当地时间 9 月 9 日，鑫旭、智慧物流、健营国际、易系科技、Altech 同日更新招股书，推进各自美股上市进程。前 2 家来自内地，目前均已完成境外上市备 案。后 3 家来自香港，于上月公开招股书。 1、鑫旭(XXC) 对比上一版，在最新招股书中，总部位于安徽的鑫旭发行规模及财务信息未有更新，计划以每股 4 至 5 美元，发行 150 万股，拟募资范围在 600 万至 750 万 美元之间。 鑫旭从事铜及铜合金产品的研发、制造加工、销售和分销。截至 2024 年 12 月 31 日的六个月，该公司营收6648 万美元，净利润 150 万美元。 2、智慧物流(SLGB) 根据最新招股书，该公司仍计划以每股 5 至 6 美元，发行 100 万股，拟募资范围在 500 万- 600 万美元之间。 2024 年，该公司营收 9292 万美元，净利润分别为 119 万美元。智慧物流专注于工业原材料长途运输业务，通过智能软硬件、物联网等技术，优化运输、仓 储、配送等环节，提供高效率、低成本的物流解决方案。 3、健营国际(FIT) 该公司计划以每股 4 至 5 美元，发行 200 万股，拟募资范围在 800 万至 100 ...

Industry Overview - The current copper industry chain in China is facing challenges characterized by "tight raw material imports, severe smelting competition, and difficult processing survival" [1] - Copper prices have shown a "roller coaster" trend this year, with the main futures contract experiencing significant fluctuations, reaching a peak before a sharp decline [2] - Analysts predict that copper prices will fluctuate between 75,000 to 83,000 yuan/ton in the coming month, with a strong resistance to decline in the medium to long term [1][3] Supply and Demand Dynamics - The core contradiction in the recent high-level copper price fluctuations is the "strong reality versus weak expectations" [2] - Domestic social inventory is at a historically low level, and actual copper consumption in China remains strong, supported by investments in power grids, home appliances, and new energy sectors [2] - Supply-side challenges include ongoing tightness in copper concentrate supply and expectations of production cuts at overseas smelting plants [2][3] Profitability and Business Strategies - The copper industry chain is currently under pressure, with upstream mining companies facing rising costs, midstream smelting companies forced to reduce production due to negative processing fees, and downstream processing companies struggling with unstable overseas trade [4] - Companies are adopting strategies such as exploring domestic and international copper resource supply sources and expanding recycled copper resources to ensure supply chain reliability [4] - The proportion of high-end products in copper processing is expected to increase significantly, with high-end products projected to account for 28% of total copper processing materials by 2025, up from 12% in 2020 [4][5] Transition to High-End Products - The copper processing industry is accelerating its transition to high-end products, with companies like Jintian Co. focusing on new energy sectors and advanced technologies [6] - The demand for high-purity copper and environmentally friendly products is increasing, necessitating continuous R&D and product iteration to meet higher technical requirements from downstream clients [6][7] - Jintian Co. employs a pricing strategy based on "raw material prices + processing fees," with profits primarily derived from processing fees [6] Risk Management - To mitigate risks associated with copper price fluctuations, companies like Jintian Co. engage in hedging based on order and production needs [7] - Commodity trading service providers are also playing a role in optimizing inventory, capacity, and risk management for enterprises in the industry [7]