Summary of Key Points Core Viewpoint The Beijing Stock Exchange (BSE) has seen a decrease in trading volume and value over the past week, with a total of 282 listed companies as of November 9, 2025. The market is also witnessing new listings and ongoing IPO activities, indicating a dynamic but challenging environment for investors. Trading Activity - As of November 9, 2025, the BSE has 282 listed companies with a total share capital of 39.225 billion shares and a circulating share capital of 25.056 billion shares [2] - For the week of November 3 to November 9, the trading volume was 4.925 billion shares, a decrease of 17.24% week-on-week, while the trading value was 1136.16 billion yuan, down 21.40% from the previous week [3] - The average trading price during this period was 23.07 yuan, reflecting a decrease of 5.03% [3] - The BSE 50 Index fell by 3.79% to 1522.73 points, with 9 stocks rising and 41 stocks declining [3] New Listings and IPOs - Two companies successfully listed on the BSE during the week of November 3 to November 9, 2025 [7] - The newly listed companies include: - **Danna (Tianjin) Biotechnology Co., Ltd.**: Listed on November 3, 2025, with a first-day trading surge of 497.08% and a closing price of 102.10 yuan [8][10] - **Zhongcheng Consulting Group Co., Ltd.**: Listed on November 7, 2025, with a first-day increase of 170.08% and a closing price of 35.60 yuan [13][30] - Both companies aim to raise approximately 1.37 billion yuan for various projects, including R&D and infrastructure [10][30] Financial Performance of Newly Listed Companies - **Danna Biotechnology**: - Revenue for 2022-2024: 295 million yuan, 237 million yuan, 240 million yuan; Net profit: 44.62 million yuan, 77.60 million yuan, 87.19 million yuan [10] - 2025 H1 revenue decreased by 1.38% to 116 million yuan, while net profit increased by 29.55% to 49.96 million yuan [11] - **Zhongcheng Consulting**: - Revenue for 2022-2024: 303 million yuan, 368 million yuan, 396 million yuan; Net profit: 64.36 million yuan, 81.06 million yuan, 105 million yuan [13] - 2025 H1 revenue decreased by 4.08% to 191 million yuan, and net profit decreased by 2.66% to 53.29 million yuan [14] Ongoing IPO Activities - As of November 9, 2025, there are 104 companies awaiting approval for listing on the BSE, with various stages of the IPO process [6] - Two companies submitted registration during the week, while three companies passed the listing committee meetings [25][26] - Notable companies that passed the listing committee include: - **Qilong Ocean**: Engaged in oil drilling equipment manufacturing, aiming to raise 382 million yuan [27] - **Haiseng Medical**: Focused on medical device manufacturing, seeking to raise 370 million yuan [30] - **Guoliang New Materials**: Specializing in refractory materials, aiming to raise 175 million yuan [33] Market Dynamics - The BSE is experiencing fluctuations in trading activity and new listings, reflecting both opportunities and challenges in the current market environment [3][6][25]

FFT HE E J/4 2025 年 10 月 31 日 北矿检测 (920160): 有色金属 测"小巨人",募投研发生产 -北交所新股申购策略报告之一百四十八 本期投资提示: 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 干雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王酮睛 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 ○ 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务, 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年公司在国内市 场占有率分别为 3.01%、2.72%、3.04%，在有色金属矿产品检验检测领域排名第一 ...

策 略 研 究 新股申购 2025 年 10 月 31 日 北矿检测（920160）：有色金属检 测"小巨人"，募投研发生产精密仪 器 ——北交所新股申购策略报告之一百四十八 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 联系人 王雨晴 (8621)23297818× wangyq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 告 相关研究 - ⚫ 基本面：检验检测"小巨人"，专精有色金属矿产资源领域。公司 2016 年成立，总部位 于北京大兴，主营业务为有色金属矿产资源检验检测服务。公司是国家级专精特新"小巨 人"企业，是国内有色金属领域的权威检验检测机构，承担有色金属矿产品、冶炼产品、 选矿药剂、环境样品等的质量检测、技术鉴定检验、质量评价、认证检验和仲裁检验任务， 能够覆盖绝大部分有色金属矿产元素的检测。2021 年、2022 年、2023 年 ...

IPO Review and Registration Progress - Two companies, Chao Ying Electronics and Bei Kuang Testing, successfully passed their IPO reviews last week [2][3] - Chao Ying Electronics focuses on the research, production, and sales of printed circuit boards, primarily for automotive electronics, with over 80% of its revenue coming from overseas sales. The company aims to raise 660 million yuan through its IPO [2] - Bei Kuang Testing is a leading domestic service provider in the inspection and testing of non-ferrous metal resources, projecting revenues of 148 million yuan and a net profit of 55 million yuan for 2024 [3] - One company, Bei Xin Life, is scheduled for an IPO review this week, specializing in innovative medical devices for cardiovascular diseases [4] - United Power's IPO registration was approved, with projected revenues of 16.178 billion yuan and a net profit of 936 million yuan for 2024 [5] - Two companies, Jing Yang Machinery and Wan Tai Co., voluntarily terminated their IPO applications [6] New Stock Subscription and Listing Dynamics - Two new stocks, Yi Tang Co. and Tong Yu New Materials, were listed last week, with Yi Tang Co. seeing a first-day increase of 174.56% [7][8] - Yi Tang Co. specializes in wafer processing equipment for integrated circuit manufacturing, projecting revenues of 4.633 billion yuan for 2024 [7] - Tong Yu New Materials, which focuses on electronic resin production, had a first-day increase of 128.05% [7] - This week, two new stocks, Shan Da Electric and Ji Yuan Group, are scheduled for subscription, with Shan Da Electric's offering price set at 14.66 yuan per share [9][10] - Ji Yuan Group, specializing in dietary supplement products, plans to issue shares at 10.88 yuan each [10][11] Policy and Regulatory Developments - The Shanghai Stock Exchange has implemented new business rules for the Sci-Tech Innovation Board, enhancing the inclusivity and adaptability of the market [12] - The establishment of the "Sci-Tech Growth Layer" aims to better serve technology innovation enterprises and meet diverse investor needs [12]