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 287 listed companies as of December 21, 2025. The market is also witnessing new listings and applications for IPOs, indicating ongoing activity despite the recent declines in trading metrics. Trading Metrics - As of December 21, 2025, the BSE has 287 listed companies with a total share capital of 39.676 billion shares and a circulating share capital of 25.312 billion shares [2] - For the week of December 22-27, 2025, the trading volume was 4.634 billion shares, a decrease of 6.63% week-over-week [3] - The trading value for the same week was 99.934 billion yuan, down 11.68% from the previous week [3] - The average trading price was 21.57 yuan, reflecting a decrease of 5.41% [3] - The BSE 50 Index fell by 1.19% to 1463.04 points, with 28 stocks rising and 22 falling [3] New Listings and IPO Applications - During the week of December 22-27, 2025, one company was listed, and one company opened for subscription [6][12] - A total of 9 companies had their IPO applications accepted, while 4 companies passed the review process [6][38] - As of December 27, 2025, there are 160 companies awaiting review, with 13 accepted, 121 under inquiry, and 14 submitted for registration [6] Recent IPOs - Jiangtian Technology (江天科技) was listed on December 25, 2025, becoming the 287th company on the BSE, with a first-day closing price of 47.85 yuan, up 180.58% from its issue price [8][9] - The company aims to raise 531 million yuan for the construction of a comprehensive R&D and manufacturing base [9] - For the first three quarters of 2025, Jiangtian Technology reported a revenue of 468 million yuan, a year-on-year increase of 10.85%, and a net profit of 89.11 million yuan, up 11.45% [11] Upcoming IPOs - Hengtong Optoelectronics (蘅东光) opened for subscription on December 23, 2025, with a target of raising 323.8 million yuan [13] - The company reported a revenue of 1.315 billion yuan for 2024, a significant increase of 91.38% year-on-year, and a net profit of 224 million yuan, up 123.75% [16] - Other companies, including Miro Technology (觅容科技) and Meiya Technology (美亚科技), have submitted registration applications, aiming to raise 314 million yuan and 200 million yuan, respectively [19][22] Companies Passing Review - Four companies passed the listing committee review during the week, including Ying's Holdings (英氏控股) and Longyuan Co., Ltd. (隆源股份) [24][26] - Ying's Holdings reported revenues of 1.974 billion yuan for 2024, with a net profit of 210 million yuan [25] - Longyuan Co., Ltd. aims to raise 560 million yuan for projects related to new energy systems [28] Companies Completing Counseling - A total of 28 companies completed their counseling work during the week [68] - These companies are preparing for their IPOs, indicating a robust pipeline for future listings on the BSE [68]

文/梧桐数据中心 12月26日，IPO共审核4家公司（深主板、创业板各1家，北交所2家），4家均获通过。 | 深主板 | | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 生态环保面料的研发、生 | 福恩股份 | 181,282.69 | 25.475.49 | 通过 | 中信证券/国浩（杭州）/ | | 产和销售 | | | | | 天健 | | 创业板 | | | | | | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 无人机电动动力系统及机 | 三瑞智能 器人动力系统的研发、生 | 83,147.85 | 32,050.83 | 通过 | 国泰海通/ 上海方达/立信 | | 产和销售 | | | | | | | 北交所 | | | | | | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 功能性高分子发泡材料的 ...

Core Viewpoint - A total of 10 companies are set to present their IPO applications, with significant fundraising amounts and diverse industry focuses, indicating a robust pipeline for new listings in the Chinese market [1] Group 1: Upcoming IPOs - The company with the highest expected fundraising is Visionary Technology, aiming to raise 2.015 billion yuan for projects related to high-resolution silicon-based OLED micro-displays and R&D center construction [1] - Other notable companies include Dapu Micro, seeking to raise 1.878 billion yuan, and Weitongli, with a target of 1.594 billion yuan [1] - The geographical distribution shows that Zhejiang Province has 4 companies, Guangdong has 2, while Jiangxi, Liaoning, Anhui, and Beijing each have 1 [1] Group 2: Company Profiles - Weitongli specializes in the R&D, production, and sales of electrical connection products and synchronous decomposers [2] - Dapu Micro focuses on the R&D and sales of enterprise-level SSD products for data centers [3] - Sanrui Intelligent is engaged in the R&D, production, and sales of electric power systems for drones and robots [4] - Visionary Technology is a leading provider of micro-display solutions, focusing on silicon-based OLED micro-displays and offering strategic product development and optical systems [5] - Longyuan Co. specializes in the R&D, production, and sales of aluminum alloy precision die-casting parts [6] - Puang Medical is involved in the R&D, production, and sales of medical devices for diabetes care and minimally invasive interventions [7] - Xinhengtai focuses on the R&D, manufacturing, and sales of plastic foaming materials [8] - Guantai Vacuum is a high-tech enterprise engaged in the R&D, manufacturing, and sales of vacuum equipment, serving various industries [8] - Peicheng Technology operates in the lithium battery new energy sector, providing third-party battery management systems and related solutions [8]

Company Overview - Yuyue Medical's stock closed at 35.92 yuan, up 2.69%, with a rolling PE ratio of 20.33, marking a new low in 31 days, and a total market capitalization of 36.009 billion yuan [1] - The company operates in the medical device sector, focusing on the research, manufacturing, and sales of medical devices, with key product areas including respiratory oxygen, diabetes care, infection control solutions, home electronic testing, in vitro diagnostics, emergency and clinical rehabilitation devices [1] - Yuyue Medical has several major brands, including "Yuyue," "Jiefuro," "Huatuo," "Jinzhong," "An'er iodine," "Primedic," and "Liuliu Vision," with significant brand value and advantages due to product performance and effective brand communication [1] Financial Performance - In Q1 2025, Yuyue Medical reported revenue of 2.436 billion yuan, a year-on-year increase of 9.17%, while net profit was 625 million yuan, reflecting a year-on-year decrease of 5.26%, with a gross profit margin of 50.30% [2] - The company's PE ratio (TTM) stands at 20.33, while the industry average is 54.55, and the industry median is 37.54 [2] Shareholder Information - As of July 10, 2025, Yuyue Medical had 40,000 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]

Core Viewpoint - Puang Medical Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, having completed its guidance work with Guojin Securities as the advisory institution [2]. Financial Performance - In 2024, Puang Medical achieved operating revenue of 318.03 million yuan, representing a year-on-year increase of 34.61% [3]. - The net profit for the same period was 64.88 million yuan, up 41.34% compared to the previous year [3]. - The gross profit margin improved to 49.44%, compared to 47.20% in the previous year [3]. Shareholding Structure - The legal representative and chairman, Hu Chaoyu, directly holds 42,079 shares (0.10%) and indirectly controls 28.54% of the voting rights through Taiyouhong, 26.13% through Pumao Partnership, and 4.72% through Hangzhou Youying [4]. - Hu Chaoyu and his spouse, Mao Liuying, collectively control 59.49% of the voting rights, making them the actual controllers of the company [4]. Company Background - Puang Medical was established in January 2013, focusing on the research, production, and sales of diabetes care, general drug infusion, and minimally invasive medical devices [2]. - The registered capital of the company is 42.33 million yuan [2].

Company Overview - Yuyue Medical's stock closed at 34.43 yuan, up 3.67%, with a rolling PE ratio of 19.49 times and a total market capitalization of 34.515 billion yuan [1] - The company ranks 46th in the medical device industry, which has an average PE ratio of 46.40 times and a median of 34.81 times [1] - As of April 10, 2025, Yuyue Medical had 40,000 shareholders, a decrease of 9,184 from the previous count, with an average holding value of 352,800 yuan and an average holding of 27,600 shares per shareholder [1] Business Operations - Yuyue Medical specializes in the research, manufacturing, and sales of medical device products, providing related solutions [1] - The company's product focus includes respiratory oxygen, diabetes care, infection control solutions, home electronic testing, in vitro diagnostics, emergency and clinical equipment, and rehabilitation devices [1] - Major brands under Yuyue Medical include "Yuyue," "Jiefurou," "Huatuo," "Jinzhong," "An'er iodine," "Primedic," and "Liuliu Vision," with the Yuyue brand being well-recognized [1] Financial Performance - In the first quarter of 2025, Yuyue Medical reported revenue of 2.436 billion yuan, a year-on-year increase of 9.17%, while net profit was 625 million yuan, reflecting a year-on-year decrease of 5.26% [2] - The company's gross profit margin stood at 50.30% [2]