Core Insights - Jinzheng Huitong (838334) has significantly increased its business scale and maintained its leading position in the domestic financial public relations market [1] - The company focuses on providing full lifecycle capital services, leveraging digital technology and self-developed information platforms to create value for clients [1] Group 1: IPO Business Performance - In the first half of 2025, the A-share IPO market showed a remarkable recovery, with 177 IPO applications accepted, a 453% increase compared to the same period last year [2] - A total of 51 companies successfully listed on the A-share market, raising 37.355 billion yuan, a 14.96% increase from 32.493 billion yuan in the previous year [2] - Jinzheng Huitong facilitated 16 A-share clients' IPOs, achieving a market share of 32%, ranking first in the industry [2] Group 2: M&A and Restructuring Achievements - The domestic capital market disclosed 93 major restructuring projects in the first half of 2025, a year-on-year increase of 165.71% [2] - Jinzheng Huitong secured several landmark M&A projects, including the first restructuring project approved under new regulations and the first M&A project approved after the "Star Market Eight Rules" [2] Group 3: H-share Market Expansion - The first half of 2025 saw a surge in the "A+H" dual-platform listing trend, with 40 IPOs completed on the Hong Kong Stock Exchange, raising 106.713 billion HKD, a 688.54% increase year-on-year [3] - Jinzheng Huitong has proactively entered the H-share market by establishing a subsidiary in Hong Kong and has successfully assisted several projects in listing on the Hong Kong Stock Exchange [3] - The ongoing "A+H" trend is expected to create new growth opportunities for Jinzheng Huitong in the H-share market [3]