Core Viewpoint - Daheng Technology (Shenzhen) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 392 million through the issuance of H-shares at a price of HKD 49.5 per share [1][3]. Company Overview - Daheng Technology, formerly known as Shenzhen Meidaheng Technology Co., Ltd., was established in December 2016 and renamed in August 2023 [3]. - The company specializes in folding bicycles under the brand Dahon and holds the leading market share of 26.3% in the folding bicycle industry in mainland China as of 2024 [4]. Financial Performance - The revenue for Daheng Technology for the years 2022, 2023, and 2024 is projected to be approximately RMB 254 million, RMB 300 million, and RMB 451 million, respectively [5][6]. - Gross profit for the same years is expected to be around RMB 77.93 million, RMB 101.49 million, and RMB 148.75 million, with net profits of RMB 31.43 million, RMB 34.85 million, and RMB 52.30 million [5][6]. - In the first four months of 2025, the company reported revenue of approximately RMB 185 million, compared to RMB 126 million in the same period of 2024 [5][6]. Market Activity - On its first trading day, Daheng Technology's stock opened at HKD 67.5 per share, reflecting a 36.36% increase from the IPO price, and closed at HKD 56.9, a 14.95% rise [3]. - The company has secured cornerstone investment agreements with several investors, allowing for the subscription of 201.38 million shares, totaling approximately USD 12.76 million [3].

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4] Core Insights - The report highlights the strong brand power of the leading company in the folding bicycle sector, which holds a market share of 26.3% in retail volume and 36.5% in retail value as of 2024 [4] - The company has established a robust distribution network with 38 dealers across 30 provincial-level regions in China, covering 680 retail points, with domestic dealer revenue constituting 68% of total revenue in 2024 [4] - The product lineup includes five major series tailored for specific customer segments and usage scenarios, showcasing diverse performance features [4] - Recent government policies are expected to stimulate the growth of the sports industry in China, with a projected total scale exceeding 7 trillion yuan by 2030 [5] Summary by Sections Industry Performance - The new consumption sector has shown varied performance, with the textile and apparel index increasing by 1.37% and the retail index decreasing by 0.59% during the week of September 1 to September 5, 2025 [9] Key Industry Data - Retail sales in July for various categories showed growth, with jewelry sales increasing by 8.2% year-on-year [17] Investment Analysis - The report suggests focusing on high-quality domestic brands in emerging consumer goods, particularly in beauty, jewelry, and tea beverage sectors, which resonate well with younger consumers [22]

出品：新浪财经上市公司研究院 作者：君 7月17日，中国证监会国际合作司发布关于大行科工（深圳）股份有限公司（下称"大行科工"）境外发行上市备案通知书。通知显示，大行科工拟发行不超 过910万股境外上市普通股并在香港联合交易所（下称"联交所"）上市。7月22日，大行科工正式向联交所递交上市申请，独家保荐人为中信建投国际。 据招股书披露，大行科工拟将募集资金用于：（1）生产系统现代化及扩大运营规模；（2）强化经销网络及策略性品牌发展；（3）加强研发能力；（4）营 运资金及其他一般企业用途。 近年来，大行科工业绩亮眼，营收、净利润逐年快速增长。然而，大行科工的业务模式却暗藏隐忧。一方面，大行科工销售高度依赖第三方经销商，造成存 货积压，占总资产的四成以上，减值风险较严峻。另一方面，大行科工仅有一家工厂，且常年超负荷运转，自行车主要靠外包生产，质量问题频发。 此外，现年83岁高龄的创始人韩德玮控制大行科工九成股权，并担任执行董事、董事长兼总经理，负责监督及管理集团的总体战略规划、经营方针及日常营 运。这种"一言堂"架构，引发市场对大行科工治理水平的质疑。大行科工于今年1月首次递交招股书，3个月后即突击清仓式分红20 ...