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 Viewpoint - New Henghui, a provider of chip packaging materials and testing services, successfully listed on the Growth Enterprise Market, with its stock price surging by 290.62% at opening and currently standing at a 247.11% increase from the issue price [2] Company Overview - New Henghui integrates research, production, sales of chip packaging materials, and packaging testing services, focusing on smart card business, etching lead frame business, and IoT eSIM chip testing services [2] - The smart card business is the company's traditional core, contributing significantly to revenue and profit through the development and sales of flexible lead frame products [2] Business Partnerships - The company has established long-term partnerships with several well-known security chip design manufacturers and domestic and international smart card manufacturers, with applications in communications, finance, transportation, and identity recognition [2] New Business Growth - Significant investments in the etching lead frame and IoT eSIM chip testing sectors have led to the successful development of core technologies, resulting in batch production and sales [3] - Sales revenue from these new businesses for the reporting periods were 110.65 million, 97.83 million, 156.94 million, and 115.00 million yuan, accounting for 20.81%, 14.70%, 21.08%, and 28.71% of main business income respectively [3] Patent Holdings - As of June 30, 2024, the company holds 59 authorized patents, including 32 invention patents [4] Shareholder Structure - The major shareholders are Yu Renrong and Ren Zhijun, holding 31.94% and 19.31% of shares respectively, with Yu also serving as a director [4] Notable Individual - Yu Renrong is also the actual controller of Weir Shares and was ranked first in the Chinese chip industry billionaire list in 2022 with a net worth of 95 billion yuan [5]

Group 1: New Stock Subscription - XinHengHui (新恒汇) - XinHengHui is an integrated circuit company specializing in chip packaging materials, with main businesses including smart card, etching lead frame, and IoT eSIM chip testing services [1][4] - The IPO price is set at 12.80 CNY per share, with an institutional offering price of 19.98 CNY per share, resulting in a market capitalization of 2.3 billion CNY [2] - The company has a P/E ratio of 17.76, significantly lower than the industry average of 37.99, indicating potential undervaluation [2] - The funds raised will be allocated to high-density QFN/DFN packaging material industrialization (4.56 billion CNY, 87.92%) and R&D center expansion (0.63 billion CNY, 12.08%) [4] - XinHengHui has established long-term partnerships with major security chip design firms and smart card manufacturers, with applications in communications, finance, transportation, and identity verification [4] Group 2: Market Position and Control - XinHengHui holds a market share of 31.63% and 32.32% in flexible lead frame products for 2022 and 2023, ranking second globally [5] - The company has an annual production capacity of approximately 2.342 billion smart card modules, with market shares of 20.71% and 17.87% for 2022 and 2023, respectively [5] - The actual controllers of XinHengHui, Yu Renrong and Ren Zhijun, hold a combined 51.25% of the shares, with Yu being the largest shareholder at 31.94% [5][6] Group 3: New Stock Listing - YingShi ChuangXin (影石创新) - YingShi ChuangXin focuses on the R&D, production, and sales of smart imaging devices, including panoramic and action cameras [7] - The IPO price is set at 47.27 CNY per share, with an institutional offering price of 47.63 CNY per share, resulting in a market capitalization of 18.96 billion CNY [8] - The company has a P/E ratio of 20.04, lower than the industry average of 38.21, suggesting potential investment appeal [8] - The funds raised will be used for the construction of a smart imaging device production base (1.95 billion CNY, 42.14%) and a Shenzhen R&D center (2.68 billion CNY, 57.86%) [10] - YingShi ChuangXin's brand "Insta360" holds a global market share of 67.2% in panoramic cameras, ranking first, and is second in the global action camera market [10] Group 4: Product and Revenue Insights - Consumer-grade smart imaging devices have consistently been the core product for YingShi ChuangXin, contributing over 80% to revenue from 2022 to 2024 [11] - The company has received accolades such as "National Specialized and Innovative 'Little Giant' Enterprise" and "National Manufacturing Single Champion" from the Ministry of Industry and Information Technology [11]