Group 1: Companies Submitting IPO Counseling Reports - Tianjin Aisida Aerospace Technology Co., Ltd. submitted an IPO counseling report to Tianjin Securities Regulatory Bureau on June 16, aiming to list on the Shanghai Stock Exchange's Sci-Tech Innovation Board [3][4] - Wuhan Zhongke Innovation Technology Co., Ltd. submitted an IPO counseling report to Hubei Securities Regulatory Bureau on June 17, also targeting the Shanghai Stock Exchange's Sci-Tech Innovation Board [6][7] - Suzhou Xinnowei Pharmaceutical Technology Co., Ltd. submitted an IPO counseling report to Jiangsu Securities Regulatory Bureau on June 17, with no specific listing board determined yet [11][12] Group 2: Companies Passing IPO Counseling Acceptance - Xinqiang Electronics (Qingyuan) Co., Ltd. passed the counseling acceptance on June 17, specializing in the research, production, and sales of printed circuit boards [15][16] - Guangdong Kueri Sui Numerical Control Technology Co., Ltd. passed the counseling acceptance on June 17, focusing on the production and sales of CNC machine tools [17] - Maitian Energy Co., Ltd. passed the counseling acceptance on June 18, engaged in the research, production, and sales of solar inverters and energy storage systems [18][19] - Moer Thread Intelligent Technology (Beijing) Co., Ltd. passed the counseling acceptance on June 18, specializing in GPU chip design [20] - Hangzhou Yijia 3D Additive Technology Co., Ltd. passed the counseling acceptance on June 18, focusing on industrial-grade 3D printing equipment [22] Group 3: Company Financing Activities - Aisida has completed 10 financing rounds since its first angel round in 2018, with notable investors including Zhongxin Rongchuang and Lushi Investment [4] - Zhongke Innovation has a large customer base including major companies like Xi'an Aerospace and BYD [9][10] - Xinnowei has raised funds through 8 financing rounds since its first Pre-A round in 2017, with investors including Tencent and various venture capital firms [11][12] - Kueri Sui has completed 8 financing rounds since its angel round in 2016, with investors including Lichong Investment and Dinghui Baifu [17] - Maitian Energy has secured 3 rounds of financing since its establishment in 2019, with the latest round exceeding 1 billion yuan [18][19] - Moer Thread has received 7 rounds of financing, with notable investors including Sequoia China and Tencent [20]

英媒惊爆：中国太阳能逆变器现 "神秘部件"！英能源安全战略竟埋 "断电开关" 隐患？ 【每日电讯报 5月19日发布】 "廉价、清洁能源，为我们提供能源安全，" 英国能源安全与净零碳大臣埃德·米利班德（Ed Miliband）表示。 根据工党的清洁能源使命，政府希望到2030年将英国太阳能发电量增加近两倍。尽管英国各方部长表示这将确保"重新控制能源系统"，但人们担心从中国 采购大量设备将适得其反。 就在米利班德访问约克郡的几个小时前，有报道称美国工程师在美国太阳能发电场使用的中国制造的电源逆变器中发现了秘密部件。电源逆变器将太阳能 电池板产生的直流电转换为电网可以使用的交流电。这些部件未包含在任何示意图中，其中包括蜂窝无线电等通信设备，这些设备可以绕过其他保护措施 并允许远程禁用逆变器。换句话说，它代表着一个潜在的"终止开关"。 专家警告称，如果这种情况在其他地方重演，可能对电网安全构成严重威胁。即使是一次性关闭3至4kMW的发电容量，也可能导致现代电网连锁停电。 终止开关如何工作？ 本周尚不清楚涉及的是哪家中国供应商或太阳能发电厂。目前也不清楚这些隐藏部件的存在是故意为之还是有误操作。设备通常有一些联网部件， ...

Investment Rating - The report maintains a "Buy" rating for Kstar and Envicool, while Kehua is rated as "Neutral" [2][11]. Core Insights - The data center supply chain in China is experiencing strong demand, with expectations for continued capacity expansion through 2025 and potentially into 2026, despite challenges such as overseas chip supply constraints [1][5]. - The report has revised earnings per share (EPS) estimates downward by 17%-31% for Kstar, Envicool, and Kehua, primarily due to uncertainties in domestic solar inverter and energy storage system (ESS) demand, as well as intense pricing competition [1][7]. - Kstar is favored over Kehua due to its faster long-term growth potential, better margin profile, and more attractive valuation metrics [2][5]. Kstar Summary - Kstar's sales and net income for 4Q24 decreased by 9% and 76% year-over-year, respectively, while 1Q25 showed a 14% increase in sales but a 17% decrease in net income [5][8]. - The company anticipates 30%-50% year-over-year order growth from domestic internet and telecom customers in 2025, with significant opportunities for customer base expansion [6][9]. - Kstar's total revenue is projected to grow from Rmb 4.159 billion in 2024 to Rmb 9.642 billion by 2030, with a net income increase from Rmb 394 million to Rmb 1.455 billion over the same period [10]. Envicool Summary - Envicool's 4Q24 and 1Q25 results missed expectations due to delayed revenue recognition and increased operating expenses, leading to a 31% downward revision in EPS estimates [11][15]. - The data center room cooling segment saw sales growth of 49% in 2024, with a record high order backlog by 1Q25, indicating strong demand [13][14]. - Envicool's total revenue is expected to rise from Rmb 3.529 billion in 2024 to Rmb 4.589 billion in 2025, with net profit projected to increase from Rmb 344 million to Rmb 453 million [16].