来源：洞察IPO 上交所 ShangHai 深交所 ShenZhen 11月18日-11月24日，上交所科创板有1家公司上市；深交所创业板有1家公司上市。 数据来源：公开信息；图表制作：洞察IPO 1.恒坤新材：致力于集成电路领域关键材料的研发与产业化应用，是中国境内少数具备 12 英寸集成电路晶圆制造关键材料研发和量产能力的创新企业之 一，主要从事光刻材料和前驱体材料等产品的研发、生产和销售。上市首日股价收涨310.61%，截至11月24日收报50.54元/股，较发行价14.99元/股涨 237.16%，总市值约227亿元。 数据来源：公开信息；图表制作：洞察IPO 1.南网数字：主要从事为电力能源等行业客户提供数字化建设综合解决方案。上市首日股价收涨224.78%，截至11月24日收报20.51元/股，较发行价5.69元/ 股涨260.46%，总市值约652亿元。 通过上市委员会审议会议 11月18日-11月24日，上交所科创板有2家公司过会；深交所无公司过会。 数据来源：公开信息；图表制作：洞察IPO 1.振石股份：一家主要从事清洁能源领域纤维增强材料研发、生产及销售的企业。公司自成立以来，围绕清洁能源 ...

中证报中证网讯(王珞)11月14日，上交所官网公告，上海证券交易所上市审核委员会定于2025年11月21 日召开2025年第57次上市审核委员会审议会议，审议易思维(杭州)科技股份有限公司(以下简称"易思 维")首发事项。 招股书显示，易思维专注于汽车制造机器视觉设备的研发、生产及销售，为汽车整车及零部件制造过程 的各工艺环节提供机器视觉解决方案，是该领域国内市占率第一的国家重点专精特新"小巨人"企业，在 成功打破国外厂商长期垄断的同时加速推动了国内汽车制造的数智化进程。此外，公司也在轨交运维与 航空领域开展了业务布局，持续拓展新的应用场景。 机器视觉广泛应用于工业领域，是智能制造的关键驱动力之一，技术壁垒高。近年来，中国汽车工业在 电动化、智能化驱动下实现了跨越式增长，市场格局加速由合资主导转向自主品牌引领。但汽车制造过 程中的关键设备仍主要被欧美日企业垄断，机器视觉是其中的典型代表。 易思维深耕行业多年，是国内最早规模化为汽车制造提供机器视觉设备的企业之一。公司通过长期持续 自主创新，在发展过程中形成了视觉传感器研制、视觉系统构建、视觉工艺融合三大核心技术群22项核 心技术模块，截至2025年6月30日， ...

Summary of Upcoming IPOs and Refinancing Core Viewpoint The upcoming week (November 17-21) will see five companies scheduled for IPO review, aiming to raise a total of 6.134 billion yuan. Additionally, one company is set for refinancing, targeting 2.5 billion yuan. IPO Companies Overview - **Zhejiang Zhenstone New Materials Co., Ltd.** plans to raise 3.981 billion yuan, with a net profit of 607.464 million yuan in the last year. The company operates in the non-metallic mineral products industry [2][8]. - **Yisiwei Technology Co., Ltd.** aims to raise 1.214 billion yuan, with a net profit of 84.515 million yuan. The company specializes in manufacturing instruments and equipment [2][12]. - **Tongling Technology Co., Ltd.** is targeting 411.439 million yuan, with a net profit of 130.855 million yuan. The company is involved in the automotive manufacturing sector [2][18]. - **Jingqiang Technology Co., Ltd.** plans to raise 330 million yuan, with a net profit of 77.584 million yuan. The company focuses on electrical machinery and equipment manufacturing [2][21]. - **Aide Technology Co., Ltd.** is looking to raise 1.97 billion yuan, down from an initial target of 2.05 billion yuan, with a net profit of 84.516 million yuan [3][17]. Refinancing Overview - **Chunfeng Power** is set to raise 2.5 billion yuan through a public offering of convertible bonds, with a net profit of 149.386 million yuan in the last year [2][25]. Financial Performance Highlights - **Zhenstone Co.** reported total assets of 1.094 billion yuan and a net profit margin of 12.90% for the first half of 2025 [10]. - **Yisiwei Co.** has total assets of 755.614 million yuan, with a net profit margin of -1.08% for the first half of 2025 [13]. - **Tongling Co.** reported total assets of 1.232 billion yuan, with a net profit margin of 11.86% for the first half of 2025 [19]. - **Jingqiang Co.** has total assets of 1.182 billion yuan, with a net profit margin of 6.45% for the first half of 2025 [23]. - **Aide Co.** reported total assets of 652.059 million yuan, with a net profit margin of 7.28% for the first half of 2025 [16].

Core Viewpoint - Dingtong Technology (688668.SH) is enhancing its industrial layout through the acquisition of a 70% stake in Shenzhen Blue Ocean Vision Technology Co., Ltd. for 126 million yuan, aiming for deep technological synergy and resource integration [2][3][6]. Group 1: Acquisition Details - The acquisition price for the 70% stake in Blue Ocean Vision is set at 126 million yuan, and the company will become a subsidiary of Dingtong Technology post-transaction [3]. - Blue Ocean Vision specializes in machine vision equipment, providing advanced visual inspection and quality control services across various sectors, including AI and consumer electronics [3][4]. - Since its establishment in 2022, Blue Ocean Vision has shown rapid growth, with projected revenue of 61.81 million yuan in 2024, a 441.83% increase from 2023 [3]. Group 2: Financial Performance - Dingtong Technology reported a net profit of 177 million yuan for the first three quarters of 2025, marking a 125.39% year-on-year increase [2][7]. - The company's revenue for the same period reached 1.156 billion yuan, reflecting a 64.45% growth, with a significant increase in both net profit and non-recurring net profit [7][8]. - The strong performance is attributed to high market demand driven by AI, particularly in the communications connector business [8]. Group 3: Research and Development - Blue Ocean Vision has been increasing its R&D investment significantly, with expenditures of 16,040 yuan, 121,700 yuan, and 533,480 yuan from 2022 to 2024, respectively [5]. - The cumulative R&D investment over the past three years accounts for 8.75% of total revenue, indicating a strong commitment to innovation [5]. - Dingtong Technology has also been investing in R&D, with expenses rising from 65.57 million yuan in 2022 to 82.68 million yuan in the first three quarters of 2025 [9]. Group 4: Operational Capacity and Future Plans - Dingtong Technology operates four production bases, with plans to expand capacity through leasing and new investments, including a 15 million USD investment in a wholly-owned subsidiary in Vietnam [10]. - The company aims to optimize its strategic layout and expand its overseas market presence, leveraging its technological expertise in the connector industry [10].

Core Viewpoint - Matrix Technology's stock has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 16.29%, indicating volatility in its market performance [1][2]. Financial Performance - For the period from January to September 2025, Matrix Technology reported a revenue of 615 million yuan, representing a year-on-year growth of 21.40% [2]. - The net profit attributable to shareholders for the same period was approximately 82.47 million yuan, reflecting a year-on-year increase of 33.78% [2]. - Cumulative cash dividends since the company's A-share listing amount to 195 million yuan, with 131 million yuan distributed over the past three years [2]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased by 15.74% to 19,100, while the average circulating shares per person decreased by 13.60% to 10,464 shares [2]. - The company's stock experienced a net outflow of 639.94 million yuan in principal funds, with significant selling activity noted [1]. Business Overview - Matrix Technology, established on November 7, 2007, and listed on November 14, 2019, specializes in the research, production, and sales of intelligent devices and components [1]. - The main revenue sources include machine vision equipment (46.79%), control cable components (42.21%), control units and devices (9.93%), and other products (1.08%) [1]. - The company operates within the mechanical equipment sector, specifically in automation equipment, and is associated with various concepts including Apple, Xiaomi, and artificial intelligence [1].

Group 1 - The core point of the news is that Matrix Technology Co., Ltd. experienced a stock price increase of 5.36%, reaching 21.61 CNY per share, with a trading volume of 118 million CNY and a turnover rate of 2.82%, resulting in a total market capitalization of 6.252 billion CNY [1] - Matrix Technology, established on November 7, 2007, and listed on November 14, 2019, is based in Shanghai and specializes in the research, production, and sales of intelligent devices and components [1] - The main revenue composition of Matrix Technology includes machine vision equipment (46.79%), control cable components (42.21%), control units and devices (9.93%), and others (1.08%) [1] Group 2 - Among the top circulating shareholders of Matrix Technology, Huaxia Fund's Huaxia CSI Robot ETF (562500) entered the top ten in the second quarter, holding 3.2425 million shares, which accounts for 1.62% of the circulating shares [2] - The Huaxia CSI Robot ETF, established on December 17, 2021, has a latest scale of 14.471 billion CNY, with a year-to-date return of 37.46% and a one-year return of 90.44% [2] - The fund manager of Huaxia CSI Robot ETF is Hualong, who has been in the position for 3 years and 33 days, with a total asset scale of 42.926 billion CNY [3]

Group 1 - The core viewpoint of the news is that Matrix Technology has experienced a decline in stock price, with a cumulative drop of 8.49% over three consecutive days, currently trading at 19.62 CNY per share [1] - As of the report, Matrix Technology's total market capitalization is 5.676 billion CNY, with a trading volume of 113 million CNY and a turnover rate of 2.86% [1] - The company's main business involves the research, production, and sales of intelligent devices and components, with revenue composition as follows: machine vision equipment 46.79%, control cable components 42.21%, control units and devices 9.93%, and others 1.08% [1] Group 2 - From the perspective of major circulating shareholders, Huaxia Fund's Huaxia CSI Robot ETF (562500) has entered the top ten circulating shareholders, holding 3.2425 million shares, accounting for 1.62% of circulating shares [2] - The Huaxia CSI Robot ETF has incurred a floating loss of approximately 1.6213 million CNY today, with a total floating loss of 5.9014 million CNY during the three-day decline [2] - The fund was established on December 17, 2021, with a latest scale of 14.471 billion CNY, and has achieved a year-to-date return of 28.67% [2]

Group 1 - The company reported a revenue of 389 million yuan, representing a year-on-year growth of 22.99% [1] - The net profit attributable to shareholders reached 50.1 million yuan, with a year-on-year increase of 10.14% [1] - The company achieved a basic earnings per share of 0.17 yuan, reflecting strong profitability and operational efficiency [1] Group 2 - The company's core business, particularly machine vision equipment, contributed significantly to growth, generating 182 million yuan in revenue with a gross margin of 42.99% [1] - The company has developed multiple semiconductor AOI devices that meet various industry needs, including defect detection for chip bonding and packaging [1] - The company has established a strong customer base, supplying well-known semiconductor packaging manufacturers and power device manufacturers, with repeat orders indicating product performance recognition [1] Group 3 - The company leads the industry in AI+ detection, integrating self-developed AI algorithms into its product line, significantly improving detection efficiency and stability [2] - The AXI equipment has received industry certification and is expected to drive sales growth in the second half of the year [2] - The company serves major global clients such as Apple, Huawei, BYD, and BOE, leveraging high-speed and high-precision detection solutions to penetrate emerging fields [2]

Core Viewpoint - The article focuses on the IPO of Yisiwei (Hangzhou) Technology Co., Ltd., a leading machine vision company in the transportation sector, highlighting its entrepreneurial journey, business model, and financial performance [3][4]. Company Overview - Yisiwei specializes in machine vision equipment for the transportation industry, covering upstream components like visual sensors and light sources, midstream measurement and guidance systems, and downstream applications in automotive manufacturing, rail transit, and aviation [4]. - The company holds the largest market shares in China's automotive manufacturing machine vision market, with 13.7% in the overall market and 22.5% in complete vehicle manufacturing [5]. Entrepreneurial Journey - Founder Guo Yin transitioned from academic research in precision instruments to entrepreneurship, identifying a significant opportunity in the domestic machine vision market for automotive manufacturing, which was previously dominated by international giants [10][11]. - In 2016, Guo and his team established Yisiwei in Tianjin, later relocating to Hangzhou to leverage the region's automotive industry cluster and talent ecosystem [12]. Mergers and Acquisitions - Yisiwei has made two significant acquisitions: in 2019, it acquired German company EHR, enhancing its product offerings in automotive welding quality inspection, and in 2022, it acquired Hangzhou Yuyi, expanding its capabilities in automated polishing solutions [13]. Financial Performance - The company has experienced explosive growth in revenue and net profit from 2022 to 2024, with revenues of 220 million, 360 million, and 390 million yuan, respectively, reflecting a compound annual growth rate (CAGR) of 32.6% [26]. - Net profit surged from 5.39 million to 84.33 million yuan during the same period, with a CAGR of 295.7% [26]. - The gross profit margins have remained high, with rates of 62.7%, 64.7%, and 65.5% over the past three years [27]. Revenue Structure - The majority of Yisiwei's revenue comes from the automotive manufacturing sector, with 370 million yuan in 2024, while also expanding into rail transit and aviation [28]. - The revenue from the rail transit sector grew significantly, reaching 7.88 million yuan in 2024, a 23-fold increase from the previous year [29]. IPO Plans - Yisiwei plans to raise 1.21 billion yuan through its IPO, with the largest portion allocated to establishing a machine vision product industrialization base, totaling 710 million yuan [29]. Market Expansion - The company is capitalizing on the trend of Chinese automotive companies expanding overseas, leveraging its subsidiary EHR's established customer base to enter international markets and collaborate with global automotive manufacturers [31].