Core Insights - Feilu Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 238 million yuan, a 48.77% increase year-on-year, indicating strong business development momentum [1] Business Segments Summary Anti-corrosion Business - The anti-corrosion segment experienced a year-on-year growth of 60.63%, solidifying the company's leading position in the rail transit industry [1] - Feilu Co., Ltd. expanded its competitive advantage in the rail transit equipment anti-corrosion niche market, winning key projects such as the first batch of freight car paint joint procurement from China National Railway Materials Co., Ltd. [1] - The company achieved breakthroughs in environmentally friendly water-based coatings, successfully winning projects like the water-based coating for Nanjing Puzhen Railway Passenger Car Maintenance, promoting large-scale application in the rail transit sector [1] Waterproofing Business - The waterproofing segment saw a 115% increase in total new bid amounts compared to the previous year, with over 60 million yuan in bids for rail transit waterproofing materials [2] - Feilu Co., Ltd. successfully applied its waterproof products in major hydraulic projects, such as the dam and power plant of the Shankouyan Hydraulic Hub in Pingxiang City, Jiangxi Province [2] - The company is actively seizing opportunities in national major hydraulic infrastructure projects, including the墨脱 hydropower station, to expand its business [2] New Energy Business - The new energy segment is emerging as a new growth driver, with the company integrating new energy materials with its anti-corrosion business [3] - During the reporting period, adhesive products were applied and sold in energy storage and power battery fields, creating a matrix of functional coating products [3] - Feilu Co., Ltd. established deep business cooperation with clients like Desay Battery for its tape products, and is advancing verification work with major domestic chip manufacturers for chip packaging materials [3]

打造创新平台矩阵，提升产业创新能力。围绕全市12条重点产业链发展需求，系统构建"重点实验室+新型研发机构+技术创新中心+院士 工作站"四位一体的创新平台体系。通过实施"建强一批重点实验室、培育一批新型研发机构、提升一批技术创新中心、新建一批院士工 作站"的梯度建设方案，配套出台专项扶持政策，对建设创新平台的制造业企业给予50-200万元梯度奖补，有效推动创新要素向产业链关 键环节集聚。截至目前，全市已建成山东省显示与集成电路用聚酰亚胺材料、山东省新能源商用车安全与节能、山东省高性能铜基新材 料等省级重点实验室12家，山东智连共同体轴承科技有限公司、聊城产业技术研究院有限公司、波米科技有限公司等省级新型研发机构 10家，其中今年重点指导东阿阿胶（000423）集团成功创建2家省级院士工作站，实现创新平台数量与质量双提升，为产业链创新升级提 供了强有力的支撑。 制造业企业要实现健康可持续发展，离不开科技创新的核心驱动作用，近年来，聊城市科技局坚持以科技创新引领现代化产业体系建 设，持续强化制造业高质量发展科技供给，有力激发了制造业企业创新动力，全市科技创新能力取得新提升。 创新攻关机制，突破关键技术瓶颈。聚焦产业 ...

新恒汇（301678）首次公开发行股票并在创业板上市网上路演6月10日成功举行。新恒汇董事长任志 军，董事、副总经理、财务总监吴忠堂，董事会秘书张建东等公司主要领导与本次发行的保荐人（主承 销商）方正证券承销保荐有限责任公司保荐代表人侯传凯及保荐代表人吴大军出席此次路演活动，并与 投资者进行实时在线交流。 _DSC5325_wm__10032355.jpg 方正证券承销保荐有限责任公司保荐代表人 侯传凯 方正证券承销保荐有限责任公司保荐代表人侯传凯在致辞中表示，本次公司募投资金将主要用于封装材 料产业化升级、研发中心建设。通过优化产能布局与技术创新，新恒汇有望进一步巩固"中国智造"的全 球竞争力，实现向智能服务的跨越式转型。新恒汇必将把握本次登陆资本市场的良好契机，进一步巩固 公司在行业内的竞争优势，提高公司的盈利能力和综合竞争力，给广大投资者带来满意的回报。 根据发行公告，新恒汇本次发行新股数量为5988.8867万股，占本次公开发行后公司股份总数的比例为 25%。本次发行新股的申购日期为6月11日，缴款日期为6月13日，发行价格为12.80元/股。募集资金将 投向高密度QFN/DFN封装材料产业化项目和研 ...

Group 1 - Shandong Province's Industry and Information Technology Department announced the list of recognized characteristic industrial clusters for 2025, with seven clusters related to the chemical industry chain demonstrating strong competitiveness in scale, technological innovation, green development, and industrial chain collaboration [1] - The seven recognized chemical industry clusters include: Dongying City HeKou District Fine Chemical New Materials, Longkou City High-end Chemical New Materials, Jining City Yanzhou District High-end Rubber Products, Jinxing County High-end Chemical, Pingyuan County High-efficiency Compound Fertilizer, Yanggu County Chemical New Materials, and Caoxian Rubber and Additives [1] Group 2 - Dongying City HeKou District focuses on fine chemicals and high polymer materials, covering the entire process from crude oil to high value-added new materials, while promoting green low-carbon transformation through the introduction of clean energy [1] - Longkou City's high-end chemical cluster, led by Yulong Petrochemical and Daon Group, emphasizes high value-added products such as modified plastics and brominated flame retardants, leveraging the Yulong Island refining and chemical integration project [1] - Jining City Yanzhou District's high-end rubber products cluster constructs a complete industrial chain through a "rubber + equipment + R&D" model and promotes intelligent transformation under the "Assisting Enterprises Climb" policy [2] - Jinxing County's high-end chemical cluster, based on coal chemical industry, develops high-tech industries such as fluorosilicon materials and biomedicine, with 76 enterprises and a "three-level review" mechanism to ensure project quality [2] - Pingyuan County's high-efficiency compound fertilizer cluster, led by Enbao Biological and Xinyi Pharmaceutical, aims to create a ten-million-ton compound fertilizer industry chain, with a domestic market share of 80% for seaweed acid functional fertilizers [2] - Yanggu County's chemical new materials cluster focuses on rubber additives and various piping products, continuously increasing market share [2] - Caoxian's rubber and additives cluster includes 17 enterprises, with a projected output value of 10.7 billion yuan in 2024 and 7,086 employees, featuring two national-level manufacturing champions and one specialized "little giant" enterprise [2]

Core Viewpoint - The article discusses the recent IPOs of three companies: Xintong Electronics, Huazhi Jie, and Xinhenghui, highlighting their business models, funding plans, and market positions. Group 1: Xintong Electronics - Xintong Electronics is a provider of industrial IoT smart terminals and system solutions, focusing on power and communication sectors, and has been recognized as a national-level "little giant" enterprise [2] - The company plans to raise funds for projects including a transmission line inspection and big data analysis platform (2.094 billion), maintenance base construction (0.527 billion), R&D center (0.528 billion), and working capital (1.600 billion) [4][5] - In 2024, the main revenue sources are projected to be from transmission line inspection systems (6.51 billion, 64.88%), substation auxiliary control systems (1.53 billion, 15.24%), and mobile smart terminals (1.02 billion, 10.17%) [5] - Xintong has established long-term partnerships with major clients like State Grid and Southern Power Grid, with nearly 50% of its revenue coming from State Grid in 2024 [5] Group 2: Huazhi Jie - Huazhi Jie operates in the smart control industry, supplying key components for power tools and consumer electronics, including smart switches and brushless motors [7] - The company plans to use raised funds primarily for the production of 86.5 million smart components (4.26 billion, 87.66%) and for working capital (0.60 billion, 12.34%) [11] - Approximately 40% of Huazhi Jie's revenue comes from domestic sales, while 60% is from international markets, with significant partnerships with well-known companies [12] Group 3: Xinhenghui - Xinhenghui is an integrated circuit company focusing on chip packaging materials, with major business areas including smart card and etching lead frame businesses [12] - The company plans to allocate funds for high-density QFN/DFN packaging material projects (4.56 billion, 87.92%) and R&D center upgrades (0.63 billion, 12.08%) [13] - Xinhenghui has established long-term relationships with major security chip design firms and is a significant supplier in the smart card module market, holding a market share of 20.71% in 2022 [14]

Market Overview - As of June 15, 2025, there are 267 companies listed on the Beijing Stock Exchange (BSE), with a total share capital of 37.331 billion shares and a circulating share capital of 23.848 billion shares [2] - For the week of June 9 to June 15, the BSE recorded a trading volume of 7.448 billion shares, a week-on-week increase of 63.81%, and a trading value of 1630.50 billion yuan, up 64.09% from the previous week [3] Index Performance - The BSE 50 Index fell by 3.11% to 1382.74 points during the same week, with 10 stocks rising, none remaining flat, and 35 stocks declining [3] - The top performer was Air China Ocean (833171), which increased by 24.44%, while the largest decline was seen in Binhang Technology (839493), which dropped by 12.60% [3] New Listings and Applications - One company successfully listed on the BSE during the week, bringing the total to 267 [6] - There are currently 83 companies awaiting approval, with 15 under review, 57 in inquiry, and 10 submitted for registration [5] Company Highlights - **Jiaoda Iron Development Co., Ltd. (920027)**: Listed on May 13, 2025, with a first-day trading surge of 295.91%, closing at 31.90 yuan, a 262.09% increase. The company focuses on intelligent products and equipment for rail transit [8][9] - **Sanxie Electric Co., Ltd. (873669)**: Passed the listing committee meeting on June 9, 2025, aiming to raise 1.59 billion yuan for expansion and R&D projects [12][13] - **New Hengtai New Materials Co., Ltd. (874327)**: Received listing application acceptance on June 10, 2025, with plans to raise 3.80 billion yuan for new material projects [15][16] - **Koleidi Medical Equipment Co., Ltd. (873414)**: Listed application accepted on June 12, 2025, seeking to raise 2.99 billion yuan for product development and production [17][18] - **Ying's Holdings Group Co., Ltd. (874431)**: Received listing application acceptance on June 13, 2025, with plans to raise 3.34 billion yuan for various projects [19][20] Financial Performance - **Jiaoda Iron Development**: Reported revenues of 2.35 billion yuan, 2.73 billion yuan, and 3.35 billion yuan from 2022 to 2024, with net profits of 337.99 million yuan, 476.56 million yuan, and 533.92 million yuan respectively [9] - **Sanxie Electric**: Expected to achieve revenue of 2.35 billion to 2.48 billion yuan in the first half of 2025, with a net profit forecast of 28.80 million to 30.50 million yuan [13] - **New Hengtai**: Achieved revenues of 5.30 billion yuan, 6.79 billion yuan, and 7.74 billion yuan from 2022 to 2024, with net profits of 450.00 million yuan, 1.01 billion yuan, and 917.64 million yuan respectively [16] - **Koleidi Medical**: Reported revenues of 2.33 billion yuan, 2.38 billion yuan, and 2.85 billion yuan from 2022 to 2024, with net profits of 693.67 million yuan, 599.18 million yuan, and 672.15 million yuan respectively [18] - **Ying's Holdings**: Reported revenues of 12.96 billion yuan, 17.58 billion yuan, and 19.74 billion yuan from 2022 to 2024, with net profits of 1.17 billion yuan, 2.20 billion yuan, and 2.11 billion yuan respectively [20][21]

Summary of Key Points Core Viewpoint - The company Xin Heng Hui has initiated its subscription process for an initial public offering (IPO), with a total issuance of 59.8889 million shares at a price of 12.80 yuan per share, reflecting a price-to-earnings ratio of 17.76 times, which is significantly lower than the industry average of 37.99 times [1]. Group 1: Issuance Information - Total shares issued: 59.8889 million shares [1] - Online subscription shares: 14.373 million shares [1] - Subscription code: 301678 [1] - Subscription price: 12.80 yuan [1] - Issuance price-to-earnings ratio: 17.76 times [1] - Maximum subscription per account: 14,000 shares [1] - Minimum subscription quantity: 500 shares [1] - Required market value for maximum subscription: 140,000 yuan [1] - Announcement and payment date for winning numbers: June 13, 2025 [1] Group 2: Fundraising Purpose - Investment in high-density QFN/DFN packaging materials industrialization project: 455.9701 million yuan [1] - Investment in R&D center expansion and upgrade project: 62.6612 million yuan [1] Group 3: Financial Indicators - Total assets for 2024: 1.36 billion yuan, up from 1.172 billion yuan in 2023 [2] - Net assets for 2024: 1.22 billion yuan, an increase from 1.032 billion yuan in 2023 [2] - Operating revenue for 2024: 842 million yuan, compared to 767 million yuan in 2023 [2] - Net profit for 2024: 186 million yuan, up from 152 million yuan in 2023 [2] - Basic earnings per share for 2024: 1.04 yuan, an increase from 0.85 yuan in 2023 [2] - Weighted return on equity for 2024: 16.52%, compared to 15.95% in 2023 [2]

IPO Review and Registration Progress - Three IPO applications were accepted last week, including Senhe High-Tech aiming for the Beijing Stock Exchange to raise 490 million yuan, Yisiwei targeting the Sci-Tech Innovation Board with a planned raise of 1.214 billion yuan, and Zhixin Co. applying for an IPO on the Shanghai Main Board with a target of 1.329 billion yuan [2][3] - Senhe High-Tech specializes in the R&D, production, and sales of environmentally friendly precious metal mining agents, with sales revenue from these agents accounting for over 95% of its main business income during the reporting period [2] - Yisiwei focuses on automotive manufacturing machine vision equipment, holding the largest market shares in China’s automotive manufacturing and complete vehicle manufacturing machine vision markets at 13.7% and 22.5% respectively [3] - Zhixin Co. develops and produces automotive welding parts and related molds, with over 70% of its revenue coming from its top five customers [3] Recent IPO Approvals and Upcoming Listings - Huaxin Precision passed its IPO review on June 6, focusing on precision stamping products, with a projected revenue of 1.421 billion yuan in 2024, a 19.49% increase year-on-year [4] - Three companies are set to undergo IPO reviews this week, including Sanxie Electric, which reported steady revenue growth from 287 million yuan in 2022 to 420 million yuan in 2024 [4][5] - United Power, a subsidiary of Huichuan Technology, achieved a revenue of 16.178 billion yuan in 2024, a 72.74% increase, with over 85% of its revenue derived from electric drive systems [5] - Daoshengtianhe, a wind power industry chain company, reported a revenue of 3.238 billion yuan in 2024, a slight increase of 1.13% [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, Zhongce Rubber and Youyou Green Energy, with the latter seeing a significant first-day increase of 68.64% [9][10] - This week, Jiao Da Tie Fa is scheduled to be listed on June 10, with a projected revenue of 335 million yuan in 2024 [10] - Two new stocks are set for subscription this week, including Huazhi Jie and New Henghui, with planned fundraising of approximately 486 million yuan and 519 million yuan respectively [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) announced plans to support high-quality unprofitable technology companies in going public, emphasizing the importance of information disclosure and market intermediary verification [12] - The China Listed Companies Association released guidelines for audit committees to enhance compliance and governance among listed companies [13]