IPO Review and Registration Progress - Three companies passed the IPO review last week, including Zuxing New Materials, Mirui Technology, and Jintai Co., with Zuxing New Materials focusing on aluminum pigments and fine spherical aluminum powder, reporting revenue of 578 million yuan and net profit of 60 million yuan for the first three quarters of 2025, reflecting year-on-year growth of 10.98% and 35.47% respectively [3][4] - Mirui Technology, engaged in smart network cameras and IoT video products, reported revenue of 549 million yuan, a decline of 0.95%, and net profit of 51 million yuan, down 12.93% for the same period [4] - Jintai Co., specializing in sponge titanium products, achieved revenue of 1.272 billion yuan, up 12.43%, and net profit of 155 million yuan, an increase of 52.68% [4] New IPO Applications and Upcoming Reviews - Five new IPO applications were accepted last week, including Ma Mining Co., which focuses on iron ore resource development, reporting a revenue of 2.057 billion yuan and net profit of 659 million yuan from 2022 to 2024 [8][9] - Zhongke Kehua, a semiconductor packaging materials company, reported revenue of 331 million yuan and net profit of 34 million yuan for 2024, with plans to raise 598 million yuan through its IPO [9] - Yulong Technology, a precision control board manufacturer, reported revenue of 1.095 billion yuan and net profit of 121 million yuan for the first half of 2025, with a significant portion of its revenue coming from BOE Technology Group [10][11] New Stock Subscription and Listing Dynamics - Three new stocks were listed last week, including Jingchuang Electric, which saw a price increase of 330.74% on its first day, and China Uranium Industry, which rose by 280.04% [13] - This week, five new stocks are scheduled for subscription, including Yuxun Co., which focuses on optical communication chips and expects a net profit of 92 million to 98 million yuan for 2025, reflecting a year-on-year growth of 18.15% to 25.86% [14][15]

资料显示，杨顶建，1972年10月出生，中国国籍，无境外永久居留权，博士毕业于兰州大学生物化学与 分子生物学专业；中级制药工程师。1998年7月至2000年12月就职于兰州大学，担任教师；2001年1月至 2006年1月就职于海南中和药业股份有限公司，担任总经理；2006年2月至今，任海南建邦执行董事兼总 经理；2007年2月至2022年6月，历任建科有限董事长、执行董事兼总经理、董事长兼总经理；2009年至 今，历任海南优拜执行董事兼经理、执行董事；2022年6月至今，任百迈科董事长、总经理。 百迈科是一家专业从事以手术缝线为代表的外科手术医疗器械及多肽制药设备等产品的研发、生产和销 售的高新技术企业。公司主要产品包括手术缝线、介入栓塞材料、止血材料等手术器械产品以及多肽合 成仪、多肽裂解仪等多肽制药设备产品。 据招股书，2022年-2024年及2025上半年，百迈科实现营收分别为9067.59万元、1.74亿元、1.85亿元、 9581.42万元；归母净利润分别为2949.94万元、7018.16万元、6919.44万元、3499.84万元。 | 项目 | 2025年6月30日 /2025年1月-6月 | ...

招股书显示，百迈科是一家专业从事以手术缝线为代表的外科手术医疗器械及多肽制药设备等产品的研 发、生产和销售的高新技术企业。公司主要产品包括手术缝线、介入栓塞材料、止血材料等手术器械产 品以及多肽合成仪、多肽裂解仪等多肽制药设备产品。 北京商报讯（记者 丁宁）12月4日晚间，北交所官网显示，海南百迈科医疗科技股份有限公司（以下简 称"百迈科"）北交所IPO获得受理。 ...

Core Insights - The New Third Board has welcomed a number of hard technology companies, with 15 new listings in the past week, including six companies on October 22, showcasing strong innovation and market competitiveness in sectors like semiconductors and advanced manufacturing [1][2] - The New Third Board is increasingly demonstrating its role in nurturing hard technology enterprises, as exemplified by companies like Loco Electronics, which focuses on intelligent oil and gas field equipment [1][2] - Several newly listed companies are actively preparing for listings on the Beijing Stock Exchange, indicating a deepening linkage between the New Third Board and the Beijing Stock Exchange [1][6] Company Highlights - Zhongxin Crystal, a key player in semiconductor wafer manufacturing, has established a comprehensive production process and plans to reach a monthly capacity of 400,000 small-sized wafers and 600,000 12-inch polished wafers [2][3] - Zhongxin Crystal has entered the supply chain of major clients, including SMIC and GlobalWafers, with over 270 certified customers and 2,600 certified products [2] - Xinxing Lianhua, recognized as a national "little giant," specializes in high-frequency and high-speed electronic testing instruments, demonstrating significant technical advantages in the high-end radio instrument market [3] - Sentai Yingge is a rare domestic enterprise capable of providing precision accessories for CNC machine tools, with applications in automotive manufacturing and aerospace [3] - Haimingrun has established a leading position in diamond composite sheets for oil and gas drill bits, focusing on the mid-to-high-end market [4] - Weifang Jinghua is a major manufacturer of negative electrode material crushing equipment, becoming a key supplier for global leader BETTERI in the negative electrode materials sector [4] Progress on Beijing Stock Exchange Listings - Zhongxin Crystal has initiated its listing preparation for the Beijing Stock Exchange, having submitted its application on August 1 and received acceptance on October 10 [6] - Other newly listed companies are also advancing their plans for the Beijing Stock Exchange, with several updating their listing progress in October [6] - Zhu Bingren Copper, listed on October 15, announced the submission of its listing application the day after its listing, focusing on copper crafts and decorative products [6] - Baimaike's board approved a listing proposal for the Beijing Stock Exchange, with a high gross margin of 75.97% and multiple certifications [6] - Ruilong Technology, listed on October 17, plans to submit its application for the Beijing Stock Exchange within 12 months, having established itself in the high-frequency copper-clad laminate industry [7]

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Minimally Invasive Surgery (MIS) and Pharmaceutical Industry - **Market Size**: The domestic minimally invasive surgery market is projected to grow from 236 billion to 407 billion by 2028, with a compound annual growth rate (CAGR) of 11.5% [22] - **Current Market Dynamics**: The pharmaceutical industry is currently ranked 23rd among 31 primary industries, with innovation drugs and related sectors showing relative strength [2] Core Insights and Arguments Innovation Drugs - **Market Performance**: The innovation drug sector is highlighted as the biggest bright spot in the pharmaceutical industry, with strong fundamentals and ongoing market activity despite recent corrections [3][5] - **Future Outlook**: After recent adjustments, a second wave of growth is anticipated, driven by the sector's ability to catch up and surpass global leaders [5] Medical Devices - **Sector Improvement**: The medical device sector is experiencing continuous month-on-month improvement, with significant year-on-year growth expected in Q3 [6] - **Key Areas of Focus**: High-end medical imaging equipment, AI medical devices, and surgical robots are recommended areas for investment, with companies like Mindray, United Imaging, and Aohua highlighted [10] Raw Materials - **Market Sentiment**: The raw materials sector is viewed positively, with prices stabilizing after a period of decline and production capacity utilization improving [15] - **Growth Drivers**: Key growth points include new products from expired patents, integrated formulation businesses, and cost-leading CDMO (Contract Development and Manufacturing Organization) models [15][16] Traditional Chinese Medicine (TCM) - **Performance Expectations**: The TCM sector is expected to improve in the second half of the year due to declining procurement costs and lower performance baselines from the previous year [11] - **Recommended Companies**: Companies such as China Resources Sanjiu, Mayinglong, Kangyuan, and Tianshili are recommended, with valuations around 15 times earnings [12] Retail Pharmacy - **Trends**: The pace of store closures in offline retail pharmacies is expected to increase, with a long-term trend towards greater concentration among leading players [13] - **Online Impact**: Online channels are anticipated to continue replacing offline sales, driven by healthcare reforms and major players' investments [14] Additional Important Insights - **Minimally Invasive Surgery Growth Factors**: The growth in minimally invasive surgeries is driven by an aging population and increasing penetration rates, with current penetration at 44% in China compared to 81% in the U.S. [19] - **Market Competition**: The minimally invasive surgery market is dominated by foreign companies, with Johnson & Johnson, Medtronic, and B. Braun holding over 50% market share. Domestic players like Kangji Medical and Mindray are emerging as significant competitors [23] - **Domestic Production Impact**: The domestic production process is expected to enhance market penetration and reduce costs, with significant increases in local production rates for various surgical instruments anticipated by 2024 [24]

Group 1: Weiwodun Petroleum Technology Co., Ltd. - Weiwodun is founded by an alumnus of Southwest Petroleum University and has initiated IPO counseling with ShenGang Securities, aiming for an IPO on the Beijing Stock Exchange [3] - Established in April 2006, Weiwodun is a national-level specialized and innovative "little giant" enterprise focusing on the R&D, production, and sales of oil and gas extraction reservoir modification agents and tools [4] - The company has experienced significant revenue fluctuations, with projected revenues of 146 million, 171 million, 166 million, and 225 million yuan from 2021 to 2024, and net profits declining for two consecutive years [4] Group 2: Aisida Aerospace Technology Co., Ltd. - Aisida Aerospace has completed IPO counseling with CITIC Securities, targeting an IPO on the Sci-Tech Innovation Board [6] - Founded in 2018, Aisida specializes in lightweight structures and functional products made from carbon fiber composite materials, primarily producing rocket fairings [6][7] - The company has supported multiple successful rocket launches, including significant missions for various commercial aerospace companies [7] Group 3: Xinnowei Pharmaceutical Technology Co., Ltd. - Xinnowei has submitted its IPO counseling materials, aiming for an A-share listing with Guotai Junan as the counseling institution [14] - Established in May 2017, Xinnowei focuses on innovative drug development in oncology, multi-drug resistant bacterial infections, and metabolic diseases, with 10 drug candidates in clinical research [14] - The company has raised over 2 billion yuan in funding since its inception, with significant investments from various venture capital firms [15] Group 4: Zhongke Innovation Technology Co., Ltd. - Zhongke Innovation has submitted its IPO counseling report to the Hubei Securities Regulatory Bureau, with Dongwu Securities as the counseling institution [16] - Founded in April 2003, the company specializes in non-destructive testing equipment and customized solutions, achieving revenue growth of 15% over two years [17] Group 5: Youbang Radiator (Changshu) Co., Ltd. - Youbang has completed IPO counseling with CITIC Securities, planning to list on the Beijing Stock Exchange [18] - Established in 1997, Youbang is a leading manufacturer of transformers and radiators, holding an 18.9% market share in China [19] - The company has shown consistent revenue growth, with projected revenues of 235 million, 277 million, and 315 million yuan from 2022 to 2024 [20] Group 6: Baimaike Medical Technology Co., Ltd. - Baimaike has submitted its IPO counseling materials to the Hainan Regulatory Bureau, with Changcheng Securities as the counseling institution [21] - The company specializes in surgical medical devices and peptide pharmaceutical equipment, with a focus on innovative product development [22] - Baimaike has achieved revenues of 90.67 million, 174 million, and 185 million yuan from 2022 to 2024, with a significant market presence in absorbable surgical sutures [23] Group 7: Ruiniu Co., Ltd. - Ruiniu has submitted its IPO counseling materials to the Jiangsu Regulatory Bureau, with Everbright Securities as the counseling institution [25] - Founded in 2006, Ruiniu is a leading manufacturer in the agricultural machinery belt industry, with significant clients including major agricultural machinery companies [26] - The company has reported revenues of 288 million, 308 million, 235 million, and 306 million yuan from 2021 to 2024, with a notable decline in performance in recent years [28]