[August 19 IPO Observation] Frequency-based laser surged 516% on the first day, setting a record for A-share new single bids! Today, Yushu Technology is listed, Shuangying Group is listed, and Betley + Jintai shares are purchased

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

1. Market resumption yesterday (August 18)

According to the Prospective Industry Research Institute, on August 18, 2026 (Tuesday), the biggest attraction of the A-share IPO market will be the launch of the frequency-based laser (688826) on the Science and Technology Innovation Board: as a new stock with the highest issue price during the year, its first day closed up sharply. 516.44% at 1152 yuan/share, and the floating profit of the first batch of A-share shares was 482,600 yuan, setting a record for the single yield in the history of A-share new shares on the first day of listing. It also became the first A-share stock whose opening price exceeded 1000 yuan on the first day of listing. On the same day, Changxin Technology, the "largest brother in market value," closed down 4.22% at a high level. In terms of the broader market, the Shanghai Composite Index rose 0.19% to 3,990.30 points, the Shenzhen Component Index fell 0.56%, the GEM Index fell 0.92%, the Science and Technology Innovation 50 rose 0.11%, and the Beijing Stock Exchange 50 rose 2.67%. Transactions in the Shanghai and Shenzhen stock markets were approximately 2.40 trillion yuan.

2. New shares were listed yesterday: frequency-based laser (688826.SH)-surged 516.44% on the first day, setting a record for A-share earnings from new single bids

2.1 First day trading performance

On August 18, the frequency laser was launched on the Science and Technology Innovation Board of the Shanghai Stock Exchange, and the sponsor institution was CITIC Construction Investment. As the highest issue price of A-shares during the year (186.88 yuan/share), its first day trend is as follows:

According to the Prospective Industry Research Institute, the floating profit of single bids calculated based on the closing price was 482,600 yuan, setting a record high for single bids on the first day of listing of new A-shares.

Collective floating profits of strategic placement parties: Before listing, many listed companies in the industrial chain were allocated at 186.88 yuan/share-BOE, Baiwei Storage, and Zhongwei Company each received 30 million yuan, Lianxun Instruments and Pioneer Intelligence each received 20 million yuan, and Delong Laser received 15 million yuan. Based on the closing price on the first day, each company's floating profits range from 78 million to 150 million yuan, and the yield exceeds 5 times. It is worth noting that most of the above-mentioned war formulas have signed strategic cooperation framework agreements with the company (for example, BOE plans to jointly develop ultraviolet/femtosecond lasers around silicon-based micro displays and glass-based packaged TGV), which is not a purely financial investment.

Early investor returns: SDIC Venture Capital (100 million yuan invested in April 2024, corresponding valuation of approximately 2 billion yuan) has a book income of approximately 1.54 billion yuan, with a return rate of approximately 15 times; Lianxin Capital has a book income of approximately 940 million yuan, with a return rate of approximately 9 times; Yuanhe Puhua has a book income of approximately 610 million yuan, with a return rate of approximately 15 times.

2.2 Interpretation of core data of the prospectus

[Main Business]

FSM Laser was established in November 2017 and is headquartered in Shanghai. It was born out of the Shanghai Institute of Optics and Mechanics, Chinese Academy of Sciences. Founder Zhang Lei received a doctorate in engineering from the Institute of Optics and Mechanics in 2014 and stayed there as an associate researcher (he received the Special Award from the President of the Chinese Academy of Sciences). In 2017, the company was jointly founded by many scientific researchers born in the 1980s and 1990s in the Institute of Optics and Mechanics. The company is mainly engaged in the research and development, production and sales of precision lasers. Its products are aimed at two major fields: quantum technology (quantum computing, quantum precision measurement) and semiconductor (wafer manufacturing, wafer quantity inspection, wafer hidden cutting). In terms of technical route, the company innovatively adopts the fiber laser route of "seed source + fiber amplification + nonlinear frequency conversion + frequency stabilization", forming differentiated competition with the mainstream solid-state laser routes of international giants such as Coherent in the United States, achieving full band coverage of 177-5000nm., narrow line width, low noise, high frequency stability, and high-power laser output, and delivered the world's first commercial continuous deep ultraviolet laser, filling the gap in domestic high-end scientific research lasers. The company is a national high-tech enterprise and a national-level key "little giant" enterprise with specialization, innovation and innovation.

[Income Composition]

According to the prospectus, the company's operating income from 2023 to 2025 was 148 million yuan, 292 million yuan, and 418 million yuan respectively (CAGR 68.2%), and the parent's net profit was 60 million yuan, 116 million yuan, and 159 million yuan respectively (CAGR 67.4%). The gross profit margins were 69.42%, 70.07%, and 69.32% respectively, which continued to remain around 70%. Looking at it by field:

In 2025, overseas revenue accounted for 17.13%. Continue high growth in 2026: revenue in the first quarter was 101 million yuan and net profit deducted from non-profit was 28 million yuan (a year-on-year increase of more than 50%); the company estimates revenue in the first half of the year to 230 - 260 million yuan (year-on-year +28%-44%), and net profit attributable to the parent company was 0.9- 105 million yuan (year-on-year +27%-48%).

[Product Production and Marketing]

According to the prospectus, the company is the local leading supplier of precision lasers in the field of quantum technology in China: its products have been used in batches in many mainstream quantum computer equipment at home and abroad; Since 2022, the semiconductor direction has successively introduced high-coherence precision laser sources, 266nm/313nm/355nm high-power ultraviolet lasers, and 1100nm high-energy nanosecond lasers. The 266nm laser with a power of 1W launched in 2024 has a single-point working life of more than 700 hours and performance is comparable to Coherent. The solid-state ultraviolet and deep ultraviolet lasers under development have completed customized development with head wafer equipment manufacturers. Sales are expected to be formed in 2026, and related sales are expected to exceed 100 million yuan in 2027; high-energy/low-noise femtosecond lasers have also entered the country. The procurement system of key universities, scientific research institutes and high-tech enterprises has application value in AI chip carrier board micro-hole processing and glass through-hole (TGV) processing. R & D investment continues to increase: R & D expenses from 2023 to 2025 will be 22.12 million yuan, 41.71 million yuan, and 61 million yuan respectively. In 2025, the total expenses of sales, management, and R & D will account for nearly 1/4 of revenue. On the purchasing side, the largest supplier in each period of the reporting period was Optolibrary Technology, with purchases of 9.9908 million yuan, 14.9084 million yuan, and 13.963 million yuan, accounting for 7%-11%.

[Top Five Customers]

According to the prospectus disclosure statistics, the top five customers of the company account for 33%-41% of revenue, with moderate customer concentration and a dispersed structure. The first customer in 2025 is "Customer A," which is anonymized (sales of 52.71.90 million yuan, accounting for about 12.6%), a leading domestic semiconductor equipment manufacturer; the three institutions, the Institute of Precision Measurement Research of the Chinese Academy of Sciences, the Shanghai Institute of Optics and Fine Mechanics of the Chinese Academy of Sciences, and the Changchun Institute of Optics and Physics of the Chinese Academy of Sciences, have appeared multiple times on the list of the top five customers, with a total sales of 32.91.61 million yuan and a share of 7.88% in 2025. Named customers include: the Chinese Academy of Sciences system, Tsinghua University, Peking University, Zhejiang University, University of Science and Technology of China, Beijing Quantum Research Institute; quantum industry-end Guodun Quantum, Guoyi Quantum, Huayi Quantum; semiconductor-end Zhong'an Semiconductor, Angkun Vision, etc. Overseas, products have entered top quantum laboratories such as Harvard University, MIT, California Institute of Technology, University of Chicago, and ETH Zurich. It should be noted that the majority of the company's revenue comes from orders from scientific research laboratories, or may be affected by the cycle of scientific research funding investment.

[Use of Funds Collected]

The company's current IPO is expected to raise a total of 1.869 billion yuan in funds, with the actual net amount raised being 1.725 billion yuan, which will be invested in the construction project of precision laser system industrialization, the construction project of the research and development center, the construction project of the Wuhan research and development center, and the supplement of working capital, in order to support the continuous high research and development expenditures and business expansion.

3. Yesterday's key tracking: Changxin Technology (688825)--high correction of 4.22%, market value fell back to 3.96 trillion yuan

On August 18, Changxin Technology was weak throughout the day. It fell nearly 9% during the session and hit an intraday low of about 56 yuan. Then the decline narrowed, closing at 59.19 yuan/share (-4.22%), and the total market value fell back. To 3.96 trillion yuan, the biggest correction in a single day before surrendering the position of "No. 1 Brother in Market Value". On the same day, global memory chip stocks diverged. Since its listing on July 27, Changxin Technology's cumulative increase has still exceeded 580%.

Note * After review, the closing price on August 17 was confirmed to be 61.80 yuan (up 12.00%, with a turnover of 33.518 billion yuan). The previous daily newspaper quoted 60.34 yuan as intraday data and is hereby revised. Accurate data on the transaction volume on 8/18 was not obtained and was temporarily lacking.

4. Today's forecast (Wednesday, August 19)

Today's IPO market ushered in an intensive window of "dual listings + dual subscriptions", which coincides with the opening of the 2026 World Robot Conference (August 19-23, Beijing).

4.1 Yushu Technology (688836) is listed on the Science and Technology Innovation Board--A-share "The First Share of Humanoid Robot"

Yushu Technology was established in August 2016. The controlling shareholder and actual controller is Wang Xingxing (directly holding more than 23%). It is mainly engaged in the research and development of high-performance universal humanoid robots, quadruped robots, robot components and embodied intelligent models. Production and sales. In the first quarter of 2026, operating income was 423 million yuan, a year-on-year increase of 68.49%. As the first humanoid robot company in the A-share market, the market regards it as a "pricing anchor" for a tailored smart track. On the eve of listing, the dark trading price was once reported to around 520 yuan/share. As a reference, Wind data shows that since the beginning of this year, the average closing price of new A-shares on the first day of listing was 280.26%, and the average closing price of new shares on the Science and Technology Innovation Board was 463.24% during the year (this is the overall market statistics and is not a forecast for individual stocks).

4.2 Shuangying Group (920059) is listed on the Beijing Stock Exchange

Shuangying Group (Guangxi Shuangying Group Co., Ltd.) was established in Liuzhou, Guangxi in December 2003. The actual controllers are Yang Ying and Luo Dejiang. They have been deeply involved in automobile parts for more than 20 years. They are mainly engaged in automobile seat assemblies, door interior trim panels/instrument panels and other internal and external trim parts and precision molds. They are the leader in Guangxi's main chain-type automobile parts, single champion in the manufacturing industry, and specialized and innovative enterprise. They have 20 production bases in 15 cities of the two countries (including Indonesian overseas bases), and are nearby. Delivery by the complete vehicle factory.

4.3 Betley (301697) GEM subscription

Betley (Suzhou City Betley Polymer Materials Co., Ltd.) was established in 2000. It is mainly engaged in the research and development, production and sales of electronic materials and new chemical materials. Its products cover conductive materials, silicone materials and coating materials. It is widely used in photovoltaic, 3C electronics, silicone deep processing, electronic packaging, medical, new energy vehicles and other fields. Customers include Huawei, Xiaomi, Lenovo, BYD, Ideal, etc. Attention should be paid to the situation where its operating cash flow is negative.

4.4 Jintai (920071) Subscription by Beijing Stock Exchange

Jintai Co., Ltd.(Chaoyang Jinda Titanium Co., Ltd.) is mainly engaged in titanium and titanium alloy processing materials. This offering "significantly reduces shares and increases prices" compared with the original disclosed plan. Previous market analysis showed that the recent subscription popularity of new shares on the Beijing Stock Exchange continues to heat up.

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

5.1 New share subscription arrangements

According to statistics from the Prospective Industry Research Institute, 5 new shares were purchased this week (the newly disclosed Jintai shares on August 17 increased the number of subscriptions this week from 4 to 5), covering the main board of the China Stock Exchange, the GEM, and the Shanghai Stock Exchange:

Green Biotech (301688): The issue price of 26.33 yuan/share has been confirmed (announced on the evening of 8/18), corresponding to a diluted P/E ratio of 19.80 times the lower in 2025, which is lower than the industry's static average P/E ratio in the most recent month (chemical raw materials and chemical products manufacturing), and is also lower than the average static P/E ratio of comparable listed companies of 45.02 times. The company plans to issue 33.3333334 million shares (accounting for 25% of the total share capital after issuance), and is expected to raise a total of 878 million yuan and a net amount of approximately 770 million yuan, which is higher than the original raised capital requirement of 690 million yuan (over-raised). The company is the "invisible champion" of spices, forming more than 40 categories of three major product series: turpentine, cedar oil, and fully synthetic. It is one of the few companies that master and industrialize the technology of synthetic rose-scented spice turkone, and the largest methyl cedone supplier in my country. First, the net profit attributable to the parent from 2022 to 2025 will increase from 68.1369 million yuan to 179 million yuan (CAGR 37.97%), accounting for more than 85% of overseas revenue, and has cooperated with the top ten international flavor and fragrance companies such as Givaudan, DSM Firmenich, IFF, Dezhixin and P & G for more than 10 years. The sponsor institution is Changjiang Securities. The payment date of the winning lot is August 24.

Makuang Shares (601123): Fujian Makeng Mining Co., Ltd. plans to publicly issue 123.5 million shares (accounting for 10% of the total share capital after issuance) and plan to raise 1 billion yuan for the Makeng Iron Mine Mining and Mining Capacity Expansion Project (Add 5 million tons/year of iron ore mining and processing capacity). 29.64 million shares were issued online, with a subscription limit of 29,500 shares. The top list required a market value of 295,000 yuan in Shanghai. The lead underwriter, CITIC Securities, has a strategic placement (initially accounting for 20% of the issuance). The company is an iron ore mining enterprise, controlled by the State-owned Assets Supervision and Administration Commission of Fujian Province and invested in Zijin Mining. 90% of its revenue comes from Fujian, and the top five customers account for more than 80% of the revenue, with high regional and customer concentration. The winner will be announced 8/24 and the payment will be 8/25.

5.2 IPO arrangement

5.3 Arrangements for deliberation at the meeting

Yuanli Optoelectronics: Dongguan city Yuanli Optoelectronics Co., Ltd. is mainly engaged in the research and development, production and sales of light guide plates and Mini-LED optical products in the field of LCD backlight modules. Its main customers include BOE, Guoxian Technology, Hanbo High-tech, etc., and plans to raise approximately 281 million yuan. The IPO was accepted in December 2025 and entered the inquiry stage in January 2026.

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

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 7 IPO dynamics observation] Zhanxin's GEM surged 397% on its first day of listing! The highest issue price of FSM laser during the year was purchased, and Yushu Technology priced it at 150.8 yuan

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