文 | 周涛 2025年上半年，中国IPO市场在经历阶段性调整后迎来复苏曙光。截至6月末，A股与港股合计新增上市 公司94家，其中，A股共有51只新股上市，首发募集资金规模达373.55亿元，与2024年相比，新股数量 同比增加约16%，融资总额同比增加约15%。 94家新增上市公司中，山东贡献3家——威高血净（603014.SH）、新恒汇（301678.SZ）两家公司登陆 A股，南山铝业国际（02610.HK）则挺进了港股。 值得一提的是，山东目前仍有多家公司处于发行排队期，另有8家公司向港交所递交上市申请，资本市 场的"山东板块"正加速扩容。 硬科技鲁企上市突围 5月19日，山东威高血液净化制品股份有限公司（以下简称"威高血净"，股票代码：603014.SH）正式登 陆上交所主板，发行价26.5元/股，募资10.9亿元。 截至5月19日收盘，公司股价报41.41元/股，较发行价26.5元上涨56.26%，总市值达170.36亿元，盘中最 高触及49.99元，市值一度突破200亿元。威高血净的上市，标志着国产替代战略在医疗领域的深化，也 为投资者开辟了新的增长赛道。 在当前IPO整体节奏放缓的背景下，威高血 ...

从行业市盈率排名来看，公司所处的半导体行业市盈率平均100.04倍，行业中值67.24倍，新恒汇排名第 106位。 7月4日，新恒汇今日收盘51.7元，下跌4.17%，滚动市盈率PE（当前股价与前四季度每股收益总和的比 值）达到67.02倍，总市值123.85亿元。 资金流向方面，7月4日，新恒汇主力资金净流出5792.08万元，近5日总体呈流出状态，5日共流出 23903.13万元。 新恒汇电子股份有限公司的主营业务是芯片封装材料的研发、生产、销售与封装测试服务。公司的主要 产品是智能卡业务、蚀刻引线框架、物联网eSIM芯片封测。发行人拥有一批经验丰富的研发及生产团 队，主持制订了"集成电路（IC）卡封装框架"国家标准（GB/T39842-2021）；发行人是"中国半导体行 业协会金融安全IC卡芯片迁移产业促进联盟"成员单位，曾荣获党政机要密码科学技术进步奖励评审委 员会颁发的"金融领域国产密码技术研究与应用示范科技进步一等奖（省部级）"；发行人"超大规模集 成电路用高精度引线框架研发及产业化项目"入选2019年度山东省重点研发计划，"高精度蚀刻引线框架 生产项目"入选2020年度山东省重大项目。 最新一期 ...

IPO Review and Registration Progress - 18 IPO applications were accepted last week, with Zhaoxin Integrated aiming to raise over 4 billion yuan [2][5] - Companies planning to list on the Sci-Tech Innovation Board include Chipmi Technology and Zhaoxin Integrated, while E-Tech plans to list on the Shanghai Main Board [2][5] - Chipmi Technology's revenue for 2022-2024 is projected to be 42 million, 130 million, and 208 million yuan, with net profits of 1.73 million, 36.39 million, and 68.94 million yuan respectively [5] - Zhaoxin Integrated has not yet achieved profitability, with revenues of 340 million, 555 million, and 889 million yuan, and net losses of 727 million, 676 million, and 951 million yuan during the same period [5] New Stock Issuance and Listing Dynamics - Two new stocks were listed last week, with Xinhenghui's first-day increase exceeding 229% [13] - Huazhi Jie, with an issue price of 19.88 yuan per share, closed at 53.87 yuan, marking a 170.98% increase on its first day [14] - Xinhenghui, with an issue price of 12.8 yuan per share, closed at 42.12 yuan, reflecting a 229.06% increase [16] - This week, Yitang Co. plans to raise 3 billion yuan through its IPO, focusing on semiconductor equipment [17] Policy and Regulatory Trends - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised classification evaluation system for securities companies [18] - The Shenzhen Stock Exchange reported 129 cases of abnormal trading behavior, taking self-regulatory measures [18]

Core Viewpoint - New Henghui (301678.SZ), an integrated circuit packaging company, successfully went public on the ChiNext board, with its stock price surging significantly on the first day of trading, reflecting strong investor interest and confidence in the company’s growth potential [1][2]. Company Overview - New Henghui specializes in the research, production, sales, and testing services of chip packaging materials, with a focus on smart card business, which accounted for approximately 69.28% of its main business revenue in recent years [2]. - The company reported revenues of 6.84 billion yuan, 7.67 billion yuan, and 8.42 billion yuan for the years 2022 to 2024, with net profits increasing from 1.1 billion yuan to 1.86 billion yuan during the same period [2]. Financial Performance - In Q1 2025, New Henghui achieved a revenue of 2.41 billion yuan, representing a year-on-year growth of 24.7%, while net profit slightly decreased by 2.26% to 0.51 billion yuan [2]. - The smart card business has been the primary revenue source, but it is projected to decline by 3.6% in 2024 due to market conditions and increased competition [3]. Business Expansion - New Henghui plans to enhance its etched lead frame business, with an IPO fundraising target of 5.19 billion yuan aimed at projects that will increase production capacity significantly [3]. - The company anticipates that the new high-density QFN/DFN packaging materials project could lead to a substantial increase in revenue from the etched lead frame business, potentially surpassing that of the smart card business [3]. Leadership and Ownership - The company is led by Yu Renrong, a prominent figure in the semiconductor industry, who holds 31.94% of the shares, making him the largest shareholder [4]. - The second-largest shareholder, Ren Zhijun, holds 19.31% of the shares and has played a crucial role in the company's strategic restructuring and growth [4]. Debt and Financial Arrangements - Ren Zhijun's acquisition of shares was financed through a loan from Yu Renrong, leading to significant debt obligations, which have raised regulatory inquiries regarding the clarity of share ownership [5]. - Post-IPO, Ren Zhijun plans to use dividends from the company to repay the loan, with arrangements in place for potential share transfers to settle remaining debts [5].

Core Points - New Henghui Electronics Co., Ltd. (stock code "301678") was listed on the Shenzhen Stock Exchange's ChiNext board, closing at 42.12 yuan with a rise of 229.06% and a total market capitalization of 10.09 billion yuan [1] - The company specializes in integrated circuit services, including research, production, sales, and testing of chip packaging materials, with key business segments in smart cards, etched lead frames, and IoT eSIM chip testing [1] - Major shareholders include Yu Renrong and Ren Zhijun, holding 31.94% and 19.31% of shares respectively, with Yu serving as a director and Ren as chairman [1] Business Performance - The company reported main business revenues of 410.02 million yuan, 380.54 million yuan, 531.69 million yuan, and 280.08 million yuan over the reporting periods, with corresponding gross profit margins of 35.27%, 30.56%, 33.76%, and 29.18% [4] - The gross profit margins for etched lead frames and IoT eSIM chip products were negative at -20.73% and -31.85% respectively in the first half of 2022 [4] - Revenue projections indicate a 23.14% increase from 2022 to 2024, with net profit expected to grow by 67.44% in the same period [9] Financial Highlights - The total amount raised from the public offering was 766.58 million yuan, with a net amount of 681.97 million yuan, exceeding the original plan by 16.33 million yuan [6] - The company anticipates revenues of 95.62 million yuan and net profits of 19.55 million yuan for the year 2025, reflecting growth rates of 13.56% and 5.10% respectively [10] - For the first half of 2025, expected revenues range from 43 million to 46.5 million yuan, with net profits projected between 10.18 million and 10.95 million yuan, indicating growth rates of 0.78% to 8.40% [10]

新恒汇的主营业务以芯片封装材料为核心，形成 "智能卡业务 + 蚀刻引线框架 + 物联网 eSIM 封测" 的三轮驱动格局： 智能卡业务：作为传统核心板块，2024 年贡献超 70% 营收，其核心产品柔性引线框架全球市占率达 32%，排名第二，客户覆盖中电华大、紫光国微、三 星电子等头部厂商，产品应用于金融 IC 卡、通讯 SIM 卡等场景。公司是国内唯一实现柔性引线框架量产的企业，打破了日本 JX 金属、法国 Materis 等外 企的垄断。 蚀刻引线框架：2019 年开拓的新业务，与智能卡封装工艺协同性强，产品已应用于功率半导体、传感器等领域。据 QYResearch 数据，2023 年全球引线 框架市场规模约 279.2 亿元，预计 2023-2029 年复合增长率 3.8%，国内市场因国产化替代需求增速更快，2022 年规模已达 114.8 亿元。 物联网 eSIM 封测：依托智能卡封测技术延伸，为消费级与工业级贴片卡提供封装测试及个性化写入服务，月产能 3500 万颗，客户包括恒宝股份、楚天 龙等，业务覆盖欧盟、东南亚等海外市场。 虞仁荣出席、敲钟 新恒汇上市：芯片首富虞仁荣的第二家企业收盘开 +22 ...

作者：方 升 编辑：张佳茗 在上市文件中提前披露实际控制人将减持用于还债，实属A股市场罕见。 今日，新恒汇电子股份有限公司（简称：新恒汇）上市，其招股书披露，实际控制人任志军取得控制权的资金是 借款，提供资金是该公司的第一大股东虞仁荣（同为实际控制人）。 而近期虞仁荣在资本市场上动作频频，其实际控制的、市值高达1500亿元的韦尔股份将更名豪威集团，同时韦尔 股份董事会已经决议，筹划发行H股股票。 创始人陈同胜出局，任志军借款成实控人 新恒汇有限设立时，控股股东为恒汇电子，实际控制人为陈同胜。此后，虞仁荣、任志军入局。 恒汇电子成立于2010年1月，实际控制人为陈同胜，主要从事柔性引线框架产品的研发、生产和销售。 2017年，受当地"担保圈"影响，陈同胜实际控制的恒汇电子和凯胜电子陷入债务危机，拟寻求通过重组的方式解 决困境。 2017年12月，恒汇电子以部分经营性资产（主要是房屋建筑物、在建工程和土地使用权），陈同强和淄博志林堂 以现金共同出资设立新恒汇有限，其中恒汇电子持有新恒汇有限90.29%股权。 2018年1月，投资人（包括虞仁荣、任志军、上海矽澎）以4.65亿元受让恒汇电子持有的新恒汇有限90.29 ...

6月20日，新恒汇电子股份有限公司（证券简称：新恒汇，证券代码：301678）在深圳证券交易所创业 板敲钟上市，开启发展新篇章。 作为集芯片封装材料的研发、生产、销售与封装测试服务于一体的集成电路企业，新恒汇深耕智能卡业 务、蚀刻引线框架业务以及物联网eSIM芯片封测业务领域，是国家高新技术企业、国家专精特新"小巨 人"企业、山东省制造业单项冠军企业、山东省瞪羚企业。 淄博市政府党组成员、副市长胡晓鸿在上市仪式致辞中指出，衷心希望新恒汇以上市为契机，坚持将科 技研发作为立身之本，加快技术创新，大力开拓市场，以优异业绩回报投资者和社会各界的关心支持。 她同时表示，淄博市委市政府始终高度重视金融工作，全方位优化金融服务，全周期支持企业发展。截 至目前，淄博全市共有上市公司37家，股票39只，这其中22家企业在深交所成功上市。 淄博市政府党组成员、副市长 胡晓鸿致辞 方正证券副总裁、方正承销保荐有限责任公司董事长孙斌在致辞中表示，相信新恒汇一定会以本次上市 为契机，进一步提升公司核心竞争力，使公司的经营业绩和管理水平跃上一个新台阶。方正证券承销保 荐也将严格按照证券发行上市保荐制度的要求，勤勉尽责为上市公司的保荐和 ...

| 代码 | 简称 | 上市日期 | 发行价（元） | 发行市盈率（倍） | 首日开盘涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | 301678 | N新恒汇 | 2025.06.20 | 12.80 | 17.76 | 290.63 | 电子 | | 603400 | N华之杰 | 2025.06.20 | 19.88 | 13.05 | 206.84 | 机械设备 | | 603382 | 海阳科技 | 2025.06.12 | 11.50 | 12.69 | 186.96 | 基础化工 | | 688775 | 影石创新 | 2025.06.11 | 47.27 | 20.04 | 285.02 | 电子 | | 920027 | 交大铁发 | 2025.06.10 | 8.81 | 12.94 | 284.79 | 机械设备 | | 301590 | 优优绿能 | 2025.06.05 | 89.60 | 15.37 | 67.42 | 电力设备 | | 603049 | 中策橡胶 | 2025.06.05 | 46.50 ...

【隔夜行情】 •周四（2025年6月19日），A股三大指数集体下跌，截至收盘，截至收盘，沪指报3362.11点，跌 0.79%；深成指报10051.97点，跌1.21%；创指报2026.82点，跌1.36%。两市成交额约12506.38亿元，较 前一个交易日放量约595.5亿元。 信通电子，证券代码001388，发行价格16.42元/股，发行市盈率20.52倍；公司是一家以电力、通信等特 定行业为核心服务目标的工业物联网智能终端及系统解决方案提供商；主要产品包括输电线路智能巡检 系统、变电站智能辅控系统、移动智能终端等，其中输电线路智能巡检系统类产品收入占比最高，是其 主要收入来源。 【重要新闻】 【上海国智技术揭牌 新一代全市场资管服务平台在沪启动建设】6月19日，今日，上海国智技术有限公 司（简称"上海国智技术"）在2025陆家嘴论坛上揭牌，上海市委常委、常务副市长吴伟出席活动并为公 司揭牌。交通银行行长张宝江、上海市政府副秘书长刘平出席仪式。上海国智技术由国泰海通、中国太 保、浦发银行、中保投资公司等市属金融机构、交通银行以及华锐技术、界面智通财经、阶跃星辰等金 融科技、信息服务、财经数据领军企业，共同 ...