[IPO Morning Post, August 27] The three cities 'simultaneous subscriptions ended today and the results of Huahui Smart's issuance were released. Science will take over the baton tomorrow, and the Suxun New Materials Conference will be imminent.

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

1. Resumption yesterday (Wednesday, August 26)

Yesterday (Wednesday, August 26), A-shares hit new markets and ushered in "three rounds"-three new shares of Shanghai Stock Exchange Tianbo Intelligent, GEM Luozhou, and Beijing Stock Exchange Jiefeng Power opened for subscription on the same day, covering the three major track segments of automotive thermal management, high-end bearings, automotive exhaust systems and smart suspensions. The number of subscribers in a single day reached a recent high. Huahui Intelligent, a new stock on the Beijing Stock Exchange that has been subscribed for this week, announced the issuance results today (8/27).

1.1 Overview of IPO market dynamics (8/26)

1.2 Overview of issuance by three cities

1.3 Key tracking: Tianbo Intelligent (603448)

Tianbo Intelligent Technology (Shandong) Co., Ltd. plans to land on the main board of the Shanghai Stock Exchange. The issue price of 62.65 yuan/share is the highest issue price on the main board of the Shanghai Stock Exchange since 2026, with a corresponding P/E ratio of 21.43 times (lower than the average static P/E ratio of the industry in the most recent month. 22.82 times). The company was restructured from a state-owned factory and is one of the earliest companies in China engaged in automotive thermal management parts.

Stock Issuance Document Core Data Analysis

[Main Business] According to the stock issuance document, Tianbo Intelligent is a well-known domestic manufacturer of automotive thermal management system components, and has expanded the automotive acoustic components business. The main products are mainly applied in the automotive field. The company was established in September 2001, jointly invested by Qufu Automotive Parts Factory and the Staff Shareholding Association, and is one of the earliest component enterprises in China to engage in the production of automotive thermostats, with products covering most domestic original equipment manufacturers.

[Revenue Composition] According to the stock issuance document, the company's revenue is centered on automotive thermal management components, with thermostats as the top product - thermostats contributed RMB 804 million to operating revenue in 2025, accounting for 41.45% of total revenue; products such as automotive intelligent water valves, AVAS (automotive acoustic components), and others form a multi-category coordinated supply chain. It is worth noting that the company's revenue related to fuel vehicles still accounts for more than half, and the new energy transformation of the business structure remains a focus for future development.

[Production and Sales] According to the stock issuance document, the company organizes production using the "sales-driven production + safety stock" model, and the products are mainly supplied to整车 manufacturers and first-tier suppliers. In 2025, the top ten automotive sales enterprises in China were all customers of the company during the period, with a wide coverage of customers. During the reporting period, the company's production capacity expanded continuously with the growth of orders, and the fundraising projects will further expand the production capacity of thermal management components and system products.

[Main Customers] According to the stock issuance document, the company's customer concentration has been rising year by year - the sales revenue share of the top five customers increased from 32.69% in 2023 to 42.89% in 2025. In 2025, the company achieved RMB 294 million in sales revenue from the first customer, BYD, accounting for 15.16% of the main business revenue, nearly twice that of the third-largest customer; customers have covered most domestic original equipment manufacturers.

[Use of Funds Raised] According to the stock issuance document, the company plans to raise 20.57 billion yuan in this round of fundraising, mainly for expanding the production capacity of thermal management components and system products, and strengthening the automotive thermal management business. Affected by the market-oriented adjustment of issuance pricing and fundraising demand, the actual issuance financing is about 18.795 billion yuan, lower than the planned fundraising scale (i.e., "reduced fundraising").

Value Point Tips: ① The issuance price of 62.65 yuan per share is the most expensive on the Shanghai A-share main board this year, but the price-to-earnings ratio is still lower than the industry average, indicating a relatively conservative valuation; ② The occurrence of "reduced fundraising" (planned fundraising of 20.57 billion yuan → actual fundraising of about 18.80 billion yuan) reflects the rationalization of pricing in the primary market; ③ The first customer, BYD, contributed 15.16% of revenue, and the share of the top five customers increased to 42.89%, so the rise in customer concentration needs to be paid attention to; ④ The net operating cash flow for 2024 and 2025 was continuously lower than the net profit attributable to the parent company, and the profit cash content needs to be improved.

1.4 Brief introduction of Luozhou and Jiefeng Power

Core data of Luozhou Stock Prospectus:

Core data of Jiefeng Power's prospectus:

2. Today (Thursday, August 27) forecast

Today's IPO focuses on two major nodes:

First, the announcement of the results of Huahui Intelligent Issuance of the Beijing Stock Exchange was implemented;

Second, on 8/26, three new shares were issued in the three cities to announce the winning numbers and winning rates.

Note: The payment date for the winning lots issued by the three cities is August 28 (T+2); Huahui Intelligent purchased the purchase on August 24, and the issuance results will be announced on August 27.

3. Forecast for this week (August 24-August 28)

Highlights this week:

① The subscription side showed a "double peak" pattern, with three cities issuing together on August 26 and Dianke Siyi receiving the baton on August 28. A total of 6 new shares were subscribed in a single week;

② Review the 8/28 Beijing Stock Exchange meeting of Duansuxun Xincai, which is the only IPO review item this week;

③ Suiyuan Technology disclosed its prospectus on 8/25 and made an inquiry on 8/28. The pricing of unprofitable AI chips and 9/2 subscription performance are worth tracking;

④ Huahui Intelligent exceeded the subscription multiple of 4600 times, reflecting the new popularity of the Beijing Stock Exchange.

In the past 5 trading days, the peak subscription days were on August 26th and August 28th, with a total of 6 new stock subscriptions; on August 28th, the meeting of Su Xun New Materials was added.

4. Key follow-up agenda

★ Data sources and disclaimers ★

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

Data sources: Beijing Stock Exchange/Shanghai Stock Exchange/Shenzhen Stock Exchange announcements, China Securities Regulatory Commission, prospectus and issuance announcement and other public channels.

Report produced by: Prospective Industry Research Institute.

★ About the Prospective Industry Research Institute ★

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Forward-looking Economist

Prospective Industry Research Institute is a leader in industrial consulting in China, specializing in providing solutions in industrial planning, industrial declaration, industrial upgrading and transformation, industrial park planning, feasibility reports and other fields to sweep away attention. Related reading RELEVANT [August 25 IPO Morning Post] Suiyuan Technology's prospectus letter of intent appeared at Makuang Shares today's payment Tianbo Intelligence/Luozhou Shares/Jiefeng Power will be released tomorrow

[Announcement for IPO this week] Only one IPO will be held on the Beijing Stock Exchange this week (Suxun Xincai, 8-28) All five companies in the previous period will be held on the Beijing Stock Exchange

[IPO Registration Approval Progress] Two companies obtained registration approvals last week, and Huahui Intelligent and Qiqiqi Intelligent received approvals (week 34 of 2026)

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