进入12月中旬，向香港联交所递交发行及上市申请已逾10日的卓创资讯（301299），却在过去A股的9个交易日中并未"振翅高飞"，每股反倒由56.59跌 至53.64元，表现平平。 卓创资讯表现平平 不过，对于志在"深化全球化战略布局"的卓创资讯来说，冲关"A+H"的决心很足：从8月19日回应筹划港股上市计划，到11月发布H股发行上市后适用 的募集资金管理制度(草案)，再到12月1日正式发布向香港联交所递交H股发行上市申请并刊发申请资料的公告。 这场冲关，卓创资讯已酝酿近4个月。除了卓创资讯，淄博港股上市企业阵营持续扩容，既有老牌龙头稳健深耕，也有新生力量加速冲刺，2026年，哪 家企业将率先"登陆"港股市场？ 动作频现，岁末喜忧参半 进入2025年最后一个月，卓创资讯"新闻不断"。 12月1日，卓创资讯公告称已于11月28日，正式启动两地上市进程。 时间仅仅过去两天，卓创资讯"大手笔"分红，披露2025年第三季度分红派息实施公告，每股现金红利0.10元（含税），股权登记日为12月8日，除息除 权日为12月9日。据招股书显示，本次递表前，公司已累计分红3次，总额达3亿元，展现出对股东的回馈力度。 12月5日，淄 ...

Core Viewpoint - Zhuochuang Information (卓创资讯) is planning to list in Hong Kong despite having unutilized funds from its A-share IPO, raising concerns about its motives and project delays [1][4]. Group 1: Fundraising and Utilization - Zhuochuang Information raised approximately 449.85 million yuan in its A-share IPO, with a net amount of 389.1 million yuan after expenses [3]. - As of June 30, 2025, the company has utilized about 205.68 million yuan of the raised funds, leaving a significant portion idle for cash management [3][6]. - The projects funded by the IPO, including the "Commodity Big Data Platform" and "Benchmark Pricing System for Commodity Spot Market," have been delayed, with completion dates pushed to June 30, 2027, and December 31, 2025, respectively [4][6]. Group 2: Business Overview - Zhuochuang Information is a leading provider of commodity information services in China, holding a market share of 10.6% and ranking second in the industry as of 2024 [2]. - The company operates in various segments, including information services, digital services, consulting, and exhibition services [2]. Group 3: Financial Performance - The company's revenue for 2022 to 2025 (up to August) was approximately 273 million yuan, 284 million yuan, 294 million yuan, and 229 million yuan, respectively, with fluctuating gross margins [6]. - Despite revenue growth, net profit showed inconsistency, with a net profit of 58 million yuan in 2022 and a decrease to 45 million yuan in the first three quarters of 2025 [6]. Group 4: Leadership Background - The company's chairman, Jiang Hulin, has a diverse career background, transitioning from a sports education graduate to a significant figure in the information services industry [8]. - Jiang Hulin holds 34.93% of Zhuochuang Information's shares, with a history of shareholding arrangements that were formalized in 2017 [9].

Group 1 - The company views the frequent changes in electricity trading rules as a necessary part of market reform and aims to optimize its trading strategies to maximize benefits [1] - The company currently operates in four main business segments: low-carbon electricity, ecological environmental protection, integrated gas, and intelligent services [1] - The company plans to continue focusing on its core business and aims to become an internationally influential provider of clean energy and ecological environmental services [1]

Core Viewpoint - Shandong Zhaochuang Information Co., Ltd. (Zhaochuang) is seeking to list on the Hong Kong Stock Exchange, having established itself as a leading provider of commodity information services in China, with a market share of 10.6% in the industry and ranking first in the energy commodity sector [1][2]. Company Overview - Zhaochuang operates across 25 commodity sectors, leveraging over 120,000 information sources to build a substantial data asset [2]. - The company offers various services, including information services, digital services, consulting, and exhibition services, with information services being the core business [2]. Financial Performance - Revenue growth has been modest, with a 7.7% increase from RMB 273 million in FY2022 to RMB 294 million in FY2024, reflecting a compound annual growth rate of less than 4% [3][4]. - In the first eight months of 2025, the company reported revenue of RMB 229 million, a year-on-year increase of 4.7% [3][4]. - Net profit figures for 2022, 2023, and 2024 were RMB 58.4 million, RMB 52.1 million, and RMB 70.5 million, respectively, with a notable rebound in 2024 after a decline in 2023 [4][5]. Profitability Metrics - The company maintains a high gross margin, with rates of 65.8%, 59.9%, 65.6%, and 62.6% from 2022 to the first eight months of 2025 [5][6]. - The decline in gross margin in 2023 was attributed to increased sales costs, which rose from 34.2% in 2022 to 40.1% in 2023, but the company successfully restored its margin in 2024 [5][6]. - Net profit margins for 2022, 2023, and 2024 were 21.4%, 18.4%, and 23.9%, respectively, indicating strong profitability despite fluctuations [6]. Industry Outlook - The Chinese commodity information services market is projected to grow from RMB 2.5 billion in 2024 to RMB 4.1 billion by 2029, with a compound annual growth rate of 10.7%, significantly outpacing the global growth rate of 5.4% [7]. - The industry is transitioning from basic price reporting to in-depth market insights and data intelligence services, driven by digitalization and risk management needs [7]. Competitive Position - Despite the favorable market conditions, Zhaochuang's revenue growth of approximately 3-4% lags behind the industry average of 10.7%, indicating challenges in capturing market share [9]. - The company is positioned at a critical juncture, needing to deepen its data intelligence services and expand into international markets to enhance growth potential [9].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Sublime China Information Co., Ltd. 山東卓創資訊股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代 表 閣下知悉、接納並向山東卓創資訊股份有限公司（「本公司」）、其獨家保薦人、整體協調人、 顧問、或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長登 記的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 警 告 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在 ...

Group 1 - The core viewpoint of the news is that CITIC Publishing has experienced a decline in stock price and trading activity, with a current market capitalization of 5.594 billion yuan and a year-to-date stock price drop of 5.86% [1] - As of September 30, CITIC Publishing reported a total revenue of 1.241 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 2.90%, and a net profit attributable to shareholders of 161 million yuan, which is a 23.61% increase compared to the previous year [2] - The company’s main business segments include book publishing and distribution (72.06% of revenue), urban cultural space operations (16.97%), and digital services (10.97%) [1] Group 2 - CITIC Publishing has distributed a total of 454 million yuan in dividends since its A-share listing, with 186 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 15.01% to 13,600, while the average circulating shares per person increased by 17.66% to 13,996 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 1.1151 million shares, a decrease of 223,100 shares from the previous period [3]

Core Viewpoint - CITIC Publishing's stock price has experienced a decline of 6.09% year-to-date, with a market capitalization of 5.581 billion yuan as of November 19 [2][1]. Financial Performance - For the period from January to September 2025, CITIC Publishing achieved a revenue of 1.241 billion yuan, representing a year-on-year growth of 2.90%. The net profit attributable to shareholders was 161 million yuan, showing a year-on-year increase of 23.61% [2]. - The company has distributed a total of 454 million yuan in dividends since its A-share listing, with 186 million yuan distributed over the past three years [3]. Stock Market Activity - On November 19, CITIC Publishing's stock price fell by 2.00%, trading at 29.35 yuan per share with a turnover of 34.0954 million yuan and a turnover rate of 0.61% [1]. - The stock has seen a net outflow of 56,400 yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, CITIC Publishing had 13,600 shareholders, a decrease of 15.01% from the previous period. The average circulating shares per person increased by 17.66% to 13,996 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 1.1151 million shares, a decrease of 223,100 shares from the previous period [3].

Group 1 - The core viewpoint of the news is that CITIC Publishing has experienced fluctuations in its stock price, with a recent increase, while also showing a decline in its stock price year-to-date [1][2] - As of November 10, CITIC Publishing's stock price rose by 2.03% to 30.19 CNY per share, with a total market capitalization of 5.741 billion CNY [1] - The company has seen a net outflow of main funds amounting to 599,100 CNY, with large orders accounting for 15.87% of purchases and 16.98% of sales [1] Group 2 - Year-to-date, CITIC Publishing's stock price has decreased by 3.40%, but it has increased by 1.14% over the last five trading days and 4.83% over the last twenty days [2] - The company primarily engages in book publishing and distribution, with 72.06% of its revenue coming from this segment, followed by urban cultural space operations at 16.97% and digital services at 10.97% [2] - As of September 30, the number of shareholders decreased by 15.01% to 13,600, while the average circulating shares per person increased by 17.66% to 13,996 shares [2] Group 3 - CITIC Publishing has distributed a total of 454 million CNY in dividends since its A-share listing, with 186 million CNY distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 1.1151 million shares, a decrease of 223,100 shares from the previous period [3] - New institutional shareholders include China Europe Value Selection Mixed A, which holds 515,200 shares [3]

Core Insights - The stock price of Zhaochuang Information increased by 2.09% on October 31, reaching 57.08 CNY per share, with a total market capitalization of 3.447 billion CNY [1] - The company has experienced a 0.24% decline in stock price year-to-date, with a recent 3.03% increase over the last five trading days [1][2] - Zhaochuang Information's main business segments include information services (57.19%), digital services (20.98%), exhibition services (12.08%), and consulting services (9.74%) [1] Financial Performance - For the period from January to September 2025, Zhaochuang Information reported a revenue of 263 million CNY, reflecting a year-on-year growth of 19.91% [2] - The net profit attributable to shareholders for the same period was 49.52 million CNY, showing a year-on-year decrease of 5.93% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhaochuang Information was 11,800, a decrease of 15.79% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.76% to 3,025 shares [2] - The company has distributed a total of 300 million CNY in dividends since its A-share listing [3] Institutional Holdings - As of September 30, 2025, notable new institutional shareholders include Huatai-PB Zhiyuan Mixed A and Huatai-PB Jinhua Bond A, holding 460,000 shares and 290,000 shares respectively [3]

Core Viewpoint - Citic Publishing has demonstrated strong operational capabilities during the industry's downturn, supported by its ongoing digital strategy and a three-pronged growth model of "Publishing + Services + Consumption" [6] Group 1: Company Overview - Citic Publishing, established on February 16, 1993, and listed on the Shenzhen Stock Exchange on July 5, 2019, is a leading player in China's publishing industry, focusing on book publishing and distribution, bookstore retail, and other cultural value-added services [1] - The company has a rich content resource and advantages in digital publishing technology [1] Group 2: Financial Performance - For Q3 2025, Citic Publishing reported revenue of 1.241 billion yuan, ranking 10th in the industry, with the top competitor, Anhui Xinhua Media, generating 6.851 billion yuan [2] - The company's net profit for the same period was 161 million yuan, ranking 8th in the industry, with Anhui Xinhua Media leading at 963 million yuan [2] - The main business segments include book publishing and distribution (655 million yuan, 72.06%), urban cultural space operations (154 million yuan, 16.97%), and digital services (99.325 million yuan, 10.97%) [2] Group 3: Financial Ratios - As of Q3 2025, Citic Publishing's debt-to-asset ratio was 31.55%, down from 32.88% year-on-year, which is lower than the industry average of 32.11%, indicating strong solvency [3] - The company's gross profit margin was 40.53%, up from 39.19% year-on-year, exceeding the industry average of 30.79%, reflecting good profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 15.01% to 13,600, while the average number of circulating A-shares held per account increased by 17.66% to 14,000 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 1.1151 million shares, a decrease of 223,100 shares from the previous period [5] Group 5: Strategic Highlights - Citic Publishing maintained a market share of 3.06% in the national book retail market in the first half of 2025, ranking first among individual publishers, with leading positions in several core categories, including anime and gaming books [6] - The company accelerated its digital publishing efforts, adding over 220 enterprise-level knowledge service clients in the first half of 2025, and its Citic Academy App achieved over 130 million content dissemination [6] - The company is enhancing consumer integration through improved product selection and user engagement in its bookstores, with plans for new store openings and IP retail trials [6] - Projected net profits for 2025-2027 are 171 million, 192 million, and 212 million yuan, with corresponding EPS of 0.90, 1.01, and 1.11 yuan, and current stock prices reflecting PE ratios of 34, 31, and 28 times [6]