Core Insights - Zhenkunhang (ZKH.US), a leading MRO procurement service platform in China, reported a robust financial performance for Q2 2025, achieving revenue of 2.42 billion RMB, with core business showing steady growth after excluding the impact of optimized related business bases [1] - The overall gross margin under GMV criteria increased from 13.9% in Q2 last year to 14.8% in Q2 this year, marking six consecutive quarters of year-on-year growth [1] - The net loss significantly narrowed from 66 million RMB in Q2 last year to 53 million RMB in Q2 this year, representing a year-on-year reduction of approximately 20%, and notably, the company achieved monthly breakeven again in June following March [1]

Group 1: 正力新能 (Zhengli New Energy) - Zhengli New Energy commenced its IPO process on April 3, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "3677" [3] - The company aims to issue 121,523,700 H-shares, with 12,152,400 shares available for public offering in Hong Kong and 109,371,300 shares for international placement [3] - The IPO has attracted three cornerstone investors, with a total subscription amount of $79.9 million (approximately HKD 621 million) [3] - The estimated market capitalization at an issue price of HKD 8.27 per share is HKD 20.745 billion [4] - Founded in 2019, Zhengli New Energy focuses on power battery and energy storage battery products, providing integrated solutions including cells, modules, battery packs, and management systems [4] - The company ranks ninth in China's power battery market and has a significant presence among major automotive clients, achieving over 50% penetration in key models [4][5] Group 2: 谷雨生物科技 (Guyu Biotechnology) - Guyu Biotechnology signed a counseling agreement with CITIC Securities on March 27, 2025, to initiate its A-share IPO process [6] - Established in 2010, Guyu specializes in scientific whitening products tailored for Chinese skin types, emphasizing the use of Eastern plant extracts [6] - The company has developed a full industry chain from raw materials to production, with a unique cultivation base for light licorice [6] - Sales figures for Guyu have shown significant growth, with revenues surpassing CNY 10 billion in 2021, CNY 22 billion in 2022, and CNY 35 billion in 2023, projecting over CNY 50 billion in GMV for 2024 [7] Group 3: 东鹏饮料 (Dongpeng Beverage) - Dongpeng Beverage submitted its IPO prospectus to the Hong Kong Stock Exchange on April 3, 2025, planning a dual listing [8] - The company is recognized as the leading functional beverage enterprise in China, with a market share increase from 15.0% in 2021 to 26.3% in 2024 [8] - Dongpeng's product range includes energy drinks, sports drinks, and tea beverages, with its flagship product "Dongpeng Special Drink" achieving over CNY 13.3 billion in revenue for 2024 [9] - Financial performance shows revenues of CNY 85 billion in 2022, CNY 112.57 billion in 2023, and CNY 158.3 billion in 2024, with a compound annual growth rate of 36.5% [10] Group 4: 云知声 (Yunzhisheng) - Yunzhisheng updated its IPO prospectus on March 30, 2025, continuing its listing process on the Hong Kong Stock Exchange [12] - Founded in 2012, the company is a pioneer in AGI technology and has developed a large language model, UniCore, as part of its AI solutions [12][13] - Yunzhisheng ranks as the fourth largest AI solution provider in China by revenue, with a projected revenue of CNY 9.39 billion for 2024 [14] - Financial data indicates revenues of CNY 6.01 billion in 2022, CNY 7.27 billion in 2023, and CNY 9.39 billion in 2024, with a compound annual growth rate of 25.0% [15] Group 5: 京东工业 (JD Industrial) - JD Industrial updated its IPO prospectus on March 30, 2025, as it progresses towards listing on the Hong Kong Stock Exchange [16] - The company is the largest participant in China's MRO procurement service market, with a transaction volume growth from approximately CNY 22.3 billion in 2022 to CNY 28.8 billion in 2024 [16][17] - Financial performance shows total revenue from continuing operations of CNY 141 billion in 2022, CNY 173 billion in 2023, and CNY 204 billion in 2024, with a compound annual growth rate of 20.1% [17][18] - JD Industrial achieved profitability in 2023 with a net profit of CNY 4.8 million, and projected net profit of CNY 760 million for 2024 [18][20]

据 IPO早知道消息，江苏正力新能电池技术股份有限公司（以下简称"正力新能"） 于 4月3日开启 招股、至 4月9日结束，并计划于2025年4月14日正式以"3677"为股票代码在港交所主板挂牌上 市。 正力新能计划在本次 IPO中发行121,523,700股H股，其中香港公开发售12,152,400股H股，国际 发售109,371,300股H股。 在本次 IPO发行中，正力新能共引入三名基石投资者，累计认购规模7990万美元（约6.21亿港元） ——其中，江苏国企混改基金和苏州高端装备基金分别认购1350万美元和2760万美元，现有股东东 南投控认购3880万美元。 以每股 8.27港元的发行价计算，正力新能的IPO市值将为207.45亿港元。 一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 正力新能 港股｜开启招股 成立于 2019年的正力新能专注于动力电池产品和储能电池产品，可提供电芯、模组、电池包、电池 簇、电池管理系统的一体化方案，致力于拓展电化学产品的 大规模应用。目前，正力新能已开发多 款三元、磷酸铁锂电池产品，在中期来看，不断优 ...

中国MRO采购服务市场的最大参与者。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 京东工业股份有限公司 （以下简称 " 京东工业 "）于2 025 年 3月3 0 日更 新招股书，继续推进港交所主板上市进程，美银、高盛和海通国际担任联席保荐人。 2017年 ，京东工业 开始 布局 专注于 MRO 采购 服务的供应链技术与服务业务 ，现已 成为中国 MRO 采购 服务市场的最大参与者 。 根据灼识 咨询 的资料显示，按 2024年的交易额 计算 ， 京 东工业 排名第一 。 自 2022年至2024年 ，京东工业 的交易额由约 223亿元 以 13.5% 的复合年 增长率增 至 288亿元 。 根据灼识 咨询 的资料显示，按 2024年交易额 计算 ， 京东工业 亦为中国工业供应链技术与服务 市场最大的服务提供商 。 截至 2024年12月31日， 京东工业 已提供约 5,710万个SKU，涵盖77 个产品类别。2024年， 京东工业 的商品供应源自于由约 121,700家制造商、分销商及代理商组成 的工业品供应网络。 另 根据灼识 咨询 的 ...