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].

Group 1: Company Overview - Jiangsu Jingchuang Electric Co., Ltd. specializes in the research, production, and sales of intelligent controllers for cold chain equipment, monitoring and recording instruments for pharmaceuticals and food cold chains, detection instruments for heat pumps, and environmental particulate matter detection instruments [1] - The company also provides IoT and cloud-based system solutions [1] Group 2: Shareholding Structure - As of the signing date of the prospectus, the largest shareholder, Li Chaofei, directly holds 44.66% of the company's shares, making him the controlling shareholder [2] - Li Chaofei's spouse, Li Min, holds 28.16%, and their daughter, Li Xiaofan, holds 6.87%, collectively owning 79.70% of the company [2] - Li Chaofei has been the legal representative, chairman, and general manager, while Li Min serves as vice chairman, indicating significant influence over the company's strategic decisions [2] Group 3: Fundraising and Financials - The company plans to raise CNY 175 million for projects including "core production line intelligent upgrade" and "intelligent instrument R&D center and cold cloud platform construction" [2] - The expected total amount raised from the public offering is CNY 174.97 million, with net proceeds estimated at CNY 144.99 million after deducting issuance costs of CNY 29.98 million [3]

Group 1: New Stock Offering - Jingchuang Electric will start subscription on November 18, with an issue price of 12.10 yuan and a price-to-earnings ratio of 13.47 times. The total fundraising is expected to be 175 million yuan [1] Group 2: Financial Market Cooperation - The fourth China-Germany high-level financial dialogue welcomed qualified Chinese and German enterprises to participate in each other's derivatives markets, aiming to enhance market depth, liquidity, and stability [3] Group 3: Industry Development Initiatives - Hubei Province is focusing on developing the Beidou industry by integrating it with low-altitude economy, humanoid robots, and artificial intelligence, aiming to enhance the overall competitiveness of the Beidou industry [4] - Guangdong Province has issued a plan to accelerate financial support for the elderly care service system, encouraging banks to develop long-term credit products tailored for elderly care facilities [5] Group 4: Automotive Industry - The China Automobile Industry Association called for the maintenance of normal export order and interests in the automotive industry, emphasizing the importance of self-discipline in internationalization efforts [6] Group 5: Cosmetics Industry - The National Medical Products Administration has released opinions to foster the development of internationally competitive domestic cosmetic brands, encouraging local regulatory bodies to support industry innovation [7] Group 6: Fiscal Revenue - From January to October, the national general public budget revenue reached 186.49 billion yuan, with a year-on-year growth of 0.8%. Tax revenue increased by 1.7%, while non-tax revenue decreased by 3.1% [8] Group 7: Semiconductor Sector - The semiconductor index has seen a year-to-date increase of 40.63%, with the total A-share market value reaching 5.76 trillion yuan, reflecting significant growth in leading semiconductor stocks [9]

Group 1: New Stock Offerings - Jingchuang Electric will start subscription on November 18, with an issue price of 12.10 yuan and a P/E ratio of 13.47 times, aiming to raise a total of 175 million yuan [2] Group 2: China-Germany Financial Cooperation - The fourth China-Germany high-level financial dialogue welcomed qualified Chinese and German enterprises to participate in each other's derivatives markets, recognizing the importance of developed derivatives markets for market development and stability [4] - Both parties agreed to promote bilateral cross-border investment and welcomed qualified financial institutions from both countries to participate in each other's bond markets [5] Group 3: Hubei Province's Economic Development - Hubei's provincial secretary emphasized the need to build new scenarios integrating Beidou technology with low-altitude economy, humanoid robots, and artificial intelligence, aiming to enhance the competitiveness of the Beidou industry [6] Group 4: Guangdong's Elderly Care Financial Support - Guangdong's implementation plan aims to enhance financial support for the elderly care service system, encouraging banks to develop long-term credit products tailored for elderly care facilities and promoting investment in integrated health and elderly care projects [7] Group 5: Automotive Industry Export Management - The China Automotive Industry Association called for industry peers to maintain normal export order and interests, highlighting the significance of recent policies on second-hand car export management [8] Group 6: Cosmetics Industry Development - The National Medical Products Administration proposed to cultivate internationally competitive domestic cosmetic brands by enhancing industry support and creating a favorable innovation environment [9] Group 7: Silk Industry Development - The Ministry of Commerce and other departments announced initiatives to enhance the silk industry, including upgrading production capabilities and attracting silk enterprises from eastern regions to establish processing parks [10][11] Group 8: National Budget Revenue - From January to October, China's general public budget revenue reached 186.49 billion yuan, a year-on-year increase of 0.8%, with tax revenue growing by 1.7% and non-tax revenue declining by 3.1% [12] Group 9: Semiconductor Market Performance - The semiconductor index in A-shares has seen a year-to-date increase of 40.63%, with total market capitalization reaching 5.76 trillion yuan, reflecting significant growth in leading stocks [13] Group 10: Company News Highlights - Zhongtai Securities reported a mild recovery in the computer sector's performance, with a median revenue growth rate of 3.2% in the first three quarters of 2025 [15] - Various companies are undergoing significant changes, including shareholding adjustments and stock repurchases, indicating active corporate restructuring and market movements [15]

来源：市场资讯 （来源：国金证券第5小时） | 12.10元 | 仪器仪表 制造业 | 13.47倍 | 41.07倍 | | --- | --- | --- | --- | | 可比公司 | | | | | 证券简称 | 市盈率(倍) | 市值(亿元) | 近一月涨跌 | | 振邦智能 | 31.85 | 46.24 | -0.03% | | 朗特智能 | 39.48 | 53.88 | 2.28% | | 公司主营业务介绍 | | | | 公司主营业务为冷链设备智能控制器、医药与食品冷链监测记 录仪、制冷热泵检测仪表及环境颗粒物检测仪器等产品的研发 、生产和销售,并提供物联网和基于云的系统解决方案。 | | | 主要财务数据 | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 2022年 | | 营业收入 | 4.99 | 4.35 | 3.96 | | 单位:亿元 | | | | | 净利润 | 0.59 | 0.55 | 0.49 | | 单位:亿元 | | | | | 每股经营活动 | | | | | 产生的现金流量净 Larger 1 3 8 8 | ...

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, with three new stocks listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and is recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company has established a significant position in technology standards related to cold chain control and monitoring, participating in 38 national and industry standards [2] - Jingchuang Electric has 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 [3] Group 3: Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [4] - The company generated revenue of 75,514.01 million yuan from digital grid services in the first half of 2025, accounting for 48.64% of total revenue [5] Group 4: Hengkang New Materials - Hengkang New Materials is involved in the R&D and production of key materials for integrated circuits, with a focus on photolithography materials [7] - The company's sales revenue from self-produced products increased from 12,357.89 million yuan in 2022 to 34,418.93 million yuan in 2024, with a rising proportion of total revenue [7] - Hengkang New Materials has become a major supplier of photolithography materials in China, with an estimated market share exceeding 10% [8] Group 5: Beikang Testing - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive range of services and a strong market position [9] - The company is involved in the development and revision of numerous national and international standards in the non-ferrous metal sector [9] - Despite its leading market position, Beikang Testing faces risks related to market space limitations and a single-source revenue model [10][11]

Core Insights - The company Jingchuang Electric (920035.BJ) has initiated its subscription on November 18, with an issue price of 12.10 CNY per share and a maximum subscription limit of 650,700 shares, reflecting a price-to-earnings ratio of 13.47 times, and is listed on the Beijing Stock Exchange [1] Business Overview - The main business of the company includes the research, development, 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 [1] - The company provides products and services such as intelligent controllers for cold chain equipment, energy-saving electric control boxes, industrial chiller controllers, IoT recorders, digital temperature labels, infrared leak detectors, smart manifold gauges, and smart vacuum pumps, primarily serving the HVAC/R, pharmaceutical, food, and environmental testing industries [1] - The company has established a specialized IoT industrial base for cold chain technology and has subsidiaries in Shenzhen, Nanjing, Shanghai, Xuzhou, as well as in the USA, UK, Brazil, and Thailand, indicating a global business presence [1] Intellectual Property and Certifications - As of September 15, 2025, the company holds a total of 205 authorized patents, including 28 invention patents, 33 utility model patents, and 189 design patents, along with 91 software copyrights and 185 registered trademarks [1][2] - The company has received multiple awards, including the second prize of the Ministry of Education Science and Technology Progress Award and the Jiangsu Provincial Science and Technology Third Prize, for various technological projects [2] - The ECO² cloud computing energy-saving control system has been certified by the National Quality Supervision and Inspection Center for Refrigeration Equipment, achieving a 24.39% energy saving in cold storage, contributing to carbon reduction goals [2] Financial Performance - The company reported revenues of approximately 396 million CNY, 434 million CNY, 499 million CNY, and 249 million CNY for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits for the same periods were approximately 48.74 million CNY, 55.36 million CNY, 58.91 million CNY, and 28.34 million CNY [2] - Total assets as of June 30, 2025, were approximately 582.72 million CNY, with total equity of approximately 407.77 million CNY, and a debt-to-asset ratio of 31.24% [3]

Core Viewpoint - This week, two new stocks are available for subscription in the A-share market: Jingchuang Electric and China Uranium Industry, with subscriptions starting on Tuesday and Friday respectively [1]. Group 1: Jingchuang Electric - Jingchuang Electric is a provider of integrated cold chain IoT solutions, covering the entire cold chain process including control, monitoring, energy saving, networking, and maintenance [1]. - The offering price for Jingchuang Electric is set at 12.1 yuan per share, with a single account subscription limit of 650,700 shares [2]. - The company reported revenues of 396 million yuan, 435 million yuan, and 499 million yuan for the years 2022 to 2024, with net profits of 49 million yuan, 55 million yuan, and 59 million yuan respectively [2]. Group 2: China Uranium Industry - China Uranium Industry focuses on the comprehensive utilization of natural uranium and radioactive associated mineral resources, being a key player in China's nuclear industry [3]. - The company has a subscription limit of 52,000 shares per account, requiring a market value of 520,000 yuan for maximum subscription [3]. - The total number of shares for public offering is 248 million, indicating a potentially high subscription rate due to its large issuance volume [3]. - The company achieved revenues of 10.535 billion yuan, 14.801 billion yuan, and 17.279 billion yuan for the years 2022 to 2024, with net profits of 1.334 billion yuan, 1.262 billion yuan, and 1.458 billion yuan respectively [4]. Group 3: Investment Projects - The funds raised by China Uranium Industry will be invested in various projects, including in-situ leaching uranium extraction projects and comprehensive utilization projects for associated uranium resources [5].

Investment Rating - The report suggests a "Focus" on the company, indicating potential investment interest due to its strong market position and growth prospects [2][4]. Core Viewpoints - The company, Jingchuang Electric, is a leading enterprise in cold chain temperature control products, with a projected compound annual growth rate (CAGR) of 27% for net profit attributable to shareholders from 2021 to 2024 [12][37]. - The company plans to raise approximately 175 million yuan through its public offering to enhance production capacity and invest in smart manufacturing and R&D projects [10][11]. - The cold chain temperature control market is expected to grow steadily, with a global market size of 556 million USD in 2023, projected to reach 836 million USD by 2030, reflecting a CAGR of 6.01% [31][37]. Summary by Sections 1. Issuance Information - The issuance price is set at 12.1 yuan per share, with a price-to-earnings (P/E) ratio of 11.88X. The subscription date is November 18, 2025 [5][6]. - A total of 14.46 million shares will be publicly issued, accounting for 25% of the total share capital post-issuance [5][6]. 2. Company Overview - Jingchuang Electric is recognized as a national high-tech enterprise and a "little giant" in specialized and innovative sectors, focusing on the R&D, production, and sales of cold chain equipment and monitoring devices [12][17]. - The company has a diversified product portfolio, including smart controllers for cold chain equipment, monitoring devices for pharmaceuticals and food, and environmental quality detection instruments [17][25]. 3. Financial Performance - The company is expected to achieve revenues of 499 million yuan and a net profit of 58.91 million yuan in 2024, reflecting a year-on-year growth of 14.80% and 6.42%, respectively [37][12]. - The revenue from cold chain smart control and monitoring products is projected to reach 441 million yuan in 2024, with a gross margin of 43.76% [31][35]. 4. Industry Position - In 2023, the company held the largest market share in China's cold chain temperature control market, with a domestic market share of 13.13% and a global market share of 4.64% [31][37]. - The cold chain temperature control market is supported by macro policies promoting industry upgrades, leading to increased demand for smart controllers [31][37]. 5. Subscription Recommendation - The report recommends attention to the company due to its extensive experience in the cold chain sector, strong production capabilities, and competitive advantages in product quality and customer service [2][4].

Summary of Key Points Core Viewpoint - The North Exchange has seen a decrease in trading volume and value, with a total of 274 listed companies as of August 31, 2025, and a notable decline in trading activity during the last week of August 2025 [2][3]. Trading Activity - As of August 31, 2025, the North Exchange had a total trading volume of 66.58 billion shares for the week, a decrease of 17.87% compared to the previous week [3]. - The total trading value for the same week was 1645.28 billion yuan, down 21.09% from the previous week [3]. - The average trading price was 24.71 yuan, reflecting a decrease of 3.92% [3]. - The North Exchange 50 Index fell by 1.63% to 1574.25 points, with 14 stocks rising and 36 falling [3]. New Listings and IPOs - One company, Shanghai Balanshi Automotive Testing Equipment Co., Ltd., successfully listed on the North Exchange on August 28, 2025, becoming the 274th listed company [8]. - Balanshi's stock price surged by 205.13% on its first trading day, closing at 48.15 yuan, with a total market capitalization of 39.48 billion yuan [8]. - The company aims to raise 300 million yuan for projects related to the intelligent transformation of automotive maintenance equipment [9]. Financial Performance - Balanshi reported revenues of 6.43 billion yuan, 7.94 billion yuan, and 10.57 billion yuan for the years 2022 to 2024, with net profits of 30.04 million yuan, 80.55 million yuan, and 129 million yuan respectively [10]. - In the first half of 2025, Balanshi's revenue grew by 5.65% to 540 million yuan, and net profit increased by 11.80% to 77.53 million yuan [10]. Upcoming IPOs - One company, Sanxie Electric Co., Ltd., opened for subscription on August 26, 2025, with a target to raise 159 million yuan for expansion and R&D projects [12][14]. - Sanxie Electric reported revenues of 2.87 billion yuan, 3.62 billion yuan, and 4.20 billion yuan from 2022 to 2024, with net profits of 26.98 million yuan, 48.64 million yuan, and 56.33 million yuan respectively [15][16]. Regulatory Status - As of August 31, 2025, there were 153 companies awaiting review on the North Exchange, with 140 under inquiry and 10 submitted for registration [5]. - No companies received IPO registration approval during the last week of August 2025 [17]. Company Developments - Jiangsu Jingchuang Electric Co., Ltd. passed the listing committee meeting on August 29, 2025, and plans to raise 175 million yuan for smart production upgrades [26]. - Zhejiang Kema Materials Co., Ltd. submitted its registration on August 26, 2025, aiming to raise 206 million yuan for environmental projects [20][21].