证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251123 本周北证 50 缩量回调，建议关注优质稀缺 标的 [Table_Tag] [Table_Summary] [Table_Summary] 北交所市场表现 行业重要新闻： 观点: 2025 年 11 月 23 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究 《中长期配置价值明确，攻守之道双 轨并行》 ◼ 行情回顾：截至 2025 年 11 月 21 日，本周北证 50 指数较上周收盘 价下跌 9 ...

公司主营业务为检验检测业务以及检测仪器的研发、生产、销售和技术服务。（数据宝） 近期上市新股首日融资融券交易明细 北矿检测（920160）上市首日上涨295.52%，换手率达88.46%，成交额为6.60亿元。 证券时报·数据宝统计显示，融资融券交易方面，该股上市首日融资买入额为467.12万元，占该股全天交 易额的0.71%，最新融资余额为428.35万元，占流通市值的比例为0.63%。 | 代码 | 简称 | 上市日期 | 上市首日涨跌 | 上市首日融资余额 | 占流通市值比 | 上市首日融券余额 | | --- | --- | --- | --- | --- | --- | --- | | | | | （%） | （万元） | 例（%） | （万元） | | 688727 | C恒坤 | 2025.11.18 | 310.61 | 13914.41 | 4.50 | 0.00 | | 920160 | 北矿检 测 | 2025.11.18 | 295.52 | 428.35 | 0.63 | 0.00 | | 301638 | C南网 数 | 2025.11.18 | 224.78 | 12377.37 ...

Core Insights - The company N北矿 (920160) was listed on the Beijing Stock Exchange, experiencing a significant opening increase of 360.90%, with a closing increase of 295.52% on its first trading day [2][3] - The company specializes in inspection and testing services, as well as the research, development, production, and sales of testing instruments [2] Financial Performance - The net profits for the company are projected to be 31.96 million yuan in 2022, 45.58 million yuan in 2023, and 55.13 million yuan in 2024 [3] - The company issued 28.32 million shares at an issuance price of 6.70 yuan, resulting in a price-to-earnings ratio of 14.99 [3] Market Activity - The public offering saw an effective subscription amount of 11,210,590.25 million shares, with a subscription multiple of 4,398.38 times and 591,500 effective subscription accounts, leading to an allocation ratio of 0.02% [3] - The trading volume for the stock on its first day was 22.5469 million shares, with a total transaction value of 660 million yuan and a turnover rate of 88.46% [2]

（文章来源：证券时报网） 公司本次公开发行数量为2832.00万股，发行价格为6.70元，发行市盈率14.99倍，本次发行战略配售股 份合计283.20万股，占初始发行规模的10.00%。 本次网上发行有效申购数量11210590.25万股，有效申 购倍数为4398.38倍，有效申购户数为59.15万户，网上获配比例为0.02%。（数据宝） 证券时报·数据宝统计显示，公司主营业务为检验检测业务以及检测仪器的研发、生产、销售和技术服 务。 2022年、2023年、2024年公司净利润分别为3196.32万元、4558.12万元、5513.25万元。 北交所新股N北矿（920160）今日上市，开盘上涨360.90%，截至上午收盘涨幅回落至316.42%，半日成 交量1747.52万股，成交额5.24亿元，换手率68.56%。 ...

Core Points - N Beikang (920160) was listed on the Beijing Stock Exchange today, opening at 30.88 yuan, representing a 360.90% increase from its issue price [2] - The company specializes in inspection and testing services, as well as the research, development, production, sales, and technical services of testing instruments [2] - The company's listing application was accepted on December 30, 2024, and it took a total of 323 days from acceptance to listing [2] - The public offering consisted of 28.32 million shares at an issue price of 6.70 yuan, with an issue price-to-earnings ratio of 14.99 times [2] - The strategic placement of shares totaled 2.83 million shares, accounting for 10% of the initial offering size [2] - The effective subscription amount for the online offering was 11,210,590.25 million shares, with a subscription multiple of 4,398.38 times and 591,500 effective subscription accounts, resulting in an allocation ratio of 0.02% [2] Financial Performance - The company's net profits for the years 2022 to 2024 are projected to be 31.96 million yuan, 45.58 million yuan, and 55.13 million yuan, respectively [3]

Core Insights - The stock price of Hotgen Biotech increased by 2.47% on November 13, reaching 156.56 CNY per share, with a total market capitalization of 14.514 billion CNY [1] Financial Performance - For the first nine months of 2025, Hotgen Biotech reported a revenue of 310 million CNY, a year-on-year decrease of 19.80%, and a net profit attributable to shareholders of -109 million CNY, a significant decline of 168.12% [2] - The company has distributed a total of 440 million CNY in dividends since its A-share listing, with 17.344 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 12.90% to 7,833, while the average circulating shares per person decreased by 11.43% to 11,835 shares [2] - Among the top ten circulating shareholders, notable changes include a decrease of 12.53% in holdings by Huatai-PineBridge Innovation Medicine Mixed Fund and an increase of 50.00% in holdings by ICBC Frontier Medical Stock A [3] Stock Market Activity - Hotgen Biotech's stock has seen a year-to-date increase of 153.17%, with a recent five-day increase of 11.99%, but a decline of 11.71% over the past 20 days and 32.69% over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on July 4, where it recorded a net purchase of 47.8269 million CNY [1] Business Overview - Hotgen Biotech, established on June 23, 2005, specializes in the research, production, and sales of in vitro diagnostic reagents and instruments, with a revenue composition of 70.87% from testing reagents, 19.79% from testing instruments, and 1.17% from biological raw materials [2] - The company operates within the pharmaceutical and biotechnology sector, specifically in medical devices and in vitro diagnostics, and is associated with concepts such as Alzheimer's, innovative drugs, and antigen testing [2]

Core Points - The company Beikang Testing has initiated its public offering with an issue price of 6.70 yuan and a price-to-earnings ratio of 14.99 times [1] - The total number of shares offered is 28.32 million, with a post-issue total share capital of 113 million [1] - The company aims to raise a total of 190 million yuan, primarily for the development of advanced testing instruments and to supplement working capital [1] Company Financials - The projected net profits for the company from 2022 to 2024 are 31.96 million yuan, 45.58 million yuan, and 55.13 million yuan, reflecting year-on-year changes of -17.16%, 42.61%, and 20.95% respectively [1] - Key financial indicators for 2024 include total assets of 346.70 million yuan, net assets of 302.62 million yuan, and operating income of 148.02 million yuan [1] - The company’s basic earnings per share for 2024 is projected at 0.65 yuan, with a weighted average return on equity of 19.47% [1] Fund Allocation - The investment allocation for the raised funds includes approximately 142.58 million yuan for the development of advanced testing instruments and 36.22 million yuan for working capital [1]

Group 1 - The core point of the news is that Hotgen Biotech's stock price increased by 5.26% to 186.64 CNY per share, with a total market capitalization of 17.303 billion CNY as of the report date [1] - Hotgen Biotech, established on June 23, 2005, specializes in the research, development, production, and sales of in vitro diagnostic reagents and instruments, with its main revenue sources being testing reagents (70.87%), testing instruments (19.79%), and others (8.17%) [1] Group 2 - According to data, Guotou Ruijin Fund holds a significant position in Hotgen Biotech, with its fund, Guotou Ruijin SSE Sci-Tech Innovation Board 200 Index Initiation A (023518), owning 13,400 shares, representing 1.12% of the fund's net value, making it the third-largest holding [2] - The fund has a total size of 70.0747 million CNY and has achieved a return of 29.04% since its inception on March 18, 2025 [2] - The fund managers, Zhao Jian and Qian Han, have significant experience, with Zhao having a tenure of 12 years and Qian 2 years, managing assets of 3.848 billion CNY and 936 million CNY respectively [2]

Company Overview - Beijing Hotgen Biotech Co., Ltd. is located in Daxing District, Beijing, and was established on June 23, 2005. The company went public on September 30, 2019. Its main business involves the research, development, production, and sales of in vitro diagnostic reagents and instruments [1] - The revenue composition of the company includes: 70.87% from testing reagents, 19.79% from testing instruments, 8.17% from other sources, and 1.17% from biological raw materials [1] Stock Performance - On September 25, Hotgen Biotech's stock fell by 5.02%, closing at 177.71 CNY per share, with a trading volume of 445 million CNY and a turnover rate of 2.59%. The total market capitalization is 16.475 billion CNY [1] Fund Holdings - The Guotou Ruijin Fund has a significant holding in Hotgen Biotech, with its fund, Guotou Ruijin SSE STAR 200 Index Initiation A (023518), holding 13,400 shares, accounting for 1.12% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 126,200 CNY [2] - The fund was established on March 18, 2025, with a current size of 70.0747 million CNY and has achieved a return of 35.75% since inception [2] - The fund manager Zhao Jian has a tenure of 12 years and 3 days, managing assets totaling 3.848 billion CNY, with the best return during his tenure being 172.91% and the worst being -88.73% [2] - Co-manager Qian Han has a tenure of 2 years and 43 days, managing assets of 936 million CNY, with the best return of 35.71% and the worst being -0.36% during his tenure [2]

Company Overview - Beijing Hotgen Biotech Co., Ltd. is located in Daxing District, Beijing, and was established on June 23, 2005. The company went public on September 30, 2019. Its main business involves the research, development, production, and sales of in vitro diagnostic reagents and instruments [1][2]. Financial Performance - For the first half of 2025, Hotgen Biotech reported operating revenue of 204 million yuan, a year-on-year decrease of 18.04%. The net profit attributable to shareholders was -83.998 million yuan, a year-on-year decrease of 93.24% [2]. - Since its A-share listing, the company has distributed a total of 440 million yuan in dividends, with 17.344 million yuan distributed over the past three years [3]. Stock Performance - As of September 24, Hotgen Biotech's stock price increased by 2.03%, reaching 182.98 yuan per share, with a total market capitalization of 16.964 billion yuan. The stock has risen 195.89% year-to-date, with a recent 5-day increase of 0.99% and a 20-day decrease of 13.68% [1]. - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on July 4, where it recorded a net purchase of 47.8269 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 6,938, a rise of 4.14%. The average number of circulating shares per person decreased by 3.74% to 13,362 shares [2]. - Among the top ten circulating shareholders, new entrants include Huatai-PineBridge Innovation Medical Mixed A and ICBC Frontier Medical Stock A, holding 2.8091 million shares and 1.5001 million shares, respectively [3].