文 | 周涛 2025年上半年，中国IPO市场在经历阶段性调整后迎来复苏曙光。截至6月末，A股与港股合计新增上市 公司94家，其中，A股共有51只新股上市，首发募集资金规模达373.55亿元，与2024年相比，新股数量 同比增加约16%，融资总额同比增加约15%。 94家新增上市公司中，山东贡献3家——威高血净（603014.SH）、新恒汇（301678.SZ）两家公司登陆 A股，南山铝业国际（02610.HK）则挺进了港股。 值得一提的是，山东目前仍有多家公司处于发行排队期，另有8家公司向港交所递交上市申请，资本市 场的"山东板块"正加速扩容。 硬科技鲁企上市突围 5月19日，山东威高血液净化制品股份有限公司（以下简称"威高血净"，股票代码：603014.SH）正式登 陆上交所主板，发行价26.5元/股，募资10.9亿元。 截至5月19日收盘，公司股价报41.41元/股，较发行价26.5元上涨56.26%，总市值达170.36亿元，盘中最 高触及49.99元，市值一度突破200亿元。威高血净的上市，标志着国产替代战略在医疗领域的深化，也 为投资者开辟了新的增长赛道。 在当前IPO整体节奏放缓的背景下，威高血 ...

7月9日，截至港股收盘，恒生指数下跌1.06%，报23892.32点。品创控股（08066.HK）收报0.75港元/ 股，上涨20.97%，成交量254.18万股，成交额177.29万港元，振幅20.97%。 最近一个月来，品创控股累计涨幅157.26%，今年来累计涨幅629.41%，跑赢恒生指数20.38%的涨幅。 财务数据显示，截至2024年12月31日，品创控股实现营业总收入5517.7万元，同比减少24.68%；归母净 利润41.95万元，同比减少89.55%；毛利率36.91%，资产负债率47.62%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：行情君 行业估值方面，资讯科技器材行业市盈率（TTM）平均值为55.17倍，行业中值3.26倍。品创控股市盈 率794.36倍，行业排名第31位；其他长虹佳华（03991.HK）为3.26倍、SIS INT'L（00529.HK）为3.47 倍、南方通信（01617.HK）为4.83倍、环联连讯（01473.HK）为4.91倍、普天通信集团（ ...

Group 1: New Listings and Market Performance - Xin Henghui successfully listed on the Shenzhen Stock Exchange on June 20, becoming the second new A-share listed company in Shandong this year and the first from Zibo [2][3] - As of June, there are 16 companies in Shandong awaiting IPO approval, with 13 updating their review status [4][6] - In June, 222 stocks from Shandong experienced an upward price trend, with Taihe Technology showing the highest increase of 76.05% [2][15][18] Group 2: Company Financials and Business Overview - Xin Henghui, established in 2017, specializes in chip packaging materials and reported revenues of 684 million yuan, 767 million yuan, and 842 million yuan for 2022 to 2024, reflecting a compound annual growth rate of 10.97% [2][3] - The company's net profits for the same period are projected to be 110 million yuan, 152 million yuan, and 186 million yuan, indicating strong operational performance [2] - The smart card business remains Xin Henghui's core revenue source, contributing 84.45%, 78.35%, and 69.28% to its main business income from 2022 to 2024 [2] Group 3: Market Capitalization and City Distribution - As of June 30, the total market capitalization of Shandong's 309 A-share listed companies reached 38,445.71 billion yuan, with Yantai, Qingdao, and Jinan holding the top three positions [10][13] - The market capitalization ranking among cities saw Yantai surpass Qingdao, with Yantai at 8,183.91 billion yuan and Qingdao at 8,040.13 billion yuan [13] - The top ten listed companies in Shandong have a combined market capitalization of 13,154.85 billion yuan, with seven companies exceeding 1,000 billion yuan [13][20]

从行业市盈率排名来看，公司所处的半导体行业市盈率平均100.04倍，行业中值67.24倍，新恒汇排名第 106位。 7月4日，新恒汇今日收盘51.7元，下跌4.17%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到67.02倍，总市值123.85亿元。 资金流向方面，7月4日，新恒汇主力资金净流出5792.08万元，近5日总体呈流出状态，5日共流出 23903.13万元。 新恒汇电子股份有限公司的主营业务是芯片封装材料的研发、生产、销售与封装测试服务。公司的主要 产品是智能卡业务、蚀刻引线框架、物联网eSIM芯片封测。发行人拥有一批经验丰富的研发及生产团 队，主持制订了"集成电路（IC）卡封装框架"国家标准（GB/T39842-2021）；发行人是"中国半导体行 业协会金融安全IC卡芯片迁移产业促进联盟"成员单位，曾荣获党政机要密码科学技术进步奖励评审委 员会颁发的"金融领域国产密码技术研究与应用示范科技进步一等奖（省部级）"；发行人"超大规模集 成电路用高精度引线框架研发及产业化项目"入选2019年度山东省重点研发计划，"高精度蚀刻引线框架 生产项目"入选2020年度山东省重大项目。 最新一期 ...

产能利用率达 70%-90%，公司外销业务占比长期超过 60%。在国内业 务方面，公司持续深化与四大运营商的战略合作，同时积极拓展超级 SIM 卡创新应用场景，以提升产品附加值。 智能卡作为信息化基础设施的关键组成部分，已深度融入金融支付、 移动通信、公共交通、安全认证等多个领域，目前全球智能卡市场需 求稳定，公司将继续维持智能卡业务的现有产能规模，未来将重点推 进产能效率优化与产业链整合升级。 Q3：半导体封装材料业务的客户拓展情况如何？与液冷客户群体是否 有重叠情况？ A：公司半导体封装材料业务的核心客户为国内知名的功率半导体封 装企业，并正稳步向海外大型封装集团拓展。目前，公司已实现引线 框架和散热铜针底座的自主设计与量产落地，产品可满足 MOSFET、 IGBT、SiC 及 IGBT 功率模块的封装应用需求。未来将重点推进高导 热铜针式散热底板等产品的产业化落地，加速实现 SiC 和 IGBT 模块 封装材料系统化解解决方案的应用部署，持续拓展行业头部功率模块 客户及其工装配套供应体链体系，积极响应行业高性能、高可靠性发 展的趋势，加快向高端模块封装材料领域转型升级。 半导体封装材料主要客户群体主要为 ...

淄博迎来资本高光 新恒汇电子上市首日表现惊艳，开盘价50元/股较12.8元的发行价暴涨290.63%。截至收盘报43.63元/ 股，涨229.06%，总市值101亿元。 6月20日，淄博资本市场迎来历史性一天。新恒汇电子在深交所创业板敲钟上市，开盘价50元/股，较发 行价飙升290.63%，成为山东今年第二家、淄博首家新增A股上市公司。 同一天，山东信通电子启动深交所主板IPO申购，发行价16.42元/股。 两家企业上市推进，使淄博高新区实现上交所主板、科创板，深交所主板、创业板，港交所和北交所 的"全板块覆盖"，成为淄博首个达成这一里程碑的区县。 片来源：摄图网 作为淄博今年首家A股上市公司，同时也是山东年内第二家新增A股上市公司，新恒汇的上市标志着淄 博资本市场建设取得重要突破。 同一天，信通电子启动申购程序。这家工业物联网企业以16.42元/股的价格发行3900万股，顶格申购需 配市值12万元。 "单日双响炮"背后，淄博企业上市步伐明显加快。今年1月，大亚金属科技已启动北交所上市辅导，成 为2025年山东首家IPO辅导企业。 两家企业成功对接资本市场，标志着淄博在集成电路和工业物联网两大高科技领域取得突 ...

10元海南热带雨林国家公园纪念币，于6月23日正式结束兑换！ 大家去兑换了吗？ 它是10年来发行量最少的纪念币，却在预约兑换时遇冷，提前出现连续下跌，有不少人放弃预约和兑换。 与此同时，另一枚中国龙币，却已经约爆了，预约人数超过74万人，还在不断飙升！ 你要是还没预约，可得抓紧时间了。 10元雨林币，仅仅发行5000万枚。 它在预约开始前，被不少人看好，市价涨到12元附近。 不过其出现了极为罕见的情况，还没有开始兑换，市价就接连下跌，一路跌到了10.3元！ 在开始兑换后，雨林币更是迅速接近面值。原因也很简单，因为其预约难度较低，藏友们基本都已经成功预约，市场很少有新的需求。 具体情况如下： | 地区 | 海南热带雨林国家公园纪念币延期兑换安排 延期兑换时间 | | --- | --- | | 浙江 | 6月27日 | | 安徽 | 6月27日 | | 北京 | 6月27日 | | 福建 | 6月27日 | | 江西 | 6月27日 | | 湖北 | 6月27日 | | 内蒙古 | 6月30日 | | 吉林 | 6月30日 | | 湖南 | 6月30日 | | 天津 | 6月30日 | | 黑龙江 | 6月30 ...

IPO Review and Registration Progress - 18 IPO applications were accepted last week, with Zhaoxin Integrated aiming to raise over 4 billion yuan [2][5] - Companies planning to list on the Sci-Tech Innovation Board include Chipmi Technology and Zhaoxin Integrated, while E-Tech plans to list on the Shanghai Main Board [2][5] - Chipmi Technology's revenue for 2022-2024 is projected to be 42 million, 130 million, and 208 million yuan, with net profits of 1.73 million, 36.39 million, and 68.94 million yuan respectively [5] - Zhaoxin Integrated has not yet achieved profitability, with revenues of 340 million, 555 million, and 889 million yuan, and net losses of 727 million, 676 million, and 951 million yuan during the same period [5] New Stock Issuance and Listing Dynamics - Two new stocks were listed last week, with Xinhenghui's first-day increase exceeding 229% [13] - Huazhi Jie, with an issue price of 19.88 yuan per share, closed at 53.87 yuan, marking a 170.98% increase on its first day [14] - Xinhenghui, with an issue price of 12.8 yuan per share, closed at 42.12 yuan, reflecting a 229.06% increase [16] - This week, Yitang Co. plans to raise 3 billion yuan through its IPO, focusing on semiconductor equipment [17] Policy and Regulatory Trends - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised classification evaluation system for securities companies [18] - The Shenzhen Stock Exchange reported 129 cases of abnormal trading behavior, taking self-regulatory measures [18]

Core Viewpoint - New Henghui (301678.SZ), an integrated circuit packaging company, successfully went public on the ChiNext board, with its stock price surging significantly on the first day of trading, reflecting strong investor interest and confidence in the company’s growth potential [1][2]. Company Overview - New Henghui specializes in the research, production, sales, and testing services of chip packaging materials, with a focus on smart card business, which accounted for approximately 69.28% of its main business revenue in recent years [2]. - The company reported revenues of 6.84 billion yuan, 7.67 billion yuan, and 8.42 billion yuan for the years 2022 to 2024, with net profits increasing from 1.1 billion yuan to 1.86 billion yuan during the same period [2]. Financial Performance - In Q1 2025, New Henghui achieved a revenue of 2.41 billion yuan, representing a year-on-year growth of 24.7%, while net profit slightly decreased by 2.26% to 0.51 billion yuan [2]. - The smart card business has been the primary revenue source, but it is projected to decline by 3.6% in 2024 due to market conditions and increased competition [3]. Business Expansion - New Henghui plans to enhance its etched lead frame business, with an IPO fundraising target of 5.19 billion yuan aimed at projects that will increase production capacity significantly [3]. - The company anticipates that the new high-density QFN/DFN packaging materials project could lead to a substantial increase in revenue from the etched lead frame business, potentially surpassing that of the smart card business [3]. Leadership and Ownership - The company is led by Yu Renrong, a prominent figure in the semiconductor industry, who holds 31.94% of the shares, making him the largest shareholder [4]. - The second-largest shareholder, Ren Zhijun, holds 19.31% of the shares and has played a crucial role in the company's strategic restructuring and growth [4]. Debt and Financial Arrangements - Ren Zhijun's acquisition of shares was financed through a loan from Yu Renrong, leading to significant debt obligations, which have raised regulatory inquiries regarding the clarity of share ownership [5]. - Post-IPO, Ren Zhijun plans to use dividends from the company to repay the loan, with arrangements in place for potential share transfers to settle remaining debts [5].

Core Points - New Henghui Electronics Co., Ltd. (stock code "301678") was listed on the Shenzhen Stock Exchange's ChiNext board, closing at 42.12 yuan with a rise of 229.06% and a total market capitalization of 10.09 billion yuan [1] - The company specializes in integrated circuit services, including research, production, sales, and testing of chip packaging materials, with key business segments in smart cards, etched lead frames, and IoT eSIM chip testing [1] - Major shareholders include Yu Renrong and Ren Zhijun, holding 31.94% and 19.31% of shares respectively, with Yu serving as a director and Ren as chairman [1] Business Performance - The company reported main business revenues of 410.02 million yuan, 380.54 million yuan, 531.69 million yuan, and 280.08 million yuan over the reporting periods, with corresponding gross profit margins of 35.27%, 30.56%, 33.76%, and 29.18% [4] - The gross profit margins for etched lead frames and IoT eSIM chip products were negative at -20.73% and -31.85% respectively in the first half of 2022 [4] - Revenue projections indicate a 23.14% increase from 2022 to 2024, with net profit expected to grow by 67.44% in the same period [9] Financial Highlights - The total amount raised from the public offering was 766.58 million yuan, with a net amount of 681.97 million yuan, exceeding the original plan by 16.33 million yuan [6] - The company anticipates revenues of 95.62 million yuan and net profits of 19.55 million yuan for the year 2025, reflecting growth rates of 13.56% and 5.10% respectively [10] - For the first half of 2025, expected revenues range from 43 million to 46.5 million yuan, with net profits projected between 10.18 million and 10.95 million yuan, indicating growth rates of 0.78% to 8.40% [10]