IPO Review and Registration Progress - Five companies passed the IPO review last week, including ZhiXin Co. and Shaanxi Tourism, marking the first cultural tourism IPO approval in A-shares in five years [2][3] - Shaanxi Tourism's IPO aims to raise 1.555 billion yuan for projects like cableway upgrades and performance expansion, with its main revenue sources being tourism performances and cableway operations [2] - ZhiXin Co. focuses on automotive stamping parts and related molds, with the review committee expressing concerns about market competition and revenue sustainability [3] New IPO Applications and Terminations - Two IPO applications were accepted last week, including JiaDeLi and Core Medical, with JiaDeLi aiming to raise 725 million yuan for a new production base [9][10] - Two IPO applications were terminated, including HaiChuang Optoelectronics and JianNeng Technology, due to voluntary withdrawal and status change respectively [12] New Stock Listings and Subscription Dynamics - Five new stocks were listed last week, with DanNa Bio experiencing a significant increase of nearly 500% on its first trading day [13] - This week, two new stocks are scheduled for subscription, including NanTe Technology and HaiAn Group, with NanTe aiming for a price of 8.66 yuan per share [15]

祺龙海洋主要从事海洋钻井隔水导管的研发、生产和销售，兼营油气长输管线及水下油气装备试验技术 服务。隔水导管是海洋油气钻探关键部件，用于隔离海水、承受侧向载荷及形成钻井液循环通道，已于 2012年被列入《战略性新兴产业分类（试行）》。 公司是我国最大的海洋油气开发主体——中海油在南海海域规模最大的隔水导管供应商，也是我国迄今 为止全面掌握深海隔水导管核心技术并在中海油深海油气勘探与开发领域成功应用的独家厂商，在我国 深海油气开发领域占据主导地位。近年来，公司先后参与中国首个海上大型深水自营气田"陵水17-2"、 平均水深超过1,000米的"陵水25-1"、我国海上首个超高温超高压气田"乐东10-1"等国家重点深水油气项 目，也同行业中唯一被工业和信息化部认定为专精特新"小巨人"的企业。 11月3日，北京证券交易所上市委员会召开2025年第28次审议会议，山东祺龙海洋石油钢管股份有限公 司（简称"祺龙海洋"）成功首发过会，将于北交所上市。 公司简介 随着国家推进海洋强国战略，海洋油气装备市场潜力巨大，为具备自主创新能力的行业内企业提供了广 阔的机遇。 ...

Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking it as the 68th company to pass the review this year, with a focus on the development, production, and sales of marine drilling riser pipes and related services [1][2]. Company Overview - Shandong Qilong specializes in the research, production, and sales of marine drilling riser pipes, oil and gas long-distance pipeline production, and underwater oil and gas equipment testing services [1]. - The company is controlled by Shengli Longxi (Shandong) Petroleum Engineering Technology Service Co., Ltd., which holds 111,670,000 shares, accounting for 78.66% of the total share capital [1]. IPO Details - The company plans to publicly issue up to 47,320,000 shares, with an option for an overallotment of up to 7,098,000 shares, bringing the total potential issuance to 54,418,000 shares [2]. - The funds raised, totaling 38,188.90 million yuan, will be allocated for land transfer fees, main construction investments, factory renovations, equipment purchases, and working capital [2][3]. Investment Allocation - The investment breakdown for the raised funds is as follows: - Land transfer fees: 1,870.00 million yuan - Main construction and related investments: 10,696.46 million yuan - Factory renovation costs: 434.06 million yuan - Equipment purchase and installation costs: 23,289.00 million yuan - Working capital: 1,899.38 million yuan - Total: 38,188.90 million yuan [3]. Review Meeting Inquiries - The review meeting raised inquiries regarding: 1. The operating conditions of the controlling shareholder, including external borrowings and debt ratios [4]. 2. The stability of customer cooperation and sustainability of business performance, particularly with the largest customer, CNOOC [4].

Core Viewpoint - Shandong Qilong Marine Oil Pipe Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, focusing on the development, production, and sales of marine drilling riser pipes and related services [1] Financial Performance - The company reported revenues of 240 million yuan in 2022, 201 million yuan in 2023, and projected 244 million yuan in 2024, indicating a revenue growth of 21.07% in 2024 compared to 2023 [1] - Net profits for the same years were 48.2 million yuan in 2022, 47.4 million yuan in 2023, and are expected to reach 50.7 million yuan in 2024, reflecting a year-on-year increase of 6.92% [1] Key Financial Metrics - Revenue for 2024 is projected at 24,370.54 million yuan, with net profit attributed to shareholders at 5,067.02 million yuan [1] - The basic earnings per share (EPS) for 2024 is estimated at 0.36 yuan, up from 0.33 yuan in 2023 and 0.34 yuan in 2022 [1] - The weighted average return on equity (ROE) is expected to be 18.20% in 2024, down from 20.26% in 2023 and 23.59% in 2022 [1] - The net cash flow from operating activities is projected to be -63.5 million yuan in 2024, a decline from 73.9 million yuan in 2023 and 22.5 million yuan in 2022 [1]

Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. has successfully passed the IPO review for listing on the Beijing Stock Exchange, aiming to raise approximately 382 million yuan for high-performance large-diameter subsea conduits production projects [1][1]. Company Overview - Qilong Marine primarily engages in the research, production, and sales of subsea drilling riser pipes, as well as the production and sales of oil and gas long-distance pipelines and underwater oil and gas equipment testing technical services [1][1]. IPO Details - The company's IPO was accepted on December 24, 2024, and entered the inquiry phase on January 20, 2025 [1][1]. - The planned fundraising amount is approximately 382 million yuan, which will be allocated to the production project of high-performance large-diameter subsea conduits after deducting issuance costs [1][1]. Regulatory Scrutiny - The listing committee requested clarification on the operating conditions of the controlling shareholder, Longxi Oil Services, including its external borrowing and changes in asset-liability ratio [1][1]. - The committee also inquired about the commercial rationale for Longxi Oil Services' increased investment through borrowing and the effectiveness of risk isolation from the controlling shareholder's operations [1][1]. - Additionally, the committee sought information on the stability and sustainability of customer cooperation, specifically with the largest client, CNOOC, and the adequacy of bad debt provisions and accounts receivable risk disclosures [1][1].

Core Viewpoint - This week (November 3 to November 7), five companies are scheduled for IPO meetings, with a total fundraising target of approximately 38.71 billion yuan [1]. Group 1: Upcoming IPOs - Five companies are set to present their IPO applications: Shaanxi Tourism and Zhixin Co. for the Shanghai main board, and Guoliang New Materials, Haiseng Medical, and Qilong Ocean for the Beijing Stock Exchange [1][2][4]. - Shaanxi Tourism aims to raise the highest amount of 1.555 billion yuan, with funds allocated for multiple projects including the Taishan Xiucheng Phase II project and various acquisitions [1][3]. - Zhixin Co. plans to raise 1.329 billion yuan, while Qilong Ocean aims for 382 million yuan [1]. Group 2: Company Profiles - Shaanxi Tourism integrates tourism performances, cable cars, dining, and project investment and management [3]. - Zhixin Co. specializes in the development, processing, production, and sales of automotive welding parts and related molds [2]. - Haiseng Medical focuses on the research, production, and sales of anesthesia and monitoring medical devices, serving various clinical needs [4]. - Guoliang New Materials provides high-temperature industrial refractory material solutions [4]. - Qilong Ocean is involved in the research, production, and sales of marine drilling riser systems and underwater oil and gas equipment testing services [4].

Core Viewpoint - The upcoming IPO review period from November 3 to November 7 will feature five companies aiming to raise a total of 3.812 billion yuan [1]. IPO Companies Overview - Five companies are scheduled for IPO review: - Qilong Ocean (Shandong) aims to raise 381.889 million yuan, with a net profit of 50.67 million yuan [2][5]. - Zhixin Co., Ltd. plans to raise 1.329 billion yuan, reporting a net profit of 203.964 million yuan [2][10]. - Shaanxi Tourism intends to raise 1.555 billion yuan, with a net profit of 621.578 million yuan [2][15]. - Haiseng Medical (Zhejiang) seeks to raise 370.425 million yuan, with a net profit of 70.918 million yuan [2][20]. - Guoliang New Materials (Hebei) aims to raise 175.022 million yuan, reporting a net profit of 70.965 million yuan [2][25]. Fundraising Adjustments - Guoliang New Materials reduced its fundraising target from 301 million yuan to 175 million yuan, eliminating the R&D center project and adjusting working capital needs [3]. Financial Performance - Qilong Ocean reported total assets of 432.166 million yuan and a net profit of 49.075 million yuan for the first half of 2025 [7]. - Zhixin Co., Ltd. had total assets of 427.830 million yuan and a net profit of 9.448 million yuan for the first half of 2025 [12]. - Shaanxi Tourism's total assets reached 214.426 million yuan with a net profit of 24.707 million yuan for the first half of 2025 [17]. - Haiseng Medical reported total assets of 519.449 million yuan and a net profit of 35.494 million yuan for the first half of 2025 [23]. - Guoliang New Materials had total assets of 1.520 billion yuan and a net profit of 41.497 million yuan for the first half of 2025 [26]. Investment Projects - Qilong Ocean's main investment project is the high-performance large-diameter riser pipe production project, with a total investment of 381.889 million yuan [9]. - Zhixin Co., Ltd. plans to expand its production capacity and technology for automotive welding components, with a total investment of 1.329 billion yuan [13]. - Shaanxi Tourism's investment projects include the construction of various tourism facilities, totaling 1.555 billion yuan [19]. - Haiseng Medical's investment projects focus on upgrading and expanding production capabilities for anesthesia and monitoring medical devices, with a total investment of 482.701 million yuan [24]. - Guoliang New Materials is involved in high-temperature industrial refractory materials, with a total investment of 175.022 million yuan for its projects [27].

Core Insights - Five companies are set to present their IPO applications, with Redboard Technology seeking to raise the most funds at 2.057 billion yuan [1] Group 1: Upcoming IPOs - Redboard Technology plans to list on the Shanghai Main Board, aiming to raise 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards [1][2] - Zhixin Co. intends to list on the Shanghai Main Board, with a fundraising target of 1.329 billion yuan [1][3] - Taijin New Energy is targeting the Sci-Tech Innovation Board, with a proposed fundraising of 990 million yuan [1][4] - Qilong Ocean and Jiangtian Technology are both set to list on the Beijing Stock Exchange, with fundraising targets of 382 million yuan and 531 million yuan respectively [1][5] Group 2: Company Profiles - Redboard Technology specializes in the research, production, and sales of printed circuit boards [2] - Zhixin Co. focuses on the development, processing, production, and sales of automotive stamping parts and related molds [3] - Taijin New Energy is dedicated to the research, design, production, and sales of high-end green electrolysis equipment, titanium electrodes, and metal glass sealing products [4] - Jiangtian Technology is involved in the research, production, and sales of label printing products, providing integrated solutions for customers [5] - Qilong Ocean specializes in the research, production, and sales of marine drilling riser pipes and underwater oil and gas equipment testing services [5]

Core Viewpoint - Shandong Qilong Marine Oil Steel Pipe Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, with a significant reliance on a single client, CNOOC, posing potential risks to its business performance [1][2]. Financial Performance - The company's net profit after deducting non-recurring gains and losses for 2022 to 2024 is projected to be 45.52 million yuan, 46.82 million yuan, and 50.41 million yuan, respectively, indicating a compound annual growth rate of over 5% [1]. - Revenue from the company's main product, subsea risers, accounted for 85.79%, 89.77%, 99.63%, and 87.15% of total revenue during the reporting period [2]. Client Concentration - CNOOC is the largest client, contributing 79.39%, 93.44%, 93.48%, and 75.39% of the company's revenue from 2022 to the first half of 2025 [1]. - The company acknowledges that its performance is highly dependent on the execution of contracts with CNOOC, and any changes in CNOOC's exploration and development plans could significantly impact its revenue [1]. Product Structure and Capacity - The company has a single product structure, with subsea risers being the primary revenue source, which poses risks if it cannot innovate or diversify its product line [2]. - The capacity utilization rate fluctuated significantly, with 101.04% in 2022, dropping to 61.62% and 59.59% in the following two years, and then rising to 105.22% in the first half of 2025 [2]. Accounts Receivable - Accounts receivable surged from 38.46 million yuan at the end of 2023 to 165 million yuan at the end of 2024, marking a year-on-year increase of 328.96%, further rising to 241 million yuan in the first half of 2025 [3]. - A significant portion of accounts receivable is attributed to CNOOC and Sinopec, which accounted for 93.10%, 88.84%, 98.51%, and 98.83% of the total at the end of each reporting period [3]. Control Risks - The company faces risks related to changes in control, as its controlling shareholder has a high debt ratio of 88.21% and reported a net loss of 16.67 million yuan in the first half of 2025 [3]. - Although the high debt and poor operating conditions of the controlling shareholder have not adversely affected the company so far, any future financial difficulties could lead to changes in control [3].

Core Viewpoint - Four companies are set to present their IPO applications, with Redboard Technology seeking the highest fundraising amount of 2.057 billion yuan [1] Group 1: Upcoming IPOs - Redboard Technology plans to list on the Shanghai Main Board, aiming to raise 2.057 billion yuan for a project to produce 1.2 million square meters of high-precision circuit boards [1][2] - Taijin New Energy is targeting the Sci-Tech Innovation Board with a fundraising goal of 990 million yuan, focusing on high-end green electrolysis equipment and titanium electrodes [1][3] - Jiangtian Technology and Qilong Ocean are both applying for listings on the Beijing Stock Exchange, with Jiangtian seeking to raise 531 million yuan and Qilong aiming for 382 million yuan [1][4] Group 2: Company Profiles - Redboard Technology specializes in the research, production, and sales of printed circuit boards [2] - Taijin New Energy focuses on the research, design, production, and sales of high-end green electrolysis equipment and related products [3] - Jiangtian Technology is involved in the development and production of label printing products, offering integrated solutions for customers [4] - Qilong Ocean is engaged in the research, production, and sales of marine drilling riser pipes and underwater oil and gas equipment testing services [4]