[August 18 IPO Observation] Yesterday, Huada Haitian purchased Changxin Technology and surged to a new high. Today, the frequency of laser listing was launched on Thursday, new shares were issued in batches

Disclaimer: This article only objectively states public information and does not constitute any investment advice.

1. Market resumption yesterday (August 17)

According to the Prospective Industry Research Institute, on August 17, 2026 (Monday), there are two main highlights in the A-share IPO market: First, Huada Haitian (920288) launched a subscription on the Beijing Stock Exchange, with an issue price of 12.57 yuan/share, and an issue price-to-earnings ratio of 13.50 times; Second, Changxin Technology (68825) rose nearly 10% in intraday trading to hit a record high of 61.50 yuan, with a total market value exceeding 4 trillion yuan, and a turnover of 33.5 billion yuan led the science and technology innovation board. The market rebounded strongly that day. The Shanghai Composite Index rose 1.41% to 3,982.65 points, the GEM index rose 3.14%, and the Science and Technology Innovation 50 rose 4.14%. More than 4,300 stocks in the entire market rose, with transactions in the Shanghai and Shenzhen stock markets reaching 2.39 trillion yuan.

2. New share subscription yesterday: Huada Haitian (920288.BJ)--Water-based Functional Materials "Little Giant"

Application Overview

On August 17, Hangzhou Huada Haitian Technology Co., Ltd. launched online subscription on the Beijing Stock Exchange, using a full cash prepayment method.

Interpretation of core data of the prospectus

[Main Business] Huada Haitian was established in 2001 and registered in Tonglu County, Hangzhou City, Zhejiang Province. It is a high-tech enterprise focusing on the research, development and application of water-based functional materials, and has been rated as a national-level specialized and innovative "Little Giant" enterprise. The company's core business can be summarized as "one piece of paper + one bottle of ink + one environmentally friendly packaging"-digital paper-based new materials (thermal transfer paper/thermal sublimation transfer paper), water-based ink materials (decorative paper water-based printing ink), food packaging materials (greaseproof paper/thermal transfer base paper) The three major product lines of materials serve downstream scenarios such as clothing printing, home decoration, chain catering/takeout tea and beverage. Founders Lin Xianfu and Lu Deshui previously worked in the Department of Chemistry of Zhejiang University. Lin Xianfu is a well-known domestic expert in the field of water-based functional materials and has won the National Invention Award, the Zhejiang Province Science and Technology Progress Award and other awards. The company has 20 innovative products and scientific and technological achievements certified by the Provincial Science and Technology Department, and has presided over or participated in the formulation of 12 national/industry standards.

[Income Composition] According to the prospectus, the company's operating income from 2023 to 2025 was 505 million yuan, 537 million yuan, and 599 million yuan respectively, with overall steady growth. The proportion of revenue from digital paper-based new materials has increased from 42.35% in 2023 to 50.27% in 2025, becoming the core growth engine. In 2025, sales will increase by 66.01% year-on-year. The proportion of water-based ink materials revenue dropped from 37.70% to 28.55%, but the gross profit margin has remained at a high level of 42%-44%. In 2025, the gross profit contribution rate will reach 55.68%, which is still the main source of profit. Food packaging materials account for about 17%.

[Product production, production and marketing] According to the prospectus, the company's sales of high-grammage digital paper-based new materials in 2024 will be approximately 23,500 tons, and it is estimated that the domestic high-grammage heat transfer paper market share will be approximately 34%; in 2024, the total sales volume after in-machine coating thermal sublimation transfer paper will be approximately 27,900 tons, with a market share of approximately 8%. The annual output of decorative paper water-based printing ink in 2024 is 10,900 tons, accounting for about 10% of domestic output, ranking first in this segment. However, we need to pay attention to the issue of capacity utilization: the capacity utilization rate of each production line of the company is not saturated, and the average capacity utilization rate of the industry is about 70%. During the review, the Shanghai Municipal Party Committee focused on asking about the rationality of "raising funds to expand production even if the production capacity is not enough." In addition, in 2024, we will enter the field of low-gram-weight heat transfer paper. As a new player, we lack pricing power. The gross profit margin of the new production line will be negative for two consecutive years from 2024 to 2025.

[Top Five Customers] In 2025, the top five customers will contribute a total of 125 million yuan in sales, accounting for 20.87% of revenue, and customer concentration is not high.

[Fundraising Purpose] It is worth noting that the total investment amount is 516.1751 million yuan, while the actual total funds raised are approximately 224.66 million yuan (calculated based on 17.88 million shares ×12.57 yuan). The ratio of the total investment amount to the actual total fundraising amount is 206.47%, that is, the fundraising is not enough to fully cover the planned investment. During the review and inquiry, the Shanghai Municipal Party Committee mainly questioned the rationality of the scale of the fundraising project and the feasibility of capacity digestion. The company eventually cut the fundraising in half and deleted the most controversial production expansion project.

3. Yesterday's key tracking: Changxin Technology (688825)--Its share price hit a record high, and its market value exceeded 4 trillion yuan

On August 17, Changxin Technology pulled up sharply during the intraday session, reaching a high of 61.50 yuan/share (an increase of nearly 10%), setting a new record high since its listing. The total intraday market value exceeded 4 trillion yuan, about 2.5 times that of Kweichow Moutai. As of the close, it was reported at 60.34 yuan/share, an increase of 9.35%, and the turnover exceeded 28 billion yuan (other data showed 33.5 billion yuan), making it the largest stock in the Science and Technology Innovation Board by turnover.

According to the Prospective Industry Research Institute, the underlying logic of Changxin Technology's new record high in this round comes from a complete reversal of fundamentals: losses in 2023 and 2024 were 16.34 billion yuan and 7.145 billion yuan respectively, and it will officially turn losses in 2025 (net profit attributable to the parent company is 1.875 billion yuan); In the first quarter of 2026, revenue was 50.8 billion yuan (year-on-year +719.13%), and net profit attributable to the parent company was 24.762 billion yuan. The single-quarter profit has exceeded the full year of 2025. The first half of the year's performance forecast revenue is 110 - 120 billion yuan (over +600% year-on-year), and the parent's net profit is 66 - 75 billion yuan. The company is the only domestic company to achieve large-scale mass production of DRAM, and its global market share has risen to the fourth place in the world.

4. Today's announcement (Tuesday, August 18)

4.1 Frequency Alignment Laser (688826) Science and Technology Innovation Board launched

Today (August 18), frequency-based laser (688826) officially landed on the Science and Technology Innovation Board of the Shanghai Stock Exchange, becoming the highest-issued new stock during the year.

Quick view of the core data of the frequency-based laser prospectus:

[Main Business] R & D, production and sales of precision lasers, targeting two major fields: quantum technology (quantum computing/quantum precision measurement) and semiconductor (wafer manufacturing/quantity inspection/hidden cutting). The company's technical route is "seed source + optical fiber amplification + nonlinear frequency conversion + frequency stabilization", which can achieve full-band coverage from 177 to 5000nm.

[Revenue Composition] From 023 to 2025, the proportion of revenue in the quantum technology sector was 80.02%, 70.45%, and 69.9% respectively; the proportion in the semiconductor sector was 17.53%, 26.31%, and 25.5% respectively, showing a continuous growth trend

[Financial Data] Revenue from 2023 to 2025 is 148 million → 292 million → 418 million yuan (CAGR 68.2%); net profit attributable to the parent company is 60 million → 116 million → 159 million yuan (CAGR 67.4%); gross profit margin is 69.42%→70.07%→69.32%

[Fundraising purposes] Precision laser system industrialization construction project, R & D center construction project, Wuhan R & D center construction project, supplementary working capital

4.2 The winning rate of Gaokai Technology (688835) has been announced

Gaokai Technology purchased it on August 14, and the winning rate was announced on August 16.

5. This week's forecast (August 17-August 21)

5.1 New share subscription arrangements

According to statistics from the Prospective Industry Research Institute, a total of 4 new shares were purchased this week, distributed on the Shanghai Stock Exchange, the main board of the Shanghai Stock Exchange and the GEM:

Bettley (301697): Suzhou City Bettley Polymer Materials Co., Ltd. is engaged in the research and development, production and sales of electronic materials and new chemical materials. Its products are used in consumer electronics brands such as Huawei and Xiaomi. To issue 13.8 million shares, the top subscription requires a market value of 135,000 yuan in Shenzhen. Operating cash flow is a negative concern.

Green Biotech (301688): Green Biotech Co., Ltd. issues 7 million shares, and the top subscription requires a market value of 70,000 yuan in Shenzhen.

Makuang Co., Ltd.(601123): Fujian Makeng Mining Co., Ltd. is an iron ore mining enterprise. 90% of its revenue comes from Fujian. The top five customers account for more than 80% of the revenue, and both regional and customer concentration are high.

5.2 IPO arrangement

5.3 Arrangements for deliberation at the meeting

6. Key follow-up agenda

Disclaimer: The content of this article objectively states public information and does not constitute any investment advice.

About Prospective Industry Research Institute

The Prospective Industry Research Institute was established in 1998 and is headquartered in Shenzhen and has professional research centers in Beijing, Hangzhou, Chengdu and other places. Prospective is the earliest technology-based think tank in China focusing on industrial big data and IPO consulting, and is also the current leader in the research field of domestic IPO market segments. Based on the data cited in the prospectus of companies and listed companies that have successfully participated in meetings over the years, the Prospective Industry Research Institute has been the leading market share consultant for IPO industry research and feasibility research of fundraising projects for many consecutive years.

Prospective mainly provides professional IPO consulting services, refinancing consulting services and M & A consulting services to companies planning to be listed and listed companies. Specific contents include: A-share IPO market segment research (in-depth support for the "Business and Technology" chapter of the prospectus), feasibility study of IPO fundraising projects, feasibility study of refinancing fundraising projects (additional issuance, convertible bonds), due diligence and feasibility study of M & A targets, Hong Kong stock IPO industry consultant, commercial due diligence, post-investment project management evaluation, etc.

As of 2026, the Prospective Industry Research Institute has successfully provided IPO consulting services to more than 1200 companies, and its professional data has been cited in more than 8000 listing documents. Serving customers comprehensively covers major industries such as new generation information technology, biomedicine, high-end equipment manufacturing, new materials, new energy, energy conservation and environmental protection, and TMT.

Prospective is a consulting company with big data heritage and industry depth. Business consulting: 400-639-9936, 150-1360-1266

If you quote the data of this article in the prospectus or the company's annual report, please contact the Prospective Industry Research Institute at 400-068-7188.

Forward-looking Economist

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