Group 1: IPO Review Highlights - This week, the A-share IPO review market demonstrated high activity and efficiency, with 7 companies successfully passing the review, achieving a 100% approval rate and setting a record for the highest number of reviews in a single week this year [2] - The companies reviewed span across the core sectors of the Shanghai, Shenzhen, and Beijing stock exchanges, indicating a balanced distribution: 1 from the Shanghai main board, 1 from the Sci-Tech Innovation Board, 2 from the Growth Enterprise Market, and 3 from the Beijing Stock Exchange [2] - Among the 7 companies, 6 were accepted for review within a year, with 5 having submitted their applications only about six months ago, highlighting the capital market's role in supporting technological innovation and the real economy [2] Group 2: Company Financials - **Guangzhou Huigu New Materials Technology Co., Ltd.**: Revenue for 2022-2024 was 664 million, 717 million, and 817 million CNY, with net profits of 26 million, 106 million, and 146 million CNY respectively [3] - **Chengdu Hongming Electronics Co., Ltd.**: Revenue for 2022-2024 was 3.146 billion, 2.727 billion, and 2.494 billion CNY, with net profits of 690 million, 598 million, and 386 million CNY respectively [4] - **Anhui Linping Circular Development Co., Ltd.**: Revenue for 2022-2024 was 2.879 billion, 2.800 billion, and 2.485 billion CNY, with net profits of 154 million, 212 million, and 153 million CNY respectively [5][6] - **Shandong Yuelong Rubber and Plastic Technology Co., Ltd.**: Revenue for 2022-2024 was 189 million, 219 million, and 268 million CNY, with net profits of 47.9 million, 60.8 million, and 83.6 million CNY respectively [7] - **Youyan Metal Composite Materials (Beijing) Co., Ltd.**: Revenue for 2022-2024 was 414 million, 498 million, and 610 million CNY, with net profits of 24 million, 45 million, and 55 million CNY respectively [9] - **Jiangsu Yuanli Digital Technology Co., Ltd.**: Revenue for 2022-2025 was 502.85 million, 527.15 million, 544.88 million, and 285.49 million CNY, with net profits of 60.94 million, 73.85 million, 82.03 million, and 43.44 million CNY respectively [10] - **Guangdong Meiya Tourism Technology Group Co., Ltd.**: Revenue for 2022-2025 was 457.39 million, 353.51 million, 400.95 million, and 182.65 million CNY, with net profits of 23.96 million, 69.26 million, 75.02 million, and 36.16 million CNY respectively [11] Group 3: New Listings - **Bai Ao Sai Tu**: Listed on the Sci-Tech Innovation Board on December 10, 2023, after previously listing on the Hong Kong Stock Exchange, raising approximately 1.267 billion CNY [12] - **Transsion Holdings**: Plans to achieve dual listing in A-share and Hong Kong, with a projected smartphone shipment of 201 million units in 2024, capturing 14% of the global market share [13] - **Shangdingxin**: A power semiconductor supplier, has re-applied for listing on the Hong Kong Stock Exchange after a previous application lapsed [14] - **Dazhu CNC**: Previously listed on the A-share market, has submitted a second application for listing on the Hong Kong Stock Exchange [15] - **Huaxida**: Reapplying for listing after a previous application lapsed, focusing on smart home solutions [16] - **Xihua Technology**: A leading company in edge AI chips, showing significant growth with a compound annual growth rate of 67.8% from 2022 to 2024 [18] - **Ledong Robotics**: A leading intelligent robotics company, has submitted a second application for listing on the Hong Kong Stock Exchange, with cumulative losses of 212 million CNY over the past three and a half years [19]

2025年12月12日，北交所上市委将召开审议会议，对广东美亚旅游科技集团股份有限公司的IPO申请进行审核，公司计划募集资金2亿 元，保荐机构为广发证券股份有限公司，律师事务所为北京市中伦律师事务所，会计师事务所为广东司农会计师事务所（特殊普通合 伙）。 美亚科技主要面向旅业同行客户和企事业客户，提供涵盖航旅票务、商旅管理和会奖旅游三大场景的数字化泛商旅出行服务。 报告期内（2022年至2025年上半年），美亚科技的营业收入分别为4.57亿元、3.54亿元、4.01亿元、1.83亿元；净利润分别为4032.8万 元、7218.35万元、7740万元、3627.63万元。 | 项目 | 2025年6月30日 | 2024年12月31日 | 2023年12月31日 | 2022年12月31日 | | --- | --- | --- | --- | --- | | | /2025年1月-6月 | /2024年度 | /2023年度 | /2022年度 | | 资产总计(元) | 1.180, 140, 613. 42 | 1.058.759.363.51 | 941.736.087.35 | 762.607.294 ...

Investment Rating - The report indicates a focus on the service consumption sector, with potential investment opportunities in companies listed on the Beijing Stock Exchange related to this industry [1]. Core Insights - The report highlights that several policy measures aimed at expanding service consumption are expected to be introduced in September 2025, which could significantly enhance the supply of high-quality services and stimulate new consumption scenarios [2][5][12]. - In 2024, China's service retail sales are projected to grow by 6.2% year-on-year, outpacing the growth of goods retail sales by 3 percentage points, indicating a robust demand for service consumption [6][8]. - The report identifies a substantial growth potential in service consumption in China, particularly in areas such as culture, leisure, tourism, and healthcare, as the country transitions towards a service-oriented economy [6][12]. Summary by Sections Policy Measures - The Ministry of Commerce plans to introduce new policies to boost service consumption, focusing on enhancing service supply and promoting investment in sectors like internet services, culture, and healthcare [2][5][12]. - Specific measures include encouraging foreign investment in sectors such as camping, homestays, and "Internet + healthcare" [2][5]. Market Performance - The median price change for companies in the service consumption sector on the Beijing Stock Exchange was -3.12% from September 8 to September 12, 2025, with 9 companies (23%) experiencing gains [15][16]. - The total market capitalization of the service consumption sector decreased from 132.17 billion to 128.91 billion yuan, with the median market capitalization dropping from 2.35 billion to 2.29 billion yuan [22][24]. Valuation Metrics - The median price-to-earnings (P/E) ratio for companies in the service consumption sector decreased from 57.9X to 52.5X [18][19]. - The broader consumer sector's median P/E ratio fell from 66.9X to 61.3X, indicating a general decline in valuations across the sector [28][29]. Company Analysis - The report lists several companies in the service consumption sector, including those in sports, tourism, healthcare, and education, highlighting their revenue and profit metrics for 2024 [13][14]. - Notable companies include Meizhigao, Guoyi Tendering, and Jinbo Biological, which showed significant price increases during the reporting period [25][26].

Core Viewpoint - Meiya Technology is advancing its IPO process and aims to raise 360 million yuan to enhance its smart travel services and expand internationally [1][8] Group 1: Company Overview - Meiya Technology is a comprehensive travel solution provider, offering digital travel services including air ticketing, business travel management, and incentive travel [1] - The company has obtained BSP authorization from 145 airlines, providing a competitive edge in ticket pricing [1] - Meiya Technology ranks fifth in the business travel management market in China, following major players like Ctrip and Alibaba [1] Group 2: Financial Performance - The company's revenue from 2021 to 2024 shows significant fluctuations, while net profit remains relatively stable, attributed to business restructuring [2] - Revenue from air ticketing has decreased significantly from 65.48% in 2022 to 30.42% in 2023 due to reduced charter business volume, while business travel management and incentive travel revenues are growing [2] - Cash flow from operating activities has also shown considerable volatility, not aligning with net profit trends, primarily due to the growth in business travel management and extended credit terms with clients [5] Group 3: Competitive Landscape - Ctrip Group is both a major competitor and a key client for Meiya Technology, contributing to its sales from 2021 to 2023 [6] - The relationship with Ctrip reflects the complex and diverse competitive and cooperative dynamics within the business travel industry [6] Group 4: Future Outlook - Despite financial volatility, the company expresses confidence in future growth through the development of smart travel services and international expansion [5][8] - Successful IPO is expected to provide additional funding and market attention, potentially enhancing the company's industry position and competitiveness [8]