2025年7月，由南方电网牵头、协同众多合作生态伙伴共同成立的开放原子电鸿开源社区正式启动，标 志着电鸿已升级为能源行业的电鸿、产业生态的电鸿。 提质增效，"电鸿"相关能力已落地应用 "在过去，去一次现场要带一大堆终端，以应对现场不同设备的接入。现在，只需一部手机和一箱基础 工具就行。"11月21日，南都湾财社记者参加开源鸿蒙电力行业走访活动，来自广州南沙示范区的运维 工作人员介绍说。 探访开源鸿蒙在电力行业的落地。 这一变化的背后，源于电鸿物联操作系统（简称"电鸿"）在多个业务场景中持续应用落地，让一套系统 覆盖不同类型、不同品牌的电力设备，实现海量终端数据互联互通。 开放开源，我国首个电力物联操作系统 据介绍，电鸿是基于开源鸿蒙与开源欧拉两大开源项目开发，是我国首个电力物联操作系统。中国南方 电网有限责任公司（简称"南方电网"）践行国家开源战略，主导联合润和软件、粤港澳国家技术创新中 心、上海交通大学、广州颐能等合作伙伴，围绕内核底座、安全机制和工具链持续开展研发。 2023年，"电鸿"发布首个版本，随后经历多轮版本演进，初步构建起统一电力物联数字底座，并在多个 示范区完成场景验证。2025年8月，电鸿3 ...

11月18日，有一只新股申购，为北交所的精创电气（920035.BJ）；有三只新股上市，为创业板的南网 数字（301638.SZ），科创板的恒坤新材（688727.SH），以及北交所的北矿检测（920160.BJ ）。 一只新股申购 精创电气主营冷链设备智能控制器、医药与食品冷链监测记录仪、制冷热泵检测仪表及环境颗粒物检测 仪器等产品的研发、生产和销售，并提供物联网和基于云的系统解决方案，是国家级高新技术企业、国 家级专精特新"小巨人"企业。 | 募集资金投资方向 | 拟投入募集资金金额 (亿元) | 品 | | --- | --- | --- | | 核心产线智能化升级改造项目 | 1.10 | 62.86% | | 智能仪表研发中心及冷云平台建设 项目 | 0.65 | 37.14% | | 新哈特点 国内冷链温温度控制在上率等。 | | | 技术方面，截至11月17日，公司在技术方面通过参加与核心产品紧密联系的38项国家、行业及团体等标 准的制定，在冷链控制及监测记录的技术与产业标准引领方面居于重要地位。 在全球化市场布局方面，精创电气在美国、英国及巴西均设立子公司。此外，公司已进入松下、海尔、 澳柯玛 ...

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, while three new stocks are listed: Nanfang Digital (301638.SZ), Hengkong New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric Overview - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment smart controllers, monitoring recorders, and environmental detection instruments, and is recognized as a national high-tech enterprise [2] - The company has established subsidiaries in the USA, UK, and Brazil, and has entered the supply chains of major refrigeration equipment manufacturers like Panasonic and Haier [2] - As of November 17, Jingchuang Electric holds a market share of 13.13% in China's cold chain temperature and humidity control market, ranking first domestically, and 4.64% globally [3] Group 3: Nanfang Digital Overview - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation and maintaining grid safety [4] - The company has developed key technologies, including the "Dihong" IoT operating system and the "Fuxi" power-specific main control chip, contributing to the domestic energy control field [4] Group 4: Hengkong New Materials Overview - Hengkong New Materials focuses on the R&D and industrial application of key materials for integrated circuits, particularly in photolithography materials [6] - The company's self-produced product sales revenue has increased from 12,357.89 million in 2022 to 34,418.93 million in 2024, with a rising proportion of total revenue [6][7] Group 5: Beikang Testing Overview - Beikang Testing, established in 2016, is a leading institution in the R&D and service of non-ferrous metal inspection and testing technology [9] - The company is involved in the formulation of numerous national and international standards in the field of mineral and metal testing [9][10]

Core Viewpoint - The company, Nanwang Digital, is launching its IPO with a price of 5.69 yuan per share and a PE ratio of 32.22 times, focusing on providing digital solutions for the power energy sector and expanding into other industries [1] Group 1: Business Overview - The company is a key player in the digital grid construction and digital transformation of power energy enterprises, supporting the national strategy for a new power system and carbon neutrality [2] - Its main business revolves around digital grids, utilizing technologies like micro-sensing, edge computing, and data fusion to optimize the entire operational process of power enterprises [2] - The company has developed a comprehensive digital framework integrating cloud, management, edge, terminal, and core technologies to enhance decision-making in the power system [2] Group 2: Technological Advancements - The company focuses on overcoming critical technology challenges, developing proprietary systems and models such as the "Dihong" IoT operating system and the "Watt" AI model for the power industry [2] - It has successfully created the "Fuxi" main control chip for power applications, transitioning from imported to domestically produced specialized chips, recognized as a significant achievement by the State-owned Assets Supervision and Administration Commission [2] - The company has also developed the world's first micro-intelligent current sensor, addressing high-end sensor technology challenges in the power sector [2] Group 3: Financial Performance - The company reported revenues of approximately 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods were approximately 653 million yuan, 377 million yuan, 574 million yuan, and 15.47 million yuan [3] - As of June 30, 2025, total assets were approximately 1.175 billion yuan, with a debt-to-asset ratio of 38.41% [4]

Group 1: New Stock Subscription and Listings - A new stock subscription for Jingchuang Electric (920035.BJ) is available, with three new stocks listed: Nanfang Digital (301638.SZ), Hengkang New Materials (688727.SH), and Beikang Testing (920160.BJ) [1] Group 2: Jingchuang Electric - Jingchuang Electric specializes in the R&D, production, and sales of cold chain equipment and is recognized as a national high-tech enterprise and a "little giant" enterprise [2] - The company has established a significant position in technology standards related to cold chain control and monitoring, participating in 38 national and industry standards [2] - Jingchuang Electric has a market share of 13.13% in China's cold chain temperature and humidity control market and 4.64% globally, ranking first domestically and among the top globally [3] Group 3: Nanfang Digital - Nanfang Digital provides comprehensive digital construction solutions for the power energy sector, focusing on digital transformation [4] - The company generated revenue of 75,514.01 million yuan from digital grid services in the first half of 2025, accounting for 48.64% of total revenue [5] Group 4: Hengkang New Materials - Hengkang New Materials is involved in the R&D and production of key materials for integrated circuits, with a focus on photolithography materials [7] - The company's sales revenue from self-produced products increased from 12,357.89 million yuan in 2022 to 34,418.93 million yuan in 2024, with a rising proportion of total revenue [7] - Hengkang New Materials has become a major supplier of photolithography materials in China, with an estimated market share exceeding 10% [8] Group 5: Beikang Testing - Beikang Testing is a leading institution in the field of non-ferrous metal inspection and testing, with a comprehensive range of services and a strong market position [9] - The company is involved in the development and revision of numerous national and international standards in the non-ferrous metal sector [9] - Despite its leading market position, Beikang Testing faces risks related to market space limitations and a single-source revenue model [10][11]

New IPOs - Two new stocks are available for subscription: Hengkun New Materials (688727.SH) on the Sci-Tech Innovation Board and Nanguang Digital (301638.SZ) on the ChiNext Board [1] - Hengkun New Materials focuses on the research and industrial application of key materials for integrated circuits, being one of the few domestic companies capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [2][3] - Nanguang Digital provides comprehensive digital construction solutions for the power and energy sectors, aiming to drive digital transformation in the electricity industry [4] Hengkun New Materials - The company’s main products include SOC, BARC, KrF photoresist, i-Line photoresist, and TEOS precursor materials, with sales revenue projected to grow from 123.58 million yuan in 2022 to 344.19 million yuan in 2024 [2] - The company has a high customer concentration, primarily serving major domestic wafer manufacturers, with significant clients being among the top ten wafer fabs in China [2][3] - Hengkun New Materials has achieved a domestic market share of over 10% in 2024 for its photoresist materials, indicating its strong position in the market [3] Nanguang Digital - The company’s revenue from digital grid construction in the first half of 2025 is projected to be 75.51 million yuan, accounting for 48.64% of total revenue, with enterprise digitalization and digital infrastructure contributing 40.98 million yuan and 38.65 million yuan, respectively [5] - Nanguang Digital has developed key technologies such as the "Dihong" IoT operating system and the "Fuxi" dedicated control chip for the power industry, enhancing its technological capabilities [4] - The company is involved in several national key research and development projects, showcasing its commitment to advancing technology in the energy sector [4] DeLijia - DeLijia specializes in the research, production, and sales of high-speed heavy-load precision gear transmission products, primarily for wind power generation [7] - The company’s revenue from onshore wind power is projected to be 3.625 billion yuan in 2024, representing 98.57% of its total revenue [7] - DeLijia has established strong partnerships with leading wind turbine manufacturers, earning recognition as a top supplier in the industry [7][8] Zhongcheng Consulting - Zhongcheng Consulting ranks among the top engineering cost consulting firms in Jiangsu Province, with its revenue from engineering cost consulting being 566.96 million yuan in the first half of the year, accounting for 53.39% of total revenue [9][10] - The company has a strong team of qualified professionals, including 130 first-class cost engineers and 190 registered supervising engineers [9] - Zhongcheng Consulting faces risks related to accounts receivable, with the value of accounts receivable increasing significantly from 141.08 million yuan in 2022 to 209.01 million yuan in 2024 [11]

Core Viewpoint - The company, Nanwang Digital, is launching its IPO with a price of 5.69 yuan per share and a PE ratio of 32.22 times, focusing on providing digital solutions for the power energy sector and expanding into other industries like transportation and urban construction [1]. Group 1: Business Overview - The company is a key player in the digital grid construction and digital transformation of power energy enterprises, supporting the national strategy for a new power system and carbon neutrality [2]. - Its main business revolves around digital grids, utilizing technologies such as micro-sensing, edge computing, and data fusion to optimize the entire operational process of power enterprises [2]. - The company has developed a comprehensive digital framework integrating cloud, management, edge, terminal, and core technologies to enhance decision-making in the power system [2]. Group 2: Technological Advancements - The company focuses on overcoming critical technology challenges, developing proprietary systems and models, including the "Dianhong" IoT operating system and the "Dawate" AI model for the power industry [2]. - It has successfully created the "Fuxi" main control chip for power applications, transitioning from imported to domestically produced specialized chips, recognized as a significant achievement by the State-owned Assets Supervision and Administration Commission [2]. - The company has also developed the world's first micro-intelligent current sensor, addressing high-end sensor technology challenges in the power sector [2]. Group 3: Financial Performance - The company reported revenues of approximately 5.686 billion yuan, 4.234 billion yuan, 6.090 billion yuan, and 1.558 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Net profits for the same periods were approximately 653 million yuan, 377 million yuan, 574 million yuan, and 15.47 million yuan [3]. - As of June 30, 2025, total assets were approximately 1.175 billion yuan, with equity attributable to the parent company at around 787 million yuan and a debt-to-asset ratio of 38.41% [4].

Core Viewpoint - The company, Nanfang Digital, has successfully launched its initial public offering (IPO) and is focused on driving digital transformation in the power energy sector through advanced technologies and innovative solutions [1] Group 1: Technology and Innovation - The company has mastered 27 core technologies, including key technologies for domestically produced power industrial control chips and power IoT operating systems [1] - Successful R&D achievements include the development of the "Fuxi" power-specific main control chip, the world's first micro intelligent current sensor, and the "Dahuat" artificial intelligence model [1] - The company holds 1,475 domestic authorized patents and 2,194 software copyrights, and has participated in the formulation of 82 industry standards [1] Group 2: Business Development - Nanfang Digital was established in 2017 and serves as a key player in the digital transformation strategy of the Southern Power Grid [1] - The company aims to promote digital transformation in the power energy industry, developing three main business systems: digital grid, enterprise digitalization, and digital infrastructure, driven by AI and integrated hardware and software solutions [1] Group 3: R&D Model - The company employs a "one body, three rings" R&D model to enhance technological breakthroughs and the conversion of research results, providing solid support for business development [1]

Core Viewpoint - The company, Southern Power Grid Digital Grid Research Institute Co., Ltd., has received approval for its initial public offering (IPO) of A-shares on the ChiNext board, with a total issuance of approximately 476.95 million shares, accounting for 15% of the post-issue total share capital [1][2]. Group 1: Financial Metrics - The IPO price is set at 5.69 CNY per share, resulting in a diluted price-to-earnings (P/E) ratio of 32.22 times based on the lower of the 2024 net profit attributable to the parent company, excluding non-recurring gains and losses [2][11]. - This P/E ratio is significantly lower than the industry average of 71.22 times and the comparable listed companies' average of 32.78 times as of November 4, 2025 [2][9][11]. - The total expected fundraising amount is approximately 271.38 million CNY, with a net amount of about 263.84 million CNY after deducting estimated issuance costs [18][19]. Group 2: Strategic Positioning - The company focuses on digital grid technology, aligning with national strategies such as "Digital China," and has developed a range of core products and services, including the "Electric Hong" IoT operating system and various AI-driven solutions [13][14]. - The company has a comprehensive product and solution portfolio that spans multiple sectors, including power energy, transportation, and urban construction, showcasing its versatility and market reach [15]. Group 3: Innovation and R&D - The company emphasizes core technology breakthroughs and has participated in several national key research projects, enhancing its technological capabilities and innovation ecosystem [15][16]. - It has established a robust R&D organization that integrates demand, research, application, and feedback, ensuring alignment between technological advancements and business needs [15][16]. Group 4: Market Dynamics - The IPO will utilize a combination of strategic placement, offline inquiries, and online offerings, catering to various investor profiles [7][8]. - The company has implemented a market-oriented pricing strategy, with the final issuance price reflecting the results of preliminary inquiries and market conditions [18][19].

Core Viewpoint - The company, Southern Power Grid Digital Research Institute Co., Ltd., has received approval for its initial public offering (IPO) of A-shares on the ChiNext board, with a total issuance of approximately 476.95 million shares, accounting for 15% of the post-issue total share capital [1]. Pricing and Valuation - The IPO price is set at 5.69 CNY per share, resulting in a diluted price-to-earnings (P/E) ratio of 32.22 times based on the lower of the 2024 net profit attributable to the parent company before and after non-recurring gains and losses [2][9]. - This P/E ratio is significantly lower than the industry average of 71.22 times and the average of comparable listed companies at 32.78 times as of November 4, 2025 [2][7]. Issuance Details - The total number of shares to be issued is 476.95 million, with all shares being newly issued and no existing shares being sold by current shareholders [1]. - The company aims to raise approximately 271.38 million CNY, with a net amount expected to be around 263.84 million CNY after deducting estimated issuance costs [18]. Competitive Advantages - The company is recognized as a leader in the digital grid sector, leveraging its early mover advantage and deep expertise in digital grid technologies [10]. - It has developed a comprehensive technology and product matrix, focusing on smart terminals, advanced sensing technologies, and artificial intelligence, which supports its core competitiveness [11][12]. Product and Service Offerings - The company offers a wide range of products and solutions across various sectors, including power generation, metering, planning, safety supervision, and enterprise management, ensuring a robust digital infrastructure [13]. - Its solutions have been widely applied in the energy sector and are expanding into other industries such as transportation, water supply, and urban construction [13]. Innovation and R&D - The company has established a strong innovation mechanism, participating in multiple national key research projects, which enhances its technological capabilities and market position [14]. - It focuses on core technology breakthroughs, particularly in areas like sensing, embedded operating systems, and artificial intelligence, to drive its business development [12]. Talent and Qualifications - The company boasts a highly skilled workforce with extensive experience in digital construction, supported by numerous certifications that validate its technical and project management capabilities [15]. - It actively participates in the formulation of industry standards, contributing to 82 standards, including 11 international standards [15].