reaching 40.46% [10]. Foreign Business Exposure - A significant portion of the company's revenue comes from international sales, with foreign income accounting for 90% of total revenue by mid-2025, exposing the company to foreign operational risks [11]. - The company faces risks related to exchange rate fluctuations, as its foreign sales are primarily settled in US dollars, which can impact revenue and profit margins due to currency volatility [12].

Core Insights - The capital market is witnessing a significant acceleration in Bao'an, with two companies, He Dongguang Communication Technology and Woan Robotics, successfully listing on stock exchanges within two days, highlighting the region's robust industrial development and innovation capabilities [1][7]. Company Overview - He Dongguang, established in 2011, specializes in passive optical devices, with over 80% of its revenue derived from data centers, including AI data centers. The company has a clear business structure with its main revenue sources being fiber optic connectors (60.31%), passive internal connection devices (22.11%), and supporting businesses (7.56%) [4][5]. - The company has developed a strong technological moat, with proprietary technologies achieving precision packaging and measurement capabilities of up to 0.1μm. It holds 111 domestic patents and 1 international patent, showcasing its industry-leading technical strength [4][5]. Financial Performance - He Dongguang has experienced substantial growth in recent years, with revenue increasing from 475 million yuan in 2022 to 1.314 billion yuan in 2024, and net profit rising from 55 million yuan to 148 million yuan. In the first half of 2025, revenue reached 1.021 billion yuan, reflecting a year-on-year growth of over 105% [5][6]. - The company has successfully entered international supply chains, with significant sales to major tech firms like Google, Amazon, and Nvidia, and has adopted a "big client strategy" to enhance its overseas revenue, which reached 1.152 billion yuan in 2024 [6]. Market Position and Future Prospects - The successful listings of He Dongguang and Woan Robotics underscore Bao'an's diverse industrial layout and forward-looking approach, with both companies excelling in emerging sectors of optical communication and AI robotics [7]. - The Bao'an district has established a comprehensive enterprise cultivation system, supporting over 84 listed companies and preparing more than 800 potential listing candidates, indicating a strong and sustainable listing ecosystem [7].

Core Viewpoint - The A-share market has shown strong performance in 2025, with significant growth in various sectors, particularly in commercial aerospace and high-tech industries, leading to a record-breaking year for new IPOs and overall market capitalization [1][4][5]. Group 1: Commercial Aerospace Sector - The commercial aerospace sector experienced a surge in stock prices, with multiple companies hitting the daily limit up, driven by strategic developments in the industry [2][8]. - A meeting held by the Hainan provincial aerospace leadership group outlined plans for the commercial launch site and emphasized the importance of seizing opportunities in the commercial aerospace sector [2][8]. - According to CITIC Securities, the reduction in launch costs is expected to accelerate market growth in satellites, terminals, and computing power, confirming the investment thesis in commercial aerospace [2][8]. Group 2: New IPO Performance - The A-share market recorded a "zero break" phenomenon for new IPOs in 2025, reflecting strong investor interest in high-tech sectors, particularly in "new quality productivity" [4][11]. - Newly listed company Hengtong Guang opened with a price increase exceeding 1000%, marking it as the second stock this year to rise over tenfold on its debut [10][11]. - The electronic sector led the IPO market with 19 companies raising a total of 33.74 billion yuan, accounting for a significant portion of total fundraising [11]. Group 3: Market Outlook - Analysts predict favorable conditions for the A-share market in the spring, citing factors such as liquidity support and ongoing policy initiatives to bolster market confidence [12]. - The focus for investment is recommended in technology themes, particularly in robotics, commercial aerospace, and nuclear power, as well as sectors related to overseas computing power and semiconductors [12].

Market Overview - The three major indices closed on the last trading day of 2025, with the Shanghai Composite Index up 0.09%, marking an 11-day winning streak and an annual increase of 18.41%. The Shenzhen Component Index fell 0.58% but recorded a 29.87% annual gain, while the ChiNext Index dropped 1.23% but saw a significant annual increase of 49.57%. The STAR 50 Index rose 35.92% and the Beijing Stock Exchange 50 Index increased by 38.8% throughout the year [2]. Sector Performance - On the last trading day, sectors such as commercial aerospace, AI applications, internet, and cultural media saw the highest gains, while sectors like pharmaceutical commerce, batteries, oil, and semiconductors experienced the largest declines [3]. Commercial Aerospace - The commercial aerospace sector continued to rise, with stocks like Tailong Co. achieving five consecutive daily limits, and companies such as Reco Defense and Hongying Intelligent reaching three consecutive daily limits. Other notable stocks included Changjiang Communication, Beidou Star, Urban Development, and Fenghuo Communication, all hitting their daily limits [5][6]. - A meeting held by the Hainan Provincial Aerospace Leadership Group discussed the 2026 launch plans for the Hainan commercial aerospace launch site, emphasizing the importance of the project's successful construction and operation for supporting the nation's aerospace ambitions. The meeting outlined key tasks, including seizing strategic opportunities and enhancing industry status [9]. - Jiangxi Lianchuang Superconducting Technology Co., Ltd. successfully delivered a project related to a "high-power low-temperature refrigeration system and model superconducting magnet," marking a significant achievement in the commercial aerospace electromagnetic launch field [10]. New Stock Listings - The new stock Hengtongguang listed on the Beijing Stock Exchange saw an unprecedented opening surge of 1000%, reaching a maximum intraday increase of 1087.08%, and closing with a remarkable gain of 878.16% at 309.00. The company focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field [11][12]. Investment Sentiment - Investors reflected on their experiences in 2025, with some expressing regret for missing out on the hard technology sector's gains while remaining committed to value investing principles. The sentiment highlighted the importance of patience and long-term holding of quality assets like Kweichow Moutai, despite market volatility [16][18]. - The discussion also included strategies for 2026, with plans to continue holding quality stocks and selectively increasing positions in companies with strong cash flow and dividend capabilities [18].

Core Viewpoint - The company, Hengtong Optical, has successfully listed on the Beijing Stock Exchange, achieving a significant increase in stock price and market capitalization, indicating strong investor interest and confidence in its business model and growth potential [1]. Group 1: Company Overview - Hengtong Optical focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field, with major business segments including passive optical fiber cabling, passive internal connection devices, and related supporting businesses [1]. - Key products include optical fiber connectors, flexible optical fiber line products, and multi-fiber parallel passive internal connection devices [1]. Group 2: Shareholding Structure - The controlling shareholder of Hengtong Optical is Ruifa Trading Co., Ltd., holding 44.76% of the shares, while the actual controller is Chen Jianwei, who indirectly holds 45.69% of the shares and controls 65.27% of the voting rights [2]. - Chen Jianwei is also the chairman of the company, which allows him to significantly influence the company's management and strategic decisions [2]. Group 3: Financial Performance - Hengtong Optical's revenue from 2022 to the first half of 2025 shows a growth trend, with revenues of 47.54 million, 61.34 million, 131.50 million, and 102.14 million respectively [5]. - The net profit attributable to the parent company for the same period was 5.53 million, 6.45 million, 14.76 million, and 14.28 million respectively [5]. Group 4: Fundraising and Investment Plans - The company plans to raise a total of 32.38 million from its IPO, with net proceeds of 27.79 million after deducting issuance costs, which is lower than the original plan by 21.58 million [3]. - The funds will be allocated to the expansion of the Guilin manufacturing base, the expansion of the Vietnam production base, the construction of the headquarters optical research and development center, and to supplement working capital [3][4]. Group 5: Future Projections - For the fiscal year 2025, Hengtong Optical expects revenue between 211 million and 220 million, representing a growth rate of 60.45% to 67.30% [9][10]. - The projected net profit for 2025 is estimated to be between 27 million and 30 million, indicating a growth rate of 82.13% to 102.36% [9][10].

（原标题：北交所新股蘅东光1分钟暴涨1128%，中一签浮盈超3万） 对于业绩的持续增长，蘅东光表示，2024年以来，受AI数据中心建设进程加快的影响，公司下游客户 需求旺盛，主要产品包括无源光纤布线、无源内连光器件及相关配套业务产品销售规模快速上升，经营 业绩增长较快。若未来AI数据中心建设进程减缓、光通信行业发展不及预期，公司经营业绩存在一定 下滑的风险。 蘅东光还提醒道，公司境外销售收入占比较高，为公司营业收入和利润的主要来源，其中美国市场为最 重要的收入来源。报告期各期，公司主营业务收入中境外收入占比分别为 75.90%、79.00%、87.62%及 90.00%。若贸易摩擦加剧，或将对公司生产经营发展造成重大不利影响。 12月31日，蘅东光正式登陆北交所，高开超1000%，报350元/股，开盘后1分钟内股价一度暴涨达 1128%。截至下午2点11分，蘅东光报320.07元/股，涨916.14%，总市值来到217亿左右。 市场分析认为，2025年北交所新股赚钱效应明显，打新参与热度持续提升，不少大额资本均寻找拥有相 关资质的机构合作，寻找套利机会。蘅东光的火爆表现并非个例，北交所今年新上市企业数量达26 ...

12月31日，蘅东光登陆北交所首日，盘中最高涨超1120%，触及388元/股。截至下午发稿，蘅东光涨幅 仍有910%，报319.5元/股，公司市值为217.5亿元。 高增长势头在2025年上半年得到延续，该期实现营业收入10.21亿元，同比增长105.84%；归母净利润 1.43亿元，同比增长170.72%。 需要注意的是，蘅东光的销售以出口为主，高度依赖境外市场。2024年，境外收入占公司总营收的比重 已升至90%。其中，第一大客户美国AFL集团贡献了7.06亿元销售收入，超过总营收的一半。 值得一提的是，蘅东光还身处近期大热的光模块赛道，是国家级"小巨人"企业。公司业务板块包括无源 光纤布线、无源内连光器件及相关配套业务三大板块，核心产品涵盖光纤连接器、多光纤并行无源内连 光器件等，公司客户包含AFL、Coherent、飞速创新、青岛海信等国内外知名厂商。 目前，蘅东光已推出并量产适配400G、800G数通光模块的无源内连光器件，并针对1.6T及CPO无源内 连光器件开发出了系列产品，可以满足AI数据中心低延迟、高带宽的需求。 根据机构预测，全球光通信产业链中的核心产品光模块的市场规模在2027年将突破2 ...

Group 1: Artificial Intelligence Sector Performance - The artificial intelligence sector showed strong performance in the morning, with the Zhizhu AI direction leading the gains, and the sector index rising over 2% for the sixth consecutive day [6][9] - Notable stocks included BlueFocus, which hit the daily limit of 20%, reaching a new high since November 2015, with a total market value exceeding 40 billion yuan and trading volume surpassing 10.6 billion yuan [2][6] Group 2: New Stock Performance - Hengdong Guang experienced a significant surge upon its listing on the Beijing Stock Exchange, opening with a 1007% increase and peaking at a 1128% rise, making it the second new stock this year to exceed a tenfold increase on its first trading day [3] Group 3: Industry Growth and Projections - Hengdong Guang specializes in the research, manufacturing, and sales of passive optical devices in the optical communication field, with a projected global market size exceeding 50 billion USD by 2025 and a compound annual growth rate of 17% from 2025 to 2030 in China [5] - The company is expected to see a compound annual growth rate of 66.39% in revenue from 2022 to 2024, with a revenue of 1.625 billion yuan in the first nine months of 2025, reflecting a 91.38% year-on-year increase [5] Group 4: Government Initiatives Supporting AI - The establishment of the National AI Application Pilot Base in Hefei aims to integrate domestic computing resources and reduce costs for AI innovation and application, providing comprehensive support for technology validation and product iteration [9] - The Beijing Municipal Health Commission announced policies to support AI applications in healthcare, encouraging collaboration between medical institutions and AI companies [9] - The Ministry of Education plans to advance AI in education, with policies expected next year to promote AI literacy and prepare high-quality talent for the intelligent era [9]

从板块来看，AI应用端持续拉升，万事利、德生科技、蓝色光标等多股涨停。商业航天概念反复活跃，雷科防务3连板，顺灏股份、北斗星通、长江通信 等多股涨停。 机器人概念局部活跃，锋龙股份6连板，五洲新春3连板续创历史新高。开源证券指出，2026年上半年宇树等国产头部人形机器人企业有望实现IPO落地， 为量产筑牢根基。2026年人形机器人板块有望迎来主升浪。国泰海通证券认为，随着海外头部人形机器人厂家加速产品迭代，国内相关厂家陆续推出产品 叠加国内加速应用落地，从供应链角度看，机器人零部件的国内供应商有望长期受益。 下跌方面，福建板块下挫，鹭燕医药跌停，平潭发展、合兴包装、海峡创新大跌。 A股又现首日10倍新股 2025年最后一个交易日，北交所迎来年终"压轴大戏"。光通信领域"小巨人"蘅东光（920045.BJ）正式登陆北交所，开盘涨幅达1008%，股价飙升至350元/ 股，开盘初期成交额便突破6亿元，打新投资者收益瞬间兑现。以发行价31.59元/股计算，中一签（100股）的投资者浮盈高达31841元，上演"年末大红 包"行情。截至午间收盘，蘅东光报322元/股，涨幅收窄至919.31%。 公开资料显示，蘅东光是一家 ...