Core Viewpoint - The report outlines the continuous supervision and tracking of Nanjing Maglev Technology Co., Ltd. by the sponsor, Industrial Securities, during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing compliance with relevant regulations and the company's operational status [1][2][3]. Continuous Supervision Work Content - The sponsor has established and effectively executed a continuous supervision work plan, including signing relevant agreements with the company and reporting to the Shanghai Stock Exchange [1][2]. - Regular communication, site inspections, and due diligence are conducted to understand the operational status of Maglev Technology [1][2]. - No violations or significant issues were reported during the supervision period [3]. Financial Performance - For the first half of 2025, the company reported operating income of 151.64 million yuan, a slight increase of 1.17% compared to the same period in 2024 [10]. - The net profit attributable to shareholders was approximately 4.48 million yuan, showing a decrease from 8.32 million yuan in the previous year [10]. - The company’s total assets at the end of the reporting period were approximately 1.38 billion yuan, a decrease of 3.61% from the previous year [10]. Research and Development - The company has invested in R&D, with a total R&D expenditure of approximately 20.86 million yuan in the first half of 2025, a decrease of 11.26% compared to the previous year [11][12]. - As of June 30, 2025, the company holds 373 authorized intellectual property rights, including 98 invention patents [12][17]. Market Position and Competitive Advantage - The company focuses on the development of maglev fluid machinery and has established a comprehensive product system, including maglev centrifugal blowers and compressors, which are widely used in various industries [12][13]. - The maglev centrifugal blower is reported to save approximately 30% energy compared to traditional blowers, enhancing its market competitiveness [13][14]. - The company has built a strong brand presence in the domestic high-end maglev fluid equipment market, supported by a robust sales and service network [15][16]. Industry Risks - The company faces risks related to the adoption of its products, as the maglev centrifugal blower is relatively new in the market and competes with traditional blowers [9][10]. - The operational performance of the company is subject to fluctuations due to the seasonal nature of its business, particularly in the municipal wastewater treatment sector [7][8]. Compliance and Governance - The company has adhered to relevant regulations regarding the management and use of raised funds, with no significant compliance issues reported [17].

Core Viewpoint - The announcement from Nanjing Maglev Technology Co., Ltd. addresses the abnormal fluctuations in its stock price and confirms that the company's daily operations remain normal without any significant changes [1][3]. Group 1: Company Overview - The company specializes in the research, production, and sales of magnetic suspension fluid machinery, magnetic suspension bearings, high-speed motors, and high-speed drives, with key products including magnetic suspension centrifugal blowers, air compressors, vacuum pumps, and special medium products like magnetic suspension chillers and expansion generator sets [2][4]. - In the first half of 2025, the magnetic suspension chillers generated sales revenue of 6.5441 million yuan, accounting for 4.32% of total revenue, primarily serving industries such as chemicals/food, consumer electronics, and pharmaceuticals [2][4]. Group 2: Financial Performance - For the first half of 2025, the company reported total revenue of 151.6447 million yuan and a net profit attributable to shareholders of 4.4849 million yuan, with a net profit of 4.4849 million yuan after deducting non-recurring gains and losses [3][4]. - As of August 18, 2025, the company's closing stock price was 64.99 yuan per share, with a price-to-earnings (P/E) ratio of 77.96, significantly higher than the industry average P/E ratio of 39.88 [2][6]. Group 3: Stock Trading and Market Conditions - The company's stock experienced abnormal trading fluctuations, with a cumulative price deviation of 30% over three consecutive trading days (August 14, 15, and 18, 2025) [2][3]. - The company conducted a self-examination and confirmed that there were no major changes in its daily operations, market environment, or industry policies that could impact its stock price [3][5].

Core Viewpoint - Nanjing CIGU Technology Corp. reported a decline in revenue and profit for the first half of 2025, with total revenue of approximately 151.64 million yuan, a slight increase of 1.17% compared to the same period last year, while net profit attributable to shareholders decreased by 46.10% to approximately 4.48 million yuan [4]. Company Overview and Financial Indicators - The company specializes in the research, production, and sales of magnetic suspension fluid machinery and core components such as magnetic suspension bearings and high-speed motors [18]. - The company’s total assets as of the end of the reporting period were approximately 1.38 billion yuan, a decrease of 3.61% from the previous year [4]. - The net assets attributable to shareholders were approximately 1.01 billion yuan, down 1.44% from the end of the previous year [4]. Industry Analysis 1. Blower Industry - The blower industry is characterized by a shift towards energy-efficient models, with magnetic suspension centrifugal blowers gaining popularity due to their performance advantages [7]. - The compound annual growth rate (CAGR) for centrifugal blowers' output value from 2019 to 2023 was 0.42%, while the output volume grew at a CAGR of 19.30% [6]. - The market for magnetic suspension centrifugal blowers is expanding, with increasing applications in various sectors such as wastewater treatment and chemical processing [19]. 2. Air Compressor Industry - The air compressor market is experiencing growth, with a projected CAGR of 4.25% from 2019 to 2024, driven by rising industrial demand [8]. - Magnetic suspension air compressors are emerging as a high-efficiency solution, with their market penetration expected to increase significantly by 2030 [9]. 3. Refrigeration Compressor Industry - The refrigeration compressor market has shown resilience, with a ten-year CAGR of 3.8%, and is projected to continue growing due to increasing energy efficiency demands [10]. - Magnetic suspension refrigeration compressors are gaining traction in the market, offering significant energy savings and performance improvements [11]. 4. Vacuum Pump Industry - The vacuum pump market is rapidly evolving, with a projected market size of over 200 billion yuan by 2025, driven by advancements in technology and increasing applications in various industries [12]. - High-speed magnetic suspension vacuum pumps are becoming more prevalent, with a focus on energy efficiency and performance [15]. 5. ORC Power Generation System Industry - The Organic Rankine Cycle (ORC) power generation system market is expanding, supported by strong demand for industrial waste heat recovery solutions [13]. - The integration of magnetic suspension technology in ORC systems enhances efficiency and reduces mechanical wear, positioning the company favorably in this niche market [16].

Core Viewpoint - Maglev Technology (688448.SH) announced unusual stock trading fluctuations, with its main business focusing on the research, production, and sales of magnetic suspension fluid machinery and core components such as magnetic suspension bearings, high-speed motors, and high-speed drives [1] Group 1: Business Overview - The company specializes in magnetic suspension centrifugal blowers, magnetic suspension air compressors, and magnetic suspension vacuum pumps, among other magnetic suspension air products [1] - It also produces magnetic suspension chillers and magnetic suspension expansion generator sets, categorized as special medium products [1] Group 2: Financial Performance - In the first half of 2025, the sales revenue from magnetic suspension chillers reached 6.5441 million yuan, accounting for 4.32% of the total operating income [1] - The primary industries contributing to the company's revenue include chemicals/food, consumer electronics, and pharmaceuticals, which have not yet significantly impacted the company's overall performance [1] Group 3: Product Functionality - The main function of the company's chiller products is to provide insulation, cooling, and heat dissipation for various production and operational sites [1]

Overview - The magnetic levitation centrifugal blower industry is experiencing rapid growth in China, with sales expected to reach 3,805 units and a market size of 930 million yuan in 2024, while the average price per unit is projected to drop to 244,300 yuan [1][13]. Market Policy - The Chinese government has implemented various policies to support the development of the blower industry, including the "Action Plan for High-Quality Development of Environmental Protection Equipment Manufacturing Industry (2022-2025)" and the "Green Industry Guidance Catalog (2023 Edition)," creating a favorable environment for the magnetic levitation centrifugal blower sector [8][10]. Industry Chain - The upstream of the magnetic levitation centrifugal blower industry includes suppliers of high-strength aluminum alloys, stainless steel, magnetic levitation bearings, and other key components. The downstream applications span wastewater treatment, dyeing, chemicals, food, pharmaceuticals, and paper-making, with wastewater treatment being a significant market for these blowers [11]. Competitive Landscape - The domestic market for magnetic levitation centrifugal blowers is primarily occupied by local companies, with major players including Nanjing Maglev Technology Co., Ltd., Shandong Zhangqiao Blower Co., Ltd., and others. The market has shifted from reliance on imported products to domestic production due to high costs and maintenance issues associated with foreign brands [16][17]. Company Analysis - Nanjing Maglev Technology Co., Ltd. specializes in high-power, high-speed drive equipment and has achieved significant breakthroughs in magnetic levitation technology. The company reported a revenue of 150 million yuan in the first half of 2024, with 62 million yuan from magnetic levitation centrifugal blowers, accounting for 41.23% of total revenue [19][20]. - Shandong Zhangqiao Blower Co., Ltd. has diversified its product offerings, including magnetic levitation centrifugal blowers, and reported a total revenue of 933 million yuan in the first half of 2024, with blower sales contributing 56.08% [22]. Development Trends - The efficiency of magnetic levitation centrifugal blowers is expected to improve further through design optimization, enhanced motor efficiency, and the development of new materials. Additionally, stricter environmental regulations will drive the need for low-noise and low-emission blowers, promoting more sustainable industrial processes [25].

鑫磊压缩机股份有限公司 首次公开发行股票并在创业板上市 发行公告 保荐机构（主承销商）：中泰证券股份有限公司 特别提示 根据中国证券监督委员会（以下简称"中国证监会"）《上市公司行业分类 指引》（2012 年修订），鑫磊压缩机股份有限公司（以下简称"鑫磊股份"、"发 行人"或"公司"）所属行业为通用设备制造业（C34）。2023 年 1 月 5 日（T-3 日），中证指数有限公司发布的通用设备制造业（C34）最近一个月平均静态市 盈率为 29.83 倍。本次发行价格 20.67 元/股对应的发行人 2021 年扣除非经常性 损益前后孰低的归属于母公司股东净利润的摊薄后市盈率为 58.65 倍，高于可 比上市公司 2021 年扣除非经常性损益前后孰低的平均静态市盈率 32.18 倍，高 于中证指数有限公司发布的"C34 通用设备制造业"最近一个月平均静态市盈 率 29.83 倍，超出幅度为 96.61%。 发行人和保荐机构（主承销商）提请投资者应当充分关注定价市场蕴含的 风险因素，知晓股票上市后可能跌破发行价，切实提高风险意识，强化价值投 资理念，避免盲目炒作，审慎研判发行定价的合理性，理性做出投资决策。 鑫磊 ...