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]

Core Viewpoint - Jiangsu Xingji Intelligent Manufacturing Technology Co., Ltd. has received approval for its IPO on the Beijing Stock Exchange, aiming to raise 234 million yuan for its intelligent equipment industrial park [1] Group 1: Company Overview - Xingji Intelligent Manufacturing was established in April 2021, focusing on the research, production, and sales of intelligent cable equipment and digital smart factory solutions [1] - The company’s business covers various fields, including automotive cables, construction cables, industrial control cables, power and new energy cables, and communication and electronic cables [1] Group 2: Financial Performance - For the years 2022 to 2025 (first half), the company’s operating revenue was 129 million yuan, 193 million yuan, 236 million yuan, and 147 million yuan respectively [2] - The net profit attributable to the parent company for the same period was 18.57 million yuan, 27.82 million yuan, 47.31 million yuan, and 33.99 million yuan respectively [2] - The gross profit margin improved from 39.41% in 2022 to 43.71% in 2025 [2] Group 3: Recent Developments - In the first nine months of 2025, the company reported an operating revenue of 221 million yuan, representing an 18.18% year-on-year increase, and a net profit of 46.92 million yuan, up 27.6% year-on-year [3] - The company’s cash flow from operating activities showed fluctuations, with a net cash flow of 29.83 million yuan in 2022 and 11.89 million yuan in the first half of 2025 [3] Group 4: Shareholder Structure - As of the date of the prospectus, the actual controllers of the company are Zhou Dailie and He Songgui, holding a combined 85% of the voting rights [6] - Zhou Dailie directly holds 14 million shares, representing 42.43% of the voting rights, and has additional voting rights through partnerships [6]

Core Viewpoint - Jiangsu Xingji Intelligent Manufacturing Technology Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, focusing on the development, production, and sales of intelligent cable equipment and digital smart factory solutions [1] Group 1: Company Overview - Xingji Intelligent Manufacturing was established in April 2021 and has since focused on intelligent cable equipment and digital smart factory solutions [1] - The company’s business covers various fields including automotive cables, construction cables, industrial control cables, power and new energy cables, and communication and electronic cables [1] Group 2: Financial Performance - The company reported operating revenues of 129 million yuan, 193 million yuan, 236 million yuan, and 147 million yuan for the years 2022 to 2025 (first half) respectively [2] - Net profit attributable to the parent company for the same periods was 18.57 million yuan, 27.82 million yuan, 47.31 million yuan, and 33.99 million yuan [2] - For the first nine months of 2025, the company achieved operating revenue of 221 million yuan, representing an 18.18% year-on-year increase, and a net profit of 46.92 million yuan, up 27.6% year-on-year [3] Group 3: Shareholder Structure - The actual controllers of the company are Zhou Dailie and He Songgui, who together control 85% of the shares [5] - Zhou Dailie holds 42.43% of the voting rights directly and has additional voting rights through partnerships [5] Group 4: Management Background - Zhou Dailie, born in 1971, has extensive experience in the electrical engineering field and has held various positions in different companies before founding Xingji Technology [6] - He Songgui, born in 1972, has a background in electronics and has been involved in several companies related to electrical machinery and supply chain management [7]

Core Viewpoint - Jiangsu Xingji Intelligent Manufacturing Technology Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange, aiming to raise 234 million yuan for its intelligent equipment industrial park [1][2] Company Overview - Founded in April 2021, the company focuses on the research, production, and sales of intelligent cable equipment and digital smart factory solutions [1] - The business covers various fields including automotive cables, construction cables, industrial control cables, power and new energy cables, and communication and electronic cables [1] - The company has established strong partnerships with leading cable manufacturers both domestically and internationally [1] Financial Performance - The company's revenue for the years 2022 to 2025 (first half) is projected to be 129 million yuan, 193 million yuan, 236 million yuan, and 147 million yuan respectively [3] - Net profit attributable to shareholders for the same period is expected to be 18.57 million yuan, 27.82 million yuan, 47.31 million yuan, and 33.99 million yuan respectively [3] - For the first nine months of 2025, the company reported a revenue of 221 million yuan, representing an 18.18% year-on-year growth, and a net profit of 46.92 million yuan, reflecting a 27.6% increase [4] Shareholding Structure - The actual controllers of the company are Zhou Dailie and He Songgui, who collectively control 85% of the shares [6] - Zhou Dailie holds 42.43% of the voting rights directly and has additional voting rights through partnerships [6] - A concerted action agreement among the major shareholders ensures unified decision-making in shareholder meetings [6]

Core Viewpoint - Jiangsu Xingji Intelligent Manufacturing Technology Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, focusing on the development, production, and sales of intelligent cable equipment and digital smart factory solutions [1] Financial Performance - The company reported revenues of 129 million yuan, 193 million yuan, and 236 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 22.66% in 2024 [1] - Net profits for the same years were 18.57 million yuan, 27.82 million yuan, and 47.31 million yuan, with a significant year-on-year increase of 70.02% in 2024 [1] Key Financial Metrics - Revenue (in ten thousand yuan) for 2024 is projected at 23637.71, compared to 19270.97 in 2023 and 12948.23 in 2022 [1] - Net profit attributable to shareholders for 2024 is expected to be 4730.76, up from 2782.48 in 2023 and 1856.82 in 2022 [1] - Basic and diluted earnings per share for 2024 are both projected at 1.43 yuan, compared to 0.84 yuan in 2023 and 0.56 yuan in 2022 [1] - The weighted average return on equity for 2024 is estimated at 49.33%, down from 50.70% in 2023 and 81.63% in 2022 [1] - Net cash flow from operating activities for 2024 is projected at 2735.20 ten thousand yuan, compared to 6856.76 in 2023 and 2982.97 in 2022 [1]