12月16日晚间，联合精密披露对外收购计划，拟以1.938亿元收购成都迈特航空制造有限公司(以下简 称"迈特航空")51%股权。本次交易完成后，迈特航空将成为公司控股子公司。 长江商报消息联合精密（001268）(001268.SZ)将借助对外并购打造新的业绩增长点。 本次收购是联合精密进入新业务领域并培育利润增长点的重要举措。 长江商报记者注意到，作为美的、格力等家电企业的供应商，一直以来联合精密下游客户集中度较高。 为此，联合精密持续开拓新客户，并逐步开拓冰箱压缩机、汽车零部件等其他应用领域产品，增强收入 多元化，降低销售市场和客户集中的风险。 随着公司积极扩充产能并不断拓展客户资源，2025年前三季度，联合精密实现营业收入5.97亿元，同比 增长10.37%；归属于上市公司股东的净利润(以下简称"归母净利润")5954.16万元，同比增长18.57%。报 告期内，公司销售毛利率、销售净利率分别由上年同期的21.41%、9.28%提升至22.29%、9.97%。 本次交易中，交易对手方作出业绩承诺，2025年至2027年，迈特航空的净利润将合计不低于5600万元。 标的估值3.84亿承诺三年赚5600万 ...

12月16日晚间，广东扬山联合精密制造股份有限公司（证券简称"联合精密"）公告称，公司拟以1.938亿元的价格收购邱廷贵等11个交易对手方合计持有的 成都迈特航空制造有限公司（以下简称"迈特航空"）51%股权，并与交易对手方签署《股权转让协议》。本次交易完成后，迈特航空将成为公司控股子公 司。 以8月31日为评估基准日，用收益法评估的迈特航空股东全部权益价值评估值为3.84亿元，与账面股东全部权益1.93亿元相比评估增值1.91亿元，增值率为 98.61%。经交易各方协商，确定本次交易迈特航空51%股权的价格为1.938亿元。 迈特航空 为国家级专精特新"小巨人"企业 迈特航空成立于2010年，位于成都市郫都区，注册资本1497.59万元，是专业从事航空、航天标准件及结构件研发、制造、试验检测的国家级高新技术企 业、国家级专精特新"小巨人"企业，具备完整的标准件、结构件全工序加工制造、检测能力。公司实验检测中心通过了国家实验室（CNAS）认证，多种特 种工艺获得了Nadcap国际认证。迈特航空主要产品包括国标、航标、企标等标准件和结构件。 据悉，迈特航空法定代表人、董事长邱廷贵通过此次交易套现约1.04亿元， ...

Core Insights - The article highlights the importance of "specialized, refined, and innovative" enterprises in China's high-end manufacturing sector, particularly those that control core components, as key players in supporting the safety and upgrading of the industrial chain [1] - Zhuhai Nante Metal Technology Co., Ltd. (Nante Technology) is identified as a leading precision manufacturing company deeply embedded in the global industrial chain [1] Company Positioning - Nante Technology is a high-tech enterprise primarily engaged in the R&D, production, and sales of precision mechanical components, with a clear focus on the entire production process from mold design to precision machining [3][4] - The company has established long-term strategic partnerships with major industry players, including Midea Group and Panasonic, and holds approximately 30% of the key component share in Gree Electric's supply chain [3][4] Competitive Advantages - Nante Technology's core competitive advantage lies in its rare comprehensive production capabilities within the industry, covering all processing flows of precision mechanical components such as cylinders, bearings, pistons, and crankshafts [4][5] - The company has developed a unique "integrated" production layout that combines casting and precision machining, allowing for high-quality and efficient production processes [5][6] Technological Innovations - Nante Technology has made significant breakthroughs in both casting and precision machining, including the development of an automatic separation mold technology for high-strength ductile iron castings and a high-precision slider production technology [6][7] - The company has also established itself as a leader in intelligent manufacturing, participating in the formulation of industry standards and developing automated systems that enhance production efficiency [7][8] Financial Performance - Nante Technology has demonstrated strong financial growth, with revenue projected to increase from 834 million yuan in 2022 to 1.031 billion yuan in 2024, and net profit expected to exceed 100 million yuan in 2025 [9][10] - The company's gross margin has improved from 19.51% in 2022 to 25.46% in the first half of 2023, reflecting the impact of technological innovation and cost reduction [9] Future Growth Prospects - The upcoming IPO will fund projects aimed at resolving capacity bottlenecks and enhancing R&D capabilities, positioning Nante Technology for a new phase of growth [10]

Core Viewpoint - Nantong Technology Co., Ltd. (Nantong Technology) has successfully listed on the Beijing Stock Exchange, with significant stock performance on its debut day, indicating strong market interest and potential for growth [1][4]. Company Overview - Nantong Technology is primarily engaged in the research, development, production, and sales of precision mechanical components and is recognized as a high-tech enterprise [2]. - The company’s chairman, Cai Heng, holds a significant stake of 36.61% post-IPO, maintaining control over the company [2]. Financial Performance - For the years 2022 to 2024 and the first half of 2025, Nantong Technology reported revenues of 833.68 million yuan, 938.34 million yuan, 1.03 billion yuan, and 573.07 million yuan respectively, with net profits of 46.64 million yuan, 84.19 million yuan, 98.22 million yuan, and 66.73 million yuan [6][7]. - The company achieved a revenue of 82.42 million yuan in the first nine months of 2025, reflecting an 8.73% year-on-year increase, with a net profit of 84.87 million yuan, up 16.85% from the previous year [9]. IPO Details - Nantong Technology issued 37.18 million shares at a price of 8.66 yuan per share, raising approximately 322 million yuan, with a net amount of about 284 million yuan after expenses [4]. - The funds raised will be allocated to projects aimed at enhancing production capacity and R&D capabilities [4][5]. Market Performance - On its first trading day, Nantong Technology's stock closed at 24.51 yuan, marking a 183.03% increase, with a trading volume of 1.396 billion yuan and a turnover rate of 68.63% [1].

Core Viewpoint - Nante Technology officially listed on the Beijing Stock Exchange on November 27, becoming the 52nd listed company in Zhuhai and the first from Jinwan District this year, raising approximately 322 million yuan through an issuance price of 8.66 yuan per share [1][4]. Company Overview - Nante Technology specializes in the research, production, and sales of precision mechanical components, focusing on air conditioning compressor parts, with a complete production process from mold design to precision machining [4]. - The company has established stable partnerships with well-known manufacturers such as Gree Electric, Midea Group, and Panasonic [4]. Fundraising and Investment Plans - The company issued 37.18 million shares at an issuance price of 8.66 yuan per share, raising a total of approximately 322 million yuan, with a net amount of 284 million yuan after deducting issuance costs [4]. - The raised funds will be allocated to two major projects: the second phase of the Anhui high-end precision parts production base and the expansion and R&D enhancement of Nante's operations in Zhuhai [4][5]. Future Development Strategy - The company aims to leverage capital market resources to address capacity bottlenecks and expand financing channels, focusing on core business in compressor precision components while actively exploring the automotive parts sector [5]. - Plans include smart upgrades and process innovations to enhance production efficiency and product value, as well as exploring new downstream applications and business expansions [12]. Industry Context - Nante Technology is recognized as a national-level specialized and innovative "little giant" enterprise, benefiting from Zhuhai's industrial policies and supply chain resources [9]. - The city of Zhuhai has a total of 52 listed companies across various capital markets, with a significant increase in market capitalization and direct financing scale this year [13].

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 16, 2025. The market is experiencing a slowdown in new listings and IPO activities, while some companies are progressing through the listing process. Trading Activity - As of November 16, 2025, the BSE has 282 listed companies with a total share capital of 39.228 billion shares and a circulating share capital of 25.056 billion shares [2] - The weekly trading volume from November 10 to November 16 was 4.909 billion shares, a decrease of 0.32% compared to the previous week [3] - The weekly trading value was 106.96 billion yuan, down 5.86% from the previous week [3] - The average trading price was 21.79 yuan, reflecting a decrease of 5.56% [3] - The BSE 50 Index fell by 0.56% to 1514.20 points, with 18 stocks rising and 32 falling [3] New Listings and IPOs - During the week of November 10 to November 16, one company opened for subscription, two companies passed the review, and one company's listing application was accepted [5][17] - As of November 16, 2025, there are 111 companies awaiting review, including 2 that are "accepted," 95 that are "inquired," 8 that have been "approved by the listing committee," and 6 that have "submitted registration" [5] - No companies were listed or received registration approval during this period [12][19] Company Highlights - Nantong Technology Co., Ltd. plans to raise 286 million yuan for projects related to high-end precision components [9] - From 2022 to 2024, Nantong Technology reported revenues of 834 million yuan, 938 million yuan, and 1.031 billion yuan, with net profits of 46.64 million yuan, 84.18 million yuan, and 98.22 million yuan respectively [10] - Changzhou Tongbao Optoelectronics Co., Ltd. aims to raise 330 million yuan for projects in the new energy vehicle sector [15] - Shandong Agricultural University Fertilizer Technology Co., Ltd. plans to raise 413 million yuan for various agricultural projects [16] - Guangdong Hengji Metal Co., Ltd. has had its listing application accepted and plans to raise 440 million yuan for new production facilities [18] Counseling and Review Process - One company passed the counseling acceptance during the week, while three companies entered the counseling period [20][23] - Companies are actively engaging in the counseling process to prepare for future IPOs, with several companies having their counseling applications accepted [21][25]

Company Overview - Nantong Technology (920124.BJ) has initiated its subscription on November 11, with an issue price of 8.66 CNY per share and a subscription limit of 1.6732 million shares, listed on the Beijing Stock Exchange with a price-to-earnings ratio of 13.60 times. Everbright Securities serves as its sponsor [1] - The company specializes in the research, development, production, and sales of precision mechanical components, focusing on air conditioning compressor parts, including cylinders, bearings, pistons, and crankshafts. It has established stable partnerships with four of the top five air conditioning compressor manufacturers, including Midea Group and Gree Electric [1] Industry Insights - According to the National Bureau of Statistics, China's total air conditioning production has grown from 23.13 million units in 2001 to 265.98 million units in 2024, with a compound annual growth rate of 11.20% from 2001 to 2024. The external sales of air conditioners have also shown significant growth, with household air conditioner exports reaching 69.586 million units in 2023, accounting for over 40% of total household air conditioner sales [2] Financial Performance - The company reported revenues of approximately 834 million CNY, 938 million CNY, and 1.031 billion CNY for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 46.64 million CNY, 84.19 million CNY, and 98.22 million CNY [4] - As of June 30, 2025, the total assets amounted to approximately 1.79 billion CNY, with total equity of about 737 million CNY. The company's asset-liability ratio stands at 36.32%, and the gross profit margin is 25.46% [5] - The company has maintained a high inventory turnover rate, with rates of 4.94 times, 5.41 times, and 5.86 times for the years 2022, 2023, and 2024, indicating low risk of inventory backlog [5][6] Competitive Position - Nantong Technology's inventory turnover speed is slightly higher than its industry peers, attributed to its production model based on sales orders, which minimizes excess inventory. The company benefits from a concentrated supply chain and customer base, leading to shorter procurement and sales cycles [6]

Core Viewpoint - The company, United Precision, is a significant player in the domestic precision mechanical components sector, with advanced R&D and production capabilities, and a diverse product range used in various industries including home appliances and automotive parts [1] Group 1: Company Overview - United Precision was established on August 29, 2003, and was listed on the Shenzhen Stock Exchange on June 30, 2022 [1] - The company is located in Qingyuan, Guangdong, with its office in Foshan, Guangdong [1] - Its product offerings include pistons, bearings, cylinders, and crankshafts [1] Group 2: Financial Performance - For Q3 2025, United Precision reported revenue of 597 million yuan, ranking 31st among 34 companies in the industry [2] - The industry leader, Sanhua Intelligent Controls, achieved revenue of 24.03 billion yuan, while the second, Haili Co., reached 16.49 billion yuan [2] - The net profit for the same period was approximately 59.54 million yuan, placing the company 21st in the industry [2] Group 3: Financial Ratios - As of Q3 2025, United Precision's debt-to-asset ratio was 33.07%, an increase from 20.80% year-on-year, which is below the industry average of 41.84% [3] - The company's gross profit margin for Q3 2025 was 22.29%, up from 21.41% year-on-year, exceeding the industry average of 18.50% [3] Group 4: Executive Compensation - The chairman, He Guijing, received a salary of 817,800 yuan in 2024, an increase of 50,000 yuan from 2023 [4] - The general manager, Liu Ruixing, earned 693,800 yuan in 2024, up by 48,500 yuan from the previous year [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.76% to 8,918 [5] - The average number of circulating A-shares held per shareholder decreased by 4.54% to 7,056.89 [5]

Core Viewpoint - Recently, United Precision announced a share reduction plan by its controlling shareholders, which follows a successful share buyback earlier this year, leading to a significant recovery in the company's stock price from a low of 11.96 yuan to a high of 38.88 yuan [1][6]. Group 1: Share Reduction Plan - On September 28, 2025, United Precision disclosed a plan for its controlling shareholders, including Chairman He Guijing and Vice Chairman He Junhua, to reduce their holdings by up to 3% of the total shares, amounting to 320,769 shares [2][4]. - As of September 26, 2025, the closing price was 31.56 yuan, indicating that the total cash raised from the reduction could exceed 100 million yuan if executed at this price [4][6]. Group 2: Previous Shareholder Actions - Prior to the current reduction plan, another major shareholder, Zheng Zixian, sold 897,700 shares at an average price of 20.67 yuan on April 28, 2025, raising approximately 18.56 million yuan [4][5]. - The share buyback plan was completed just a month before Zheng's reduction, with United Precision repurchasing 1.01 million shares at a total cost of approximately 16.17 million yuan [5][6]. Group 3: Stock Performance and Buyback Success - United Precision's stock price experienced a significant decline before the buyback, hitting a low of 11.96 yuan in February 2024, but rebounded to 38.88 yuan by September 2025, marking a successful recovery [6][7]. - The buyback plan, with a maximum budget of 30 million yuan, resulted in a floating profit of nearly 16 million yuan, achieving a floating profit ratio close to 100% [6][7]. Group 4: Company Performance - United Precision's revenue and net profit showed a recovery in 2024, with revenue reaching 751 million yuan, a year-on-year increase of 13.82%, and net profit of 71.46 million yuan, up 15.52% [7]. - In the first half of 2025, the company continued this growth trend, achieving revenue of 445 million yuan, a 21.49% increase, and a net profit of 51.38 million yuan, up 52.80% [7]. Group 5: Strategic Expansion - United Precision is also pursuing strategic growth by planning to acquire a 51% stake in Chengdu Mite Aviation Manufacturing Co., a supplier to major aerospace manufacturers [8].

Core Viewpoint - Zhuhai Nante Technology Co., Ltd. has successfully passed the IPO review on August 8, 2023, and plans to raise approximately 286 million yuan for its projects [1][2] Group 1: Company Overview - Nante Technology is a high-tech enterprise primarily engaged in the research, production, and sales of precision mechanical components [1] - The company’s IPO was accepted on December 30, 2024, and entered the inquiry phase on January 23, 2025 [1] Group 2: Fundraising and Investment Plans - The company aims to raise around 286 million yuan, with the net proceeds after issuance costs to be fully invested in the second phase of the Anhui high-end precision parts production base and the expansion and R&D capability enhancement project in Zhuhai [1] Group 3: Regulatory Requirements - The listing committee requested Nante Technology to explain why its precision component product gross margins are lower than those of comparable company United Precision, despite superior processing quality parameters [1] - The committee also required the company to clarify the reasons for the higher sales growth rate to Gree Electric Appliances compared to Midea Group, and to analyze its competitive advantages and potential substitution risks [1][2] - Additionally, the company must reasonably assess its existing production capacity based on asset scale as of March 31, 2025, and the operational status of its East China base, alongside analyzing the rationality and necessity of the fundraising projects [2]