Core Viewpoint - Changjiang SANSING Energy Technology Co., Ltd. (Changjiang Nengke) has successfully listed on the Beijing Stock Exchange, with a significant opening price and trading performance, indicating strong market interest and potential for growth in the energy chemical equipment sector [1]. Company Overview - Changjiang Nengke focuses on the design, research and development, manufacturing, and service of specialized energy chemical equipment, including electro-dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [1]. - The company’s products are widely used in oil and gas engineering, refining and chemical industries, marine engineering, and clean energy sectors [1]. Shareholding Structure - Jiangsu SANSING Technology Co., Ltd. holds 36,897,704 shares, accounting for 34.14% of the total share capital, making it the controlling shareholder [2]. - The actual controllers of the company are Liu Jianchun and Liu Jiacheng, who are father and son, with significant control over the company's decision-making processes [2]. Financial Performance - For the years 2022 to 2024, the company reported revenues of 219.07 million yuan, 347.96 million yuan, and 313.98 million yuan, respectively, with net profits of 40.68 million yuan, 40.85 million yuan, and 49.16 million yuan [6][7]. - The company’s operating cash flow showed fluctuations, with net cash flow from operating activities of 5.27 million yuan, 1.16 million yuan, and 8.35 million yuan for the respective years [6]. Fundraising and Investment Plans - The company raised a total of 159.90 million yuan before the exercise of the over-allotment option, with a net amount of 135.61 million yuan after deducting issuance costs [4]. - The funds will be used for projects including the annual production of 1,500 tons of heavy special materials equipment and 4,500 tons of marine and land oil and gas engineering equipment, as well as the construction of a research and development center [5]. Recent Performance and Projections - In the first half of 2025, the company reported a revenue of 12.61 million yuan, a decrease of 6.23% year-on-year, while net profit increased by 4.02% to 1.82 million yuan [8]. - For the first nine months of 2025, the company expects revenues between 20 million yuan and 23 million yuan, with net profits projected between 3.3 million yuan and 3.6 million yuan [10].

Core Insights - Changjiang Energy Technology (BJ:920158) was listed on the Beijing Stock Exchange, opening with a 290% increase, resulting in a total market capitalization of 2.87 billion CNY [1] - The company specializes in the design, research and development, manufacturing, and service of specialized equipment for the energy and chemical industries, including electro-dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [1][2] Company Overview - Changjiang Energy Technology is recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, focusing on energy chemical specialized equipment [1] - The company's core product, electro-dehydration equipment, is critical for the oil extraction and refining processes, influencing both the quality of crude oil and the efficiency of refining operations [2] - The company has maintained the highest market share in the electro-dehydration equipment sector in China from 2021 to 2023 [2] Financial Performance - For the years 2022 to 2024, the company's revenue figures were 219.07 million CNY, 347.96 million CNY, and 313.98 million CNY, respectively, with net profits of 40.68 million CNY, 40.85 million CNY, and 49.16 million CNY [4] - The gross profit margins for the same years were 54.81%, 47.18%, and 41.93%, indicating a downward trend in profitability [4] - The company expects steady growth in revenue and net profit for the first nine months of 2025, projecting revenue growth of 0.78% to 15.90% and net profit growth of 3.62% to 13.04% compared to the previous year [5] Client Base and Market Position - The company has established itself as a qualified supplier for major state-owned enterprises such as Sinopec, PetroChina, and CNOOC, and has long-term stable partnerships with other notable companies [2] - The concentration of clients is high, with the top five clients accounting for 86.93%, 63.42%, and 85.62% of total revenue in the respective years, reflecting the capital-intensive nature of the energy and chemical sectors [6] Ownership and Management - Prior to its listing, the controlling shareholder of Changjiang Energy Technology was Samsung Technology, with the actual controllers being Liu Jianchun and Liu Jiacheng, who collectively hold 88.03% of the shares [8] - Liu Jianchun has extensive experience in the chemical industry, having held various managerial positions since the 1980s, while Liu Jiacheng has a background in IT and sales management [8][9]

Core Viewpoint - Changjiang Energy Technology Co., Ltd. (Changjiang Nengke) successfully listed on the Beijing Stock Exchange, with its stock price soaring by 294% from the issuance price on the opening day [2][6]. Company Overview - Changjiang Nengke is a national-level specialized and innovative "little giant" enterprise focusing on the design, research and development, manufacturing, and service of energy chemical specialized equipment [5][6]. - The company has over 20 years of experience in the energy equipment sector, particularly in electric desulfurization technology, and has maintained the highest domestic market share for three consecutive years [4][5]. Financial Performance - The stock was issued at 5.33 yuan per share and opened at 21 yuan, reaching a peak of 21.96 yuan, with a midday price of 19.94 yuan, reflecting a 274.11% increase [2][3]. - The total market value of the company reached 27.53 billion yuan, with a circulating market value of 7.605 billion yuan [3]. Future Plans - The company aims to raise 160 million yuan through its listing to invest in projects including the production of heavy special materials and marine oil and gas engineering equipment, as well as the establishment of research and development centers [6][9]. - The R&D centers will focus on technological iterations of core products and cutting-edge technologies in marine and hydrogen energy equipment [6]. Industry Context - The successful listing of Changjiang Nengke reflects the support from the local government and the Beijing Stock Exchange for specialized and innovative enterprises [7][9]. - Jiangsu Province, particularly Zhenjiang, is actively promoting the listing of specialized and innovative companies, with a total of 26 companies listed on the Beijing Stock Exchange as of now [7][10].

Market Overview - A-shares experienced fluctuations with the three major indices opening lower but rising throughout the day, with the ChiNext Index at one point increasing by over 1% [2] - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component increased by 0.15%, and the ChiNext Index gained 0.69% by midday [2] Sector Performance - The communication sector led the market, with a peak increase of over 2%, driven by a significant rise in leading stocks like ZTE Corporation, which surged over 9% [2] - The electronics sector also showed strong performance, with many stocks hitting the daily limit or increasing by over 10%, including Yingjixin and Yunhan Chip City, both reaching a 20% limit up [2][3] - The coal sector saw high volatility, with stocks like Antai Group and Baotailong among those with notable gains [3] - The financial sector, including banks and non-bank financials, showed strength, while sectors like steel, building materials, and basic chemicals experienced declines [4] Conceptual Sector Trends - Concept sectors such as storage chips and automotive chips performed well, while shale gas and wind-sand management sectors faced declines [5] New Listings - The newly listed stock, Changjiang Energy Technology, saw a dramatic rise of over 300% during its debut, focusing on energy and chemical equipment [6] Precious Metals - Gold and silver prices surged significantly, with silver futures on the Shanghai Futures Exchange breaking through 12,000 yuan per kilogram, marking a historical high with an intraday increase of over 5% [10] - Gold futures also saw substantial gains, surpassing 970 yuan per gram, reaching a new historical peak [12]

Core Insights - Changjiang Energy Technology Co., Ltd. (Changjiang Nengke) officially listed on the Beijing Stock Exchange on October 16, 2025, marking a significant milestone as a leading player in the electric desulfurization equipment sector with a market share of 30% for three consecutive years [1][2] - The company completed its IPO process in just seven months, significantly faster than the average 12 months required by the exchange, showcasing its efficient listing process [1] - The listing is seen as a new starting point for the company to leverage raised funds for capacity expansion and technological advancements while balancing traditional and emerging business sectors [1][3] Fundraising and Market Response - The company raised 1.6 billion yuan through its IPO, with 64,260 investors participating in the subscription, leading to a record 727.9 billion yuan in frozen funds and a subscription multiple of 4,791.84 times [2][3] - Financial performance has been strong, with net profits increasing from 40.68 million yuan in 2022 to 49.16 million yuan in 2024, and a return on equity of 15.12% in 2024 [2] Business Model and Product Offering - Changjiang Nengke has evolved from a single equipment manufacturer to a comprehensive group covering the entire energy chemical equipment industry chain, with six main product categories including electric desulfurization and separation equipment [2][4] - The company has established a solid customer base, becoming a qualified supplier for major players like Sinopec and PetroChina, and has maintained a leading market share in electric desulfurization equipment in China for three consecutive years [4][5] Technological Advancements - The company holds 17 invention patents and 44 utility model patents, with several technologies recognized as internationally advanced, including key technologies for complex oil field engineering [4][5] - Innovations in electric desulfurization technology have led to a 15% improvement in oil-water separation efficiency and significant reductions in energy consumption [4] Strategic Focus and Future Growth - Changjiang Nengke is focusing on expanding into clean energy and low-carbon sectors, aligning with national "dual carbon" goals, and has developed technologies for LNG and hydrogen energy equipment [6] - The company aims to enhance its product performance and application scenarios, leveraging opportunities from the Belt and Road Initiative and energy structure transformation [6]

Core Viewpoint - Changjiang Energy Technology Co., Ltd. (长江能科) has been listed on the Beijing Stock Exchange, focusing on specialized equipment for the energy and chemical industries [1] Company Overview - Changjiang Energy Technology specializes in the design, research and development, manufacturing, and service of energy and chemical specialized equipment, including electric desulfurization equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [2] - The company's products are widely used in oil and gas engineering, refining and chemical industries, marine engineering, and clean energy sectors [2] Shareholding Structure - Before the issuance, Jiangsu Samsung Technology Co., Ltd. held 36,897,704 shares, accounting for 34.14% of the total share capital, making it the controlling shareholder [2] - The actual controllers of the company are Liu Jianchun and Liu Jiacheng, who are father and son [2] - Liu Jiacheng directly holds 36,825,501 shares, controlling 26.67% of the voting rights, while the combined control through Samsung Technology gives them 26.72% of the voting rights [2] - They also control additional voting rights through other partnerships, including 15.05% through Zhenjiang Xingfeng and 0.46% through Changjiang No. 1 [2] Fundraising and Projects - The total amount of funds raised before the exercise of the overallotment option is 159.90 million yuan, which will be used for the annual production of 1,500 tons of heavy special materials equipment and 4,500 tons of marine and land oil and gas engineering equipment, as well as the construction of a research and development center [3]

Core Viewpoint - Changjiang Energy Technology Co., Ltd. (Changjiang Nengke) officially listed on the Beijing Stock Exchange, marking a new development phase for the company, which leads the global market in electric desalination equipment technology and has maintained the highest domestic market share for three consecutive years [3][4]. Company Overview - Changjiang Nengke is a national-level specialized and innovative "little giant" enterprise focused on the design, research and development, manufacturing, and service of energy chemical equipment, with products widely used in oil and gas engineering, refining, marine engineering, and clean energy sectors [4][5]. - The company has successfully exported its main products to 20 countries and regions, contributing to energy construction in Belt and Road Initiative countries [3]. Technological Development - The company has undergone three stages of development over the past 20 years: 1. **Localization Phase**: Focused on breaking the import dependency of electric desalination equipment, achieving significant technological breakthroughs and gaining national recognition [4]. 2. **Technological Innovation Phase**: Expanded application markets from refining to oil fields and marine engineering, receiving awards for its core technology [5]. 3. **Iterative Innovation Phase**: Developed a diverse product matrix including LNG and hydrogen energy equipment, aligning with the "dual carbon" strategy for green energy transition [5][6]. Product Quality and Market Position - Changjiang Nengke has accumulated 17 invention patents and 46 utility model patents, emphasizing high product quality that exceeds international standards [6][7]. - The company has become a core supplier for major state-owned enterprises like Sinopec and CNOOC, and has gained international supplier qualifications from companies like ADNOC [6][7]. Future Development Plans - The company plans to raise 160 million yuan through its listing to invest in projects aimed at increasing production capacity and enhancing research and development capabilities [8]. - Future investments will focus on LNG and hydrogen energy sectors, with plans to establish research centers in Zhenjiang and Nanjing to ensure technological leadership [8][9]. Global Expansion Strategy - Changjiang Nengke aims to leverage the "Belt and Road" initiative to expand its market presence in energy-rich regions like the Middle East and Central Asia, with a focus on deepening local service and support [10]. - The company plans to establish overseas service centers and spare parts bases to enhance responsiveness to international clients, promoting "Chinese manufacturing" on the global energy stage [10].

行业方面，公司属于能源化工装备行业。随着我国经济的稳定发展和能源需求的不断增长，油气等能源 装备行业在国内市场的需求持续上升。弗若斯特沙利文数据显示，我国石油炼制及石化设备的市场规模 由2018年的4849亿元人民币增长至2023年的7151亿元人民币，年复合增长率约为8.08%。随着中国石油 炼制能力加强及石化行业的快速发展，预计未来行业规模将以6.49%的增速实现增长，2028年我国石油 炼制及石化设备的市场规模将达到9792亿元。 业绩方面，公司2022~2024年分别实现营业收入2.19亿元、3.48亿元、3.14亿元，同比增速依次为 14.61%、58.83%、-9.77%；实现归母净利润0.41亿元、0.41亿元、0.49亿元，同比增速依次为83.76%、 0.42%、20.34%。根据最新财务情况，公司2025年上半年实现营业收入1.26亿元，较上年同期减少 6.23%；实现归母净利润0.18亿元，较上年同期增长4.02%。 要问近期A股哪个板块的新股表现最亮眼，那就非北交所莫属了。下半年以来，上市首日涨幅前五的新 股中，有3只是北交所新股，其中9月8日上市的三协电机上市首日涨幅785.62%， ...

每经记者｜闫峰峰 每经编辑｜吴永久 公司创始人为刘建春，其深耕能源装备领域近四十年：1972年从电机厂工人起步，历任无线电厂车间主 任、工业局科员、有机化工厂厂长等职。2003年，47岁的刘建春以1000万元启动资金创办长江能科前 身"长江有限"，凭借多年行业资源积累，首年即拿下中石化小额订单，营收突破800万元，奠定"技术攻 坚+大客户绑定"的发展基调。 公司在电脱设备领域形成了竞争优势。2021年起公司在电脱设备市场的占有率稳居国内第一，2024年约 为48.52%。与此同时，公司持续丰富产品结构，逐步由期初的电脱设备延伸至换热设备、分离设备、 存储设备以及LNG设备、氢能设备等能源化工装备，产品应用场景进一步拓展至海洋工程、清洁能源 等领域。 公司拥有丰富的优质客户资源，是中国石化、中国石油、中国海油的合格供应商，并与裕龙石化、东方 盛虹、荣盛石化、京博控股集团等知名公司建立了长期稳定的合作关系。 公司产品远销二十余个国家和地区，并持续丰富海外客户资源，陆续获得了阿联酋阿布扎比国家石油公 司、科威特原油公司、卡塔尔能源公司、巴西国家石油公司、墨西哥国家石油公司、意大利油服集团塞 班公司和英国派特法石油工 ...

Group 1 - The company, Changjiang Energy Technology Co., Ltd., focuses on the design, research and development, manufacturing, and service of specialized equipment for the energy and chemical industry, with products including electric desulfurization equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [2] - As of the signing date of the prospectus, Jiangsu Samsung Technology Co., Ltd. holds 36,897,704 shares, accounting for 34.14% of the total shares, making it the controlling shareholder of the company [2][3] - The actual controllers of the company are Liu Jianchun and Liu Jiacheng, who together can control 88.03% of the voting rights of the company [3] Group 2 - The company plans to raise 160 million yuan for projects including the annual production of 1,500 tons of heavy special materials equipment and 4,500 tons of oil and gas engineering equipment, as well as the construction of a research and development center [4] - If the issuance is successful, the expected total fundraising amount is 159.9 million yuan, with a net amount of 135.6 million yuan after deducting issuance costs [4]