本周（1.26-1.30）A股IPO有3家企业过会，均为北交所企业。A股与港股资本市场迎来四家企业集中首日上市，其中港股1家、沪主板1家、北交所2家，覆盖 量贩零食、农业科技、清洁能源材料、高端医疗器械四大赛道。新股首日均实现大幅上涨，北交所标的延续高弹性表现，港股消费龙头逆势领涨。 一、本周过会 1、浙江恒道科技股份有限公司 恒道科技是一家专注于注塑模具热流道系统及相关部件研发、设计、生产与销售的高新技术企业。该公司主要产品为热流道系统，是热流道注塑模具中核心 加热组件系统，广泛应用于汽车车灯、汽车内外饰、3C消费电子等领域。 恒道科技控股股东、实际控制人为自然人王洪潮，其直接持有恒道科技69.20%股权，其控制的绍兴市厚富企业管理咨询合伙企业（有限合伙）、绍兴市厚 物投资管理合伙企业（有限合伙）分别持有恒道科技5.40%、3.90%的股权，王洪潮通过直接、间接持股合计控制恒道科技78.50%股权对应的表决权。 2022-2024年和2025年1-6月，恒道科技营业收入分别为1.43亿元、1.68亿元、2.34亿元和1.47亿元；净利润分别为0.39亿元、0.49亿元、0.69亿元和0.40元。 2、鹤壁海 ...

Group 1 - The company, Purun Co., plans to acquire a 49% stake in Noah Changtian through the issuance of shares, convertible bonds, and cash payments, and will raise matching funds [2][3] - Following the transaction, Purun Co. will hold 100% ownership of Noah Changtian, which was established to acquire SHM and currently holds 100% of SHM's shares [3] - The transaction is not expected to constitute a major asset restructuring or related party transaction [3] Group 2 - SHM specializes in high-performance 2D NAND and derivative memory products, with a mature sales network globally and engineering centers in South Korea and Japan [5] - Purun Co. is one of the few chip design companies with product lines in NOR Flash, EEPROM, MCU, and VCM Driver, while Noah Changtian focuses on SLC NAND, eMMC, and MCP products, indicating high synergy between the two companies [5] - The acquisition aligns with Purun Co.'s "Storage+" strategy and aims to enhance its control over SHM, thereby improving its profitability and risk resistance [6] Group 3 - The company aims to solidify its position in the non-volatile memory product sector and will continue to focus on the non-volatile memory chip field post-transaction [6] - Purun Co. is committed to a dual strategy of "Storage" and "Storage+", seeking to expand its market presence in industrial and automotive sectors while developing MCU and analog products [6] - As of November 24, Purun Co.'s stock price was 124.49 yuan per share, with a total market capitalization of 18.4 billion yuan, reflecting a nearly 120% increase since June 3 [6]

Core Viewpoint - Dongxin Co., Ltd. announced a share transfer at a price of 82.50 CNY per share, representing a 16% discount from its closing price of 97.85 CNY on October 13, 2023, with a total value of 1.095 billion CNY for the shares being transferred [1] Group 1: Share Transfer and Financial Details - The share transfer involves 12 institutional investors acquiring a total of 13.2675 million shares [1] - The controlling shareholder, Dongfang Hengxin Group, along with its action-in-concert party, Suzhou Dongxin Kechuang Equity Investment Partnership, is the seller of the shares [1] - The total market capitalization of Dongxin Co., Ltd. is approximately 43.274 billion CNY [1] Group 2: Investment in Lishuan Technology - Dongxin Co., Ltd. invested 200 million CNY to acquire a 37.88% stake in Lishuan Technology, making it the largest shareholder alongside Nanjing Lishuan Technology [2] - In August 2025, Dongxin Co., Ltd. plans to further invest approximately 211 million CNY to maintain its status as the largest shareholder with a 35.87% stake [2] - Lishuan Technology focuses on the research and design of scalable GPU chips, aiming to address key issues in the domestic GPU architecture [2] Group 3: Financial Performance of Lishuan Technology - As of July 31, 2025, Lishuan Technology reported a net asset deficit of 86.33 million CNY, with zero revenue and a net loss of 155 million CNY for the first half of 2025 [2][3] - The continuous capital injection from Dongxin Co., Ltd. contrasts with the selling actions of its controlling shareholders [2][3] Group 4: Market Competition and Risks - The global discrete graphics card market is dominated by NVIDIA and AMD, creating a highly concentrated oligopoly [4] - Domestic GPU products, including those from Lishuan Technology, face significant challenges due to limitations in R&D capabilities and market maturity [4] - The commercialization of Lishuan Technology's products is critical, as delays in market entry could adversely affect cash flow and strategic positioning [4]