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].

Core Viewpoint - The termination of the guidance agreement between Anhui Smite New Materials Co., Ltd. and Kaiyuan Securities is primarily due to the company's declining financial performance, which has not met the requirements for public listing [3][4][7]. Financial Performance - In 2024, Anhui Smite reported a revenue of 132 million yuan, a decrease of 13.20% compared to the previous year, attributed to intensified market competition and declining product prices [4]. - The net profit attributable to shareholders was -4.34 million yuan, and the net profit after deducting non-recurring gains and losses was -7.32 million yuan, indicating negative operating performance [4][5]. - The company has not met the listing application requirements due to its negative financial results [5][9]. Guidance and Support - The guidance team maintained communication with the company's management to address the declining revenue and negative performance, focusing on industry conditions, competition, and pricing [5]. - The guidance team aimed to assist the company in developing strategies to enhance its core competitiveness and marketing capabilities [5][6]. - Despite ongoing support, the guidance team indicated that if the company's performance did not improve by 2025, they would advise terminating the guidance [5][9]. Company Background - Anhui Smite was established in August 2009 and specializes in the research, production, and sales of various sealants and additives [7][8]. - The company was listed on the New Third Board in February 2021 and signed a guidance agreement with Kaiyuan Securities in September 2022 to initiate the IPO process on the Beijing Stock Exchange [7].