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]

Core Viewpoint - Jiangsu TuoQiu Agricultural Chemical Co., Ltd. (hereinafter referred to as "TuoQiu") has initiated IPO counseling with the intention to list on the Beijing Stock Exchange, with Pacific Securities as the counseling institution [2]. Company Overview - TuoQiu was established in April 2003 with a registered capital of approximately 190 million yuan [2][3]. - The company is primarily engaged in the production and sales of pesticide raw materials and formulations, pesticide intermediates, and pharmaceutical intermediates, with leading products including Bromopropylate, Fipronil, Multi-effect Su, and Pyrazole [2]. Shareholding Structure - The actual controller, Liao Dazhang, directly holds 33.72% of TuoQiu's shares and indirectly holds an additional 27.19% through two investment companies, totaling 60.91% [3][4]. - Liao Dazhang's family members also hold shares, with his brother Liao Daqian holding 8.71% and his spouse Zhou Wenlan holding 5.91% [5][6]. Financial Performance - For the first half of 2025, TuoQiu reported operating revenue of approximately 498.13 million yuan, a decrease of 2.81% year-on-year [7]. - The net profit attributable to shareholders increased significantly by 300.73% to approximately 33.69 million yuan [7]. - The gross profit margin improved to 15.44%, up from 9.56% in the previous year [7]. Product Performance - The revenue from insecticides increased by 48.01% year-on-year, driven by higher sales volumes of Fipronil series products, although costs also rose by 45.21% [8].

Core Viewpoint - Jiangsu TuoQiu Agricultural Chemical Co., Ltd. (referred to as "TuoQiu Co.") has initiated IPO counseling with the Jiangsu Securities Regulatory Bureau, aiming for a listing on the Beijing Stock Exchange, with Pacific Securities as the counseling institution [2]. Company Overview - TuoQiu Co. was established in April 2003 with a registered capital of approximately 190 million yuan [2][3]. - The legal representative of the company is Liao Dazhang [2]. - The company primarily engages in the production and sales of pesticide raw materials and formulations, pesticide intermediates, and pharmaceutical intermediates, with leading products including Bromopropylate, Fipronil, Multi-effect Su, and Pyrazole Ether Fungicide [2]. Shareholding Structure - Liao Dazhang directly holds 33.72% of TuoQiu Co.'s shares and indirectly holds an additional 27.19% through two investment companies, making the total shareholding 60.91% [3]. Financial Performance - In the first half of 2025, TuoQiu Co. reported an operating income of 498.13 million yuan, a decrease of 2.81% year-on-year [5]. - The net profit attributable to shareholders of the company was 33.69 million yuan, reflecting a significant increase of 300.73% compared to the previous year [5]. - The basic earnings per share rose to 0.18 yuan, marking a 350% increase year-on-year [5].