除继续深耕电力行业外，宏远股份还依托多年积累的电磁线研发和生产经验，积极布局新能源行业，重点研发新能源车高 功率驱动电机用电磁线，以丰富公司的产品结构、提升公司的综合竞争力。截至目前，公司已获得国内外部分新能源车企或电 机企业的订单，是越南新能源车制造商VinFast（美国上市公司，Nasdaq：VFS）的合格供应商。 本报讯 （记者李勇）8月20日，国家级制造业单项冠军示范企业沈阳宏远电磁线股份有限公司（以下简称"宏远股份"）正 式挂牌北京证券交易所。上市首日，宏远股份大涨358%，报收于42元/股，全天共计成交27.43万手，成交额11.09亿元。 宏远股份还在招股书中表示，上述项目的实施将有助于公司增加研发投入、完善产品布局、提高产能、提升数字化智能化 水平，增强持续经营能力，促进公司长期健康发展。未来，公司将继续专注于高电压、大容量变压器用电磁线业务发展，同时 积极拓展产品在新能源车驱动电机领域的应用，秉承"绿色发展、共享成果、回报员工、回报股东、回报社会"的企业精神，把 握"双碳"目标引领下的行业发展方向，不断提升持续经营能力，巩固行业地位。 宏远股份主要从事电磁线的研发、生产和销售，产品包括换位导 ...

Core Points - N Hongyuan (920018) was listed on the Beijing Stock Exchange today, opening with a significant increase of 305.67% and closing with a total increase of 358.02% [2] - The company specializes in the research, production, and sales of electromagnetic wires, with products primarily used in high-voltage, large-capacity power transformers and other large-scale power transmission and transformation equipment [2] Financial Performance - The company's net profits for 2022, 2023, and 2024 are projected to be 49.9975 million yuan, 64.4657 million yuan, and 101 million yuan respectively [3] - The public offering consisted of 30.6818 million shares at an issuance price of 9.17 yuan, resulting in a price-to-earnings ratio of 12.34 times [3] - The effective subscription amount for the online issuance was 8,078,875.82 million shares, with a subscription multiple of 2,771.70 times and a distribution ratio of 0.04% [3] Market Activity - The total trading volume for the day was 27.4312 million shares, with a transaction value of 1.109 billion yuan and a turnover rate of 94.11% [2] - The first-day closing price of N Hongyuan was 42.00 yuan, marking a substantial increase compared to its issuance price [3]

Core Viewpoint - Hongyuan Electromagnetic Wire Co., Ltd. (stock code: 920018.BJ) was listed on the Beijing Stock Exchange, with a closing price of 42.00 yuan, marking a significant increase of 358.02% from the opening price of 37.20 yuan, and a total market capitalization of 5.155 billion yuan [1]. Group 1: Company Overview - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, including various types such as transformer wires and special electromagnetic wires for electric vehicles [1]. - The company is primarily engaged in supplying products for high-voltage and large-capacity power transformers and other large-scale power transmission and transformation equipment [1]. Group 2: Shareholding Structure - The controlling shareholders are Yang Xuqing, Yang Lishan, and Yang Lina, collectively holding 83.62% of the voting rights before the issuance and 62.72% after the issuance [2]. - Yang Lishan directly held 41 million shares (44.54% of total shares) before the issuance, which decreased to 33.41% after the issuance [2]. Group 3: Financial Performance - The company reported revenues of 1.311 billion yuan, 1.461 billion yuan, and 2.072 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 49.998 million yuan, 64.466 million yuan, and 101.631 million yuan for the same years [7]. - The projected revenue for 2025 is estimated to be between 2.47 billion yuan and 2.73 billion yuan, representing a year-on-year growth of approximately 19.18% to 31.73% [9]. Group 4: Fundraising and Investment Projects - The company plans to raise approximately 281.558 million yuan through the issuance, with funds allocated for projects including the digital upgrade of production lines and the establishment of a research center [5][6]. - The total investment for the projects is estimated at 395.500 million yuan, with specific allocations for each project detailed in the fundraising plan [6].

Group 1 - The core viewpoint of the article highlights the strong performance of the liquor sector, particularly the white wine stocks, amidst a generally declining A-share market on August 20 [1][3][6] - The A-share market experienced fluctuations, with major indices initially declining before recovering slightly, but ultimately closing lower. The Shanghai Composite Index fell by 0.06%, the Shenzhen Component Index by 0.66%, and the ChiNext Index by 1.71% [4][5] - The Wind liquor index rose nearly 1.5%, with individual stocks like JiuGuiJiu hitting the daily limit, and others such as SheDeJiuYe and HuiQiShan increasing by over 8% [6][7] Group 2 - In the Hong Kong market, the Hang Seng Index showed a decline of nearly 1% during the morning session, while the jewelry company Chow Sang Sang saw its stock price surge by over 27% [2][14][18] - Chow Sang Sang's significant stock price increase was attributed to a pre-announcement of expected profits for the first half of the year, driven by rising gold prices and improved cost control measures [20] - The company projected a profit of HKD 900 million to 920 million for the first half of the year, compared to HKD 502 million in the same period last year [20] Group 3 - The newly listed stock Hongyuan Co. saw a dramatic increase, with its price rising over 400% during trading, indicating strong market interest [10][11] - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, which are crucial components in high-voltage transformers, and has established a leading position in the ultra-high voltage transformer wire market [13] - The company has received multiple accolades, including being recognized as a national "single champion enterprise" in manufacturing, highlighting its competitive edge in the industry [13]

Core Viewpoint - Hongyuan Co., Ltd. (920018.BJ) is set to be listed on the Beijing Stock Exchange, primarily engaged in the research, production, and sales of electromagnetic wires, with applications in high-voltage and large-capacity power transmission equipment [1][2]. Company Overview - The company specializes in various types of electromagnetic wires, including switch wires, paper-wrapped wires, enameled wires, and composite wires, which are mainly used in large power transformers and converters [1][3]. - In 2024, the product composition is projected to be 78.98% switch wires, 18.60% paper-wrapped wires, 1.77% enameled wires, and 0.66% composite wires, indicating a growing focus on switch wires [3]. Financial Metrics - The initial offering price is set at 9.17 yuan per share, with a market capitalization of 8.44 billion yuan and an issuance price-to-earnings ratio of 12.34, compared to the industry average of 21.32 [2]. - The company plans to invest 0.56 billion yuan in the intelligent digital upgrade and expansion of electromagnetic wire production lines, 0.11 billion yuan in the construction of an R&D center, and 0.79 billion yuan in the production of special electromagnetic wires for electric vehicles [2][3]. Market Position and Clientele - Hongyuan has established itself as a key supplier in the power industry, with clients including major manufacturers like TBEA, Xidian, and Hitachi Energy, and has expanded its market reach to countries such as Turkey, North America, and Vietnam [4]. - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" and has participated in drafting 14 national or industry standards, showcasing its technical expertise [3]. Cash Flow and Financial Challenges - The net cash flow from operating activities has shown negative figures of -2.44 billion yuan in 2022 and -0.68 billion yuan in 2023, with a slight recovery to 0.29 billion yuan projected for 2024, indicating challenges in cash flow management [4].

Investment Rating - The report assigns a positive investment rating to Hongyuan Co., indicating it as a leading supplier in the electromagnetic wire industry and a national-level "manufacturing single champion enterprise" [3][27]. Core Insights - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, with applications in high-voltage, large-capacity power transformers, converter transformers, and reactors. The company has achieved significant growth, with a revenue of 2.072 billion yuan in 2024 and a net profit of 101.30 million yuan, reflecting a compound annual growth rate (CAGR) of 27.50% and 29.12% over the past three years, respectively [3][6][44]. Summary by Sections Market Data - The total share capital is 0.92 billion shares, with no available data on circulating shares or market capitalization [1]. Financial Data - As of June 30, 2025, the net asset value per share is 6.58 yuan, with a capital reserve of 1.55 yuan and undistributed profits of 3.56 yuan per share [2]. Industry Overview - The electromagnetic wire industry is a foundational sector supporting various industries, including power, electromechanical, transportation, and communications. China is the world's largest producer and exporter of electromagnetic wires, with a production capacity exceeding one million tons, accounting for about 50% of the global total. The demand for high-voltage transformers is expected to grow due to increased power investments and the rapid development of renewable energy sources [4][5]. Competitive Advantages - Hongyuan Co. possesses significant competitive advantages, including customized research and production capabilities, a diverse product range, and established long-term partnerships with major manufacturers like TBEA and China XD Electric. The company leads the market share in high-voltage transformer electromagnetic wires, with application rates in state grid projects increasing from 24.43% in 2019 to 29.63% in 2023 [5][6][27]. Financial Performance - The company has shown consistent revenue growth from 1.311 billion yuan in 2022 to 2.072 billion yuan in 2024, with year-on-year growth rates of 31.10%, 11.47%, and 41.84%, respectively. Net profits also increased from 49.99 million yuan in 2022 to 101.30 million yuan in 2024, with growth rates of 6.25%, 28.94%, and 57.14% [6][44]. Valuation Analysis - The report compares Hongyuan Co. with peers such as Jingda Co., Great Wall Technology, and Jinbei Electric, noting that its 2024 price-to-earnings (PE) ratio of 11.53 is relatively discounted compared to peers, which have PE ratios of 29.65, 21.66, and 14.61, respectively [6][24][25]. Product and Customer Base - The company’s product offerings include various types of electromagnetic wires, with a focus on high-voltage applications. The primary revenue source is the sales of these products, particularly the switch wire, which accounted for 78.84% of revenue in 2024. The customer base includes major domestic manufacturers and international clients in regions such as North America and Turkey [41][32][37].

Market Overview - Major market indices opened higher collectively on August 18, with significant gains in the film and cinema sector, including companies like Baiana and Huazhi Shumedia reaching the daily limit up [1] - The liquid-cooled server sector also saw a strong surge, with 10 stocks hitting the daily limit up, including High Cloud and Zhongxing Communications [2] - The CPO sector experienced a substantial rise, with Dekeli and Tengjing Technology also reaching the daily limit up [3] New Stock Offerings - On Tuesday, investors can subscribe to Balanshi, a major manufacturer in the automotive maintenance equipment industry, focusing on the development, production, and sales of various automotive maintenance devices [4] - Hongyuan Co., which specializes in the research, production, and sales of electromagnetic wires, is set to be listed on August 20 [4] Financing Balance Insights - As of August 15, the total market financing balance reached 20,485.99 billion, marking an increase of 75.42 billion from the previous trading day, continuing a trend of five consecutive days of increases above 20 trillion [5] - The electronic sector saw the largest increase in financing balance, with an addition of 149.57 billion, followed by non-bank financials and computers [5] - The comprehensive industry recorded the highest percentage increase in financing balance at 6.97%, followed by electronics and banking at 6.43% and 6.20% respectively [6] Individual Stock Performance - Since the financing balance surpassed 20 trillion, 56.35% of stocks have seen an increase in their financing balance, with 53 stocks experiencing significant increases of over 50% [7] - Koweil recorded the highest increase in financing balance at 1.76 billion, with a cumulative growth of 155.99%, followed by Tietuo Machinery at 435.15 million with a 150.98% increase [7] - In absolute terms, since the financing balance reached 20 trillion, the total increase amounted to 532.39 billion, with 182 stocks seeing an increase of over 1 billion [8] - Dongfang Caifu had the largest absolute increase in financing balance, adding 22.27 billion, with a cumulative growth of 9.52% [8]

8月8日下午，沈阳宏远电磁线股份有限公司（以下简称"宏远股份"，股票代码：920018.BJ）向不特定 合格投资者公开发行股票并在北交所上市网上路演在全景路演举行。 投资者交流环节，问及电磁线研发中心建设项目有关情况，宏远股份董事长、总经理杨绪清介绍，电磁 线研发中心建设项目拟在公司现有研发体系的基础上，加大研发投入，添置所需的研发设备、检测设 备，引进高端技术人才，进一步提高公司的研发能力和自主创新能力，为公司技术创新提供先进设备支 持和实验保障。研发中心建设项目将在充分发挥公司现有研发能力的基础上，进一步加大公司研发投 入，提高研发能力和整体竞争力。 天眼查信息显示，宏远股份主要从事电磁线的研发、生产和销售，产品主要包括换位导线、纸包线、漆 包线、漆包纸包线、组合导线等多种品类，目前主要应用于高电压、大容量电力变压器、换流变压器和 电抗器等大型输变电设备。 二十多年的专业技术积累与市场沉淀，宏远股份现已成为具有成熟研发和生产能力的高压、超高压、特 高压变压器用电磁线产品制造商，是国家级"制造业单项冠军企业"、辽宁省"制造业单项冠军企业"、辽 宁省"专精特新"中小企业、国家级"绿色工厂"、高新技术企业，20 ...

Core Viewpoint - The company Hongyuan Co., Ltd. has initiated its IPO with a price of 9.17 yuan per share and a P/E ratio of 12.34 times, aiming to raise approximately 4.37 billion yuan for various projects related to the production of special electromagnetic wires for electric vehicles and other applications [1][2]. Group 1: IPO Details - The IPO code is 920018, with an initial issuance of 30.68 million shares, of which 24.55 million shares are allocated for online subscription [1]. - The maximum subscription limit for a single account is 1.4573 million shares [1]. - The total number of shares after the issuance will be 123 million, with a potential increase to 35.28 million shares if the overallotment option is fully exercised [1][2]. Group 2: Fundraising Allocation - The total expected fundraising amount is 437 million yuan, with the main projects including: - 147.17 million yuan for the production base of special electromagnetic wires for electric vehicles - 80 million yuan for working capital - 55.91 million yuan for the intelligent digital upgrade of electromagnetic wire production lines - 55.58 million yuan for the intelligent digital expansion of production lines - 55.18 million yuan for the construction of an electromagnetic wire R&D center [1][2]. Group 3: Financial Performance - The company specializes in the R&D, production, and sales of electromagnetic wires, with products used in high-voltage, large-capacity power transformers and other large-scale power transmission and transformation equipment [2]. - Projected net profits for 2022, 2023, and 2024 are 49.9975 million yuan, 64.4657 million yuan, and 101 million yuan, respectively, showing year-on-year growth rates of 6.25%, 28.94%, and 57.14% [2][3]. - Key financial metrics include total assets of 1.348 billion yuan and net assets of 540 million yuan for 2024, with a return on equity of 20.64% [3].

Group 1 - The company, Shenyang Hongyuan Electromagnetic Wire Co., Ltd., is primarily engaged in the research, production, and sales of electromagnetic wires, including various types such as switch wires, paper-wrapped wires, enameled wires, and combination wires, mainly used in high-voltage, large-capacity power transformers and other large power transmission and transformation equipment [2][4] - As of the signing date of the prospectus, Yang Lishan directly holds 41 million shares, accounting for 44.54% of the total share capital, making him the controlling shareholder of the company [2][3] - The company plans to raise approximately 281.56 million yuan for projects including the intelligent digital upgrade of electromagnetic wire production lines, expansion projects, and the construction of a research and development center [4] Group 2 - The company intends to issue a total of 30.68 million shares at an issue price of 9.17 yuan per share, with an expected total fundraising amount of 281.35 million yuan before the exercise of the over-allotment option [1][4] - The net fundraising amount is estimated to be 238.51 million yuan after deducting expected issuance costs of 42.84 million yuan [4] - If the over-allotment option is fully exercised, the total fundraising amount could reach 323.56 million yuan, with a net amount of 280.72 million yuan after costs [4]