Group 1 - The North Exchange 50 index increased by 1.49%, indicating a market that is oscillating above the annual line, with trading volume increasing by 4.23% [7][17]. - The North Exchange market has shown increased activity in sectors such as satellite internet, edge AI, and humanoid robots, with notable stocks including Star Map Control, Haoshen Electronics, and Sanxie Electric [7][8]. - Eight North Exchange thematic public funds are entering their second open period, with a total estimated scale of 4.58 billion yuan, and there is speculation about a potential market rebound after December 20 [8][10]. Group 2 - This week, one new stock, Jingchuang Electric, was listed on the North Exchange, with a first-day price increase of 330.74% and a turnover rate of 93.84% [28][29]. - The North Exchange had 109 stocks rise and 173 stocks fall, resulting in a rise-fall ratio of 0.63, with Haoshen Electronics and Youji Co. leading the gains [35][39]. - The average PE ratio for the North Exchange is 81.73 times, with a median of 39.47 times, while the trading volume reached 3.069 billion shares, reflecting a 1.09% increase [21][22]. Group 3 - The new third board saw six new listings and ten delistings this week, with planned financing of 49 million yuan and completed financing of 38 million yuan [46][48]. - The North Exchange's financing balance increased to 7.510 billion yuan, up by 0.38 billion yuan from the previous week [24][22]. - The thematic public funds have reported a weak performance in their heavy-weight stocks, with an average decline of 8.29% since the National Day [9][8].

Core Viewpoint - Jingchuang Electric (920035) experienced a significant increase of 330.74% on its first trading day, with a turnover rate of 93.84% and a transaction volume of 687 million yuan [2]. Company Overview - The company specializes in the research, development, production, and sales of cold chain equipment intelligent controllers, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [2]. Financing and Trading Details - On its first trading day, the financing amount for Jingchuang Electric was 3.81 million yuan, accounting for 0.55% of the total trading volume, with a latest financing balance of 3.18 million yuan, representing 0.47% of the circulating market value [2]. - The stock's first-day performance is part of a broader trend observed in newly listed stocks, with various companies showing notable first-day price increases and financing activities [3].

Core Viewpoint - Jiangsu Jingchuang Electric Co., Ltd. (stock code: 920035.BJ) was listed on the Beijing Stock Exchange, with a closing price of 52.12 yuan, marking a 330.74% increase from the opening price of 51.00 yuan, and a total market capitalization of 3.015 billion yuan [1]. Company Overview - Jingchuang Electric specializes in the research, production, and sales of intelligent controllers for cold chain equipment, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments, along with providing IoT and cloud-based system solutions [1]. Shareholding Structure - Before the issuance, the largest shareholder, Li Chaofei, held 19,379,800 shares (44.66% ownership). His spouse, Li Min, held 12,217,700 shares (28.16%), and their daughter, Li Xiaofan, held 2,982,500 shares (6.87%). Together, they controlled 34,580,000 shares, accounting for 79.70% of the total shares [1]. - Post-issuance, Li Chaofei's shareholding decreased to 33.50%, while Li Min's and Li Xiaofan's holdings were 21.12% and 5.16%, respectively. The family collectively controlled 59.78% of the voting rights [2]. Financial Performance - From 2012 to 2024, Jingchuang Electric's revenue grew from 396.34 million yuan in 2022 to 498.80 million yuan in 2024, with net profits increasing from 48.74 million yuan to 55.36 million yuan during the same period [5]. - For the first nine months of 2025, the company reported a revenue of 402.86 million yuan, a year-on-year increase of 9.48%, and a net profit of 44.35 million yuan, up 3.47% [8]. Fundraising and Investment Projects - The company raised a total of 174.97 million yuan from the issuance, with a net amount of 144.99 million yuan after deducting issuance costs. The funds will be allocated to core production line upgrades and the establishment of an intelligent instrument R&D center and cold cloud platform [3][4]. - The total investment for the core production line upgrade project is 112.25 million yuan, while the intelligent instrument R&D center and cold cloud platform project is estimated at 67.14 million yuan [4]. Future Projections - Jingchuang Electric anticipates a revenue range of 523.74 million to 573.62 million yuan for 2025, with a net profit forecast of 58.91 million to 64.80 million yuan [8].

Core Viewpoint - N Jingchuang (920035) was listed on the Beijing Stock Exchange today, opening at 51.00 yuan, representing a 321.49% increase from its issue price of 12.10 yuan [1] Company Overview - N Jingchuang specializes in the research, production, and sales of cold chain equipment smart controllers, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [1] - The company also provides IoT and cloud-based system solutions [1] Listing Details - The company’s listing application was accepted by the Beijing Stock Exchange on June 24, 2024, taking a total of 526 days from acceptance to listing [1] - A total of 14.46 million shares were publicly issued at an issue price of 12.10 yuan, with an earnings per share (EPS) ratio of 13.47 times [1] - Strategic placement accounted for 1.446 million shares, or 10% of the initial issuance [1] Subscription Statistics - The effective subscription amount for the online issuance was 5,955,190.40 million shares, resulting in a subscription multiple of 4,575.99 times [1] - The number of effective subscription accounts reached 572,000, with an allocation ratio of 0.02% for online subscriptions [1] Financial Performance - The projected net profits for the company from 2022 to 2024 are 48.74 million yuan, 55.36 million yuan, and 58.91 million yuan, respectively [2]

Core Viewpoint - Jingchuang Electric (920035) has been listed on the Beijing Stock Exchange, focusing on the development, production, and sales of cold chain equipment smart controllers, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [1][2]. Group 1: Company Ownership Structure - Before the issuance, the largest shareholder, Li Chaofei, directly held 19,379,800 shares, accounting for 44.66% of the company [1]. - After the issuance, Li Chaofei's shareholding decreased to 19,379,800 shares, representing 33.50% of the company [2]. - Li Chaofei's spouse, Li Min, holds 12,217,700 shares (21.12%), and their daughter, Li Xiaofan, holds 2,982,500 shares (5.16%), collectively controlling 34,580,000 shares, which is 59.78% of the voting rights post-issuance [2]. Group 2: Fundraising and Project Allocation - The total amount raised by Jingchuang Electric is 174.966 million yuan, with a net amount of 144.986 million yuan after deducting issuance costs [2]. - The raised funds will be allocated to core production line intelligent upgrades, the establishment of a smart instrument R&D center, and the construction of a cold cloud platform [2].

Core Viewpoint - The company Jingchuang Electric (920035.BJ) has recently gone public on the Beijing Stock Exchange, specializing in the research, production, and sales of cold chain equipment and related monitoring instruments, positioning itself as a national high-tech enterprise and a "little giant" in specialized fields [1]. Group 1: Company Overview - Jingchuang Electric focuses on intelligent controllers for cold chain equipment, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [1]. - The company is recognized as a national high-tech enterprise and a specialized "little giant" enterprise, indicating its significant role in the industry [1]. Group 2: Technological and Market Position - As of November 17, the company has participated in the formulation of 38 national and industry standards related to its core products, establishing a leading position in cold chain control and monitoring technology [4]. - Jingchuang Electric has established subsidiaries in the United States, the United Kingdom, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers such as Panasonic, Haier, and Aucma [4]. - The company utilizes multiple sales channels, including direct sales, trade merchants, and online platforms like Amazon and Shopify, to meet customer demands both domestically and internationally [4]. Group 3: Market Share and Financial Performance - According to QYResearch, Jingchuang Electric holds a market share of 13.13% in the domestic cold chain temperature and humidity control market and 4.64% in the global market, ranking first in China and among the top globally [5]. - The company also ranks within the top five in the domestic market for refrigeration and air conditioning testing instruments, with market shares of 3.62% and 2.20% in China and globally, respectively [5]. - From 2022 to the first half of 2025, the company received government subsidies totaling approximately 13.36 million yuan, 13.66 million yuan, 13.16 million yuan, and 1.57 million yuan, which accounted for 24.44%, 23.59%, 19.50%, and 4.84% of total profit, respectively [5].

Core Viewpoint - A new stock, Jingchuang Electric (920035.BJ), was listed on December 2, specializing in the research, production, and sales of cold chain equipment and monitoring instruments, and is recognized as a national high-tech enterprise and a "little giant" company in specialized and innovative sectors [1] Group 1: Company Overview - Jingchuang Electric focuses on intelligent controllers for cold chain equipment, monitoring recorders for pharmaceuticals and food, and environmental particle detection instruments [1] - The company has established subsidiaries in the United States, the United Kingdom, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers such as Panasonic, Haier, and Aucma [4] - The company utilizes multiple sales channels, including direct sales, trade merchants, and online platforms like Amazon and Shopify, to meet customer demands both domestically and internationally [4] Group 2: Market Position - In 2023, Jingchuang Electric held a market share of 13.13% in China's cold chain temperature and humidity control market, ranking first domestically, and 4.64% in the global market, placing it among the leaders [5] - The company also ranked in the top five in China's refrigeration and air conditioning testing instruments market with a share of 3.62% domestically and 2.20% globally [5] Group 3: Financial Support and Risks - From 2022 to the first half of 2025, the government subsidies recognized in the company's profits were 13.36 million, 13.66 million, 13.16 million, and 1.57 million yuan, accounting for 24.44%, 23.59%, 19.50%, and 4.84% of total profits respectively [5] - Tax incentives received during the same period were 6.68 million, 7.69 million, 9.28 million, and 5.06 million yuan, representing 12.22%, 13.27%, 13.74%, and 15.56% of total profits respectively [5]

Core Viewpoint - A new stock, Jingchuang Electric (920035.BJ), was listed on December 2, focusing on the development, production, and sales of cold chain equipment and related monitoring instruments, and is recognized as a national high-tech enterprise and a "little giant" company in specialized fields [1] Group 1: Fundraising and Investment Directions - The company plans to invest 1.10 billion yuan (approximately 62.86% of total fundraising) in the core production line's intelligent upgrade and transformation project [3] Group 2: Technical Position and Market Presence - As of November 17, the company has participated in the formulation of 38 national and industry standards related to its core products, establishing a significant position in cold chain control and monitoring technology [5] - Jingchuang Electric has subsidiaries in the USA, UK, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers such as Panasonic and Haier [5] - The company holds a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [5] - In the refrigeration and HVAC testing instruments market, the company has a market share of 3.62% in China and 2.20% globally, placing it among the top five in China and leading globally [5]

Group 1 - The core viewpoint of the news is that Jingchuang Electric (920035) will be listed on the Beijing Stock Exchange on December 2, while simultaneously delisting from the New Third Board [1] - Jingchuang Electric's issuance price is set at 12.10 yuan per share, with a total of 14.46 million shares issued, raising a total of 175 million yuan [1] - The raised funds will be allocated for the intelligent upgrade of core production lines and the construction of a smart instrument research and development center and cold cloud platform [1] Group 2 - Jingchuang Electric's main business includes the research, production, and sales of smart controllers for cold chain equipment, pharmaceutical and food cold chain monitoring recorders, heat pump testing instruments, and environmental particulate matter detection instruments [3] - The company has 28 years of experience in cold chain IoT research and supporting services, with an annual production capacity of nearly 7.6 million smart terminal devices [3] - The company is recognized as a leading supplier of life sciences and food cold chain IoT in China, holding various accolades such as a national-level specialized and innovative small giant and a post-doctoral research workstation [3] Group 3 - The company's projected operating revenues for 2022, 2023, and 2024 are 402 million yuan, 435 million yuan, and 499 million yuan, respectively [3] - The projected net profits attributable to the parent company for the same years are 48.75 million yuan, 55.36 million yuan, and 58.91 million yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [33]. Core Insights - The company, Jingchuang Electric, specializes in cold chain intelligent control products and monitoring solutions, with a projected revenue growth of 5% to 15% for 2025, and net profit growth of 0% to 10% [2][30]. - The cold chain logistics industry in China is still in its early stages, with significant room for growth in the penetration of intelligent controllers and monitoring systems [25][27]. - The company has established a strong market position in the cold chain temperature and humidity control sector, holding a market share of 13.13% in China and 4.64% globally as of 2023 [25][27]. Financial Performance - The company achieved revenues of 396.3 million yuan in 2022, 434.5 million yuan in 2023, and is projected to reach 498.8 million yuan in 2024, with year-over-year growth rates of -1.47%, 9.63%, and 14.80% respectively [4][8]. - The net profit for the same years was 48.7 million yuan, 55.4 million yuan, and 58.9 million yuan, with year-over-year growth rates of 70.70%, 13.58%, and 6.42% respectively [4][8]. Industry Overview - The global smart controller market has been growing steadily, with a compound annual growth rate (CAGR) of 5.90% from 2016 to 2021, and is expected to continue this trend [15]. - The cold chain temperature and humidity control market is projected to grow from 5.56 billion USD in 2023 to 8.36 billion USD by 2030, with a CAGR of 6.01% [19]. - The cold chain monitoring market is also expected to see significant growth, with a projected increase from 59.60 billion USD in 2023 to 125.94 billion USD by 2030, reflecting a CAGR of 11.28% [20]. Company Highlights - The company has integrated IoT and cloud computing technologies into its products, creating a comprehensive cold chain safety cloud service platform [27]. - The company has established a global presence with subsidiaries in the USA, UK, Brazil, and Thailand, and has formed partnerships with major clients such as Midea Group and Panasonic [25][27]. - The company plans to invest in two key projects through its IPO proceeds: an intelligent production line upgrade and a smart instrument R&D center [28][29].